Novo Resources Provides Business Update

2026-04-29

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

HIGHLIGHTS

Exploration drill programs in Q2 2026 are focused on the Pilbara, Western Australia.

Drilling is underway at the Wyloo Antimony Projecttesting the large poly-metallic geochemical target, mineralised structures, and the potential for stratabound mineralisation. The Paulsens gold deposit lies ~40 km to the northwest within the Wyloo Dome. An initial program of ~2,500 m RC is planned to test the polymetallic vein with further drill sites prepared to test the geochemical soil anomalies undercover if required.

Drilling at Cronus Gold Prospectwill follow with ~ 2,000 m of RC in five fences to test across the Titan Shear, targets include interpreted fault offsets, kinks and splays between the Titan East Prospect (Artemis Resources) to the southwest and the Weerianna deposit to the northeast. Follow up drilling at Balla Balla Polymetallic Projectis planned with 6,000 m of Aircore drilling to infill the previous anomalies along the Scholl shear at the Babbage and Ramquarry Prospects. Drill planning is now underway to follow up with a rig at the Teichman Gold Projectin Q3 2026, once all approvals have been received.

Belltopper Gold Project (Victoria) being advanced.

Preliminary drill site locations have been identified for drilling in H2 2026, aiming to provide further confidence in the updated 2026 Exploration Target and the definition of further potential reefs.

An updated exploration target was identified and released to the market during the quarter.

Egina and Farno Projects: Farm-In and Joint Venture Agreements with Northern Star Resources Ltdin the Pilbara, WA

Northern Star Resources Ltd have proposed on-ground gravity and Induced Polarisation (IP) geophysical surveys for multiple Egina and Farno Project tenements in the latter half of 2026, subject to board and land access approvals. The geophysical targeting tools are designed to develop targets for potential drill testing in calendar 2027.

Onslow District, Western Australia

Geophysical review by consultant geophysicist during the quarter highlighted several targets within the Cane River Project JV (with OD4 Rocklea Pty Ltd). Novo are awaiting grant of tenement applications with planning underway for on-ground reconnaissance programs of mapping and sampling over the identified targets.

Corporate The new General Manger Exploration Rohan Williams started with the Company on 15 April 2026. On 6 March 2026, Tranche 1 of the Placement, announced to the ASX on 25 February 2026 completed. Tranche 2 of the Placement is subject to shareholder approval, which will be sought at the Company’s Annual General Meeting which is scheduled for 22 May 2026. Under Tranche 1 of the Placement , the Company received gross proceeds of ~A$6.20m (approximately C$5.90m) through the issue of : ~8.4m units at C$0.10 per unit to investors in Canada (with each unit comprising one Common Share and one-half (0.5) share purchase warrant); and ~50.6m Chess Depository Interests (“CDIs”) at A$0.105 per CDI to investors outside of Canada. One Common Share underlies each CDI.

Cash balance of A$11 million (C$10.6 million) and investments of approximately A$21 million (C$20 million) as of 31 March 2026.

PERTH, Australia, April 29, 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.

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

WESTERN AUSTRALIAN PORTFOLIO

Exploration programs completed across the Company’s Pilbara project portfolio (Figure 1) have provided a number of high priority drill targets 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 1:__Novo Pilbara and Onslow tenure showing main projects and significant prospects._

Wyloo Au-Ag-Sb Project

The Wyloo Antimony Project (“Wyloo”) area covers two exploration tenements in the southern Pilbara (Figure 2:). The Wyloo SE and Wyloo SW prospects lie within the core of the Wyloo anticline, in the SE flank of the Wyloo Dome, which forms a basement high within the Ashburton Basin. The Paulsens gold deposit lies in the NE part of the Wyloo Dome, approximately 40 km WNW of Wyloo SE.

Novo has continued to progress exploration after regional stream sediment sampling reported highly anomalous antimony in 2023. Follow up mapping and soil sampling has significantly enhanced the potential of the project, provided new targets and defined prospective targets ready to drill.

