Novo Resources Corp. press release

Drilling of High Priority Targets at Wyloo Completed

2026-07-21

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

HIGHLIGHTS

| | | | • | Maiden RC drilling completed at the Wyloo Polymetallic Projectat the Wyloo SE prospect comprising 16 holes for a total of 2,615 m has confirmed the presence of a significant hydrothermal alteration systemincluding intercepts of 9 m @ 92 g/t Ag and 1,280 ppm Sb from 0 m in 26WYR001 including 1m @ 460 g/t Ag and 1,425 ppm Sb from 2 m. | | | | | • | Geochemical soil and rock chip sampling across the newly identifiedVera prospect at the Wyloo Polymetallic Projecthas highlighted a significant 260 m wide and 600 m long strike length Sb – As anomaly with soil peak assay results of 803 ppm Sband 1,265 ppm As and peak rock chip results of 3.5% Sb, 33.2 ppm Ag, 1.4% Zn and 2.1% Pb. | | | | | • | Increased focus on theKavira prospect at the Wyloo Polymetallic Projectwith a coherent 2.5 km x 800 m high-order Sb stream anomalywith a heritage survey planned for H2 2026 to facilitate a drilling program as a priority, targeting bedrock under the extensive transported cover. | | | | | • | Novo has expanded its ground position at theToolunga Copper–Gold Projectwith additional tenements over IOCG targets, increasing its land holding from 1,520 km2to 2,242 km2along with the identification of three high priority coincident magnetic-gravity targets. | | | |

Commenting on the new results and completion of the initial RC program, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said:

“For our geological exploration team, these are the kind of results that are gratifying. At Wyloo, we set out to test a series of surface anomalies and geological interpretations, and the maiden drilling has confirmed a genuine hydrothermal system – strong silver and antimony grades from surface at Wyloo SE, broad zones of zinc mineralisation, and now the Vera anomaly extending the footprint well beyond where we have drilled.

Each piece of information on this prospect builds on the last, and that consistency is the hallmark of a system with real scale potential rather than an isolated pocket of mineralisation.

Equally pleasing is Toolunga, where our geological model and re-processed geophysics have delivered three coincident magnetic-gravity targets with genuine IOCG characteristics – a style of mineralisation that, when it works, can host very large deposits.

These results are illustrative of Novo’s strategy as an exploration project generator. We are systematically testing a portfolio of early-stage targets across the Pilbara, and results like these tell us where to commit further capital and where our geological thinking is being validated.

Wyloo and Toolunga are both still early in their exploration process, but the quality and consistency of what we are seeing gives us confidence to expand the work programs at both projects and continue building the pipeline of opportunities that underpins our growth.”

VANCOUVER, British Columbia and PERTH, Western Australia, July 21, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on the recent exploration and progress across the Company’s Pilbara project portfolio, including an expanded landholding at the Toolunga Copper–Gold Projectwhere Novo has identified three IOCG style targets, the completion of the maiden Wyloo Polymetallic Projectdrilling at the Wyloo SEprospect, as well as new soil and rock chip sample results from the Vera anomaly (Figure 1).

Figure 1. Novo Pilbara and Onslow District tenure showing significant prospects and location of the Wyloo Project in the southern Pilbara.

Wyloo Polymetallic Project Update

Regional Setting

The Wyloo Polymetallic Project area (Wyloo) covers three exploration tenements in the southern Pilbara (Figure 1). The Wyloo SE and Kaviraprospects 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 tenement covers a dynamic tectonic setting, with the regional Nanjilgardy Fault just 5 km south of the prospect. The Paulsons Gold operation (Black Cat Syndicate (ASX:BC8)) lies in the NW portion of the Wyloo Dome, approximately 40 km WNW of Wyloo SE.

Background

Novo’s exploration across the E47/4213 tenement continues to build a compelling multi-target polymetallic story. Novo has previously identified two significant antimony anomalies in the southern portion of the Wyloo tenement during routine stream sediment sampling with exploration on the eastern-most anomaly identifying a zone of quartz-sulphide veining with anomalous antimony, silver, gold and base metals (Figure 2).

Detailed follow up mapping, soil and rock chip sampling at the Wyloo SE prospecttargeted the ENE trending vein array with soil sampling identifying strong multi-element anomalism which trends parallel to the mapped felsic volcanic stratigraphy displaying coherent Sb grades up to 142 ppm Sb1.

