New South Wales Exploration Update

HIGHLIGHTS

Commenting on the Company’s NSW exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said “the size of the Tibooburra Gold system is impressive and recent technical work combined with geochemical sampling has provided greater certainty on the controls of the high-grade shoots and identified new targets.

“The mapping work completed across key prospects at Tibooburra supports our view that mineralisation is very similar to major Victorian-style gold deposits such as Fosterville and Bendigo,* where a unique combination of folding and faults create high grade shallow plunging ore bodies.

“We are excited by the results generated from this work program and are in the final stages of assessing further drilling to test the extension of Clone and Pioneer South, whilst awaiting pending assays from new Bendigo and Warratta Reefs.”

* No assurance can be given that Novo will achieve similar results at Tibooburra.

PERTH, Western Australia, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on current exploration programs across the Company’s New South Wales project portfolio.

Recent exploration at the Tibooburra Gold Project (Tibooburra) involved two programs of mapping and surface sampling at the New Bendigo, Pioneer and Warratta Reef prospects, re-logging of historic diamond core from Pioneer and New Bendigo, and a down-hole geophysical wireline survey at the Clone prospect (Figure 1).

This exploration has significantly advanced geological understanding of the high-grade gold system, to better assess targeted follow-up drilling. New results from rock chip sampling include 39.9 g/t Au from Pioneer North, and multiple > 1 g/t Au results at Pioneer South, 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 dumps from historic workings along a ~ 600 m (undrilled) line of historic workings (Figure 2). These results highlight the potential for high-grade gold from multiple reefs, within an extensive multi-kilometre-scale alteration corridor. Drill targets are being assessed at Pioneer, New Bendigo and Clone.

Figure 1: Location, tenure (including the new ELA6968) and key prospects at Tibooburra, NSW.

At the John Bull Gold Project (John Bull), located near Grafton NSW, the Company continues to progress regulatory and landholder access approvals to facilitate RC drilling at four high-priority targets. Regulatory approval for drilling of currently planned RC holes at John Bull is in place with landholder access negotiations ongoing.

TIBOOBURRA GOLD PROJECT

(Farm-in with Manhattan Corporation (ASX: MHC))

Pioneer Prospect

The Pioneer prospect (Figure 1) is defined by a > 2 km long + 30 ppb gold-in-soil anomaly^{1 and 7}, multiple lines of historic workings, including shafts up to 76 m depth, and a historic processing hub centrally located within the prospect area (Figure 2).

Recent mapping, integrated with historic work and diamond core review, has highlighted multiple gold-bearing quartz reefs associated with narrow, but continuous NNW-striking, steep to west dipping oblique structures, that cut the regional foliation and isoclinal folded stratigraphy.

Rock chip sampling at Pioneer South returned consistent > 1 g/t Au assays (15 of 20 samples collected are + 1 g/t Au); including 19.8 g/t Au, 8.12 g/t Au and 5.83 g/t Au (Table 1) from high-grade gold reefs that outcrop over approximately 600 m, co-incident with multiple historic gold workings (Figure 2). The Pioneer South target has not been previously drill tested.

Figure 2: Plan view of quartz reefs with recently returned rock chip assays (Novo Resources sampling) at the Pioneer prospect and 30 ppb soil Au anomaly ^{1 and 7}

Previous, broad spaced drill traverses in the central and northern parts of the Pioneer Prospect have returned the following, previously reported peak intercepts²:

•       5 m @ 6.96 g/t Au from 199 m; including 1 m @ 33.90 g/t Au (PN0002; Appendix 2)²
•        2m @ 14.74 g/t Au (TP003; Appendix 3)⁴ from an original 4 m composite @ 4.39 g/t Au³
•        3.8 m @ 1.90 g/t Au from 69 m (AWPN02A; Appendix 4)⁴
  
  
  
  

Table 1 Significant (+1 g/t Au) rock chips returned from recent sampling at Tibooburra.

Refer to Appendix 1 for full results of all newly reported rock chips from Pioneer. An additional 37 rock chip samples from Pioneer are awaiting assay.

Gold-bearing quartz reefs are typically < 1 m in width and can be traced individually for tens to hundreds of metres. Footwall and/or hanging-wall mineralisation zones adjacent to the quartz reefs can reach thicknesses of 2 m to 5 m. Mineralisation generally forms along structures within poly-deformed, tight to isoclinally folded and a locally intensely sericite and carbonate altered siltstone and shale sequence that occurs within a regional alteration corridor with a multi-kilometre footprint (Figure 2).

Structural data from mapping and orientated diamond core at Pioneer in conjunction with 3D modelling of historic mine workings and drill hole data indicate a moderate N to NW plunge on high-grade shoots developed along the main mineralised structure.

Refer to Appendices 2, 3 and 4 for previous drilling results at the Pioneer prospect.

Figure 3: Long section interpretation showing the Southern Pioneer and Main Shaft targets, historic shafts, previous drilling pierce points (Appendix 2-4)^{2, 3,4, 7} from broad spaced drilling and recent rock chip results. Targets are high-grade NNW plunging shoots.

