Exploration Update Focused On Discovery Success In 2023

HIGHLIGHTS

• 8,000 m of drilling planned for H2 2023 across key Pilbara prospects and Belltopper gold project ("Belltopper") in Victoria¹. Drill programs are expected to support future shareholder value and planned ASX dual listing process, which remains proposed for Q3 2023.
• Recent A$10 million cornerstone investment and earn-in and joint venture ("Egina JV")² with De Grey Mining Ltd. (ASX:DEG) ("De Grey") highlights exciting future of Novo's Becher project. The Egina JV introduces De Grey's proven exploration success and accelerates exploration at Becher. It also allows Novo to advance other prospective areas within its sizeable exploration portfolio.
• Novo's flagship Becher project is located in the northern section of the Egina Gold Camp, 28 km along trend from De Grey's 11.7 Moz Au (JORC 2012)³ Pilbara Gold Project.
• Novo completed 2,540 aircore ("AC") holes for over 61,400 m at Becher to the end of June 2023. Results have delivered promising gold and multi-element assays and defined a large area of gold mineralisation across 5 sq km, with a total of 109 intercepts > 1 g*m Au reported from drilling to date.
• New results from Becher continue to deliver positive intercepts including (89 holes pending assay results):
  • 3 m @ 2.9 g/t Au from 66 m in F2140
  • 6 m @ 0.45 g/t Au from 30m and 6 m @ 0.51 g/t Au from 60 m in F2137
  • 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m including 3 m @ 0.36 g/t Au from 36 m in F2253
  • 3 m @ 0.88 g/t Au from 21 m in F2136
  • 6 m @ 0.37 g/t Au from 33 m in F2247
  • 3 m @ 0.64 g/t Au from 12 m in F2299
  • 3 m @ 0.61 g/t Au from 9 m in F2150
• Nunyerry North, located in the southern section of the Egina Gold Camp, is the next target being progressed as part of Novo's aggressive Pilbara exploration focus. Novo's maiden drill program, testing the extensive coherent high-tenor soil anomaly, is planned for H2 2023¹.
• Balla Balla, an emerging project in the northern Pilbara, covers an area over 1,200 km sq focussed on the major Sholl Shear structural corridor. Reconnaissance drilling is planned in H2 2023¹.
• Novo is developing targets around recently identified gold-anomalous intrusions at Bamboo-Strattons projects in the East Pilbara near Marble Bar where reverse circulation ("RC") drilling is planned for H2 2023¹.
• Priority targets emerging at the Belltopper project in Victoria, following a detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 2023¹.
• Novo continues to liaise with Pilbara Traditional Owners across whose land we explore and operate to implement the requirements of the new Western Australian Aboriginal Cultural Heritage Act 2021 (the "Act"), with minimal delays to Tier One activities as defined in the Act (field work such as surveying, mapping, soil and stream sampling and other low impact activities).
• Strategic review of Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing.

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1 All planned exploration programs are subject to exploration results and funding.
2 Refer to the Company's news releases dated June 21, 2023 and June 28, 2023.
3 De Grey has reported that its Hemi deposit at the Pilbara Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 184.1 Mt @ 1.3 g/t Au for 7,798 koz Au, and Inferred Mineral Resources of 89.2 Mt @ 1.3 g/t Au for 3,684 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Refer to De Grey's public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo's Becher Project.

VANCOUVER, British Columbia, July 18, 2023 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on exploration efforts across its prospective project portfolio, with an 8,000 m drilling program planned for H2 2023 across key Pilbara prospects and Belltopper in Victoria¹.

Commenting on the H2 2023 drill program, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, "The first half of 2023 has been a transformative period for Novo, highlighted by our earn-in and joint venture agreement at our flagship Becher project with leading Western Australian gold developer De Grey, who we also welcomed as our largest shareholder through a cornerstone investment of A$10 million.

"We are set for an exciting and busy second half. Importantly, our highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets.

