Novo Delivers Significant Increase to Belltopper Exploration Target

2026-02-11

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HIGHLIGHTS

The Exploration Target, which was defined in 2024, has been significantly increased following detailed review and assessment.

The Belltopper Gold Project is located within the gold prolific Bendigo Tectonic Zone in Victoria and approximately 60 km SSW of the high-grade world-class Fosterville Gold Mine.

The updated 2026Exploration Targetbrings in the Western Domain Faultas a new reef and encapsulates strike and depth extensions on four of the seven priority reefs included in the 2024 Exploration Target.

The evolving geology model continues to provide additional high priority, drill ready targets focussing on both near-surface reef systems and deeper conceptual targets.

Additional lightly tested historic gold reefs at Belltopper that currently sit outside of the updated 2026 Exploration Targethighlight the upgrade potential of the project.

Preliminary planning has commenced for potential drilling in H2 2026, aimed to provide further confidence in the Exploration Target.

An updated Exploration Targetis now presented for the Belltopper Gold Project area based on an in-depth review of the local geology, historical data, and previous drilling relevant to eight highly prospective reefs within the project area. The updated2026Exploration Targetincludes the addition of a new reef and increased strike and/or dip extents for four of the seven reefs documented in the 2024 Exploration Target (Table 1).

Table 1. Updated 2026 Exploration Target for the Belltopper Gold Project, Victoria.

Figures may not compute due to rounding.

_ Clarification statement: __An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC Code (2012). __The potential quantities and grades referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource__. These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often around historical workings. The Exploration Target has been reported in accordance with the JORC Code (2012)._

PERTH, Australia, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an updated Exploration Targetfor the Belltopper Gold Project (‘Belltopper’) in Victoria.

Belltopper is located 120 km northwest of Melbourne and approximately 60 km south of Agnico Eagle’s Fosterville Gold Mine (Figure 1) in the Bendigo Zone, an area with historical gold production of more than 60 million ounces.

Kaiser Reef Limited’s Maldon processing plant is located some 40 km to the northwest of the project area and Alkane Resources Limited’s Costerfield’s operation is located some 50 km to the northeast of Belltopper.

2026 UPDATED EXPLORATION TARGET

The 2026 Exploration Targetdemonstrates significant growth in tonnage and grade when compared with the 2024 Exploration Target. Key improvements from the 2024 Exploration Target to the 2026 Exploration Target (Low and High Case) include:

Tonnage Growth:An increase of 40% (Low) to 48% (High) Au Grade Improvement:An increase of 1.5% (Low) to 6% (High)

The increasehas been driven by further interpretation of local geology, historical data and previous drilling.

This assessment brings in the Western Domain Fault as a new reef and encapsulates strike and depth extensions on four of the seven priority reefs included in the 2024 Exploration Target. The assignment of grade to the updated Exploration Target has also changed through accounting for historical metallurgical recovery and reinterpretation of Waste and Low Grade (LG) material.

Planning has commenced for potential drilling in H2 2026 aimed to provide further confidence in the Exploration Target.

Commenting on the Belltopper Gold Project, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said:_“We are very pleased to deliver this important and impressive upgrade to our Belltopper Gold Project Exploration Target._

“The team has been working extremely hard on Belltopper and have delivered an excellent result, with tonnage increasing by 40% and 48% and the already high-grade nature of Belltopper increasing by 1.5% and 6%. “

“The importance and price of gold since our 2024 Exploration Target has increased significantly and we look forward to completing our planning for the next phase of drilling, testing high-priority reefs that sit within and outside the Exploration Target and unlocking the exciting value opportunity of Belltopper when we potentially kick-off drilling in the second half of 2026.”

_Figure 1. Belltopper Gold Project location map with regional mining centres and major structurea. See endnotes for for source documents in relation to historical gold production figures for Bendigo, Fosterville, Costerfield, Castlemaine and Ballarat._

The mineralisation presented in the body of this announcement is not necessarily representative of mineralisation throughout the Belltopper Gold Project. Intercepts are expressed as down-hole intersections and should not be presumed to represent true widths, which vary from hole to hole and between reefs (refer JORC Table 1 in Appendix 4). In addition, all references in this announcement to tonnage and grade, and associated ranges are expressed as approximations.

Belltopper is characterised by a dense network of high-grade gold reefs that form a distinct cluster in the northwest quadrant of the project area adjacent the regional Taradale Fault. The 2024 Exploration Target included seven distinct reefs from this cluster that were considered to show the highest prospectivity based primarily on geological, drilling and/or historical mining data.