Figure 3b: INSET Long section interpretation showing contoured pierce points (m x g/t Au) for the Main Shaft shoot and historic shafts (Appendix 2-4)^2,3,4,7

Potential drill testing on multiple sections is being assessed at Pioneer South, which would target high-grade NNW plunging shoots.

Clone Prospect

The downhole wireline geophysicaI program at Clone was completed by Borehole Wireline Pty. Ltd. and involved surveying 12 existing RC holes (for 1,503 m) previously drilled across two campaigns (Novo Resources in 2025⁵ and Manhatten in 2023⁶). The survey involved collecting televiewer data (optical and acoustic) in order to generate ‘virtual digital diamond core’ to aid in structural interpretation of faults and vein orientations, vein style and paragenesis (Figure 4). Additional geophysical tools, which proved less useful, including resistivity, induction-conductivity and natural gamma, were trialled on select holes to ascertain if these techniques could define lithological variations or alteration.

Figure 4 Downhole wireline imaging and structural data from the start of the 5 m @ 13.74 g/t Au intercept from 23 m in hole TBR0001⁵.

(TMAG = Total magnetic field intensity, RH =horizontal resistivity, which helps estimate rock properties like porosity, lithology, mechanical strength, and fracture detection, TWTT = Two-Way Travel Time, C AMP = Compensated amplitude - acoustic pulse intensity, relating to the hardness of the rock, the smoothness of the drill hole wall and the type of fluid in the drill hole , DIP A = dip defined by C AMP not corrected for drill hole orientation, 3D A = 3D acoustic image with structural planes in 3D, 3D O = 3D optical image with structural planes in 3D, DIPT = Tadpole presentation for true dip corrected for orientation of the drill hole (i.e. final useful structural data)).

Data from the televiewer survey has been integrated into the evolving 3D model for gold mineralisation at Clone; which has previously returned results including: 12 m @ 5.90 g/t Au from 16 m⁵, including 5 m @ 13.74 g/t Au from 23 m (TBR0001)⁵ and 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014) ⁵ as reported from Novo’s maiden drilling campaign at Clone.

The data supports the current interpretation of gold mineralised quartz vein geometries and associated structural trends, including a shallow north plunge on the main shoot at Clone that remains open to the north and at depth (Figure 5).

Drill program assessment is focused on testing the down-plunge potential for the extension of the high-grade shoot to the north and potential parallel mineralised trends.

Figure 5 Clone long section with surface rock chip results, and drilling pierce points ^{5, 6}, with planned follow-up RC drilling pierce points (white dots).

New Bendigo

Mapping, surface sampling and re-logging of seven diamond holes have been completed at New Bendigo with the aim of identifying additional mineralisation, potential extensions to exisiting mineralisation, and establishing key controls on the orientation and plunge of the main mineralisation.

Refer to Appendix 1 for results of all newly reported rock chips from New Bendigo, which includes a 4.1 g/t Au (Table 1) outcropping brecciated quartz vein from the main mineralised zone. Most samples collected during recent mapping at New Bendigo are pending results at the time of writing (55 samples).

Wireframing of mineralised domains at New Bendigo is ongoing and currently involves incorporating new information from recent mapping and recent re-logging. New surface sample assay results (currently pending) will be incorporated into updated mineralisation modelling. Surface geological mapping and re-logging have identified a complex pattern of both east and west dipping massive to laminated gold-bearing quartz veins that are locally disrupted by zones of intense brecciation. Mineralisation styles observed at New Bendigo include laminated to massive, narrow quartz veining; saddle-reef-style quartz veining; and at least one occurrence of intrusive (felsic-dyke) hosted mineralisation associated with a parallel mineralised zone to the west of the main New Bendigo mineralisation trend.

Warratta Reef Prospect

Mapping and rock chip sampling (26 samples) were completed in conjuction with 115 soil samples collected on a 40 m x 160 m soil grid. Mapping has identified multiple corridors of quartz veining exploited by historic gold workings within a ~ 1.3 km by 400 m wide zone of altered sediments that trends undercover to the north-west.

The most significant individual line of historic workings (~ 400 m long) targets a steeply W-dipping laminated quartz vein. Mapped mineralisation styles at Warratta Reef include laminated to massive quartz veins, stacked (structurally thickened) zones of quartz veining, quartz-sulphide breccia, and saddle-reef-style mineralisation. Ongoing interpretation from mapping will be integrated with pending assay results from both soils and rock chip samples collected recently to advance potential drill targeting at this prospect.

All 26 submitted rock chips from the recent mapping and sampling campaign are still pending assays at the time of writing. A result of 1.11 g/t Au (Table 1) was returned from a small number of samples collected during earlier reconnaissance. Appendix 1 documents all assays recently returned for Warratta Reef. All (115) soils collected are also pending assay at the time of writing.

New Applications – Tibooburra

An application (ELA6968) for additional tenure, comprising 118 units (~ 350 sq km in area) approximately 20 km southwest of Tibooburra has been lodged (Figure 1). This application is contiguous to current project tenure and includes the northern extension of the Albert Goldfield and numerous historic workings.

