HIGHLIGHTS

Photo during reconnaissance at Wyloo SE, looking southwest from the mapped rhyolite dome.

PERTH, Australia, Feb. 09, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on the Wyloo Project, including recent exploration results and forward work program. This includes a heritage survey in March followed by a maiden RC program of some 1,500 m planned for Q2 2026 and designed to test the Wyloo SE polymetallic vein system.

Commenting on the Company’s exploration results and planned RC drilling, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said: “The results from Wyloo SE continue to impress, with recent soil sampling defining a strong, open-ended multielement anomaly over a known polymetallic vein system. These results enhance our confidence in the scale and prospectivity of the target, and we are very excited about the conducting the maiden drill program into this compelling target.

Additionally, follow-up stream sediment sampling at Wyloo SW has expanded and strengthened the original stream sediment anomaly and has elevated Wyloo SW to a drill-ready prospect. This reinforces the broader potential of the Wyloo Project, with multiple targets now emerging for systematic drill testing.”

Figure 1: Novo Pilbara and Onslow District tenure showing significant prospects and location of the Wyloo Project in the southern Pilbara.

Regional Setting

The Wyloo project area covers two exploration tenements in the southern Pilbara (Figure 1). The Wyloo SE and SW prospects lie within the core of the Wyloo anticline, in the SE flank of the Wyloo Dome, which forms a basement high within the Ashburton Basin. It is a dynamic tectonic setting, with the regional Nanjilgardy Fault just 5 km south of the prospect. The Paulsons gold deposit lies in the NE part of the Wyloo Dome, approximately 40 km WNW of Wyloo SE.

Background ^{1, 2}

Two significant antimony anomalies were located by Novo in the SE part of Wyloo tenement E47/4213 during routine stream sediment sampling in 2023.

Reconnaissance exploration on the eastern-most anomaly identified a zone of quartz-sulphide veining with anomalous antimony, silver, gold and base metals, at Wyloo SE (Figure 2). Seven rock chip samples yielded peak assay results of 387 g/t Ag, 0.38% Sb, 5.0% Pb, 1.6% Zn, 2.4% Cu and 0.52 g/tAu^1.

Follow-up work in mid-2025 included detailed structural and regolith mapping and rock chip sampling. The latter focussed on the ENE trending vein array dipping 60 degree to the ESE for over 130 m strike and trending under cover to the SW and NE. The main vein array outcrop is up to 7 metres thick, with footwall/hangingwall zones of intense sulphide, alteration and numerous anastomsing veins; and is up to 18 m wide where exposed at surface. Rock chip sampling further enhanced the target and yielded maximum values of 482 g/t Ag, 1.29% Sb, 9.7% Pb, 16% Zn and 0.93 ppm Au². Several samples assayed at greater than 7% Zn.

Figure 2: Previously released peak rock chip results at the Wyloo SE prospect and geology (outcrop mapping), highlighting significant Ag, Sb, Au, Cu, Zn and Pb results from the main vein array. Much of the target area only poorly outcrops (refer Figure 3 for geological setting).^1,2

Mapping at Wyloo SE has highlighted a dynamic geological setting (Figure 3):

• The vein array is located on the flank of an interpreted rhyolite dome;
• The vein array is parallel to a significant fault zone (the Tasha Fault) to the immediate southeast;
• Presence of several subvolcanic intrusions including quartz-eye porphyry with disseminated malachite ex-sulphide (note - outcrop too small to delineate at this scale) and rhyodacite-quartz porphyry;
• Jasperoidal lenses containing disseminated sulphides are either replacement or exhalitive.

Wyloo Project New Results

Recent work includes a soil grid over the Wyloo SE vein system and surrounds; and detailed infill stream sediment sampling, rock chip sampling and mapping at Wyloo SW.

This recent exploration has significantly enhanced the potential of the project, provided new targets and has allowed interpretation of several targets ready to drill in Q2 2026.

Wyloo SE

One hundred and sixty two (162) minus 80 mesh soil samples were taken at a 40 x 20 m spacing over the target area to test for mineralisation outside the obvious vein array outcrops. Sampling was restricted in places by significant colluvial cover to the west and southwest, and by alluvium along the Tasha Fault from the south to the northeast.

A strong multielement soil anomaly has been defined over 150 m strike tending parallel to stratigraphy and crosscutting the main vein array, suggesting a stratigraphic control to the anomany and target. Peak soil values include 57.2 ppm Ag, 142 ppm Sb, 1,440 ppm As, 2,180 ppm Zn and 1,530 ppm Pb. Multielement anomalies are zoned, generally trend WNW parallel to the rhyolitic volcanic stratigraphy and are open under cover (Figure 3).

Refer to Appendix 1 for full results.

Figure 3, Wyloo SE highlighting geology, soil geochemistry (Sb ppm) and structural setting. Soil anomalies are open under colluvium to the west and alluvium along the Tasha Fault Zone to the east-northeast. The multielement anomalies trend NE to E-W, oblique to the main vein array. White dashed polygon shows field of view close-up from Figure 2.

Maiden drilling at Wyloo SE is planned to target:

1. The main ENE trending polymetallic vein array

1. The Tasha Fault zone, also trending ENE
2. The WNW trending stratigraphy, particularly at the intersection and in the vicinity of the sulphide bearing quartz-eye porphyry.
   