A program of 2,500m of RC drilling is planned initially with contingency to extend the drilling under the shallow cover.

Figure 2:_Wyloo tenure showing high order stream sediment antimony anomalies, previously released soil sampling at the SE anomaly (inset) has defined a large antimony anomaly extending under shallow cover to the west._

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

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 20 ppm Sb and a multielement association of Sb-As-Cu-Pb-Zn.2

_Figure 3__: Previously released peak rock chip results at the Wyloo SE prospect and geology (outcrop mapping), highlighting significant Ag, Sb, Au, Cu, Zn and Pb results from the main vein array. Much of the target area only poorly outcrops (refer Figure 2 for geological setting).3, 4_

A heritage survey was completed in March at Wyloo SE to provide access for RC drilling and has cleared the area for drilling.

Sectional drilling will test the vertical metal zonation of the polymetallic system, grade and width of the mineralisation and potential plunge of the target.

Maiden drilling at Wyloo SE is planned to target:

The main ENE trending polymetallic vein array The Tasha Fault zone, also trending ENE The WNW trending stratigraphy, particularly at the intersection and in the vicinity of the sulphide bearing quartz-eye porphyry.

Cronus Gold Project

Cronus Gold Project (Cronus) is an early-stage exploration project centred on the Titan Shear Zone (Figure 4) in the northern Pilbara (Figure 1). Novo has completed a mapping and geochemical sampling program over a 2 km trend, targeting the Titan Shear Zone and interpreted splay faults under shallow cover. The program is planned for 2,000 m of drilling on regionally spaced lines designed to test several interpreted structural targets.

Drilling by Artemis Resources at the Titan East prospect has reported significant gold in a major shear zone at the contact between the Ultramafics and the Basalt. The Titan shear can be traced over ten kilometres to the north-east into the Weerianna gold deposit.

This shear zone is interpreted and can be traced on the ground into Novo’s Cronus prospect where outcropping ultramafics and basalts are mapped with major shear related veining identified. Limited geochemistry sampling has now been completed where the shear is under shallow cover and interpreted fault offsets, kinks and splays will be drill tested.

Five sectional drill traverses are planned with ~2,000 m of RC drilling to test the shear zone for shallow economic mineralisation.

Figure 4:_Cronus Gold Prospect tenure showing the regional setting of the Titan shear zone and the Titan and Weerianna deposits._

Balla Balla Gold Project

Balla Balla Gold Project (Balla Balla) is an early-stage exploration project centred on the Sholl Shear Zone in the northern Pilbara (Figure 5). In May 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. 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.

_Figure 5:__Balla Balla Gold Project location on regional aeromagnetic image demonstrating the major interpreted structures of the Pilbara including the Scholl Shear and Mallina Shear Zones_

Assessment of the results from the previous drilling highlight anomalous Au-Ag-Bi-Sb-Cu-Mo-Zn geochemistry at Ramquarry and South Babbage prospects 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 Au.5

The follow up infill and extensional Aircore drill program is planned at both Ramquarry and Babbage areas, as displayed on Figure 6 to further test the fertile Sholl Shear Zone, complex structural setting and definitive hydrothermal signature.

_Figure 6:__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._

Egina Gold Camp - Teichman Gold Project

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 2.5km 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).

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.

Heritage surveys are planned to clear a program of RC drilling for mid-2026.

_Figure 7: __Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover.6_

Egina Gold Camp – Egina Earn-in/JV (Northern Star earning a 50% interest)

Northern Star Resources Limited is completing ongoing desktop reviews of the Egina JV. They are currently undergoing exploration fieldwork proposals of JV wide geophysics and on ground mapping and sampling – subject to heritage approval, which will require acceptance by the NST board in early Q3 2026.

Egina is located near the 13.6 Moz Hemi Gold Project7. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Egina Project.

