CEO.CA Chairman's Briefing

HIGHLIGHTS

• Belltopper Gold Project Exploration Target defined.
• Belltopper is located within the gold prolific Bendigo Tectonic Zone in Victoria and approximately 50 km SSW of the high-grade world-class Fosterville Gold Mine.
• The Exploration Target was defined through geological modelling of priority target reefs following completion of 2024 drilling and the release of assay results.
• The Exploration Target excludes numerous emerging prospective zones and conceptual targets based on progressive geological and geochemical understanding.
• Evolving geology model provides multiple, high priority, drill-ready targets.
• Diverse range of mineralisation styles demonstrated by current work programs.
• Potential for Intrusion Hosted/Intrusion Related mineralisation and Fosterville-style, world-class, high-grade gold to be tested in forward drill programs.

VANCOUVER, British Columbia, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to provide an update regarding the Company’s highly prospective Belltopper Gold Project (“Belltopper”) in the Bendigo Tectonic Zone, Victoria (Figure 1). Integrating results from the current 2024 exploration program, the Company have an updated 3D model of priority target reefs at Belltopper, which has resulted in the definition of an Exploration Target.

An Exploration Target is now presented for the Belltopper area based on seven reefs considered to show high prospectivity based on geological, drilling, and historical data (Table 1).

Table 1. Exploration Target for the Belltopper 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 prepared in accordance with the JORC Code (2012).

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said:

“Our Belltopper Project is an exciting, high-grade gold opportunity located in a tier-one gold region. The Novo geological team has done an outstanding job to define the geology, mineralisation and prospectivity of Belltopper supported by a successful period of work delivered at the Project, including the six-hole, 2,529 m, diamond drill program completed in Q2 this year. Belltopper is an exciting opportunity and has the potential to grow in size and scale and the focus will now turn to expanding the prospectivity of the project.”

Figure 1. Belltopper Gold Project location map with regional gold occurrences and major structures¹.

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 addition, all references in this announcement to tonnage, grade, contained Au and associated ranges are expressed as approximations.

Certain results at Belltopper were obtained (and reported in accordance with Canadian continuous disclosure requirements) prior to the Company’s listing on ASX in September 2023 and are now reported to ASX in accordance with the JORC Code 2012 for the first time.

Belltopper is located 120 km northwest of Melbourne and approximately 50 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.

Novo recently completed a six-hole, 2,529 m, diamond drill program in Q2 2024 (see the Company’s ASX announcement dated 4 June 2024 released to ASX on 5 June 2024), commensurate with a re-logging and infill assay program on key historic holes. Recent campaigns build on previous drilling (2021 – 2022) and deliver new significant gold intercepts across a range of structural targets, including the discovery of two new gold reefs with significant strike potential.

The Company is focussed on developing a program that aims to grow the Exploration Target, whilst systematically testing an evolving pipeline of high priority, drill ready, conceptual shallow and deeper targets, including: Fosterville-style (epizonal), anticline related targets; Bendigo-style saddle-reef targets; Costerfield-style faults; and intrusive-igneous targets such as the gold-bearing Missing Link Granite, on theme with high-value Victorian examples of intrusion hosted deposits such as A1 and Morning Star in the Walhalla – Woods Point gold province, and developing projects such as Southern Cross Gold’s, Sunday Creek, 60 km north of Melbourne.

BELLTOPPER EXPLORATION TARGET DEFINITION DETAIL

A characteristic feature at Belltopper is the dense network of apparent high-grade gold ± antimony reefs that cluster in the northwest quadrant of the project adjacent to the regional Taradale Fault. An Exploration Target (Table 2) is presented for the Belltopper Project area based on seven individual reefs (Figure 2) considered to show high prospectivity based on geological, drilling and/or historical data outlined in Tables 3 and 4.

Table 2. Exploration Target for the Belltopper 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 prepared in accordance with the JORC Code (2012).

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

^{^}Selection criteria for the sub-set of seven reefs from the wider network of reefs at Belltopper considers both target confidence and target ounce potential, with the latter nominally set at >20,000 oz Au to be considered for inclusion into the Exploration Target.

