Novo Resources Business Update

2026-02-11

TSX - Toronto Stock Exchange · Gold · Platinum · Copper · Lead · Zinc · Silver · Antimony · Arsenic · Lithium · Nickel · Australia

HIGHLIGHTS

The Exploration Target at the Belltopper Gold Project in Victoria, has been significantly increased following detailed review and assessment. Preliminary planning has commenced for potential drilling in H2 2026, aimed to provide further confidence in the updated 2026 Exploration Target.

Successful exploration at Teichman in the Egina Gold Camp defined multiple prospects over an area of 1.3 x 2.5 km, with notable potential along two main shear corridors. Rock-chip assay results include peak values of 77.5 g/t Au and 51.4 g/t Au, with 11 of 87 samples collected grading > 10 g/t Au.4

Recent field exploration programs at the Wyloo Au-Ag-Sb Project have significantly enhanced the potential of the project, provided new targets for follow up and defined several targets ready to drill in Q2 2026.

Drilling at Sherlock Crossing returned peak gold and antimony results of 3 m @ 2.96 g/t Au and 1.86% Sb from 108 m including 1 m @ 7.71 g/t Au and 4.77% Sb. The system remains open at depth.4

Results from a recently completed reconnaissance program at the Tibooburra Gold Project in NSW defined new targets including:

Pioneer North, with a peak result of 39.9 g/t Au3

Pioneer South, where seven of the 20 rock chip samples assayed > 4 g/t Au with a peak result of 19.8 g/t Au3

Drill targets are currently being assessed to test down plunge high-grade shoots at Clone and New Bendigo and the recently defined Pioneer South target.

All regulatory approvals for drilling of currently planned RC holes at the John Bull project near Grafton NSW, have been received and landholder access negotiations are ongoing.

Q2 2026 drill planning is advanced with drilling focused on the Wyloo Project (gold – silver – antimony), Balla Balla Project (polymetallic) and Onslow Toolunga Project (copper – gold).

Cash balance of A$8.5 million (C$7.7 million) and investments of approximately A$23 million (C$21 million) as of 31 December 2025.

PERTH, Australia, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to report on the current key activities carried out by the Company.

PORTFOLIO

Novo continues to assemble a diversified gold exploration and development portfolio located across leading mining provinces in Australia and has a mix of greenfields, advanced greenfields, and advanced exploration projects.

The Company has scheduled drill programs across the Wyloo (gold – silver – antimony), Balla Balla (polymetallic) and Onslow Toolunga (copper – gold) Projects in Q2 2026 with additional drilling planned for other key projects in H2 2026. These programs are set to deliver a strong pipeline of news throughout 2026.

A dedicated project generation program continues to focus on identifying advanced gold and copper assets to further enhance Novo’s portfolio.

BELLTOPPER GOLD PROJECT – VICTORIA

An updated Exploration Target was presented for the Belltopper area (Figure 1) in February 2026, 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. See Novo’s news release dated 11 February 2026. The updated 2026 Exploration Target includes the addition of a new reef and increased strike and/or dip extents for four of the seven reefs documented in the earlier 2024 Exploration Target 1 (see Table 1, Table 2 and Figure 2).

Figure 1. Belltopper Gold Project location map with regional gold occurrences and major structures2.

The Belltopper Gold Project (‘Belltopper’) is located 120 km northwest of Melbourne and approximately 60 km south of Agnico Eagle’s Fosterville Gold Mine 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

Table 1. Updated 2026 Exploration Target for the Belltopper Gold Project1

Figures may not compute due to rounding.

Low Case (approximation)High Case

(approximation)

Tonnage range2.1 Mt3.1 Mt

Grade range6.7 g/t Au8.9 g/t Au

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), as detailed in the Company’s ASX announcement released on 11 February 2026 (available to view at www.asx.com.au). The Tonnage range for the exploration target is 2.1Mt to 3.1Mt, the Grade range is 6.7g/t Au to 8.9g/t Au. Dr Christopher Doyle (MAIG) and Dr Simon Dominy (FAusIMM CPGeo; FAIG RPGeo), are the qualified persons, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information relating to the Exploration Target. Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to Novo.