"We are also progressing our ASX listing plans and remain on track to hit the boards in Q3 2023. The move to dual list on the ASX is the logical next step in our growth plans, considering local investor appetite for mining and exploration companies with projects located in Australia. We believe the listing would provide significant benefits to Novo including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy."

Successful exploration work in the first half of 2023 at the Company's flagship Becher project led to the completion of an earn-in and joint venture arrangement with De Grey (Egina JV), which includes newly defined targets at Irvine, Heckmair and Whillans.

Pursuant to the agreement, De Grey can spend A$25 million over 4 years to earn a 50% interest in the Egina JV. Becher is located just south of De Grey's 11.7 Moz (JORC 2012)³ Pilbara Gold Project. In addition to the Egina JV, De Grey separately completed a cornerstone investment of A$10 million in Novo for an approximate 11.6% post-financing undiluted interest and became the Company's largest single shareholder².

Novo's Pilbara exploration focus has moved to the Nunyerry North project, located in the south of the Egina Gold Camp. The Company has finalised drill program design and planning for a maiden drill program, which is set to commence in H2 2023¹.

In addition to drilling at Nunyerry North, Novo plans to complete reconnaissance drill programs to test structurally controlled and intrusion-hosted gold mineralisation at the Balla Balla Project in the West Pilbara and at Bamboo-Strattons near Marble Bar¹.

Priority targets are emerging at Belltopper, located in the Bendigo Tectonic Zone, Victoria, following detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 2023¹.

Figure 1: Novo's extensive Pilbara tenement holding, showing key targets and joint venture locations.

THE BECHER PROJECT

Major Western Australian gold developer De Grey can spend up to A$25 million on exploration at Becher and adjacent tenements (Figure 2), encompassing approximately 1,000 sq km, pursuant to the Egina JV.

Subject to a minimum commitment of A$7 million within 18 months, De Grey will earn a 50% direct stake in the relevant tenements by spending A$25 million on exploration within four years. Once De Grey spends A$25 million, the 50/50 Egina JV will be established. De Grey will manage all exploration under the earn-in and become the manager of the Egina JV once established.

Becher tenements are positioned adjacent to De Grey's 11.7 Moz Au (JORC 2012)³ Pilbara Gold Project on which De Grey has reported that it expects to release a Definitive Feasibility Study in Q3 2023. Novo's exploration program to date at Becher has displayed geological indicators required for potential discovery success.

Figure 2: Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects⁴.

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4 De Grey has reported that, at the Pilbara Gold Project, its (i) Mount Berghaus deposit is comprised of Indicated Mineral Resources of 1 Mt @ 1.7 g/t Au for 53 koz Au and Inferred Mineral Resources of 3.4 Mt @ 1.2 g/t Au for 128 koz Au, (ii) Wingina Well deposit is comprised of Measured Mineral Resources of 3.1 Mt @ 1.7 g/t Au for 173 koz Au, Indicated Mineral Resources of 1 Mt @ 1.4 g/t Au for 43 koz Au, and Inferred MineralResources of 1.4 Mt @ 1.6 g/t Au for 72 koz Au, (iii) Toweranna open pit deposit is comprised of Indicated Mineral Resources of 8.3 Mt @ 1.6 g/t Au for 418 koz Au and Inferred Mineral Resources of 2.5 Mt @ 1.5 g/t Au for 120 koz Au, (iv) Toweranna underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 3.0 g/t Au for 11 koz Au and Inferred Mineral Resources of 0.5 Mt @ 2.9 g/t Au for 49 koz Au, (v) Mallina deposit is comprised of Indicated Mineral Resources of 1.6 Mt @ 1.2 g/t Au for 64 koz Au and Inferred Mineral Resources of 5.1 Mt @ 1.5 g/t Au for 243 koz Au, (vi) Withnell open pit deposit is comprised of Measured Mineral Resources of 1.3 Mt @ 1.5 g/t Au for 62 koz Au, Indicated Mineral Resources of 3 Mt @ 1.8 g/t Au for 178 koz Au, and Inferred Mineral Resources of 0.7 Mt @ 2.0 g/t Au for 43 koz Au, (vii) Withnell underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 4.3 g/t Au for 16 koz Au and Inferred Mineral Resources of 2.4 Mt @ 3.9 g/t Au for 301 koz Au, and (viii) Hemi deposit is comprised of Indicated Mineral Resources of 165.7 Mt @ 1.3 g/t Au for 6,876 koz Au and Inferred Mineral Resources of 70.2 Mt @ 1.2 g/t Au for 2,632 koz Au, as those categories are defined in the JORC Code (as defined in NI 43-101). Refer to De Grey's public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo's Becher Project.