JOHN BULL GOLD PROJECT

(Farm-in with TechGen Metals (ASX:TG1))

At the John Bull Gold Project, 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.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), 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. Mrs De Luca is Novo’s General Manager Exploration.

JORC COMPLIANCE STATEMENT

New Exploration Results

The information in this news release that relates to Exploration Results at Novo’s NSW tenure is based on information compiled by Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists. Mrs De Luca has sufficient experience that is relevant to the style of mineralisation and the type of deposits 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'. Mrs De Luca consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Previous Exploration Results

The information in this news release that relates to previously reported exploration results at Novo’s NSW tenure is extracted from Novo’s ASX announcement entitled High-Grade results from RC Drilling at Tibooburra Gold Project released to ASX on 9 July 2025 which is available to view at . The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings are presented have not been materially modified from the original market announcement.

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, 2024 (which is available under Novo’s profile on SEDAR+ at and at ) in the Company’s prospectus dated 2 August 2023 which is available at 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.

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focussed on discovering standalone gold and copper projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 5,500 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. In addition to the above, Novo is part of two prospective farm in agreements in New South Wales.

Novo’s key project area in the Pilbara is the Egina Gold Camp, where Northern Star Resources Limited (ASX: NST) 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 as Northern Star’s 13.6 Moz Hemi Project^#. Novo is also advancing gold exploration south of Becher in the Egina Gold Camp, part of the Croydon JV (Novo 70%: Creasy Group 30%). Novo continues to undertake early-stage exploration elsewhere across its Pilbara tenement portfolio.

Novo has also formed a lithium joint venture with SQM Australia Pty Ltd in the Pilbara which provides shareholder exposure to battery metals.

Novo has strengthened its high-quality, Australian based exploration portfolio by adding the TechGen John Bull Gold Project in the New England Orogen of NSW, and Manhattan Tibooburra Gold Project in the Albert Goldfields in northwestern NSW. Both projects demonstrate prospectivity for significant discovery and resource definition and align with Novo’s strategy of identifying and exploring projects with > 1 Moz Au potential. These high-grade gold projects compliment the landholding consolidation that forms the Toolunga Project in the Onslow District in Western Australia.

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’s ASX Announcement, Hemi Gold Project mineral Resource Estimate (MRE) 2024, dated 14 November 2024. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project.

Appendix 1: Results presented for all recent rock chip samples collected at Tibooburra, NSW. Includes samples collected from the Clone, New Bendigo, Pioneer and Warratta Reef prospects.

Appendix 2 – Location of all drillholes including significant intercepts reported by Manhattan for RC drilling at Pioneer. A > 0.1 g/t Au cut off was used for the calculations, with a maximum of 2 m internal dilution applied. Locations are in GDA94 zone 54. (ASX 2022 July 28 - Quarterly Activities Report June 2022) ²

Appendix 3 – Location of all drillholes including significant intercepts by Awati Resources Limited for DD drilling at Pioneer. A > 0.1 g/t Au cut off was used for the calculations, with a maximum of 2 m internal dilution applied. Locations are in GDA94 zone 54. (ASX –02 Dec 2019-Manhattan to Acquire New High-Grade Gold Project in NSW)⁴

Appendix 4 – Location of all drillholes including significant intercepts reported by Proto Resources and Manhattan Corporation for RC drilling programs at Pioneer, reported for 4m composite samples only unless otherwise stated. A > 0.1 g/t Au cut off was used for the calculations,. Locations are in GDA94 zone 54. (ASX 20 March 2007 03 20 – Proto - Tibooburra Exploration Drilling Results and ASX – 19 April 2021 - Manhattan to Acquire New High-Grade Gold Project in NSW)^3,7

 

JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section)

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

No Section 3 or 4 report as no Mineral Resources or Ore Reserves are reported in this Appendix

_________________________

¹ Refer Proto Resources & Investments - Annual technical report for exploration activities on EL6286. Tibooburra Project. Annual Report for the Period Ending 22 August 2007. Proto Resources & Investments Ltd. Report No. R00030748 (GS2008/0709)

² Refer to Manhattan Corporation Limited’s ASX announcement dated 28 July 2022 – Quarterly Activities Report June 2022

³ Refer to Proto Resources & Investments Ltd’s stock exchange announcement dated 20 March 2007 – Tibooburra Exploration Drilling Results

⁴ Refer to Manhattan Corporation Limited’s ASX announcement dated 2 December 2019 – Manhattan to Acquire New High-Grade Gold Project in NSW

⁵ Refer to Novo’s ASX announcement dated 9 July 2025 – High-Grade results from RC Drilling at Tibooburra Gold Project

⁶ Refer to Manhattan Corporation Limited’s ASX announcement dated 10 July 2023 – New High-Grade Gold Discovery

⁷ Refer to Manhattan Corporation Limited’s ASX announcement dated 19 April 2021 – Drilling Commences

Photos accompanying this announcement are available at