Figure 2 depicts significant intercepts returned across all phases of drilling. Callouts are provided for all >50 m.g/t Au² intercepts, and select intercepts from important target reefs, as well as the gold-bearing Missing Link Granite, a porphyritic felsic intrusion with IRGS (Intrusion Related Gold System) characteristics that outcrops centrally to the network of high-grade reefs at Belltopper. This Figure highlights the exceptional prospectivity and diverse nature of mineralisation present at Belltopper.

Reefs belonging to the Exploration Target are typically narrow, discrete, continuous structures that can be traced up to 1.5 km in strike and predominantly 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 and crosscut both stratigraphy and the regional upright folds. The reefs commonly manifest as narrow (<1 metre-wide), sulphide-rich fault breccia ± quartz vein occurrence or infrequently as multiple occurrences within a typically wider halo of intense sericite – silica ± kaolinite altered sediments and preserve textures and mineralogy consistent with the epizonal class of orogenic lode gold deposits (Figure 3).

Table 4 notes individual characteristics for each of the seven reefs included in the Exploration Target.

All reefs forming part of the Exploration Target have some degree of historic mining and/or exploration development, albeit 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 reported². For example, production from O’Connor’s totalled 44,017 t for 38,791 oz Au recovered at a grade of 27.4 g/t Au.

Reported historic mining grades are supported by recent exploration drilling data at Belltopper, including examples, but not limited to: the Queen’s Birthday Reef which returned 3.1 m @ 9.27 g/t Au from 400.9 m, including 2.34 m @ 12.01 g/t Au from 400.9 m in diamond hole MD20³; and the Leven Star Reef which returned 14.0 m @ 6.15 g/t Au from 120 m, including 7.60 m @ 6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m in diamond hole MD16⁵.

Figure 2. Location map for Exploration Target reefs labelled #1 through #7. Refer to Table 2 for the global Exploration Target and Table 3 for reef-by-reef breakdown. Callouts highlight key significant intercepts on the project. For a full list of all significant >2 m.g/t Au⁴ intercepts with corresponding drill collar details and location map please refer to Appendices 1, 2 and 3.

Table 4. Geological inputs for each reef to the Exploration Target. All reefs are identified on Figure 2.

The wide array of orientations for mineralised reefs (i.e. mineralised structures) at Belltopper is an important feature that has resulted in localised zones of structural and mineralisation overprint. Several of these overprinting zones have been modelled and are captured in the evolving pipeline of high-priority targets; including structural overprints along segments of the Exploration Target reefs that represent potential zones of enhanced gold mineralisation and opportunities to grow the Exploration Target (Figure 2).

Table 2 and Table 5 outline the Exploration Target, and the significant reefs included within the current Exploration Target at Belltopper.

Figure 3. MD16 (127.65 m – 133.1 m). Leven Star Reef intersection in fresh sulphide material (14.0 m @ 6.15 g/t Au from 120 m, including 7.60 m @ 6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m)⁵. Peak gold assay is associated with a discrete sulphide rich fault breccia and increased quartz stock-work veining. 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).

Table 5. Significant reefs with breakdown of gold targets included within current Exploration Target at Belltopper. 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 prepared in accordance with the JORC Code (2012).

BASIS FOR THE BELLTOPPER EXPLORATION TARGET

Novo applied its geological understanding of the reef network at Belltopper, drawing upon 3D reconstruction of historic mining (Figure 4) and exploration data, drilling data, structural and geochemical data, field mapping (including high-resolution LiDAR™ interpretation), and surface rock chip sampling. Tables 3 and 4 summarise key inputs into each reef.

Mineralisation volumes were defined from strike and dip continuity and potential modern “mineable width”. Continuity extents and width were based on geological interpretation and modelling by Novo (see Table 4 and Figure 2).

Figure 4. Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and assay callouts, beneath LiDAR™

The Leven Star Reef (#1) was based on a 3D wireframe from drilling⁶. The volumes were modified by three factors: (1) geological continuity factor, (2) payability factor; and (3) mine factor.

The geological continuity factor allows for potential breaks in local geological continuity related to faulting or reef pinch-out. Values (all of which are approximations) averaged 0.85 for the High case and 0.75 for the Low case. A value of 1.0 was applied to the Leven Star Reef based on drilling information.