Becher Drilling Update

The Becher Project covers an area approximately 20 sq km in the north of the 100% Novo owned E47/3673 exploration tenement. The area is characterised by shallow cover overlying the prospective Mallina Basin.

Novo commenced AC drilling in September 2022 testing a series of interpreted structural corridors and intrusion related targets. In ten months, which included a 3 month break due to the Pilbara cyclone season, the Company completed 2,540 holes for ~61,400 m, with 89 holes pending assay results. The drill program identified 207 intercepts > 0.5 g*m Au, including 109 intercepts > 1 g*m Au, reported from the results received to date, a standout result for reconnaissance AC drilling.

Novo's 2022 drill program proved to be extremely promising across several fronts:

• The location and tenor of gold assay results from drill sampling provided confidence in the fertility of the interpreted regional structural corridors.
• Multi-element analysis of bottom-of-hole AC drill samples revealed intrusion-related "sanukitoid" signatures, which are known hosts to gold mineralisation elsewhere in the district.
• The distribution of pathfinder elements such as arsenic, antimony and tungsten (amongst others) defined vectors which have helped finesse understanding of the controls on gold mineralisation.
• The cover is shallow (generally less than 10 m) and is less consequential than expected.

These findings had considerable influence in targeting and prioritising the 2023 drill programs. The significant gold and multielement assay results identified multiple targets including a large, priority area of anomalism across some 5 sq km at Becher across the Heckmair, Irvine and Whillans prospects. Both geological setting and pathfinder multielement assays appear favourable and gold has been identified in varied host rocks, including hornblende-diorite and quartz-diorite intrusions, sedimentary rocks and quartz veins.

Drilling at Becher was completed by Novo in June 2023. New results from this program include (Figure 3):

• 3 m @ 2.9 g/t Au from 66 m in F2140
• 6 m @ 0.45 g/t Au from 30 m and 6 m@ 0.51 g/t Au from 60 m in F2137
• 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m, including 3 m @ 0.36 g/t Au from 36 m in F2253
• 3 m @ 0.88 g/t Au from 21 m in F2136
• 6 m @ 0.37 g/t Au from 33 m in F2247
• 6 m @ 0.2 g/t Au from 21 m and 3 m @ 0.64 g/t Au from 63 m in F2138
• 3 m @ 0.64 g/t Au from 12 m in F2299
• 3 m @ 0.61 g/t Au from 9 m in F2150
• 6 m @ 0.26 g/t Au from 15 m in F2143
  

Refer to Table 1 and Table 2 in the Appendix below for a complete list of assay results. True widths from AC drilling cannot be estimated at this time.

Recently returned results confirm gold mineralisation along mineralised structures that trend NE-SW between the Heckmair and Whillans prospects, with several intercepts displaying strong kaolinite-sericite alteration of the basement sedimentary rocks and distinctive dark grey coarsely crystalline quartz veining.

Gold mineralisation has also been confirmed at the intersection of the NE-SW trending northern Irvine Shear and southeast contact of the Heckmair hornblende diorite "sanukitoid" intrusion and surrounding mudstone and sandstone lithologies. This provides further vectoring to a triangle wedge of increased gold anomalism on the margins of these two prospects.

