Mr. Mike Spreadborough reports

NOVO'S ASX IPO OFFER OVERSUBSCRIBED; OFFER PERIOD CLOSED EARLY

Novo Resources Corp. has closed the offer period for its IPO (initial public offering) of CDIs (Chess depositary interests) ahead of schedule, having received subscriptions totalling $7.5-million (Australian). This means the full oversubscription limit has been reached following overwhelming support, with significant demand coming from sophisticated and institutional investors across Australia.

Highlights:

• Novo has received full oversubscriptions for its maximum $7.5-million (Australian) raising under Australian Securities Exchange IPO.
• With the offer fully subscribed, Novo has closed the offer period ahead of schedule.
• Proposed ASX listing presents an opportunity to enhance Novo's profile across a broader mix of investors and facilitate the potential for further growth of its Pilbara gold exploration portfolio.
• Novo is in discussions with ASX whether it can bring forward the proposed ASX listing date.

The offer opened on Thursday, Aug. 10, 2023, and was originally scheduled to close on Friday, Sept. 1, 2023, with an expected ASX admission date of Thursday, Sept. 14, 2023 (all dates local time in Australia). Given the level of subscriptions received, and the early offer close, Novo is in discussions with ASX as to whether it can bring forward the date of its listing on ASX. Novo's offer remains subject to ASX approving the company's application for admission (which process is continuing and cannot be guaranteed).

A listing on ASX is the logical next step in the company's Australian growth plans, given historical local investor appetite for new mining discoveries with exploration upside. An ASX listing would provide an opportunity to enhance Novo's profile across a broader mix of investors, increase liquidity and attract additional equity research coverage.

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

Novo recently entered into a major earn-in and joint venture agreement with leading Western Australian gold developer, De Grey Mining Ltd., which has undertaken to spend (within four years) up to $25-million (Australian) on exploration of Novo's flagship Becher gold project and adjacent tenements. De Grey has also made a cornerstone investment of $10-million (Australian) in Novo (pre-IPO) to become the company's largest shareholder, with a pre-IPO undiluted 11.6-per-cent interest (approximately 10.30 per cent post-IPO).

Novo executive co-chairman and acting chief executive officer Mike Spreadborough said the company was pleased with the significant amount of interest in Novo, and looks forward to continuing to deliver value to all shareholders and stakeholders by progressing the company's exploration and development plans:

"To close our offer ahead of schedule is a major achievement and one the team is very proud of. We have received a positive response and overwhelming demand for the IPO.

"It has been a busy few months with De Grey becoming our JV partner at Becher and a cornerstone investor, which is a substantial endorsement of what we have been working on at Novo.

"We are ready to keep building on the momentum, with a significant exploration program scheduled for the remainder of the year as we focus on identifying and defining deposits with significant development potential, and thank all of Novo's supporters in making the IPO process to date an outstanding success."

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.