The payability factor acts to report potential “mineable tonnages” at a cut-off grade within the target zone, which averaged (approximately) 0.33 for the High case and 0.25 for the Low case. The payability for the Leven Star Reef was based on the percentage of estimation⁶ blocks reported at a nominal underground mining cut-off of 2.7 g/t Au – which was approximately 0.25.

The mine factor accounts of any mining that has been undertaken within the target zone. Values applied range from approximately 0.5 for the Queens/Egyptian Reef (#5 in Figure 2) to 0.98 for the Leven Star Reef (#1 in Figure 2).

The Exploration Target is located within both oxide and fresh mineralisation. A weighted bulk density of approximately 2.65 t/m³ was applied to both the High and Low cases to define mineralisation tonnages based on drilling information from the Leven Star Reef. No other bulk density data is available, and it is assumed that the Leven Star data represents other reefs.

The High and Low case Target Mineralisation Tonnages have been calculated using the following (Equation 1):

Strike continuity x dip continuity x mineable width x geological continuity x payability x mine factor x bulk density

Where the underlined, factors are different between the Low and High cases. The other factors were not changed as the CP/QPs considered that the geological continuity and grade payability factors provided enough variation in the context of a conceptual model – the Exploration Target.

Grade was assigned dominantly from historical data. For the Leven Star Reef, the Low grade was assigned from the block model⁶, and for the High case via a 10% upgrade. For the other reefs a base historical grade of 1 oz/t Au (31 g/t Au) was used. This grade was based on historical research which indicates recovered grades of 1-2 oz/t Au (31-62 g/t Au)⁵. A conservative value of 31 g/t Au was applied. This grade is likely to reflect selective mining from narrow 2-3 foot (0.6-0.9 m) wide stopes and a degree of hand sorting. The reefs were very narrow, averaging about 0.2 m width, varying from 0.1 m to 1 m. Most reefs rarely exceeded 0.6 m, with the mean variation between 0.15 m to 0. 3 m.

The historical reports for the Belltopper area provide no stope widths. Drive backs (roof) in sub-vertical to vertical reefs in Central Victoria were typically c. 3-4 feet wide (0.9-1.2 m), other than for very wide reefs and stockwork zones (e.g. some in Ballarat, Bendigo, Castlemaine, etc.). Based on underground observation of Central and Eastern Victorian narrow (<0.5 m) reefs (e.g. Bendigo; Cassilis, Inglewood, Tarnagulla, etc.), stopes were typically c. 2-3 feet wide (e.g. 0.6-0.9 m)⁷. Hand sorting based on visual properties (e.g., the presence of visible gold and/or gold indicator minerals) of higher-grade material within drives and stopes was commonplace, though difficult to quantify.

The following process has been applied to define a defendable and likely modern mining grade for the Exploration Target. For reefs #2-7, grade was assigned via the following steps:

The Target Mineralised Tonnage (defined via Equation 1) was domained into Marginal (MG) and High (HG) Grade zones using a nominal split of 30:70 (Low case) and 40:60 (High case). The MG mineralisation was assigned grades of 3 g/t Au (Low case) and 6 g/t Au (High case) respectively. This is based on research in other Central Victorian goldfields, reflecting the fact that the Target Mineralised Tonnage will not have a consistent high grade, but will include lower grade (MG) mineralisation that historically will have been mined and left as pillars.

HG material will have had some degree of hand sorting with material stacked in stopes underground. Sorting was not sophisticated and based on human activity, therefore the effect on grade may only be a 10-20% upgrade. The historical recovered grade of 31 g/t Au was factored to allow for some sorting. Values of 10% (High case) and 20% (Low case) were applied.

Thus with 20% sorting, the back-calculated “in-situ grade” is 25.4 g/t Au assuming all the reject material has a grade of 3 g/t Au.

The “in situ grade” is then proportionally combined with the HG to give the “target zone grade” which is an estimate of the in-situ grade that the historical miners would have mined. This however is at the “historical mining width” (HMW), not a modern mining width. The “in situ grade” needs to be diluted to approximate what we might mine today. The “target zone grade” has been diluted to a possible modern mining width of 1.5 m (Mineable width – see Equation 1) based on HMWs of 0.6 m (Low case) and 0.75 m (High case).