Drilling at Becher was completed by Novo on 29 July 2023. All samples have been dispatched to Perth and are now with Intertek Genalysis for analysis. A total of 29,723 meters in 1,127 holes have been completed in the two and a half month 2023 AC drilling campaign.

Figure 3: New significant gold assay results from AC drilling (green callouts) at Becher, showing developing target areas and geological interpretation.

Next Steps

Exploration programs and overall management of the Egina JV area were transitioned across to De Grey on 1 July 2023. An update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023.

NUNYERRY NORTH DRILL UPDATE (E47/2973 - NOVO 70% / CREASY GROUP 30%)

The Nunyerry North prospect is located within the Egina Gold Camp, approximately 80 km southwest of Becher (Figure 2) and is the next drill target being advanced as part of Novo's aggressive Pilbara exploration program.

The geology of the Nunyerry North target area includes sheeted quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Exploration programs completed to date include 40 x 20 m spaced -80 mesh grid soil sampling, rock chip sampling and detailed mapping.

The high-order gold soil anomaly at Nunyerry North extends over 1.4 km strike with a central coherent >100 ppb Au anomaly extending over 640 m strike, with a second 1.3 km long soil anomaly at > 30 ppb gold defined south of the main target. Twenty soil samples returned > 1 g/t Au including 2.3 g/t Au and 2.13 g/t Au⁵. Rock chip sampling by Novo has yielded peak values of 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au in 2021⁵.

Nunyerry North was identified by the Creasy Group in 2016 with fine gold panned in several streams. In 2017, the area was covered with 160 x 80 m spaced soil sampling defining a >300 ppb Au anomaly over 320 m over the main target⁵.

Figure 4: Specimen gold from the main soil anomaly at the Nunyerry North prospect.

Heritage clearances have recently been completed for Nunyerry North, allowing final drill program design and planning for Novo's maiden drill program, which is set to commence in H2 2023.

Figure 5: Nunyerry North soil anomaly and geological structure, over aerial photography with peak rock chip results

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5 Refer to the Company's news release dated February 17, 2022.

BALLA BALLA PROJECT (NOVO 100%)

Balla Balla is an emerging exploration target area covering an area over 1,200 sq km located in the northwestern Pilbara. The interpreted gold targets lie along potentially fertile structural corridors under cover, centered on the Sholl Shear corridor and associated structures. Though very little systematic prior exploration for gold has been completed, several small gold historic workings are present. The project area is prospective for intrusion-related gold mineralisation in addition to structurally hosted gold. Interpretation and targeting reviews are underway utilising high-resolution geophysical and satellite data sets and applying learnings from Becher, with several priority target areas defined including Walter Well, Jam Well and Ramquarry.

Planning for heritage surveys and reconnaissance AC drilling under cover, testing current structural and intrusion-related targets, is ongoing. Several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to be granted in H2 2023.

Extensive historical data amalgamation and evaluation continues and will be followed by early groundwork focusing on first pass regional exploration around the existing Destivelle prospect and the newly defined Johnson Well East, Christmas Well and Woolshed Well prospects (Figure 6).

Figure 6: Location and tenure of the Balla Balla Project, with preliminary structural interpretation and newly defined prospects. Location of the Egina JV tenure with De Grey in light green.

SOUTH PILBARA PROJECT

Initial reconnaissance mapping and surface sampling programs at the Rocklea Dome and Wyloo Dome Projects in the southern Pilbara continued during 2022/2023. Numerous stream sediment gold and multielement anomalies require follow-up work.

Follow-up exploration on a broad gold-antimony stream sediment anomaly defined in 2021 in the south-eastern part of the Wyloo tenement has identified a zone of quartz sulphide veining rich in base metals and highly anomalous silver. A sulphide-rich ENE trending quartz vein, outcropping over 150m strike and in a zone up to 5 m thick trends under cover in both directions. Strong kaolinite sericite alteration occurs proximal to the vein (10 m). Samples reported peak results of up to 0.52 g/t Au, 387 g/t Ag, 5% Pb, 1.6% Zn and 2.4% Cu (Table 3). Follow-up mapping and rock chip sampling will be conducted.

