Mr. Michael Spreadborough reports

NOVO RESOURCES: DRILLING UNDERWAY AT HIGHLY PROSPECTIVE BECHER PROJECT

Novo Resources Corp. has commenced a 20,000-plus-metre AC (aircore) drilling program at the company's flagship Becher project, located in the northern sector of the Egina gold camp. Results referred to in this news release are not necessarily representative of mineralization throughout the Egina gold camp.

Commenting on the drill program, Novo executive co-chairman and acting chief executive officer Mike Spreadborough said: "We are very excited to have recommenced drilling at our flagship Becher project, as we embark on a targeted plus-20,000-metre follow-up program for this quarter. Importantly, results from our 2022 drill program have confirmed the right geological indicators for discovery success and we believe there is significant prospectivity in the Becher area."

The Becher area (E47/3673, 100 per cent owned by Novo) contains multiple high-priority orogenic gold targets under shallow cover in the highly prospective yet underexplored Mallina basin. Becher is located approximately 28 kilometres (km) to the west-southwest of De Grey Mining Ltd.'s Hemi deposit, along an interpreted gold-fertile corridor and only 2.5 km south of its recent Withnell South discovery.

Novo's 2022 drill program proved to be extremely successful on several fronts:

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

All of these findings have considerable influence in targeting and prioritizing the 2023 drill programs.

Final results have also been received for one-metre split samples sourced from four-metre composite samples in the reverse circulation (RC) and AC drilling completed in 2022. The new results closely mirror intercepts from previously reported composite samples and include high grade assays of as follows:

• One m at 7.27 grams per tonne (g/t) gold (Au) from nine m (F0632) at the intersection of the Irvine and Heckmair trends;
• One m at 3.1 g/t Au from 17 m (F519) at Whillans;
• One m at 4.27 g/t Au from 17 m (F1393) at Bonatti.

New results also highlight potential for intrusion-related gold (IRG) mineralization at Irvine South and this concept is supported by highly anomalous gold-copper (Au-Cu) results and associated pathfinder elements (gold-silver-copper-bismuth-molybdenum-antimony (Au-Ag-Cu-Bi-Mo-Sb)) in AC on the most southerly line drilled in 2022. The presence of a strong magnetic target, coincident with the edge of current drill coverage and its location immediately west of the Becher epithermal vein system, provides further support for this possible target style.

The current AC program will test multiple high-priority structural and intrusion-hosted gold targets, which appear similar to De Grey's Mallina gold project. These targets have been defined by significant gold and pathfinder anomalies in an area of approximately 20 square kilometres, delineated in anomalous structural corridors at the Heckmair, Irvine and Whillans prospects. Additional targets are also emerging from partly completed reconnaissance drilling at Lowe and Bonatti. A minimum of 20,000 m of AC will be conducted as part of the program, which commenced in mid-April, 2023, and will be completed in June, 2023.

2022 exploration program details

In mid-2022, Novo commenced a major exploration campaign to test multiple significant shear corridors adjacent to De Grey's 10.6-million-ounce-gold (JORC 2012) Mallina gold project. Numerous targets were identified or enhanced utilizing an expansive high-resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys, in mid-2022. The target style of mineralization included both structurally controlled orogenic gold and orogenic intrusion-hosted gold, similar mineralization styles to those at the Hemi gold deposit.

Mapping in the area highlighted an abundance of transported surficial cover, including aeolian sand and sheetwash gravel, driving the interpretation that previous companies' surface geochemical sampling programs in the area did not effectively test the underlying targets. Two heritage surveys were completed to enable execution of the planned 2022 program.

Systematic broad spaced AC drilling commenced in mid-September, 2022, and was completed in mid-December, 2022. Drilling totalled 1,413 holes for 31,824 m on 29 sections at 640-metre spaced section lines, with occasional 320-metre infill lines. The program aimed to test five main targets (Irvine shear, Whillans shear, Heckmair fault and intrusion, and Lowe and Bonatti shears).

Litho-geochemical studies were conducted on bottom of hole aircore samples that were analyzed for Au by fire assay and for 33 multielements by ICP-MS (inductively coupled plasma mass spectrometry). These studies have enabled Novo to discern between Millindina mafic to ultramafic intrusive suites, possible mafic and komatiitic lavas, sanukitoid (hornblende-diorite) intrusions and highly fractionated (more granitic) equivalents. Petrological investigations are pending.