Once these factors are applied to the grade, the target grade results that is applied to the target mineralised tonnage to provide the contained ounces (Tables 2 and 5).

Novo believes that should mining be viable at Belltopper, an underground operation would be the most appropriate option. Operations could be led by the application of narrow vein mechanised mining and a selective stoping strategy, potentially using pre-concentration (e.g. ore sorting and/or gravity or flotation options) and shipping offsite for processing to minimise the local surface footprint. The mine access decline could be placed away from existing infrastructure and dwellings, etc. Any operation would be supported by good regional infrastructure and easy access to Melbourne. At this time there has been insufficient exploration to estimate Mineral Resources and Ore Reserves as defined in the JORC Code (2012), and any decision to mine would be based on a feasibility study, including evaluation of all ESG matters.

The factors and grades used to support the Exploration Target evaluation, are based on reasonable assumptions by the CP/QP derived from historical research at Belltopper and other Victorian Goldfields. Consequently, the conceptual nature of the Exploration Target is re-emphasised, and the reader is referred to the “clarification statement” provided previously.

EMERGING & CONCEPTUAL TARGETS

Beyond the Exploration Target detailed above, Novo is optimistic about the potential of emerging and high priority mineralised trends such as Butchers Gully and the Welcome Fault.

The former is identified as a layer parallel fault to the Leven Star Fault (Figure 2) where recent results from re-logging and additional sampling of historical core by Novo returned 2.0 m @ 7.19 g/t Au from 52 m (incl. 1.15 m @ 12.01 g/t Au from 52 m) and 2.0 m @ 3.87 g/t Au from 43 m (incl. 1.0 m @ 6.92 g/t Au from 43 m) in MD04⁸.

The Welcome Fault, discovered during Novo’s most recent diamond drilling program in Q1 2024 returned 4.1 m @ 2.37 g/t Au from 36.1 m in hole BTD002⁹ and is interpreted to trend parallel to the historically mined Hanover Reef (Figure 2). BTD002 is the only hole drilled into a developing priority target corridor identified by Novo and associated with a high-tenor IP chargeability anomaly.

In addition, several historically mined and/or developed reefs (e.g. #1 O’Connor’s group of reefs, Doctors group of reefs, Panama Reef, and West Panama Reef) were excluded from the Exploration Target, primarily based on calculated lower target ounce potential (<20,000 oz Au), or lower target confidence resulting from lack of historical mining data or current exploration data. Potential upside varies across individual reefs, though most are considered significantly underexplored.

Approximately 30% of the project area is covered by local younger basalt cover. Of note, some target gold reefs (e.g. O’Connor’s and Queens Birthday) are projected and demonstrated to extend beneath this cover. These extensions and potential additional reef occurrences provide opportunities for “blind” discoveries under the cover at Belltopper.

Refer to Appendix 3 for a full listing of all significant historic and recent gold intersections > 2 m.g/t Au returned on the Belltopper Gold Project to date.

Geology cross section 5880600 mN (Figure 5, looking north) highlights the Missing Link Granite as modelled by mapping and drill hole intersections. Several notable high-grade gold reefs are projected to intersect the Missing Link Granite, including emerging targets “NW Fault 4,” and “NW Fault 9,” from surface; and the Exploration Target “Missing Link,” reef at depth (Figures 2 and 5). These modelled intersections represent high-priority conceptual targets for fault-controlled intrusion-hosted mineralisation in damage zones either along the margins or internal to the Missing Link Granite.

Agnico Eagle’s Fosterville mine lies approximately 50 km to the north of the Belltopper Project, in similar Ordovician aged sediments and within the same gold-prolific Bendigo Tectonic Zone.