The 2024 Exploration Target at Belltopper was released on September 24, 2024 (TSX) and September 25, 2024 (ASX) and reported potential gold mineralisation ranging from 1.5 Mt @ 6.6 g/t Au (Low Case) to 2.1 Mt @ 8.4 g/t Au (High Case)b.

The updated 2026 Exploration Targetdemonstrates significant growth compared to the 2024 Exploration Target (Tables 1 and 2).

Table 2. Breakdown of tonnage and, grade for Low and High Cases (per reef) for the 2026 Exploration Target. Figures may not compute due to rounding.

| Target Reefs | Reef No. on Figures 2-4 | Low Case Tonnage (t) | High Case Tonnage (t) | Low case Grade Range (g/t Au) | High Grade Range (g/t Au) | | Leven Star | 1 | 580,000 | 810,000 | 4.6 | 5.1 | | Missing Link | 2 | 150,000 | 220,000 | 7.7 | 10.5 | | Never Despair | 3 | 180,000 | 270,000 | 7.7 | 10.5 | | O’Connor’s | 4 | 540,000 | 800,000 | 7.7 | 10.5 | | Queens /Egyptian | 5 | 170,000 | 230,000 | 7.7 | 10.5 | | Hanover | 6 | 120,000 | 170,000 | 7.7 | 10.5 | | Piezzi/Stackyards | 7 | 300,000 | 450,000 | 7.7 | 10.5 | | West Domain Fault | 10 | 90,000 | 140,000 | 4.4 | 6.3 | | TOTAL | - | 2,100,00 | 3,100,000 | 6.7 | 8.9 |

_ Clarification statement:__An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC Code (2012). __The potential quantities and grades referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.__These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often around historical workings. The Exploration Target has been reported in accordance with the JORC Code (2012)._

Eight reefs together form the 2026 Exploration Target (Figure 2), primarily defined by mapping, sampling, and 3D modelling of historic reef workings, supported by modern drilling and acquired LiDAR™ and high-resolution ortho-imagery across the project area.

Figure 3 and Figure 4 zoom-in to the northern and southern sectors of the field respectively to show more detail.

Figure 3 and Figure 4 also highlight historic and newly recognised high-grade gold reefs in the project area with significant intersections returned across all phases of drilling depicted (see Appendices 1,2 and 3 for all intersections > 2 gram meters).

Figure 2, Overview Map of the Belltopper Gold Project showing location of the eight reefs included in the 2026 Exploration Target, downhole gold tenor, historical workings, important geological elements of the field and the location of Section C-C’ displayed in Figure 6.

_Figure 3, Location map for northern 2026 Exploration Target reefs labelled #1 through #8. Refer to Table 4 for characteristics of individual reefs and Table _2_for breakdown of the 2026 Exploration Target per reef. For a full list of all significant >2 m.g/t Aucintercepts with corresponding drill collar details and location map refer to Appendices 1, 2 and 3._

_Figure 4, Location map for the southern 2026 Exploration Target reefs labelled #1 through #8. Refer to Table 4 for characteristics of individual reefs and Table _2_for breakdown of the 2026 Exploration Target per reef. For a full list of all significant >2 m.g/t Aucintercepts with corresponding drill collar details and location map refer to Appendices 1, 2 and 3._

All reefs forming part of the updated 2026 Exploration Targethave some degree of historic mining and/or exploration development, albeit this is minor on the Leven Star Reef. The most significant mining occurred on the historic Queens Birthday – Egyptian and O’Connor’s Reefs, where a combined production of ca. 90,000 oz Au at historical recovered grades of between 1-2 oz/t Au are reported4.

Key inputs are supported by Novo’s geological understanding of the reef network at Belltopper, and draw upon the detailed 3D reconstruction of historic mining and exploration development data, drilling data, structural and geochemical data, field mapping (including high-resolution LiDAR™ interpretation), and surface rock chip sampling (Tables 3 and 4; Figure 5).

Reefs #1 to #7 were included in the 2024 reported Exploration Target. Reef #8 is an addition to the current updated 2026 Exploration Target.