Heckmair prospect

The Heckmair prospect is characterized by a significant hornblende-diorite sanukitoid intrusive complex which has been dextrally offset by a major north-northwest-south-southeast-trending fault. Within the complex, there are several demagnetized sanukitoid phases and fractionated felsic melts. Several high-priority targets have been identified across the intrusion, on the margins and potential extensional zones around the intrusion and within structural offsets cutting through the intrusion, particularly at the southern termination with the Irvine shear zone.

Peak AC results for gold from recently received one-metre split results (0.1-gram-per-tonne-gold lower cut-off), include:

• Four m at 0.40 g/t Au from 12 m (F0738) repeating in new split results as three m at 0.39 g/t Au from 12 m;
• Three m at 0.44 g/t Au from 20 m (F0858) repeating in new split results as two m at 0.47 g/t Au from 21 m.

Highly anomalous base metal results have also been identified adjacent to gold targets at Heckmair, with a peak intercept of four m at 3.4 g/t Ag, 0.49 per cent lead (Pb) and 0.1 per cent zinc (Zn) from 20 m (F0749).

Irvine prospect

The Irvine prospect is defined by an east-northeast-west-southwest-trending shear corridor hosting variably sheared sedimentary units, as well as carbonate-silica-altered ultramafic and mafic intrusive rocks of the Millindina suite. These are bound on the southern shear margin by late sanukitoid intrusions. This corridor is extremely anomalous in arsenic and antimony.

At the Irvine prospect, positive AC drilling results listed below, were followed up with 3,541 m of RC drilling from 32 holes drilled on 320-metre line spacing:

• Eight m at 2.15 g/t Au from eight m (F0632) repeating in new split results as six m at 2.15 g/t Au from eight m, including one m at 7.27 g/t Au from nine m at the intersection of Irvine and Heckmair trends;
• 23 m at 0.56 g/t Au from zero m (A0034);
• 15 m at 0.15 g/t Au from 12 m (A0029);
• Two m at 0.40 g/t Au from three m (F0123).

Peak RC intercepts previously reported include:

• 33 m at 0.493 g/t Au from 33 m (G0005), including five m at 1.28 g/t Au;
• 20 m at 0.406 g/t Au from 32 m (G0016), repeating in new split results as 18 m at 0.40 g/t Au from 32 m, including four m at 1.1 g/t Au from 45 m;
• 24 m at 0.39 g/t Au from 76 m (G0018), repeating in new split results as 23 m at 0.39 g/t Au from 77 m, including 10 m at 0.49 g/t Au from 80 m and five m at 0.51 g/t Au from 93 m.

Irvine South prospect

Highly anomalous Au-Cu results were returned from AC drilling at Irvine South (previously reported as four-metre composites), located just to the west of the Becher epithermal vein and include:

• Six m at 0.14 g/t Au and 0.23 per cent Cu from eight m and four m at 0.17 g/t Au and 0.21 per cent Cu from 20 m (A0001);
• Two m at 0.91 g/t Au and 473 parts per million (ppm) Cu from 66 m (A0003).

The multielement association of Au-Ag-Cu-Bi-Mo-Sb (and tin (Sn), galena (Ga) and cesium (Ce)) is suggestive of an IRG or related system. Peak values returned include 0.23 ppm Au, 6.7 ppm Ag, 37.2 ppm Bi, 0.68 per cent Cu, 84 ppm Sb and 12.3 ppm Mo.

New understanding based on drill hole geology and related magnetic interpretation suggest a fertile IRG granite may be present directly south of A0001 at Irvine South. The interpreted IRG intrusion and adjacent sedimentary rocks have a strong Au-Ag-Cu-Bi-Mo-Sb multielement signature, lie west of the Becher epithermal vein system and immediately south of the Irvine shear.

Whillans prospect

The Whillans shear is a major west-west-trending to west-northwest-trending break in geology, characterized by strongly sheared sediments with folded ultramafic and mafic lithologies of the Millindina suite to the north. The Whillans shear is located 2.5 km to the south of the Withnell gold resource, currently containing 1.6 million ounces (Moz) of gold. A large east-northeast-trending shear, with significant As-Sb and moderate gold anomalism has recently been defined (the West shear) truncating the Whillans shear in the central part of the target area and will be a focus for upcoming exploration.