The fundamental characteristic of the worldclass Fosterville gold system responsible for the bonanza grade at the Swan and Phoenix deposits, include the interaction of steeply west dipping faults with the Fosterville Anticline in the footwall of the Fosterville Fault. The Fosterville Fault is a crucial structural feature that influences mineralisation. It trends NNW, dips steeply to the west, and is traceable for about 30 km. This fault, along with other parallel and cross-faults, plays a vital role in localizing gold mineralization within the deposit. The fault’s movement and associated deformation have created conditions favourable for gold deposition, making it an essential part of the geological story of the Fosterville gold system¹⁰.

Figure 5. Geology cross section 5880600mN, looking north (Refer Figure 2 for cross section location). Depicts key Exploration Target reefs and emerging gold reefs, in addition to structural features including the regional Taradale Fault and important anticline-syncline hinge zones. Conceptual targets for intrusion hosted mineralisation associated with projected intersections of key gold reefs with the Missing Link Granite, in addition to various emerging conceptual targets across anticline hinge zones are highlighted. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” in reference to the Exploration Target above.

Belltopper displays many of the fundamental characteristics important to the Fosterville gold-system, including the presence of a controlling regional mineralised structure (the Taradale Fault); a network of high-grade Au ± Sb reefs with epizonal characteristics; multiple occurrences of important gold-bearing west-dipping faults across the project; evidence for complicated linking and cross-faults; and critically, key regional fold hinges; including the highest-priority “Belltopper Anticline,” which hosts a gold-bearing porphyritic felsic intrusion, is spatially associated with the highest density of historic stoping; and hosts the strongest multi-element gold and pathfinder geochemical anomaly on the project. No assurance can be given that Novo will achieve similar results at Belltopper.

Several modelled and projected structural intersections between identified gold-bearing west-dipping structures and mapped anticline corridors provide both shallow and deeper conceptual targets to test for Fosterville-style, anticline-related mineralisation at Belltopper. With deeper conceptual targets also facilitating testing of hitherto-untested underlying stratigraphy and key mineralised structures at depth. Figures 5 and 6 highlight evolving shallow and deeper targets associated with key anticline corridors at Belltopper.

Figure 6. Geology cross section 5880300mN, looking north (Refer Figure 2 for cross section location). Depicts key Exploration Target reefs and emerging gold reefs, in addition to structural features including the regional Taradale Fault and important anticline-syncline hinge zones. Conceptual targets for key identified gold-bearing west-dipping faults across several mapped target anticline corridors (e.g. Fosterville-style targets) highlighted on this section. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” in reference to the Exploration Target above.

FORWARD WORK PROGRAM

Diamond drilling in design and planned for 2025 – 2026 is required to further validate the widths and tenor of gold mineralisation associated with individual reefs belonging to the current exploration target. An initial program with a minimum of two diamond holes per reef will target interpreted enhanced zones of mineralisation associated with key structural intersections on high-priority segments of each Exploration Target reef. Pending success, further drilling will be required to scope out each reef to the nominal depths as indicated in Table 4.

Concurrently, Novo is developing exploration programs to build on recent success with emerging reef discoveries, as well as drilling programs designed to test the higher-priority conceptual shallow and deeper targets that are continuously evolving on the project, with a strong focus on exploring for world class, Fosterville-style, anticline related targets, which are considered the highest priority targets at Belltopper (Figure 7).

Figure 7. Conceptual geology cross section ca. 5879500mN (looking north) showing known and confirmed west-dipping structures projected to intersect the highest-priority “Belltopper Anticline” corridor. Solid lines represent confirmed positions of key structures via drilling and historic working 3D reconstructions. Dashed lines represent projected positions. Shallow intersections of key west-dipping structures (e.g. Big Reef, Queens Birthday #2, and O’Connor’s No.1 Far West) with the Belltopper Anticline occur within areas of historic mine stoping on the O’Connor’s Reef on this section and are considered an important control on high-grade mineralisation for Exploration Target reefs such as O’Connor’s. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” referred to above.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

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 contained in this news release. Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to Novo.