Table 3. Significant reefs with summary of key inputs to the 2026 Exploration Target.

| Target Reefs | Reef No. on Figures 2-4 | Historic underground development | Historical production data | Drilling | Mapped | Surface sampling | | Leven Star | 1 | Minor | No | Significant | Yes | Yes | | Missing Link | 2 | Yes | Yes | Yes | Yes | Yes | | Never Despair | 3 | Yes | Yes | Yes | Yes | Yes | | O’Connor’s | 4 | Yes | Yes | Yes | Yes | Yes | | Queens / Egyptian | 5 | Yes | Yes | Yes | No | No | | Hanover Reef Fault | 6 | Yes | Yes | Yes | Yes | Yes | | Piezzi Reef / Stackyards | 7 | Yes | Yes | Yes | Yes | Yes | | Western Domain Fault | 8 | Yes | Yes | Yes | Yes | Yes |

Figure 5, Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and assay callouts, beneath LiDAR™2

Reefs belonging to the 2026 Exploration Targetare typically narrow, discrete, continuous structures that can be traced up to 2 km in strike (e.g. O’Connors Reef). These reefs (barring the newly added Western Domain Fault) typically fall into two geometrical sets: a more common moderate to steep NE dipping set; and a less common subvertical to steep NW dipping set. Both sets are oblique to north-south trending stratigraphy. The reefs manifest as narrow (<1 m wide), sulphide-rich fault breccias ±quartz vein occurrences or infrequently as multiple occurrences within a typically wider halo of intense sericite–silica ±kaolinite altered sediments, with preserved textures and mineralogy consistent with the epizonal class of orogenic lode gold deposits.

The Western Domain Fault strikes north-south and represents the westernmost line of a series of narrow, steeply east-dipping reefs that belong to the historic Doctors Reef–Queen Victoria Reef area of workings (Figures 2 and 3). The Western Domain Fault represents the largest of the north-south workings in this area.

_Table 4. Individual characteristics for each of the eight reefs included in the updated 2026 Exploration Target. __Square brackets highlight previous parameters__adopted for strike and dip continuity on individual reefs reported in the 2024 Exploration Target, where they have changed for the 2026 Exploration Target._

| Reef | Dip / dip direction | Strike continuity (m) | Dip continuity (m) | Potential mining width (m) | Mean vein width (m) | Characteristics of mineralisation | | Leven Star | 85° to SE | 1,000 [800]* | 400 [370]* | 2.6 | 2.60 | Sulphide rich tectonic breccia ±disseminated and stringer hosted sulphides. Occasional zones of white quartz veining stockwork (Au + As, Sb ±Bi, Sn, W) | | Missing Link | 75° to ENE | 920 | 250 | 1.5 | 0.15 | Tectonic breccia +- disseminated sulphides (Au + As) | | Never Despair | 80° to ENE | 670 | 400 [250]1 | 1.5 | 0.20 | Puggy tectonic breccia (Au + As) | | O’Connor’s | 70° to ENE | 1,960 [1,500]* | 400 [300]* | 1.5 | 0.33 | Tectonic breccia ±disseminated sulphides (Au + As) | | Queens/Egyptian | 78° to ENE | 780 | 400 [350]* | 1.5 | 0.20 | Tectonic breccia ±disseminated sulphides and irregular white quartz veinlets (Au + As) | | Hanover Reef | 70° to NE | 650 | 250 | 1.5 | 0.25 | Broad zone of quartz stockwork veining surrounding narrow sulphide rich tectonic breccia (Au + As) | | Piezzi Reef / Stackyards | 75° to ENE | 1,760 [1,450]* | 250 | 1.5 | 0.20 | Narrow tectonic breccia overprinting bucky white quartz vein surrounded by irregular quartz veining (Au + As, Bi) | | Western Domain Fault | 70° to E | 550 | 250 | 1.5 | 0.20 | Sericite shear and narrow tectonic breccia (Au + As) with vuggy Fe-Qtz stockwork veining |

_* Parameters in square brackets represent those used in the previous 2024 Exploration Target reported. These are presented for comparison. _

Leven Star Extension

The original strike continuity for the Leven Star Reef adopted in the 2024 Exploration Target is represented as the solid red line in Figure 3 and was initially restricted to the portion of Leven Star where extensive historical RC and diamond drilling was completed. The updated 2026 Exploration Targetextends the Leven Star an additional ~200 m strike to the NE, primarily driven by a significant intersection in BTD003 comprising 3 m @ 1.0 g/t Aufrom 318.41 m that is consistent with the re-modelled NE projection of the reefd. This intersection is further supported by mapping, paleo-alluvial working trends, and an obvious lineament in the high-resolution LiDAR™ data that logically represents a potential extension to the main Leven Star structure.