Peak AC gold results (previously released) including recently received one-metre split results (0.1-gram-per-tonne-gold lower cut-off), include:

• Eight m at 0.20 g/t Au from 16 m (F0519), repeating in new split results as six m at 0.64 g/t Au from 16 m, including one m at 3.1 g/t Au from 17 m;
• Four m at 0.37 g/t Au from 20 m (F1136), repeating in new split results as three m at 0.32 g/t Au from 19 m.

Bonatti and Lowe prospects

Drilling during 2022 tested portions of the Bonatti shear corridor, a 1.8-kilometre-wide northeast-southwest trend with a strike length of approximately 13 km, incorporating the Lowe and Bonatti prospects. The Bonatti prospect comprises folded and faulted sediments, ultramafic to mafic lithologies of the Millindina suite, and rare sanukitoid intrusions in the northern sector. Encouraging results include one m at 4.27 g/t Au from 17 m in F1393 and one m at 1.85 g/t Au from 11 m in F1242.

The Lowe prospect is characterized by an isoclinally folded tholeiite unit with associated ultramafic lithologies of the Millindina suite and complex late-stage gabbro and fractionated felsic intrusions. AC logging has identified large zones of intense alteration, coupled with disseminated sulphide minerals, which require further investigation.

Planned 2023 drilling program

Results from recent AC drilling have clearly delineated priority targets, including both structurally controlled orogenic gold and intrusion-hosted gold which appear similar to mineralization with De Greys' Mallina gold project. The Irvine, Heckmair and Whillans Au targets and the Irvine South Au-Cu target are the primary focus for current AC drilling and follow-up RC drilling. A minimum of 20,000 m of AC will be conducted as part of the current program.

West Pilbara divestment

The company also advises that it has commenced a divestment process for base metals on certain tenements in the West Pilbara region of Western Australia. Interested parties are invited to contact Liam Twigger of Argonaut PCF Ltd. of Perth, Western Australia.

Analytic methodology

Four-metre composite samples of AC chips were sent to Intertek Genalysis in Perth, Western Australia, with the entire sample smart crushed to minus three millimetres (mm) (NVO02 prep code), with a 500-gram split sample analyzed for gold using photon assay (PHXR/AU01). An additional bottom hole sample from each drill hole (one-metre to five-metre composite representing rock from the bottom of the drill hole) was assayed using four acid digest and 50-gram charge fire assay FA50/OE and for 48 multielement using four-acid digest -- MS finish (4A/MS). AC drill holes with anomalous gold or base metals have been split through a single tier riffle splitter and are assayed using four acid digest and 50-gram charge fire assay FA50/OE and for 48 multielement using four acid digest -- MS finish (4A/MS).

QA/QC (quality assurance/quality control) procedures include insertion of a certified blank approximately every 25 samples (4 per hundred), a certified standard approximately every 50 samples (2 per 100) and duplicate sampling (split of four-metre composite) at the rate of four per 100. Intertek inserts customized Chrysos certified standards at the rate of two per 100.

RC holes were sampled using spear sampling four-metre composites and four-metre composite samples were sent to Intertek with the entire sample smart crushed to minus three mm (NVOO2 prep code), with a 500-gram split sample (one jar photon assay) analyzed for gold using photon assay (PHXR/AU01). QA/QC for RC samples are inserted at the rate of four standards per 100, four blanks per 100 and four riffle split duplicates per 100, providing a total of 12 per cent QA/QC. Rig split samples for RC were collected as one-metre cone splits directly off the rig with the entire sample smart crushed to minus three mm (NVOO2 prep code), with two 500-gram split samples (two jar photon assay) analyzed for gold using photon assay (PHXR/AU02) and the results of the two pots have been averaged.

There were no limitations to the verification process and all relevant data were verified by a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) by reviewing analytical procedures undertaken by Intertek.

QP (qualified person) statement

Iain Groves (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 Mallina gold project. Mr. Groves is Novo's exploration manger -- West Pilbara.

About Novo Resources Corp.

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.

We seek Safe Harbor.