Novo Resources - NSRPF STOCK NEWS

Novo Resources Corp. announced high-grade assay results from its 11-hole, 3,162 m diamond drilling program at the 50%-owned Malmsbury gold project in Victoria, Australia. Notable results include:

• 3.1 m @ 9.27 g/t Au from hole MD20
• 8.1 m @ 5.79 g/t Au from hole MD21
• 6.2 m @ 3.92 g/t Au from hole MD21
• 45 m @ 0.23 g/t Au from step-out hole MD22

The results confirm the project's exploration potential, and an induced polarization survey is underway to further evaluate gold mineralization.

Novo Resources Corp. reported financial results for the nine-month period ending September 30, 2022, revealing a revenue of $89.5 million from gold sales of 38,168 ounces. Q3 2022 yielded $28.0 million from 12,426 ounces sold at an average realized price of $2,255 per ounce. The company is now debt-free following the repayment of a $40 million credit facility. However, a non-cash impairment charge of $48.3 million occurred due to uncertainties regarding mining approvals at the Beatons Creek Project. Cash and equivalents stand at $65.3 million.

Novo Resources Corp. has released an updated Mineral Resource estimate for the Beatons Creek gold project effective June 30, 2022. The estimate indicates an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au, and an Inferred Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au. The new estimate reflects a decrease in both open pit tonnes and ounces compared to previous estimates, primarily due to revised mineralization models. Mining operations have transitioned into care and maintenance pending further feasibility studies.

Novo Resources Corp. has reported promising gold exploration results from its drilling program in the Becher Area of the Egina District. Highlights include 20 meters at 0.67 g/t Au from aircore drilling, part of a 30,000-meter program. Over 650 holes have been completed, showing potential for significant mineralization aligned with De Grey Mining's Hemi gold deposit. Future reverse circulation drilling is scheduled for November 2022 to explore these findings further. The exploration indicates that the Egina District may develop into a standalone gold production hub.

Novo Resources Corp. has reported a strong performance for Q3 2022, with gold production of 13,137 ounces and gross revenue of C$28.0 million. This brings total production for the year to 39,125 ounces, exceeding operational guidance. The company maintains a robust cash balance of C$65.3 million, which will fund ongoing exploration and feasibility studies. No lost-time injuries were recorded, demonstrating a commitment to safety. However, the company faces challenges due to COVID-19 related cost increases and is preparing to address environmental appeal queries related to its Phase Two operations.

On September 6, 2022, Novo Resources Corp. (OTCQX: NSRPF) provided an update on its comprehensive exploration programs across its 11,000 sq km Pilbara portfolio in Western Australia. Key advancements include ongoing drilling at the Morto Lago and Milburn targets, with assays pending. A significant 30,000 m aircore drilling program is set to commence in the Becher area, potentially linked to De Grey Mining's Hemi gold discovery. High-grade results from Nunyerry North and the Malmsbury project bolster investor interest, with multiple ongoing and planned drilling programs expected to yield further positive outcomes.

Novo Resources Corp. (OTCQX: NSRPF) reported financial results for H1 2022, highlighting revenue of $61.6 million from gold sales of 25,742 ounces, averaging $2,394 per ounce. Q2 2022 revenue was $29.7 million with a net loss of $(18.8 million), resulting in a net loss of $(31.7 million) for H1 2022. The company held $74.9 million in cash and liquid assets. Production will pause due to operational adjustments, with expectations to produce 9-11koz Au by Q3 2022. Exploration remains a priority, with $11.4 million spent in H1 2022.

Novo Resources Corp. has commenced a 4,500m RC drilling program at Purdy’s North, targeting prospective gold and nickel-copper deposits. The drilling will focus on Milburn and Morto Lago, near significant discoveries by Azure and Artemis. Heritage surveys have been completed, allowing access to these sites. Advanced geophysical techniques, including IP and FLEM surveys, have refined target locations. The region is promising, with historical rock chip assays showing gold values up to 6.63 g/t, indicating potential for significant mineralization.