BELLTOPPER GOLD PROJECT – VICTORIA

The Exploration Target for the Belltopper area (Figure 8) was updated 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 Table 1, Table 2 and Figure 9).8

_Figure 8.__Belltopper Gold Project location map with regional gold occurrences and major structures9._

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 Project8 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), 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 and the Ounces range from 460 koz Au to 880 koz 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 9 for location plan.8

| Target Reefs | Reef No. on Figures 2-4 | Low Case Tonnage (t) | High Case Tonnage (t) | Low Case Grade Range (g/t Au) | High Case Grade Range (g/t Au) | Low Case Ounces (Oz Au) | High Case Ounces (Oz Au) | | Leven Star | 1 | 580,000 | 810,000 | 4.6 | 5.1 | 90,000 | 130,000 | | Missing Link | 2 | 150,000 | 220,000 | 7.7 | 10.5 | 40,000 | 70,000 | | Never Despair | 3 | 180,000 | 270,000 | 7.7 | 10.5 | 40,000 | 90,000 | | O’Connor’s | 4 | 540,000 | 800,000 | 7.7 | 10.5 | 130,000 | 270,000 | | Queens /Egyptian | 5 | 170,000 | 230,000 | 7.7 | 10.5 | 40,000 | 80,000 | | Hanover | 6 | 120,000 | 170,000 | 7.7 | 10.5 | 30,000 | 60,000 | | Piezzi/Stackyards | 7 | 300,000 | 450,000 | 7.7 | 10.5 | 70,000 | 150,000 | | West Domain Fault | 10 | 90,000 | 140,000 | 4.4 | 6.3 | 10,000 | 30,000 | | TOTAL | - | 2,100,00 | 3,100,000 | 6.7 | 8.9 | 460,000 | 880,000 |

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_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 and the Ounces range from 460 koz Au to 880 koz 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._

Work continues to define the potential of the Belltopper Gold Project in Victoria. Preliminary drill site locations has commenced for potential drilling in H2 2026, aiming to provide further confidence in the updated 2026 Exploration Target and definition of further potential reefs.

A program of 2,500m of Diamond drilling will target a number of known and expected reefs in the core central portion of the Exploration Target focussed at the Belltopper anticline and convergening reefs in the nose of the structure.

_Figure 9:__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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ae81706-c988-4126-b773-07bc86e0b7a5

_Figure 10:__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 10) and covers much of the historic Albert Goldfield. Tenure includes seven granted exploration licences over 630 sq km (Figure 11). The agreement with Manhattan Corporation Limited (Manhattan) grants Novo an option to acquire a 70% interest in the project.

Application EL6968 was granted during the quarter with ELA7001 remaining pending (Figure 11). The licenses 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43fca396-a62a-4c2e-9d07-77d5c577c927

_Figure 11:__. Updated tenement package of the Tibooburra Project following the grant of EL6968 _

Work continues on planning a drilling program at Tibooburra for H2 2026 to test the Clone and Pioneer prospects at depth and evaluating the strike potential under shallow cover.

SUSTAINABILITY

There was no safety, environmental or heritage incidents reported during the quarter.

Discussions with representatives of the Traditional Owners are ongoing as Novo reviews and updates the relevant access agreements. Novo continues to work closely with the Mugarinya Community Board, which will allow exploration drilling to take place within the Yandeyarra Reserve once Western Australian Government approval has been received. Novo remains in close contact with Traditional Owners to ensure appropriate heritage protection for planned exploration activities across all of its projects.

CORPORATE

Project Generation

Novo continues to focus its efforts on a dedicated and disciplined project generation program to identify value accretive opportunities across targeted gold and copper assets that complement the Company’s current portfolio and ASX and TSX investor base. The Company is currently working on potential opportunities with third parties, none of which are sufficiently advanced to warrant disclosure and the Company will make an announcement if and when any of these opportunities crystallise.