Mr. Mike Spreadborough reports

BECHER DRILLING CONTINUES TO INTERCEPT SIGNIFICANT GOLD MINERALISATION

Novo Resources Corp. has released new and significant results and will continue the aircore (AC) drilling program at Becher. 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 by the results generated from our large ongoing aircore drill program at Becher. When completing this type of program, this is the tenor and scale of results which validate our exploration team's hypothesis of the prospectivity of Becher and support our program ahead of commencing deeper drilling. Importantly, Becher is displaying all the right geological characteristics to compare favourably to the mineralization at the adjacent Mallina gold project and we are excited to be advancing our drilling program.

"We are in the right area for major gold deposits and have a standout exploration team focused on discovering the next major gold deposit in the Pilbara. The Becher project has the potential to realize significant shareholder value within the months ahead, shaping up to be a very exciting period for the company and our shareholders."

The continued significant gold and multielement assay results from over 50,000 metres drilling to date have identified multiple targets, including a large priority area of anomalism across approximately five square kilometres at Becher, and provided the company with a high level of confidence to continue the drilling program. Both geological setting and pathfinder multielement assays compare favourably with the adjacent Mallina gold project mineralization with planning for deeper drilling under way.

In addition, at the Nunyerry North prospect, located in the south of the Egina gold camp, where a high-grade soil anomaly has previously been identified, ethnographic and archeological heritage clearances have been completed, allowing the company to commence final drill program design and planning for a maiden reverse circulation drill program to commence in H2 2023.

First pass RC drilling at Bellary Dome was recently completed, testing three distinct targets at Catia, Catia East and Edney's Find. Sporadic intervals of gold mineralization with a peak interval of two metres at 2.72 grams per tonne Au from eight m at Catia have been returned. The project as a whole is now under review, with no further drilling planned at this time.

Becher project

The Becher project covers an area approximately 20 square km in the north of the 100-per-cent-Novo-owned E47/3673 exploration tenement. The area is characterized by shallow cover overlying the highly prospective and underexplored Mallina basin. Becher is situated adjacent to De Grey's 10.6-million-ounce Au (JORC 2012) Mallina gold project and 2.5 km south of its Withnell South discovery.

Novo commenced its 2023 aircore AC program at Becher in mid-April, 2023, and to date has completed 720 holes for over 20,000 m, with over 80 holes pending assay results.

Becher drilling update

The 2023 20,000 m AC program testing multiple high-priority structural and intrusion-hosted gold targets has been focused at the Heckmair and Irvine prospects following return of significant gold and pathfinder results.

Recent drilling has returned significant intercepts (greater than two grams times metre in tenor) including:

• 39 m at 0.25 g/t Au from 81 m in F1843, including (likely drilled down dip):
  • Three m at 0.32 g/t Au from 81 m;
  • Three m at 0.41 g/t Au from 108 m;
• 18 m at 0.38 g/t Au from 21 m, including nine m at 0.56 g/t Au from 30 m also in F1843;
• 12 m at 0.43 g/t Au from 57 m, including six m at 0.66 g/t Au from 60 m also in F1843;
• 30 m at 0.2 g/t Au from three m, including three m at 0.31 g/t Au from six m and three m at 0.38 g/t Au from 12 m in F1924;
• 13 m at 0.35 g/t Au from 36 m, including 10 m at 0.42 g/t Au from 39 m also in F1924;
• Nine m at 0.39 g/t Au from 54 m, including six m at 0.45 g/t Au from 54 m in F1838;
• Six m at 0.36 g/t Au from 48 m, including three m at 0.6 g/t Au from 51 m in F1881.

True widths from AC drilling cannot be estimated at this time. Recent AC drilling has been concentrated around gold anomalies previously identified at the Irvine prospect and, impressively, continues to identify intercepts across a significant strike length. Drilling at Irvine targeted closer-spaced infill lines, as well as direct infill drilling along previously drilled lines, in order to better understand controls on structures and associated mineralization.

Drilling to date in 2023 has been completed predominantly at the eastern Heckmair and Irvine prospects and has now moved to the Whillans shear.

Results recently received confirm grade continuity at the Irvine prospect, with continuous down-hole anomalism associated with quartz veins and shearing within the sediments of the Constantine sandstone unit. This drilling, combined with the RC program completed in Q4 2022, indicate variations in dip direction for mineralized structures across the Irvine prospect, with holes intersecting mineralization dipping both to the northwest and to the southeast.

Drilling to the immediate south of the main Irvine zone also identified anomalous gold mineralization associated with quartz veining dipping steeply and subvertically toward the southeast approximately 500 m southeast from the main Irvine trend.

Next steps

Given the success of the current 20,000 m program at Becher, AC drilling will continue. The AC program will infill anomalous zones based on both gold and pathfinder geochemistry with current drilling focused on the east Whillans prospect. Following this round of drilling, the rig will then move on to complete regional reconnaissance lines across other structural corridors such as Bonatti. Several areas are under consideration for deeper RC drilling follow-up in H2 2023.

