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Drilling Commences at Sherlock Crossing Gold-Antimony Prospect

HIGHLIGHTS

• A maiden reverse circulation (RC) drilling program is underway at Sherlock Crossing in the West Pilbara, testing high-grade Au-Sb mineralisation at the historic Clarke Mine.
• The drill program consists of 8 holes on 4 sections for ~1,000 m RC over a strike length of 300 m.
• Drilling aims to define down dip continuity of high-grade veins mapped at surface, to extend mineralisation to the north and south and to potentially define plunge of the mineralising system.
• RC drilling is anticipated to be completed in September with results expected in mid-October 2025.
• At the Wyloo Project in the South Pilbara, mapping and sampling confirmed coherent Sb-Ag-Au anomalism in readiness for drilling. Peak results from rock chip sampling of the polymetallic vein-style mineralisation include 482 g/t Ag, 1.29% Sb, 0.93 g/t Au, 2.6% Cu, 9.7% Pb and 15.95% Zn.
• Northern Star Resources Limited (ASX: NST), Novo鈥檚 partner in the Egina Farm-in/Joint Venture arrangement, commenced aircore drilling at the Farno JV area.
• Exploration is underway in NSW at Tibooburra, including downhole televiewer logging at Clone, relogging of historic core at New Bendigo, and detailed mapping programs at several prospects to define drill targets.
• Novo鈥檚 maiden RC program at John Bull awaits regulator compliance and landholder agreements prior to commencement.

Commenting on the Company鈥檚 Pilbara exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said 鈥淲e鈥檙e incredibly excited to commence RC drilling at our Sherlock Crossing Project in the West Pilbara. This marks a significant milestone in our exploration strategy, and we鈥檙e eager to test the high-grade Au-Sb mineralisation targets we've identified. Results from the drilling program will be used to guide subsequent programs at Sherlock Crossing, testing the extensive and coherent antimony soil anomaly extending over 1.5 km in strike to the south of the historic mining activity. The potential for significant discovery is driving our pursuit, and we look forward to sharing results as they come to hand.

鈥淎cross our portfolio, we continue to strategically pursue prospects identified during our assessment of advanced gold and antimony targets conducted in the first half of 2025, such as at Wyloo in the South Pilbara and at Tibooburra in NSW.

鈥淣ovo is ready for a busy second half of exploration and is committed to keeping the market informed as drilling progresses.鈥�

PERTH, Australia, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on exploration programs for H2 2025.

In the Pilbara, the Company鈥檚 current focus is on high-grade gold and gold-antimony exploration projects. A maiden RC drill program has commenced at Sherlock Crossing, testing mineralisation at the historic Au-Sb Clarke Mine. Meanwhile, reconnaissance field mapping and sampling are advancing geological understanding at the polymetallic Southeast Wyloo prospect, as the Company moves to make the Wyloo project drill-ready.

Novo continues to actively explore its gold assets in New South Wales, including returning to Tibooburra to continue advanced fieldwork across multiple prospects. The Company is also progressing regulatory and landholder access approvals to allow RC drilling to commence at the John Bull Gold Project in Q4 2025.

Figure 1: Novo Pilbara and Onslow District Tenure showing priority gold prospects.

PILBARA EXPLORATION PORTFOLIO

Sherlock Crossing (Au-Sb)

A maiden RC drill program has commenced at the Sherlock Crossing project focussed on the historic Clarke Mine workings, where targeted rock chip sampling by Novo in previous programs yielded grades of up to 4.7% Sb and 146.7 g/t Au¹. The drill program consists of 8 holes on 4 sections for ~1,000 m RC over a strike length of 300 m. Drilling aims to define down dip continuity of high-grade veins mapped at surface, extend mineralisation to the north and south and potentially define plunge of the mineralising system.

Results from the drilling program will be used to guide subsequent programs at Sherlock Crossing, which will test the extensive and coherent antimony soil anomaly extending over 1.5 km in strike to the south of the historic mining activity.

Results appearing in this news release are not necessarily representative of mineralisation throughout the applicable project.

Figure 2: Sherlock Crossing, showing extended soil anomaly > 10 ppm Sb to the SW of the proposed first pass drilling area at the Clarke Mine.¹

Wyloo (Sb-Ag-Au)

The Wyloo project area covers two exploration tenements in the southern Pilbara (Figure 1) and is ranked highly for antimony potential by Novo. The project includes two, ~2 km-strike high-order antimony (卤 gold) stream sediment anomalies (Figure 3) in the southeast of the tenure. Reconnaissance rock chip sampling and mapping completed in mid-2023 on the easternmost anomaly defined a prominent polymetallic quartz vein system.

Follow-up detailed mapping and rock chip sampling was completed in July 2025 in preparation for RC drilling. Sampling focussed on an ENE trending vein array, dipping 60 degrees to the ESE, with a strike length trending over 150 m under cover in both directions (Figure 4).

Rock chip samples yielded maximum values of 0.93 g/t Au, 482 g/t Ag, 1.29% Sb, 9.7% Pb and 15.95% Zn with numerous high-grade samples along the outcropping vein array (Figure 4). Significant results are shown in Table 1 below.

Mapping has highlighted a dynamic geological setting, with the vein arrays on the flank of an interpreted rhyolite dome and parallel to a significant fault zone. The target continues under cover along strike in both directions (SW and NE).

Figure 3 Wyloo tenure showing high order stream sediment antimony anomalies.

Table 1 Significant gold, silver, antimony, and base metal rock chip assay results from rock chip sampling at Southeast Wyloo

Refer to Appendix 1 for all rock sample results.