The Leven Star Reef intersection in BTD003 is characterised by a distinct zone of sericite and silica altered sandstone with disseminated chalcopyrite, arsenopyrite and pyrite, narrow (1-2 cm) quartz veining and thin (1-2 mm) feldspar veining.

Piezzi and O’Connor’s Reef Extensions

The Piezzi/Stackyard and O’Connor’s reefs were intersected in BTD006 during Novo’s 2023-2024 diamond drilling campaign (Figure 2 and Figure 4). A significant intersection of 7 m @ 1.88 g/t Au from 179 m; including3.19 m @ 3.42 g/t Au from 182.81 m correlates with the modelled NW extension of the Piezzi/Stackyard Reef (Figure 6)d; whilst a significant intersection of 1.56 m @ 0.55 g/t Au from 238.14 m correlates with the modelled NW extension of the O’Connor’s Reef. These intersections are beyond the northwest strike limits adopted in the 2024 Belltopper Exploration Target for both reefs. The updated 2026 Exploration Targetextends the strike of both reefs to drill hole BTD006, where the reefs manifest as “blind,” targets below the surface and in the footwall of the west-dipping Taradale Fault. Both reefs remain open at depth and to the NW.

Figure 6, Drill cross section for BTD006 showing intersection of Piezzi Reef Fault and O’Conner’s Reefs. These manifest as “blind,” reefs in the footwall of the Taradale Fault in this area. Diamond core from BTD006 (177.19 m–186.77 m) shows the Piezzi Reef intersection characterised by significant quartz veining within a mineralised halo of strongly sericite altered sediments.d

A review on modelled historic underground workings from the Queens Birthday, Queens Birthday South, and the Eastern Whim Crosscuts (Figure 7), highlight historic drives that worked east-dipping reefs consistent with the current modelled SE extensions for the Piezzi/Stackyards and O’Connor’s reefs. These drives sit beyond the SE limitations adopted for both reefs in the 2024 Exploration Target.

The updated 2026 Exploration Targetextends the Piezzi/Stackyards Reef to the main Queens Birthday Crosscut; and the O’Connor’s Reef to the No. 1 South Queens Birthday Crosscut (Figure 7).

_Figure 7, Extents of the Piezzi, Queens Birthday and O’Connors reefs. Solid red lines demarcate the strike continuity extents for these reefs as utilised in the 2024 Exploration Target. Red dashed lines represent the extensions for the reefs as part of the updated __2026 Exploration Target__. Orange dashed lines represent priority future target extensions “prospects” that will require future drill validation. _

The updated strike continuity for the O’Connors (now 1,960 m) and the Piezzi/Stackyards (now 1,760 m); represent an addition of (+460 m) and (+210 m) for both reefs, respectively, which is incorporated into the 2026 Exploration Target. The solid red lines in Figure 7 depicts the original strike continuity for the O’Connor’s, Piezzi/Stackyards and Queens Birthday Reefs as per the 2024 Exploration Target. The dashed red lines depict the extensions captured in the updated 2026 Exploration Target. The dashed orange lines represent potential future exploration upside for these three reefs that will require drill validation and is not incorporated into the current update.

Western Domain Fault

The Western Domain Fault is a steeply east-dipping structure that forms the westernmost line of a series of north-south trending reefs belonging to the historic Doctors Reef – Queen Victoria area of workings (Figure 2 and Figure 3; Table 4). Small scale historic mining was conducted by various companies on these reefs ca. 1880–1920; with most of the underground development on the Western Domain Fault occurring ca. 1913–1918. Historic mining records describe the main north-south trending underground reef from the Western Domain Fault up to a foot wide (30 cm); though records average at around 20 cm.

The modelled Western Domain Fault was intersected within MD17, drilled in 2022. A significant intersection of 0.95 m @ 10.0 g/t Aufrom 102.65 m is characterised by a stockwork zone of vuggy Fe–quartz veins in sericite altered competent siltstone and fine-grained sandstone bracketed by narrow puggy sericite-sulphide shears (Figure 8)b. The intersection of the Western Domain Fault in MD17 marks the southern limits adopted for the strike continuity for this reef (550 m total), however the structure has been mapped and interpreted to continue for an additional ~470 m to the south. This potential southern extension represents a priority future target that requires additional drilling.

Figure 8. MD17 (102.06 m–105.53 m). Interpreted Western Domain Fault between 102.06 m and 103.6 m. Significant intersection of 0.95 m @ 10.0 g/t Au from 102.65 m with elevated arsenic returned from this intervalb.