Nunyerry North drill update (E47/2973 -- NOVO 70 per cent/Creasy Group 30 per cent)

The Nunyerry North prospect is located within the Egina gold camp and approximately 80 km south of Becher and is the next target that Novo is progressing as part of its Pilbara exploration program.

Ethnographic and archeological heritage clearances have recently been completed for the Nunyerry North prospect, allowing final drill program design and planning for Novo's maiden drill program to commence in H2 2023.

Bellary Dome drilling program results

Commencement of a reverse circulation (RC) drill program focused on the orogenic gold target at the Catia prospect and gold in conglomerate at the Edney's Find prospect at the Bellary Dome project, South Pilbara, Western Australia, was announced in early 2023.

This drilling was recently completed, testing three distinct targets at Catia, Catia East and Edney's Find:

• Twenty holes for 1,768 m were drilled at the Catia main prospect where high-grade gold results were returned from rock chip sampling of shear-related quartz vein swarms in 2021, including peak results of 556 parts per million gold and 117 ppm gold.
• Eight holes for 616 m were drilled at Catia East, where soil sampling completed in 2021 by Novo highlighted a significant soil anomaly 700 m east-southeast of Catia.
• Six holes for 312 m were drilled at the Edney's Find conglomerate target where peak gold values from trench rock chip samples in 2020 returned 36.4 ppm Au and numerous nuggets were located at surface by previous explorers.

Drilling was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the exploratory nature of the work, the true width of mineralization cannot yet be precisely determined.

Several zones of quartz veins were intersected in most drill holes; however, peak assay results (using 0.3 g/t Au cut-off) of two m at 2.72 g/t Au from eight m (BC002) and one m at 1.29 g/t Au from 12 m (BC003) were returned from Catia and no anomalous gold was intersected at Catia East. It is interpreted that the high-grade shallow-dipping quartz vein-related gold mineralization at Catia is restricted to the near surface along the main Catia shear, with erratic gold distribution. Vein sets at depth and the steep north-northeast-dipping Catia shear zone appear to be unmineralized.

Drilling at Edney's Find intersected channelized conglomerate with up to 5 per cent sulphide, on a major unconformity overlying basement rocks. The conglomerate channel is interpreted to be up to 100 m wide and trends west-northwest with zones of significant buckshot (round) pyrite. A peak result of one m at 2.3 g/t Au was returned from the basal conglomerate contact. The Edney's Find target is open to the west and southwest.

Only sporadic intervals of gold mineralization have been returned during the RC drill program at Bellary Dome. The project as a whole is now under review, with no further drilling planned at this time.

Analytical methodology

Analytical methodology -- Becher AC drilling

AC drilling is utilized as a first-pass technique testing for gold mineralization 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-metre composites into a 500-gram Chrysos PhotonAssay jar. Some of the end-of-hole intervals are shorter than three metres depending on final hole depths. Jars are dispatched weekly to Intertek Genalysis in Perth, Western Australia, and analyzed for gold using Chrysos PhotonAssay (PHXR/AU01).

Quality assurance/quality control procedures for the program include insertion of a certified blank approximately every 25 samples (four per 100), a Chrysos PhotonAssay certified standard approximately every 50 samples (two per 100) and duplicate sampling (split of three m composite) at the rate of four per 100. In addition, Intertek inserts Chrysos PhotonAssay certified standards at the rate of two per 100.

Analytical methodology -- Bellary Dome RC drilling

RC drilling allows for deeper testing of anomalies delineated by aircore drilling, and other geological direct targeting methods such as surface mapping and sampling, where bedrock is exposed at surface.

RC drilling was sampled as either four m composite samples using a spear, or if visual parameters such as percentage of quartz veins or sulphide mineralization or alteration intensity were deemed to warrant, as one m cone splits directly off the drill rig.

All RC chip samples were sent to Intertek in Perth, Western Australia, and were crushed and pulverized and assayed for Au by four-acid digest and 50-gram charge fire assay FA50/MS. QA/QC protocols included insertion of a certified blank approximately every 25 samples (four per 100, two of which are 500-gram coarse black CRMS and two of which are 60-gram pulverized minus-80-mesh CRMs), certified standards for Au approximately every 25 samples and duplicate sampling (split of four m composite) at the rate of four per 100.

Multielements were assayed using a hand-held portable X-ray fluorescence on minus-0.9-millimetre powder collected from the sieved chips every one m. The pXRF assay technique utilized a Niton XL5 hand-held XRF machine calibrated daily, with four QA/QC standards (fit for purpose, including certified arsenic, copper and antimony values) run concurrently, with an additional two standards checked per 100 readings and four QA/QC standards assayed before the machine is shut down. Drill powders are point analyzed for 90 seconds using four machine filters.

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.

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.