Figure 4 Geological mapping and significant Sb and Ag rock chip results at the SE Wyloo prospect (results in grey previously reported 鈥� Refer to Novo鈥檚 ASX announcement dated 11 September 2024 鈥� Evaluation of Pilbara Antimony-Gold potential generates positive results)

All compliance requirements are being completed to support a maiden RC program designed to test the mineralisation identified at Wyloo, including planning for heritage surveys.

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

Northern Star Resources Limited (ASX: NST), Novo鈥檚 new partner in the Egina Farm-in/Joint Venture arrangement (following its acquisition of De Grey Mining Limited), has commenced aircore (AC) drilling at the Farno JV area (E47/2502), testing a prospective structural zone in the north of the tenement. This work forms part of a broader program, which may include RC and diamond drilling if warranted.

Balla Balla Gold Project

Results from the maiden aircore (AC) drill program in Q2 2025 at the Balla Balla gold project delineated a series of polymetallic anomalies and alteration zones, which will be followed up in Q4 2025. The drill program was designed to test targets over a 10 km trend, associated with interpreted complexities on the Sholl Shear Zone and related structures.

Peak Au, Bi, Sb, Cu and Mo results have been recorded at Ramquarry and south Babbage along the Sholl Shear, associated with sub-massive pyrite mineralisation, strong silica-chlorite alteration and/or zones of intense quartz veining, indicating significant hydrothermal activity. Peak silver values are related to an interpreted fold axis observed in regional magnetics and porphyritic mafic intrusions.

Follow-up work is planned to include assaying entire drill holes for the multielement assay suite in anomalous areas, conducting spectral imaging on selected intervals to determine alteration mineralogy and rock composition, and complete petrological analysis on selected samples. Once these high-level studies have been completed and assessed, follow-up and extensional drilling will be planned if warranted.

Pilbara Forward Programs

At Sherlock Crossing, it is anticipated that RC drilling will be completed in September, with results expected in mid-October 2025.

At Southeast Wyloo, an RC drill program has been designed for completion in Q4 2025, pending the Company obtaining all required heritage approvals.

At Balla Balla, follow-up spectral imaging to inform alteration mineralogy and rock composition, along with petrology on selected samples, is planned to commence in H2 2025.

NEW SOUTH WALES EXPLORATION PORTFOLIO

Tibooburra Gold Project (Farm-in with Manhattan Corporation)

Follow up field programs are currently underway at Tibooburra after the successful Clone RC drill program.

Novo鈥檚 maiden drilling program at Clone earlier in 2025 produced high-grade gold intercepts including:

• 12 m @ 5.90 g/t Au from 16 m, including 5 m @ 13.74 g/t Au from 23 m (TBR0001)²
• 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014)²

Exploration will now focus on developing a better understanding of both prospect and regional controls on mineralisation in the district, in preparation for follow-up work at Clone and New Bendigo and the commencement of maiden drill programs at other prospects.

Work being undertaken includes:

• Downhole televiewer surveying (including optical and acoustic televiewers) on existing Clone RC holes to generate 鈥榙igital diamond core鈥� and aid structural interpretation and vein style (paragenesis) assessment. Additional downhole tools including resistivity, chargeability and natural gamma, have also been trialled.
• Relogging of historic core from New Bendigo and Pioneer to improve geological understanding, determine mineralisation style and structural controls on mineralisation.
• Mapping of the Pioneer and New Bendigo trends to further support regional structural understanding and delineate additional drill targets.
  

The data will be interrogated on completion of the field work, with the objective of generating additional drill targets at Clone, New Bendigo and Pioneer.

Moving forward at Tibooburra, all data from the current field trip will be assessed and combined with drill results from the Clone RC program completed in April 2025. A follow-up RC drilling program is being designed for Clone, New Bendigo and Pioneer, targeting potential plunge controls on mineralisation.

Figure 5 Downhole surveying at the Clone Prospect

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

At John Bull, a ~1,750 m RC drill program is planned to commence in Q4 2025 following the Company obtaining all required regulatory and land access approvals. The planned drill program is designed to test the four key target areas, being John Bull Main, John Bull South, Hills Creek West and Diggers North.

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鈥檚 General Manager Exploration.

JORC COMPLIANCE STATEMENT

New Exploration Results

The information in this news release that relates to exploration results at Novo鈥檚 Pilbara 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鈥檚 Pilbara tenure is extracted from:

1. Novo鈥檚 ASX announcement entitled Evaluation of Pilbara Antimony-Gold potential generates positive results released to ASX on 11 September 2024;
2. Novo鈥檚 ASX announcement entitled Pilbara Exploration Update released to ASX on 10 December 2024; and
3. Novo鈥檚 ASX announcement entitled High-Grade results from RC drilling at Tibooburra Gold Project released to ASX on 9 July 2025,

each of 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 announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements 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 announcements.

FORWARD-LOOKING STATEMENTS

Some statements in this news release may contain 鈥渇orward-looking statements鈥� 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鈥檚 annual information form for the year ended December 31, 2024 (which is available under Novo鈥檚 profile on SEDAR+ at and at ) in the Company鈥檚 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 Refer to Novo鈥檚 ASX announcement dated 10 December 2024 - Pilbara Exploration Update
² Refer to Novo鈥檚 ASX announcement dated 9 July 2025 鈥� High-Grade results from RC Drilling at Tibooburra Gold Project

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鈥檚 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鈥檚 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 in the Pilbara which provides shareholder exposure to battery metals.

Novo has recently 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鈥檚 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鈥檚 website for further information including the latest corporate presentation.

#Refer to De Grey鈥檚 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鈥檚 Becher Project.

Appendix 1: Wyloo rock sample results for Au, Ag, Sb, As and base metals, relevant to the mineralisation style and reported in this release.

JORC Code, 2012 Edition 鈥� 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

Photos accompanying this announcement are available at