Mr. Michael Spreadborough reports

ASX IPO OFFER PERIOD OPENS

Novo Resources Corp. has provided an update in relation to the company's planned ASX listing and IPO.

Highlights

• Offer period now open for Novo's planned initial public offering (IPO) on the Australian Securities Exchange (ASX);
• Prospectus lodged on Aug. 2, 2023, with the Australian Securities and Investments Commission (ASIC), which outlines plans to raise gross proceeds of $4.0-million (Australian) (approximately $3.5-million) through the issue of 20 million chess depositary interests (CDIs) at an offer price of 20 Australian cents (approximately 18 cents) per CDI, with the ability to accept oversubscriptions to raise up to an additional $3.5-million (Australian) (approximately $3.1-million) through the issue of up to an additional 17.5 million CDIs.

The company lodged a prospectus with ASIC on Aug. 2, 2023, outlining the terms of the offering. The offering is now open and is expected to close on Sept. 1, 2023. The offering will not be made in Canada or to a resident of Canada.

Argonaut PCF is acting as financial adviser and Argonaut Securities Pty. Ltd. is acting as broker to the IPO.

Novo intends to use its existing cash reserves combined with funds raised from the offering to finance further exploration, heritage and environmental support expenditure activities at key gold exploration areas with a focus on the company's Egina gold camp project (including commencement of drilling at its Nunyerry North project), the Balla Balla project, the Belltopper project and for Pilbara-wide reconnaissance on newly developed targets, as well as for general working capital and to finance existing corporate commitments. Refer to the company's prospectus which is available on the company website and on the company's SEDAR+ profile for further details of the company's objectives. The offering is conditional on Novo raising its minimum subscription ($4.0-million (Australian), before costs) and ASX approving the company's application for admission to the official list of the ASX. Applications by Australian residents for CDIs must be made using an application form which accompanies, and is made in accordance with, a complete version of the prospectus.

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.