Further follow-up work in the southwest of the tenement identified a significant 2.5 km x 800 m stream sediment anomaly within an area of significant transported sheetwash cover. Peak values of 19.9 ppm Sb and 57 ppm in addition to Sb-As-Cu-Pb-Zn1multi-element association were identified, with the area now referred to as the Kavira prospect. Mapping conducted concurrently with the sampling program highlighted only two areas of outcrop; both of which are within and proximal to a NW trending creek with one having noteable carbonate alteration hosted by strongly sheared schistose lithologies with vein arrays. Rock chip sampling identified anomalous Sb, As, Zn and Cu grades yielding peak results of570 ppm As, 526 ppm Cu, 431 ppm Zn and 26 ppm Sb1.

The presence of results across a broad area requires follow-up on-ground work in order to fully define and understand the source of the stream sediment anomaly and elevated multi-element results from the rock chip sampling.

Figure 2. Current surface geochemical anomalism over the southern portion of the E47/4213 tenement.

Drilling Results

The maiden RC program was recently completed at the Wyloo SE prospectcomprising 16 holes for a total of 2,615 meters across seven drill sections. Six sections spaced approximately 40 m apart targeted the mapped outcropping quartz-sulphide vein and a hole drilled 220 m further to the ENE targeted the Tasha Fault and small outcropping quartz veins (Figure 3).

Refer to Appendix 1 for drill hole details.

_ 1Refer to Novo’s ASX announcement dated 10thFebruary 2026 – New Targets at the Wyloo Gold – Silver – Antimony Project for Maiden Drill Program

Figure 3. Collars and hole traces for completed RC drilling at the Wyloo SE prospect.

Drilling at Wyloo SE intersected the mapped, amygdaloidal dacite, as well as testing previously identified sulphidic quartz veining and the significant NE – SW trending Tasha Fault Zone. The ENE trending sulphidic vein dips shallowly to the SSE at 30 degrees, pinching with depth and returned strongly anomalous Sb and Ag assays from surface in drill hole 26WYR001 of 9 m @ 92 g/t Ag and 1,280 ppm Sb from 0 m including 1 m @ 460 g/t Ag and 1,425 ppb Sb from 2 m.The Tasha Fault Zone was identified trending parallel to the outcropping vein, with a dip of approximately 80° toward the NNW and also displays anomalous Zn and As with several zones > 1,000 ppm Zn (see Appendix 4 for full results).

Figure 4. Wyloo SE cross section showing key Ag-Sb intercepts, As and Zn geochemistry and dip of the ENE trending quartz vein as well as the steeply dipping Tasha Fault.

In addition, strong to intense sericite and chlorite alteration, up to 20 m thick, was observed across multiple holes over the initial 6 sections. Pervasive to complete bleaching and clay alteration of the host amygdaloidal dacite lithologies was encountered. This alteration commonly occurs with zones of sub-massive sulphide mineralisation characterised by pyrite and arsenopyrite, with highly anomalous arsenic values across the alteration (see Appendix 4 for full results).

Broad zones of (> 0.1%) Zinc mineralisationwere returned across multiple drill holes including 26WYR002 (60 m to 67 m and 71 m to 94 m), 26WYR003 (1 m to 39 m), 26WYR004 (19 m to 79 m), 26WYR009 (2 m to 17 m), 26WYR010 (19 m to 37 m) and 26WYR016 (30 m to 57 m); the most significant assays returning 3 m @ 3.6 % Zn (with one metre at peak assay 6.5% Zn); within a broader 27 m > 0.1 % Zn mineralised halo in drill hole 26WYR016 associated with a logged zone of thin, pinching quartz veins (intercepts were calculated allowing for 2 m of internal waste, see Appendix 4 for full results).

Confirmation of strong to intense zones of sericite and chlorite alteration, with anomalous arsenic and antimony; and significant silver and zinc results across a 230 m strike length, highlight an emerging, prospective target area. Significant results from the recent soil and rock chip sampling extending well away from the current drilling area (described below) are supportive of a considerable hydrothermal alteration footprint indicative of a much larger system. This prospect has seen very little surface exploration and only limited, first-pass drilling.

Ongoing work is continuing following the completion of the RC drilling. Hyperspectral analysis of the RC drill chips to determine their clay alteration species and geological modelling is being undertaken to determine vectors for future drilling.

Recent Soil and Rock Chip Sampling

In addition to drilling, soil sampling and rock chip samples were collected to the southeast of the Wyloo SE drill area. A total of 142 minus 80 mesh soil samples were collected at a 80 m x 20 m spacing highlighting the 600 m long, 270 m wide Vera antimony – arsenic soil anomaly which is open to the north and east (Figure 5).