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. Refer to Figure 2 for location plan.1

Target ReefsReef No. on Figures 2-4Low Case Tonnage (t)High Case Tonnage (t)Low Case Grade Range (g/t Au)High Case Grade Range (g/t Au)

Leven Star1580,000810,0004.65.1

Missing Link2150,000220,0007.710.5

Never Despair3180,000270,0007.710.5

O’Connor’s4540,000800,0007.710.5

Queens /Egyptian5170,000230,0007.710.5

Hanover6120,000170,0007.710.5

Piezzi/Stackyards7300,000450,0007.710.5

West Domain Fault1090,000140,0004.46.3

TOTAL-2,100,003,100,0006.78.9

The 2026 Exploration Target demonstrates significant growth in tonnage and grade when compared with the earlier 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)

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 earlier 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.

Figure 2 Overview Map of the Belltopper Gold Project showing location of the eight reefs included in the 2026 Exploration Target (see also Table 2), downhole gold tenor, historical workings, and important geological elements of the field.

NEW SOUTH WALES PORTFOLIO

Figure 3 Location map showing Novo’s NSW projects

Tibooburra Gold Project (Novo 100% and Farm-in with Manhattan Corporation)

The Tibooburra Gold Project (Tibooburra) is an advanced exploration opportunity, located in northwestern NSW (Figure 3) and covers much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km (Figure 4). The agreement with Manhattan Corporation Limited (Manhattan) grants Novo an option to acquire a 70% interest in the project.

Two applications (ELA6968 and ELA7001) for additional tenure, comprising a total of 166 units (~ 489 sq km in area) were lodged in 2025 (Figure 4). The applications extend the project tenure for approximately 20 km northwest of Tibooburra and surround the project, contiguous to the Farm-in tenure. The tenements include the northern extension of the Albert Goldfield, extensions to known mineralised trends and interpreted parallel trends, accompanied by numerous historic workings.

Figure 4:. Geology and main prospects of the Tibooburra tenements highlighting the Albert Goldfields at the boundary of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east.

Exploration in H2 2025 at Tibooburra included two programs of mapping and surface sampling focussed on testing the large-scale mineralised trends across the district and identifying new targets. The programs significantly advanced geological understanding of the high-grade gold system at Tibooburra to better assess targeted follow-up drilling.

Results from rock chip sampling in October 2025 include 39.9 g/t Au from Pioneer North3, and multiple > 1 g/t Au results at Pioneer South3, with peak values of 19.8 g/t Au, and 8.12 g/t Au and 5.83 g/t Au from quartz reefs and dumps3 from historic workings along a ~ 600 m (undrilled) line of historic workings (Figure 5). These results highlight the potential for high-grade gold from multiple reefs, within an extensive multi-kilometre-scale alteration corridor.

Figure 5: Plan view of quartz reefs with rock chip assays (Novo Resources sampling) at the Pioneer prospect and 30 ppb soil Au anomaly 3

Programs at the Warratta Creek and Elizabeth Reef regional prospects returned only low-level assays. The soil results at Elizabeth Creek display discontinuous and short strike length >15 ppb gold anomalism, which are also deemed low priority.

John Bull Gold Project (Farm-in with TechGen Metals)

The John Bull Gold Project (John Bull) is an advanced exploration opportunity, located in the prolific New England Fold Belt of NSW (Figure 3). The tenure consists of two tenements and covers some 32 sq km. The agreement with TechGen Metals Limited (TechGen) grants Novo an option to acquire an 80% interest in the Mick Bull tenement (EL9121) and a 70% interest in the John Bull tenement (EL8389).