Wyloo SW

Fifty four (54) stream sediment samples were collected at the Wyloo SW prospect, targeting first to third-order creeks to define the source of the existing stream sediment anomaly in an area of significant transported sheetwash cover.

This follow-up exploration has defined a target area of 2.5 km x 800 m with peak stream sediment values of 19.9 ppm Sb and 57 ppm As and a multielement association of Sb-As-Cu-Pb-Zn (Figure 4). Refer to Appendix 2 for full results.

Targeted selective rock chip sampling was completed over areas of outcrop, with 53 rock chip samples collected across the prospect area, targeting outcrop zones of alteration and prospective quartz veining. Refer to Appendix 3 for full results.

Within the newly defined 2.5 km x 800 m target area, only 2 small zones of outcrop are exposed in and adjacent to a NW trending creek. One of the zones is characterised by strong shearing containing a mix of schistose lithologies, vein arrays and carbonate alteration. Results from rock chip sampling highlight elevated Sb, As, Zn and Cu in outcrop, with peak results of 570 ppm As, 526 ppm Cu, 431 ppm Zn and 26 ppm Sb. Whilst these results are low tenor, they clearly indicate that a mineralising system is present. Follow-up work is requirted to define the source of the stream sediment anomaly.

Figure 4 Wyloo tenure showing high order stream sediment antimony anomalies in the southern sector of the tenement, including recently received data for the Wyloo SW anomaly

Forward Program

A maiden drilling program at Wyloo SE is planned for Q2 2026 pending heritage surveys scheduled for early March. Drilling will target the ENE trending vein array, the Tasha Fault Zone and soil anomalies parallel to stratigraphy. Sectional drilling will test the vertical metal zonation of the polymetallic system, grade and width of the mineralisation and potentail plunge of the target.

Further work at Wyloo SW will require broad sectional drilling using either AC or RC drilling to test beneath the 1 – 3 m thick sheetwash colluvial cover.

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 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 1 and 2, 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.

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 explorer with a significant land package covering approximately 4,160 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria. 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 is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million for a 50% interest. The Becher Project has similar geological characteristics to Northern Star’s 13.6 Moz Hemi Project^#. Novo is also advancing gold exploration south of Becher at the Teichman Project 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 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 Corp. Limited 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: Wyloo SE new -80# soil sample results for Au, Ag, As, Cu, Pb, Sb, and Zn, relevant to the mineralisation style and reported in this release. All co-ordinates are in GDA2020 zone 50.

Appendix 2: Wyloo new stream sediment sample results for Au, Ag, As, Cu, Pb Sb, and Zn, relevant to the mineralisation style and reported in this release. All co-ordinates are in GDA2020 zone 50.

Appendix 3: Wyloo rock sample results for Au, Ag, As, Cu, Pb Sb, and Zn, relevant to the mineralisation style and reported in this release. All co-ordinates are in GDA2020 zone 50.

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 to Novo’s ASX announcement dated 12 September 2024 – Evaluation of Pilbara Antimony-Gold Potential Generates Positive Results

² Refer to Novo’s ASX announcement dated 04 September 2025 – Drilling Commences at Sherlock Crossing Gold-Antimony Prospect

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/53bbb178-0e06-439e-8bbf-4b45af3ba609

https://www.globenewswire.com/NewsRoom/AttachmentNg/37d23dfd-78d1-45a8-b2fc-9bc899480d83

https://www.globenewswire.com/NewsRoom/AttachmentNg/8320a9d8-da3b-4afc-bd4a-6b805d6ef070

https://www.globenewswire.com/NewsRoom/AttachmentNg/a5ea29bc-279b-4179-bfa4-c40bca6385a1

https://www.globenewswire.com/NewsRoom/AttachmentNg/3417ff4d-270e-42f1-8f7b-8f368bebcc0a

https://www.globenewswire.com/NewsRoom/AttachmentNg/02145be9-eff1-49ee-a05c-d2f40e34f363

Photo during reconnaissance at Wyloo SE, looking southwest from the mapped rhyolite dome.

Photo during reconnaissance at Wyloo SE, looking southwest from the mapped rhyolite dome.

Figure 1

Novo Pilbara and Onslow District tenure showing significant prospects and location of the Wyloo Project in the southern Pilbara.

Figure 2

Previously released peak rock chip results at the Wyloo SE prospect and geology (outcrop mapping), highlighting significant Ag, Sb, Au, Cu, Zn and Pb results from the main vein array. Much of the target area only poorly outcrops (refer Figure 3 for geological setting).1,2

Figure 3

Wyloo SE highlighting geology, soil geochemistry (Sb ppm) and structural setting. Soil anomalies are open under colluvium to the west and alluvium along the Tasha Fault Zone to the east-northeast. The multielement anomalies trend NE to E-W, oblique to the main vein array. White dashed polygon shows field of view close-up from Figure 2.

Figure 4

Wyloo tenure showing high order stream sediment antimony anomalies in the southern sector of the tenement, including recently received data for the Wyloo SW anomaly

Please refer to Novo’s website for further information including the latest corporate presentation.

Please refer to Novo’s website for further information including the latest corporate presentation.

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