Figure 5. Surface sampling over the Vera prospect SE of the Wyloo SE prospect thematically mapped for antimony.2

The gridded sampling program followed up on previously identified antimony stream sediment anomalies and yielded peak soil results of 803 ppm Sband 1265 ppm As. 10 rock chip samples were also collected from outcropping quartz veining proximal to altered wallrock, within 4 m wide shear zones. Peak values of 3.5% Sb, 33.2 ppm Ag, 1.4% Zn and 2.1% Pbwere returned highlighting further the extent of the mineralised system at the Wyloo Project.

Refer to Appendix 2 and 3 for full results.

Forward Program

The focus is now on defining the extent of the mineralised systemacross the southern portion of the Wyloo E47/4213 tenement. Ongoing work over the Kavira stream sediment anomaly is currently underway in preparation for an AC drill program to drill under the Tertiary sedimentary cover planned for Q4 2026 dependent on approvals.

High grade stream sediment anomalies to the east of Wyloo SE require follow up ground work with soil sampling planned along with follow up mapping, rock chip sampling and soil sampling across the Vera prospect in Q3 2026.

_ 2Refer to Novo’s ASX announcement dated 4thSeptember 2025 – Drilling Commences at Sherlock Crossing Gold-Antimony Prospect

Toolunga Copper–Gold Project Expansion

Novo has continued to expand its tenement holding at the Toolunga Copper–Gold Project(Toolunga) with a recent application of E08/3874 consolidating the Company’s footprint in the area. A total of nine 100% held tenements and a further four tenements as part of the option arrangement with OD4 Rocklea Pty Ltd (OD4R) for a total tenement package of 2,242 km2(Figure 6). The recent acquisition of additional tenements strengthens Novo’s exploration portfolio and provides further prospects for near term fieldwork and potential drill testing.

Figure 6. Current tenement package of the Toolunga Project.

The location of the project area is at the junction of major tectonic boundaries. These include the Paleoproterozoic Capricorn Orogen, the Ashburton and Edmund Basins and the Gascoyne Province. Combined with significant felsic magmatism of both the Durlacher and Moorarie Supersuites the region is considered to be a fertile district for intrusion related mineral systems including Iron Oxide Copper Gold (IOCG), Intrusion Related Gold (IRG), Porphyry and related epithermal mineralisation styles.

In the late 1990’s to early 2000’s, the project area was targeted by WMC Resources Ltd (WMC) and ranked highly for IOCG style mineralisation3. The new licence applications include numerous mineral occurrences with the regulatory database recording assay results up to 2 m @ 0.3% Cu from 68 m depth in a 90 m vertical RC hole (MMNC28) at the Lobster prospect3, 4.

Recent work across Toolunga has identified three high-priority targets(including the Lobster prospect) which have been highlighted for immediate fieldwork following the grant of the tenements. The three targets identified by Novo have significant, coincident magnetic and gravity anomalies over large, kilometre scale areaswith magnetic complexity thought to be unrelated to lithology. The targets have been generated by Novo based upon current geological understanding of the region, re-processing of gravity and aeromagentic datasets as well as assessment of historic WAMEX reporting results. Compiled evidence suggests that the targets display evidence of IOCG style mineralisation, which was additionally highlighted through previous work completed by WMC Resources Ltd. These three targets include:

Lobster

A gravity and magnetic complex over an 8 km x 4 km area (Figure 7) identified by WMC in the 1990’s. WMC completed shallow, vertical RC drilling to a depth of only 90 m in the mid 1990’s3, 4. Magnetic diorites and amphibolites intersected at depth, with trace to 2% chalcopyrite intersected in three holes. A peak intercept of 2 m @ 0.3% Cu from 68 m in hole MMNC28 is associated with coarse, hydrothermal magnetite, pyrite and chalcopyrite3, 4. Drill locations and significant intercepts can be found in Appendix 5.

Figure 7. WMC drillhole locations at the Lobster prospect, underlain by aeromagnetic data.

_ 3Refer WAMEX archive Annual Reports A48727 and A51684. 4MINEDEX Western Australian government (DEMIRS) mineral occurrence archive. Site ID S0030858. Also refer to WAMEX archive Annual Report A32269for sample methodologies.

Ironstone Bore

An untested strong coincident magnetic and gravity anomaly over a 2.5 km x 2 km area (Figure 8). Complex, 3D modelled magnetic anomaly with the strongest anomalies modelled at 200 m depth. Three priority magnetic anomalies to drill test following a detailed ground gravity and soil sampling program.