A ~ 1,750 m RC drill program is planned to test four key, high priority target areas identified to date on the project, including the John Bull Main, John Bull South, Hills Creek West and Diggers North targets. Drilling will commence upon the Company obtaining all required regulatory and land access approvals. Regulatory approvals for the planned RC drilling are in place with landholder access negotiations ongoing.

Forward Programs - NSW Projects

At Tibooburra drill targets are being developed at Pioneer, New Bendigo and Clone for potential drill programs in H2 2026. This will include designing follow up RC drilling at Clone to test the northern extension of the high-grade shoot defined by Novo over 300 m strike in 2025 RC drilling.

At John Bull a ~1,750 m RC drill program is planned to commence once land holder accesses is obtained. Subject to drill rig availability, the RC drill program will test the four Key Target Areas at John Bull Main, John Bull South, Hills Creek West and Diggers North.

WESTERN AUSTRALIAN PORTFOLIO

Recent exploration programs completed across the Company’s Pilbara project portfolio (Figure 6) provided mapping and rock chip sampling results from the Teichman area, located in the Egina Gold Camp; scout drill results from the Sherlock Crossing Au-Sb prospect; and follow up surface sampling results from the Wyloo Au-Ag-Sb Project where RC drilling is planned for Q2 2026.

Desktop work at the Toolunga Project in the Onslow District continued in preparation for tenement grant.

Figure 6: Novo Pilbara and Onslow tenure showing main projects and significant prospects.

Egina Gold Camp - Teichman Area

Novo is advancing gold exploration in the Teichman area, which is part of the Croydon JV (70% Novo and 30% Runnel Holdings Pty Ltd, an entity of Mark Gareth Creasy (Creasy Group)).

The project area includes multiple historic workings centred on two main mineralised shear zones, over an area of approximately 2.5 by 1.3 km. Exploration at Teichman completed in Q4 2025 included mapping and surface sampling and has defined multiple shear-hosted gold targets along the Pride and Teichman trends (Figure 7).

Exceptional rock chip assay results were returned from multiple prospects sampled by Novo, confirming and expanding on limited previous sampling in the area, with peak results from prospects (Table 3) including:

77.5 g/t Au, 9.3 g/t Ag and 0.24% Cu at Pride NNE4

51.4 g/t Au, 7.9 g/t Ag and 0.59% Cu at Pride N4

6.9 g/t Au at Pride4

30.3 g/t Au Teichman4

17.5 g/t Au at Teichman N4

38.3 g/t Au at Mountain Maid4

Table 3: Significant rock chip results received from the Teichman area 4

Sample IDSample TypeProspectEasting (m)Northing (m)Height (m)Au (g/t)Cu ppmAg ppm

R07441Rock ChipPride N62416376481522214.09500.6

R07442Rock ChipPride N624167764815022151.459407.9

R07444Rock ChipPride N624173764815122221.058003.5

R07450Rock ChipPride N62427376481952197.410901.3

R07452Rock ChipPride N62424476481652251.350.1

R07453Rock ChipPride N624140764811922119.4500.7

R07457FloatPride NNE62454676485112121.42070.6

R07459FloatPride NNE62452776485132121.99320.6

R07461FloatPride NNE62448076485122127.612301.9

R07462Rock ChipPride NNE624473764851620877.524209.3

R07465Rock ChipPride NNE624556764852920336.787206.3

R07467Rock ChipPride NNE624548764858621213.29162.6

R07468Rock ChipPride NNE62455776485982167.95652.1

R07469Rock ChipPride NNE62456276486062084.413203.2

R07474Rock ChipPride62410176477462196.95831.3

R07494FloatMountain Maid623865764702922638.3701.1

R07495Rock ChipMountain Maid623883764703122710.113010.7

R07496Rock ChipMountain Maid62405576470822192.1190.2

R09043Mullock GrabTeichman S624814764708919810.4250.4

R09044Mullock GrabTeichman S624821764709819617.51060.7

R09047Mullock GrabTeichman62485876473282012.22930.1

R09048Mullock GrabTeichman624905764732920230.3530.7

R09049Mullock GrabTeichman62488676473312014.9980.2

R09050Mullock GrabTeichman62479776472432084.6750.1

This work comprised Novo’s first pass on-ground exploration program to define targets for drilling, following discussions with the Mugarinya Community which facilitated Novo’s access onto the Yandeyarra Reserve to conduct low impact exploration.