Figure 7: R06922 (left) intensely altered vein selvedge with assay results to 0.142 g/t Au, 387 g/t Ag, 0.39% Cu, 1.6 % Zn and 1.2% Pb and R06923 assaying 0.19 g/t Au, 361 g/t Ag and 0.58% Pb.

First pass RC drilling at the Bellary Dome Project ("Bellary"), South Pilbara was recently completed, testing three distinct targets at Catia, Catia East and Edney's Find. Sporadic intervals of gold mineralisation were defined at Catia, with a peak interval of 2 m @ 2.72 g/t Au from 8 m. Six holes for 312 m were drilled at the Edney's Find Conglomerate where peak gold values from trench rock chip samples in 2020 returned 36.4 ppm Au and numerous nuggets were located at surface. Drilling intersected channelised 'buckshot' (pyritic) conglomerate on a major unconformity with a peak result of 1 m @ 2.3 g/t Au. The Edney's Find target is open to the W and SW. The project is under review, with no further drilling planned at this time⁶.

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6 Refer to the Company's news release dated June 12, 2023.

EAST PILBARA - BAMBOO-STRATTONS INTRUSION RELATED GOLD

The Bamboo and Stratton Projects are located approximately 60 km east of Marble Bar in the East Pilbara district of Western Australia. Regional reconnaissance exploration programs have been completed in 2022/2023 and identified a potentially new and unusual style of intrusion-related gold mineralisation.

A series of 1.73 Ga Bridget Suite intrusive rocks are recognised along a > 150 km north-northwest trend within these combined projects, with several intrusions observed to outcrop or subcrop on Novo tenure (Figure 8). Whole rock geochemical analysis conducted by Novo indicates prospectivity for intrusion related gold mineralisation.

The Bridget Suite intrusions range in composition from hornblende monzogranite to quartz monzonite and associated hornblende porphyry dykes and as such, they postdate the mineralisation events responsible for gold deposits in the Mosquito Creek and Mallina Basins.

Novo sampling has returned anomalous gold results in soil sampling, in proximity to one or more of these intrusions that have intruded the otherwise unmineralized upper Fortescue sequences, suggesting surface mineralisation is related to their emplacement.

Figure 8 Tenements of the Bamboo-Strattons Project area, East Pilbara, showing interpreted Bridget Suite intrusions.

Additional sampling and mapping programs are currently underway and is expected to culminate in a RC drilling program targeting the most prospective areas.

QUARTZ HILL JV (Lithium) UPDATE

Liatam Mining Pty Ltd ("Liatam") has the right to earn an 80% interest in battery mineral rights in the Quartz Hill project by December 2024⁷.

Liatam is the Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia and Novo's battery minerals joint venture partner at the Quartz Hill Project in the Mosquito Creek Basin, Western Australia. Liatam also made a strategic investment of C$5 million in Novo.

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7 Refer to the Company's news release dated December 15, 2022.

Figure 9: Location of the Quartz Hill JV at Nullagine, Western Australia

In February of 2023, Liatam announced their exploration plan for 2023⁸ and have since completed orientation soil sampling surveys and regional sampling of the Quartz Hill pegmatite fields. A series of field-based mapping evaluations have been conducted to assess the effectiveness of, and gather learnings from, previous explorers mapping, mineral identification, and rock chip sampling programs. Detailed geological mapping and rock chip sampling is scheduled to continue concurrent with soil sampling to map pegmatite outcrop distribution, geometry, mineralogy, and zonation patterns.

Liatam advises that its exploration plan is on track to meet the A$1.5 million earn-in requirement, with possible drill testing following heritage and environmental approvals.