Mount Minnie

Coincident magnetic and gravity anomalies that remain untested. 3D inversion modelling defines a magnetic target at approximately 120 m depth. Outcropping geology proximal to coincident magnetic-gravity anomalies provides encouraging opportunity for on ground follow up field programs. Rock chips up to 755ppm Cu*

Figure 8. TMI RTP Hot Spot Magnetics identifying the Lobster, Ironstone Bore and Mount Minnie targets at the Toolunga Project.

Upon grant of the tenement, work will commence at the Mount Minnie prospect with on-ground stream sediment and soil sampling as well as geological and structural mapping over the outcropping geology. Ground gravity surveys will be conducted across all three targets along with 3D inversions to identify the subterranean architecture for RC drilling into the coincident magnetic-gravity anomalies.

*Refer WAMEX archive Annual Report A76797

Teichman Gold Project Update

The Teichman Gold Project (Teichman) falls within the Yanderayrra Aboriginal Reserve which is managed by the Mugarinya Community and the Kariyarra Pirnthurruna Native Title Determination Claim. Novo is in the final stages of negotiating Heritage Access Agreements with both parties. Execution of these agreements will allow Novo to undertake Heritage Surveys over the proposed drill locations. Post execution of the Heritage Access Agreements Novo will seek Ministerial approval to undertake Exploration activities within the Reserve.

Novo plans to commence drilling at Teichman as soon as approvals have been gained.

Cronus Prospect Drilling

Regional Setting

Cronus is located within the Regal Thrust, a structurally complex sheared corridor between the Regal Formation (footwall) and the Andover Intrusion (hanging wall). Locally the prospect sits within the identified Titan Shear corridor, with interpreted magnetic data and surface mapping of structures demonstrating a complex NE-SW trending shear corridor with NW-SE trending faults potentially acting as cross-controls.

Figure 9. Cronus Gold Prospect tenure showing the regional setting of the Titan shear zone and the Titan prospect and Weerianna deposit. The inset image shows the drill collar locations completed at Cronus.

Cronus Drilling

An RC drilling program at the Cronus prospect was completed totalling 2647 m over 23 holes targeting the strike extension of the Titan Shear Zone and associated, interpreted splay faults under shallow cover across E47/1745. Four RC drill fences were completed covering a strike distance of 1.2 km, with two sections spaced at 160 m and 220 m respectively. Hole spacings were at 40 m along each section line to ensure coverage of the variably dipping geology (Refer to Appendix 6 for drillhole locations).

Drilling intercepted shallow cover across the prospect area as well as multiple shear zones dipping between 70 and 55 degrees towards the NW. The second section line identified both the Titan Shear Zone as well as a secondary shear which strikes NNE (Figure 10), diverging from the dominant Titan Shear. Host units of chlorite and silica altered basalt, chert and ultramafics were identified with strong foliation logged proximal to the identified structures. The Titan shear zone is typified by talc and talc-chlorite schist after ultramafics, with associated moderate to strong carbonate alteration and silicification. The NNE trending fault splay is typified by a chloritic schist hosted on the contact with a marker chert unit against basalt and siltstones. The northern drill section (26YWR013 to 26YWR018) encountered strong ankerite-silica-fuchsite alteration associated with interpreted sheeted vein arrays with elevated arsenic values.

Figure 10. Cronus cross section identifying the extension of the Titan Shear zone and associated NNE trending splay through the E47/1745 tenement.

Assays are still outstanding for 7 holes of the program and are currently in the laboratory with results expected imminently. Further work following full receipt of the outstanding assays will focus on ongoing interpretation of the drilling data, refining areas for further surface exploration and possible follow-up drilling.

The mineralisation presented in the body of this announcement is not necessarily representative of mineralisation throughout the applicable projects.

Authorised for release by the Board of Directors.

CONTACT

| Investors: Mike Spreadborough +61 8 6400 6100 info@novoresources.com | North American Queries: Leo Karabelas +1 416 543 3120 leo@novoresources.com | Media: Peter Taylor +61 412 036 231 peter@nwrcommunication.com.au |

QP STATEMENT

Mr Rohan Williams (MAusIMM), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release, as well as verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure. Mr Williams is the General Manager, Exploration at Novo.

JORC COMPLIANCE STATEMENT

New Exploration Results

The information in this news release that relates to exploration results at Novo’s Pilbara tenure (including, for the avoidance of doubt, the results contained in Appendix 5) is based on information compiled by Mr Rohan Williams, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Williams is a full-time employee of Novo. Mr Williams has sufficient experience that is relevant to the style of mineralisation and the type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Williams consents to the inclusion in the news release of the matters based on his information in the form and context in which it appears.