JORC COMPLIANCE STATEMENT

Belltopper Exploration Target

The information in this announcement that relates to the Belltopper Exploration Target is based on information compiled by Dr Christopher Doyle, a Competent Person who is a Member of the Australasian Institute of Geoscientists (MAIG). Dr Doyle is Exploration Manager – Victoria for Novo and is a full-time employee of Novo. Dr Doyle has sufficient experience that is relevant to the style of mineralisation and 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”. Dr Doyle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Belltopper Exploration Target is based on information compiled by Dr Simon Dominy, a Competent Person who is a Fellow of both the Australasian Institute of Geoscientists (FAIG RPGeo) and Australasian Institute of Mining and Metallurgy (FAusIMM CPGeo). Dr Dominy is a Technical Advisor contracted to Novo. Dr Dominy has sufficient experience that is relevant to the style of mineralisation and 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”. Dr Dominy consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Previously reported exploration results at Belltopper

The information in this announcement that relates to previously reported exploration results at Belltopper is extracted from Novo's ASX announcements titled Significant Results from Diamond Drilling at Belltopper, Victoria released to ASX on 5 June 2024 and Significant Results from Historical Drill Hole Infill Assay Program at Belltopper released to ASX on 22 August 2024, which are available to view at www.asx.com.au. The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed.

New exploration results at Belltopper

The information in this announcement that relates to new exploration results at Belltopper is based on information compiled by Dr. Christopher Doyle, who is a Member of the Australasian Institute of Geoscientists (MAIG). Dr Doyle is Exploration Manager – Victoria for Novo and is a full-time employee of Novo. Dr Doyle has sufficient experience that is relevant to the style of mineralisation and 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”. Dr Doyle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

FORWARD-LOOKING STATEMENTS

Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s annual information form for the year ended December 31, 2023 (which is available under Novo’s profile on SEDAR+ at www.sedarplus.ca and at www.asx.com.au in the Company’s prospectus dated 2 August 2023 which is available at www.asx.com.au. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

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¹ See the following for source documents in relation to the historical gold production figures for Bendigo, Fosterville, Costerfield, Castlemaine and Ballarat. Wilson, C. J. L., Moore, D. H., Vollgger, S. A., & Madeley, H. E. (2020). Structural evolution of the orogenic gold deposits in central Victoria, Australia: The role of regional stress change and the tectonic regime. Ore Geology Reviews, 120, 103390. Phillips, G. N., & Hughes, M. J. (1996). The geology and gold deposits of the Victorian gold province. Ore Geology Reviews, 11(5), 255-302. Costerfield Operation, Victoria, Australia, NI 43-101 Technical Report, March 2024; Agnico Eagle Mines Detailed Mineral Reserve and Mineral Resources Statement (as at December 31, 2023). Agnico Eagle Mines Limited. Fosterville Gold Mine. Retrieved August 21, 2024, from Agnico Eagle Website. For Comet and Sunday Creek exploration results, refer: Great Pacific Gold Company TSXV release dated 11 January 2024, and Southern Cross Gold Company ASX release dated 5 March 2024, respectively. Production figures for Bendigo, Castlemaine and Ballarat include combined alluvial and hard rock production. Gold endowment for Fosterville include historic production + reserves + resources as at 31/12/2023. Gold endowment for Costerfield equals historic production + resource (including reserves) as at 28/03/2024. Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012) in respect of the data set out in Figure 1 and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results at Belltopper.
² Historically recovered grades and production metrics (tonnes, grades and ounces) were collated from research completed on historic data reported in various newspapers including the Kyneton Observer, Kyneton Guardian, The Age (Melbourne Newspaper) and The Argus (Melbourne Newspaper). These 19th Century newspaper reports are accessible via the TROVE website maintained by the National Library of Australia. In addition, publications of the Geological Survey of Victoria (GSV) and the Mines Department were accessed. Mine plans and sections were also accessed through government archives. Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012) in respect of this data and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results at Belltopper.
³ Refer to the Company’s news release dated 18 November 2022 and the Company’s ASX announcement dated 21 August 2024 that was released to ASX on 22 August 2024. Certain results at Belltopper were obtained (and reported in accordance with Canadian continuous disclosure requirements) prior to the Company’s listing on ASX in September 2023 and are now reported to ASX in accordance with the JORC Code 2012 for the first time.
⁴ Reported as metal accumulation, which is the product of width (m) and grade (g/t Au) with the units of m.g/t Au.
⁵ Refer to the Company’s news release dated 10 May 2022 and the Company’s ASX announcement dated 4 June 2024 that was released to ASX on 5 June 2024. Certain results at Belltopper were obtained (and reported in accordance with Canadian continuous disclosure requirements) prior to the Company’s listing on ASX in September 2023 and are now reported to ASX in accordance with the JORC Code 2012 for the first time.
⁶ For the Leven Star Reef an in-house block model has been produced. This has not been classified or reported as a Mineral Resource. It has been used to inform the Exploration Target.
⁷ Underground observations based on work by Dr Simon Dominy from 1998 to the present time across the Victorian Goldfields. Supporting reference - Dominy, S.C., Platten, I.M., Edgar, W.B., Cuffley, B.W. and Towsey, C.J. 2009. Application of mine records to reduce project risk during the evaluation of historical goldfields: in Proceedings of the Project Evaluation Conference 2009, The Australasian Institute of Mining and Metallurgy, pp. 145-161.
8 Refer to the Company’s news release dated 21 August 2024 that was released to ASX on 22 August 2024.
9 Refer to the Company’s news release dated 4 June 2024 that was released to ASX on 5 June 2024.
¹⁰ Sources pertaining to information on the Fosterville mineralisation include the freely accessible PorterGeo Fosterville Database available at https://portergeo.com.au and various references cited within; including: Hitchman, S.P., Phillips, N.J. and Greenberger, O.J., 2017 - Fosterville gold deposit: in Phillips, G.N., (Ed.), 2017 Australian Ore Deposits, The Australasian Institute of Mining and Metallurgy, Mono 32, pp. 791-796; and Fuller, T. and Hann, I., 2019 - Fosterville Gold Mine, in the State of Victoria, Australia; a NI 43-101 Technical Report prepared for Kirkland Lake Gold Ltd., 256p. Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012) in respect of this data and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results at Belltopper.