BELLTOPPER PROJECT - VICTORIA (NOVO 100%)

A focused approach at synthesizing multi-disciplinary exploration data at the Belltopper Gold Project, Victoria (Figure 10) has highlighted several high-priority target areas. Drilling, mapping and surface sampling, ground and airborne geophysics (IP, magnetics and gravity), structural framework, geochemical studies, and extensive historic mining data capture are now incorporated into the evolving 3D prospectivity model at Belltopper which provides a solid framework for effective drill targeting.

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8 Refer to the Company's news release dated February 23, 2023.

Figure 10 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/781b0e13-3a7c-466f-a0c4-d3c6ae16dae7

Figure 10: The Belltopper Gold Project, Bendigo Tectonic Zone, Victoria.

Priority one targets at Belltopper typically comprise one or multiple fault-controlled epizonal high-grade Au and/or Au + Sb reefs accompanied by intense and widespread sericite-silica-clay alteration, commonly within zones of high structural complexity. Multi-element geochemistry around several target reefs show elevated As-Bi-W (-Sn-Te); and coupled with occurrence of a gold-bearing late Devonian felsic intrusion, are likely indicative of input from Intrusion Related Gold (IRG) mineralisation, further demonstrating the varied nature of potential mineralization-styles evident at Belltopper that also includes: shear/fault related (e.g. Stawell, Costerfield); anticline related (e.g. Fosterville); and potentially intrusion hosted styles (e.g. Woods Point, Walhalla).

Figure 11 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d9ad33-2a86-4edc-a43d-fad818be6623

Figure 11: Soil geochemistry across the high priority NW corner of the Belltopper Project area. Left image shows Au-in-Soil (ppb); whilst right image shows As-in-Soil (ppm). Red lines are significant gold-reefs on the project. Mustard polygon in south of images represents basalt volcanic cover. Significant anticlinal corridors depicted. A strong correlation between Au and As is evident within the data and highlight zones of intense alteration.

To date, Novo has identified several exciting, high-priority new and existing targets that warrant additional or new drilling, including targets from the successful 2021 - 2022 diamond campaign that tested the Missing Link Granite (e.g. MD17 returning 79.9 m @ 0.26 g/t Au from 197 m); the Leven Star Reef (e.g. MD16 returning 14 m @ 6.1 g/t Au from 120 m, and 10 m @ 4.9 g/t Au from 173 m); the Queens Birthday Reef (MD20 returning 3.1 m at 9.27 g/t Au from 400.9 m) and the O'Connors Reef (MD19 returning 9 m at 1.1 g/t Au from 257 m)⁹.

All targets at Belltopper are currently in the process of being ranked and prioritised against criteria that include, but are not limited to, structural complexity (e.g. anticlines, reef intersections), alteration intensity, ME pathfinder zones, geophysical features (e.g. chargeability-resistivity anomalies, gravity gradients, magnetic anomalies), demonstrated high-grade gold (e.g. known reefs; shoot zones; historic production zones), and evidence for multiple styles that may indicate overprinting mineralization events.

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9 Refer to the Company's news releases dated May 10, 2022, June 21, 2022, September 6, 2022, and November 18, 2022.

Diamond drilling at Belltopper is scheduled for H2 2023 and will focus on the top ranked targets delivered from current targeting efforts and any statutory drilling on the highly prospective Leven Star Reef.

HERITAGE UPDATE

The Act, which came into effect on 1 July 2023, is designed to achieve equity in the relationship between Aboriginal people, industry, and government. The Western Australian exploration and mining industry has commenced implementation of the requirements of the Act. Novo has long-standing good relations with the Traditional Owners across whose land it explores and operates and to date Novo has experienced minimum delays with the progression of its exploration activities. At present, the majority of Novo's work is related to Tier 1 activities as defined in the Act¹⁰, including low impact activities involving field work such as surveying, mapping, soil and stream sampling. At Nunyerry North, where drilling activities are planned, all heritage surveys and approvals have been granted with the next step being to establish access for drilling equipment. Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage.

