HIGHLIGHTS

Commenting on the Company’s Pilbara exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said: “The team is extremely pleased with the early-stage results from exploration work completed at the Teichman area and drilling at Sherlock Crossing.

“The geological work at Teichman has highlighted several exciting prospective drill targets with complex geology and structure and significant areas of cover and we will continue to progress key work activities in the lead-up to a possible maiden drill program. Drilling at Sherlock has provided a significant Au-Sb intercept which is part of a much larger system and highlights the complexity of high-grade vein systems. This result sets an exciting platform for Novo to complete further work at Sherlock Crossing as we look to unlock the full gold and antimony potential of the prospect.”

PERTH, Western Australia, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on recent exploration programs completed across the Company’s Pilbara project portfolio, including mapping and rock chip sampling results from the Teichman area, which is located in the Egina Gold Camp, scout drill results from the Sherlock Crossing Au-Sb prospect, and commitment from Northern Star on the Egina JV to continue exploration for major gold deposits.

Figure 1: Novo Pilbara and Onslow District Tenure showing priority gold prospects and location of the Teichman area and Sherlock Crossing drilling.

Egina Gold Camp - Teichman area

Novo is advancing gold exploration in the Teichman area, which is part of the Croydon JV (70% Novo and 30% Runnel Holdings Pty Ltd, an entity of Mark Gareth Creasy (Creasy Group)).

Recent exploration completed including mapping, pXRF soil sampling and rock chip sampling, has been conducted in the Teichman area, situated directly south of the Novo-Northern Star Egina Farm-in and Joint Venture.

The project area includes multiple historic workings centred on two main mineralised shear zones over an area of approximately 2.5 by 1.3 km.

Novo’s work focused on historic and recent workings, where historic high-grade rock chip samples included assays of up to 108 g/t Au from two main lines of workings: Teichman and Pride^{1, 2, 3,4,5} (Appendix 2).

This was Novo’s first pass on-ground exploration program to define targets for drilling, following discussions with the Mugarinya Community, allowing Novo access onto the Yandeyarra Reserve to conduct low impact exploration.

Exceptional rock chip assay results have been returned from multiple prospects sampled by Novo, confirming and expanding on previous sampling in the area, with peak results from prospects (Table 1) including:

• 77.5 g/t Au, 9.3 g/t Ag and 0.24% Cu at Pride NNE
• 51.4 g/t Au, 7.9 g/t Ag and 0.59% Cu at Pride N
• 6.9 g/t Au at Pride
• 30.3 g/t Au Teichman
• 17.5 g/t Au at Teichman N
• 38.3 g/t Au at Mountain Maid

Table 1:Significant rock chip results received recently from the Teichman area – full list of results is presented in Appendix 1

The structural, lithological and regolith mapping program, in conjunction with the geochemical sampling, confirmed multiple shear-hosted gold targets along the Pride and Teichman trends (Figure 2).

The Pride N and Pride NNE prospects show the strongest potential, with exploration work defining a 1.2 km corridor (Figure 2, 3) of strong carbonate alteration and mineralisation with significant shallow cover, numerous workings and high-grade gold along a complex array of primary NE trending and second order shears.

Mineralisation includes flat to steep dipping laminated to massive quartz veins with variable sulphide, tourmaline and carbonate, focussed along the several shear orientations and cutting highly carbonated altered high-MgO basalt. Several gabbro bodies occur within the mineralised shear corridor, and concentrate mineralised veins along their margins, providing excellent rheological contrast.

The Teichman and Teichman South prospects within the Teichman Shear Zone, comprise two subparallel shears 80 m apart trending north-northeast with east-west dilatational jogs focusing mineralisation, creating a “ladder-vein” type target. Veining is typified by quartz-sulphide veins with minor Cu-oxides within strongly carbonate altered high-MgO basalt. Historic workings up to 15 m deep along two main E-W veins are present, where the trend goes undercover to the south.

Several targets have now been identified for follow-up work and fast tracking to drill-ready status. Significant shallow colluvial/alluvial cover occurs along much of the trend giving potential for blind discoveries, and mineralisation trends under the major unconformity of the Fortescue Group at Mountain Maid and 500 m south-southwest of Teichman South.

Further work will include drill planning and access negotiations prior to RC drilling multiple prospects.

Figure 2. Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover

Figure 3. Aerial view (looking NE) of the Pride Shear Zone highlighting historic workings, recent high grade (> 5 g/t Au) rock chip samples, outcrop geology and surficial cover (not coloured).

Sherlock Crossing Project

Scout RC drilling at Sherlock Crossing was completed in September 2025, comprising 8 holes for a total of 1,026 meters on 4 drill sections spaced at approximately 80m apart, centred around the historic Clarke Mine workings.

Peak results include:

• 3 m @ 2.96 g/t Au and 1.86% Sb from 108 m including 1 m @ 7.71 g/t Au and 4.7% Sb from 109 m in LCR005;
• 1 m @ 3.15 g/t Au and 84 ppm Sb from 19 m in LCR0001; and
• 1 m @ 1.05 g/t Au and 246 ppm Sb from 59m in LCR0001 open at depth.
  

Refer to Appendix 3 for full results.

The scout drill program targeted moderate to steeply dipping quartz veins beneath the historic Clarke Mine workings, hosted in a sequence of komatiitic to basaltic lithologies of the Louden Volcanics.

During exploration in late 2024, Novo collected rock chip samples which generated exceptional results including 4.7% and 3.1% Sb, and 146.7 ppm and 35.3 ppm Au⁷. These samples were hand selected from mining spoils and may not be indicative of mineralisation in the district but do validate the high grades reported historically from mining activities.

