Mr. Michael Spreadborough reports

NOVO CLOSES CORNERSTONE INVESTMENT WITH DE GREY MINING

Novo Resources Corp.'s financing with De Grey (1) has closed following Toronto Stock Exchange acceptance of notice of the financing and conditional approval of the listing of the shares issued under the financing. Gross proceeds of approximately $8.97-million (Canadian)/$10-million (Australian) were raised through the issue of 35,223,670 shares. The financing was conducted at a price of approximately 25.5 Canadian cents, and De Grey holds an undiluted 11.6-per-cent position in Novo Resources.

Argonaut PCF Ltd. of Perth, Western Australia, received a cash finder's fee of $500,000 (Australian) (approximately $450,000 (Canadian)) in connection with the financing.

The shares issued in the financing are subject to a statutory hold period expiring on Oct. 29, 2023, along with an additional voluntary contractual hold period expiring on June 28, 2024. However, if the company has not received a formal listing decision letter for its proposed dual listing on the Australian Securities Exchange (1) by Dec. 28, 2023, the contractual hold period will expire on Dec. 28, 2023. The shares will be subject to orderly sale restrictions subsequent to the expiry of the contractual hold period.

Commencing on Dec. 28, 2023, and subject to De Grey maintaining an at-least-12.5-per-cent undiluted interest in Novo Resources at all times, De Grey has a one-time right to nominate a director to Novo Resources' board. However, if Novo Resources has not received a formal listing decision letter from the ASX regarding its proposed dual listing by Dec. 28, 2023, the nomination threshold will decrease to 10 per cent. De Grey also has the right to participate in any raising conducted in conjunction with the ASX listing such that it holds up to a maximum undiluted postfinancing interest of 12.5 per cent of Novo Resources.

The net proceeds from the financing will primarily be used by Novo Resources to fast-track exploration at the company's key projects, including Nunyerry North, Balla Balla and Belltopper, as well as for general working capital purposes.

There is no guarantee that the company will list on the ASX or will be granted approval to do so.

About Novo Resources Corp.

Novo Resources 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 Resources seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders.

(1) Refer to the company's news release dated June 21, 2023.

We seek Safe Harbor.