ASX DUAL LISTING

Novo has commenced a process to seek a dual listing on the Australian Securities Exchange ("ASX") through an initial public offering (the "IPO"), with further updates to follow. Argonaut has been appointed lead manager to the IPO¹¹.

A listing on the ASX would complement Novo's current TSX and OTCQX listings and is considered a logical next step given the location of Novo's assets.

NULLAGINE GOLD PROJECT STRATEGIC REVIEW

The Nullagine Gold Project ("NGP") consists of the Mosquito Creek Basin ("MCB"), the Beatons Creek Project and the Golden Eagle Processing Facility. The NGP remains in care and maintenance following suspension of operations in September 2022.

Novo has now commenced a strategic review of the Nullagine Gold Project to assess value maximising options for shareholders which may include divestment or joint ventures. Appointment of an advisor is being progressed.

ANALYTICAL METHODOLOGY

Becher AC Drilling

AC drilling is utilised as a first pass technique testing for gold mineralisation and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low impact footprint, enabling large systematic programs to be completed in a cost effective and timely manner.

One metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as three-meter composites into a 500-gram Chrysos^TM PhotonAssay jar. Some of the end of hole intervals are shorter than three meters depending on final hole depths. Jars are dispatched weekly to Intertek Genalysis ("Intertek") in Perth, Western Australia and analysed for gold using Chrysos^TM PhotonAssay (PHXR/AU01).

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10 Refer to the Activity Tiers and Table publication prepared in accordance with the Act by the Government of Western Australia.
11 Refer to the Company's news release dated June 21, 2023.

QAQC procedures for the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a Chrysos^TM PhotonAssay certified standard approximately every 50 samples (2 per 100) and duplicate sampling (split of 3 m composite) at the rate of 4 per hundred. In addition, Intertek inserts Chrysos^TM PhotonAssay certified standards at the rate of 2 per hundred.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in NI 43-101 by reviewing analytical procedures undertaken by Intertek.

Wyloo Rock Chip Sampling

Rock chip samples were crushed and pulverized, then assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest - MS finish (4A/MS). Two (2) CRM standards were submitted with the batch.

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved the technical information contained in this news release other than information concerning De Grey's Pilbara Gold Project. Mrs De Luca is Novo's General Manger Exploration.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 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 Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders.

For more information, please contact Michael Spreadborough at +61-419-329-687 or mike.spreadborough@novoresources.com, or Leo Karabelas at +1-416-543-3120 or leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

"Michael Spreadborough"

Michael Spreadborough

Executive Co-Chairman and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, drilling plans for H2 2023 across key Pilbara prospects which are expected to support future shareholder value and the planned ASX dual listing process, that Nunyerry North is the next target being progressed as part of Novo's aggressive Pilbara exploration focus and that a maiden RC drill program at Nunyerry North, testing the extensive coherent high-tenor soil anomaly, is planned for H2 2023, that drilling is planned in H2 2023 at Balla Balla, Bamboo-Strattons, and Belltopper, that Novo's exploration program to date at Becher has displayed geological indicators required for potential discovery success, that the strategic review of the Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing, that Novo's highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper Project in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets, that Novo remains on track to list on ASX in Q3 2023, that the ASX dual listing provides a natural fit for Novo to list and grow due to historical investor appetite for mining and exploration companies with projects located in Australia, that Novo believes the listing would provide significant benefits including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy, that an update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023, that several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to reach grant in H2 2023, that the Bellary Dome project is under review, with no further drilling planned at this time, and that Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage. 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, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. 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.

APPENDIX

Table 1 Becher Project - Aircore drill hole locations in MGA_94 zone 50

Table 2 Becher Project - Aircore drilling intercepts >0.1 g/t Au with up to 2 m internal dilution

Table 3 Rock chip results from SE Wyloo.

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