Mr. Quinton Hennigh reports

NOVO ANNOUNCES NON-BROKERED EQUITY PRIVATE PLACEMENT

Novo Resources Corp. intends to undertake a non-brokered equity private placement with Eric Sprott as lead investor. The financing, which is in addition to the convertible debenture gold redemption right financing announced in the company's news release of Jan. 14, 2016, is expected to raise gross proceeds of approximately $2,356,700 by the issuance of 3,927,884 units at a price of 60 cents per unit. Each unit will consist of one common share and one share purchase warrant, and each warrant will entitle the holder thereof to purchase one additional common share of the company at a price of 85 cents per share for a period of 24 months from the closing date. The warrants are subject to an accelerated expiry whereby, starting one year from the close of the financing, if the daily high-trading price of Novo's common shares exceeds $1.25 for a period of 20 consecutive trading days, Novo may provide notice of early expiry, and the warrants will expire 30 days thereafter.

Finder's fees may be payable in connection with the financing. The net proceeds from the financing will be used by the company to further develop its mineral properties, advance its planned trial mining operation and for general working capital purposes.

The financing is subject to acceptance of the TSX Venture Exchange.