Gold and antimony mineralisation in drilling occurs in intervals associated with thick intersections of quartz veining and silicified/carbonate altered ultramafic/mafic wall rock. Mineralisation is interpreted to be forming steeply plunging shoots or may manifest with pinch and swell geometries. Au-As-Sb results near the bottom of LCR0001 (Appendix 4) appear to vector downward at the end of hole, leaving mineralisation open at depth.   Carbonate alteration at the base of LCR005 and LCR008, indicate that the system may be strengthening at depth and the key intercept is open down dip. (Figure 44).

Figure 4. Sherlock Crossing RC drill plan with rock chip results previously announced ^7,8and cross section showing key Au-Sb intercepts and As geochemistry. Carbonate alteration is strengthening, and mineralisation is open at depth. The results shown in Figure 4 may not be indicative of mineralisation in the district.

A coherent 1.5 km long soil anomaly⁶ remains untested by drilling to the southwest of the completed drill program. A heritage survey has been completed and POW for the southern portion of the soil anomaly has already been granted.

Work is now underway to; 1) assess the potential for a high-grade plunging shoot focused on the Clarke Sb-Au mine and 2) target the broader Sb-Au system.

Wyloo Project

At the Wyloo Project in the South Pilbara, follow up mapping and sampling is scheduled for November 2025, following the granting of access to Novo by the Traditional Owners.

Previous reconnaissance programs highlighted coherent Sb-Ag-Au anomalism with peak results from rock chip sampling of the polymetallic vein-style mineralisation including 482 g/t Ag, 1.29% Sb, 0.93 g/t Au, 2.6% Cu, 9.7% Pb and 15.95% Zn⁹.

Drilling is planned for Q1 2026 pending heritage surveys and will target an ENE trending vein array, dipping 60 degrees to the ESE, striking over 150 m under cover in both directions⁹. Sectional drilling will test the vertical metal zonation of the polymetallic vein system, grade and width of the mineralisation.

Egina Earn-in/JV (Northern Star earning a 50% interest) and Farno JV (Northern Star 75% /Novo 25%)

Northern Star completed an aircore program of 55 holes for 5785 m in the northern part of the Farno JV tenement E47/2502, spaced at approximately 100 m x 640 m: No significant intercepts were returned (Figure 5).

Planned exploration for the Egina Earn-in and Farno JV’s by Northern Star over the current quarter to December 2025, includes field mapping at the Gillies prospect on E47/2502, field reconnaissance over the Croyden Anticline at the Mallina Project on tenements E47/3782, E47/3774 and E47/3776 as well as desktop studies on tenements E47/3625, E47/3783, E47/3812 and M47/561 (Station Peak) (Figure 5).

Figure 5. Northern Star - Novo Egina Joint Venture and Farno JV tenements with planned activity for
H2 2025 and location of recent aircore drilling.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

Mr. Iain Groves (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, as well as verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure. Mr Groves is an Exploration Manager at Novo.

JORC COMPLIANCE STATEMENT

New Exploration Results

The information in this news release that relates to exploration results at Novo’s 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’s Pilbara tenure is extracted from the Company’s ASX announcements referred to in endnotes 6, 7, 8 and 9, each of which is available to view at www.asx.com.au. 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 “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 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.
_________________________________________________________________________________________________________

• 1 Refer to Chalice/De Grey Mining 2007 WAMEX report A77811
• 2 Refer to Chalice/De Grey Mining 2008 WAMEX report A81531
• 3 Refer to De Grey Mining’s ASX announcement for highlight gold results, which was released on 09 April 2008 titled EXPLORATION RESULTS GENERATE NEW EXPLORATION TARGETS AT YANDEYARRA JOINT VENTURE PROJECT
• 4 Refer to De Grey Mining’s ASX announcement for highlight gold results, which was released on22 January 2008 titled RECONNAISSANCE ROCK SAMPLING CONFIRMS GOLD AND COPPER POTENTIAL AT YANDEYARRA
• 5 Refer to Top Iron’s 2013 – WAMEX report A102861
• 6 Refer to Novo’s ASX announcement dated 20 June 2025, Pilbara Exploration Update High-Grade Gold and Antimony Targets
• 7 Refer to Novo’s ASX announcement dated 10 December 2024 - Pilbara Exploration
• 8 Refer to Novo’s ASX announcement dated 12 September 2024 – Evaluation of Pilbara Antimony-Gold Potential Generates Positive Results
• 9 refer to Novo’s ASX announcement dated 04 September 2025 – Drilling Commences at Sherlock Crossing Gold-Antimony Prospect
  
  

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 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’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 for recent rock chip samples collected in the Teichman area. Coordinates are MGA2020 Z50. Elements of interest including Au, Cu and Ag are listed.

Appendix 2: Results presented for all referenced historic rock chip samples^1,2,3,4,5 collected at the Teichman Area, including company and year collected. Coordinates are MGA2020 Z50.

Appendix 3: Location of RC drillholes from Sherlock Crossing including significant intercepts. A 0.3 g/t Au cut off was used for the calculations. Coordinates and azimuth are MGA2020 Z50.

Appendix 4: Results from RC drillholes from Sherlock Crossing including assay data and pXRF data for selected elements including Au, Sb and As for lab assay data, and As, Sb, Cu, CaO, Cr, MgO and Ni for 1m pXRF results. Coordinates and azimuth are MGA2020 Z50.