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone gold projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 6,700 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia.

Novo’s key project area is the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project has similar geological characteristics to De Grey’s 12.7 Moz Hemi Project¹. Novo is also advancing gold exploration at Nunyerry North, part of the Croyden JV (Novo 70%: Creasy Group 30%), where 2023 exploration drilling identified significant gold mineralisation. Novo continues to undertake early-stage exploration across its Pilbara tenement portfolio.

Novo has also formed lithium joint ventures with both Liatam and SQM in the Pilbara which provides shareholder exposure to battery metals.

Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders.

Please refer to Novo’s website for further information including the latest Corporate Presentation.

Refer to De Grey ASX Announcement, Hemi Gold Project Resource Update, dated 21 November 2023. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project.

APPENDIX 1: BELLTOPPER DRILL COLLARS

All drill collars are reported in MGA94 Zone 55. All collars are located within Retention Licence RL006587

APPENDIX 2: BELLTOPPER DRILL COLLAR MAP

APPENDIX 3: BELLTOPPER SIGNIFICANT INTERSECTIONS

Standard Intercepts calculated with 0.3 g/t Au cut-off and 2 m internal dilution. High grade included intercepts calculated with 1.0 g/t Au and no internal dilution.

Broad granite intrusive intersections in MD17, MD22 and DDHMA3 were calculated using a 0.1 g/t Au cut-off grade and no more than 5 m internal dilution. Intersections are identified with “*Granite” in the below table.

^ All width and intercepts are expressed as metres downhole rather than true width. Calculated as length weighted averages.

^^ Au g/t multiplied by metres (m.g/t Au)

Logged core loss treated as 0 g/t Au grade in all calculations. The gold assay of a primary sample from a duplicate pair will be used in all calculations. Any isolated gold intersections separated by internal dilution must independently be above the average cut-off grade when including the grades of the internal dilution.