5 g/t Au and geological interpretation with regolith cover" data-caption="Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover" data-dpi="96" data-filename="Picture8.jpg" height="438" src="https://ml.globenewswire.com/Resource/Download/cd47e6dc-211c-4732-8b30-1ef8d680be98/picture8.jpg" width="378"/>

Figure 7 Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover4.

Wyloo Au-Ag-Sb Project 5

Novo continued to progress exploration at the Wyloo Project in the southern Pilbara after identifying prospectivity for antimony during a field reconnaissance program in 2023.

Recent work in Q4 2025 included a soil grid over the Wyloo SE vein system and surrounds (Figure 8); and detailed infill stream sediment sampling, rock chip sampling and mapping at Wyloo SW (Figure 9).

Results from these programs have significantly enhanced the potential of the project, provided new targets and allowed for the interpretation of several targets ready to drill in Q2 2026.

At Wyloo SE a strong multielement soil anomaly (with coherent high Sb grades) was defined over 150 m strike, tending parallel to stratigraphy and crosscutting the main vein array previously defined by Novo, suggesting a strong stratigraphic control to the anomany and target. Peak soil alues include ppm 57.2 ppm Ag, 142 ppm Sb, 1,440 ppm As, 2,180 ppm Zn and 1,530 ppm Pb.5 Multielement anomalies are zoned, generally trend WNW parallel to stratigraphy and are open under cover.

Figure 8, Wyloo SE highlighting geology, soil geochemistry (Sb ppm) and structural setting. Soil anomalies are open under colluvium to the west and alluvium along the Tasha Fault Zone to the east-northeast. The multielement anomalies trend NE to E-W, oblique to the main quartz vein array.

Follow-up exploration on the high-order Sb stream anomaly at Wyloo SW has defined a target area of 2.5 km x 800 m with peak stream sediment results of 19.9 ppm Sb and a multielement association of Sb-As-Cu-Pb-Zn.5

Figure 9 Wyloo tenure showing high order stream sediment antimony anomalies, including recently received data for the SW anomaly

A heritage survey is scheduled for March to provide access for RC drilling planned to test the Wyloo SE area in Q2 2026. The Wyloo SW prospect is being assessed for future drill testing under cover.

Balla Balla Project

Balla Balla is an early-stage polymetallic exploration project centred on the Sholl Shear Zone (Figure 10) in the northern Pilbara (Figure 6). In April 2025, Novo completed a maiden AC program testing several prospects over a 10 km trend, targeting the Sholl Shear Zone and interpreted splay faults under shallow cover.6 The program included 187 AC holes for 5,996 m on regionally spaced lines varying from 640 m to 2.8 km apart and was designed to test several interpreted targets.

Assessment of the results from drilling highlight peak Au-Ag-Bi-Sb-Cu-Mo-Zn geochemistry at Ramquarry and South Babbage along the Sholl Shear, related to strong silica-chlorite alteration and/or zones of intense quartz veining and sulphide, indicating significant hydrothermal activity. Peak results from broad zones of low-level anomalism associated with the Sholl Shear includes assay of 182 ppm Sb and 114 ppb Au6

A follow up infill and extensional AC drill program is being planned at both Ramquarry and Babbage areas, as displayed on Figure 10 to further test the fertile Sholl Shear Zone, complex structural setting and definitive hydrothermal signature

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af5fbce0-5ce8-4ddd-be0f-e44959860b4c

Figure 10: Balla Balla Project with tenure, priority prospects and previous gold results from AC drilling in 2025 over interpreted geology and aeromagnetics. Red polygons define follow up drill target areas.

Novo Resources Business Update

Earlier from Novo Resources Corp.