Significant intersections > 2 m.g/t Au with high grade includes > 5 m.g/t Au

JORC Code, 2012 Edition – Table 1 Belltopper Gold Project PDF available: http://ml.globenewswire.com/Resource/Download/7cd04fa4-0dea-429d-85db-81ae072e22a8

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/22f051f8-8dfd-468e-98f3-ca36ffc9aacb

https://www.globenewswire.com/NewsRoom/AttachmentNg/3875f429-444a-4272-87a1-044dcf594cfd

https://www.globenewswire.com/NewsRoom/AttachmentNg/80fc7ee8-485d-4846-ae58-9060f11c6bde

https://www.globenewswire.com/NewsRoom/AttachmentNg/306e7534-ccd2-4086-a42e-2e547b241b82

https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f620a7-cb31-4cf5-9d57-7670eb0e2261

https://www.globenewswire.com/NewsRoom/AttachmentNg/e8ace59c-dd17-4afc-a8d1-a088053cda55

https://www.globenewswire.com/NewsRoom/AttachmentNg/c7d220ee-b5f5-44e2-b124-329a386fc54d

https://www.globenewswire.com/NewsRoom/AttachmentNg/11468c63-9707-4cdc-a3a7-fac479f58061

https://www.globenewswire.com/NewsRoom/AttachmentNg/a27964c2-576b-41f1-adb9-4b05166ba82a

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

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

Figure 2. Location map for Exploration Target reefs labelled #1 through #7.

Figure 2. Location map for Exploration Target reefs labelled #1 through #7. Refer to Table 2 for the global Exploration Target and Table 3 for reef-by-reef breakdown. Callouts highlight key significant intercepts on the project. For a full list of all significant >2 m.g/t Au intercepts with corresponding drill collar details and location map please refer to Appendices 1, 2 and 3.

Figure 3. MD16 (127.65 m – 133.1 m). Leven Star Reef intersection in fresh sulphide material (14.0 m @ 6.15 g/t Au from 120 m, including 7.60 m @ 6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m).

Figure 3. MD16 (127.65 m – 133.1 m). Leven Star Reef intersection in fresh sulphide material (14.0 m @ 6.15 g/t Au from 120 m, including 7.60 m @ 6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m). Peak gold assay is associated with a discrete sulphide rich fault breccia and increased quartz stock-work veining. 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).

Figure 4. Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and assay callouts, beneath LiDAR™

Figure 4. Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and assay callouts, beneath LiDAR™

Figure 5. Geology cross section 5880600mN, looking north (Refer Figure 2 for cross section location).

Figure 5. Geology cross section 5880600mN, looking north (Refer Figure 2 for cross section location). Depicts key Exploration Target reefs and emerging gold reefs, in addition to structural features including the regional Taradale Fault and important anticline-syncline hinge zones. Conceptual targets for intrusion hosted mineralisation associated with projected intersections of key gold reefs with the Missing Link Granite, in addition to various emerging conceptual targets across anticline hinge zones are highlighted. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” in reference to the Exploration Target above.

Figure 6. Geology cross section 5880300mN, looking north (Refer Figure 2 for cross section location).

Figure 6. Geology cross section 5880300mN, looking north (Refer Figure 2 for cross section location). Depicts key Exploration Target reefs and emerging gold reefs, in addition to structural features including the regional Taradale Fault and important anticline-syncline hinge zones. Conceptual targets for key identified gold-bearing west-dipping faults across several mapped target anticline corridors (e.g. Fosterville-style targets) highlighted on this section. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” in reference to the Exploration Target above.

Figure 7. Conceptual geology cross section ca. 5879500mN (looking north) showing known and confirmed west-dipping structures projected to intersect the highest-priority “Belltopper Anticline” corridor.

Figure 7. Conceptual geology cross section ca. 5879500mN (looking north) showing known and confirmed west-dipping structures projected to intersect the highest-priority “Belltopper Anticline” corridor. Solid lines represent confirmed positions of key structures via drilling and historic working 3D reconstructions. Dashed lines represent projected positions. Shallow intersections of key west-dipping structures (e.g. Big Reef, Queens Birthday #2, and O’Connor’s No.1 Far West) with the Belltopper Anticline occur within areas of historic mine stoping on the O’Connor’s Reef on this section and are considered an important control on high-grade mineralisation for Exploration Target reefs such as O’Connor’s. Refer above regarding the basis for the Exploration Target. See also the “clarification statement” referred to above.

Figure 8

Figure 8

APPENDIX 2: BELLTOPPER DRILL COLLAR MAP

APPENDIX 2: BELLTOPPER DRILL COLLAR MAP