Mr. Mike Spreadborough reports

NOVO DUAL LISTS ON ASX FOLLOWING OVERSUBSCRIBED A$7.5M IPO

Novo Resources Corp. has listed on the Australian Securities Exchange, with trading in Novo Resources' securities having commenced on Monday, Sept. 11, 2023, under the ticker NVO.

Novo Resources' initial ASX public offering closed early, and listing on the ASX followed completion of a $7.5-million (Australian) raise, before costs, through the issue of 37.5 million shares (settled on the ASX in the form of Chess depositary interests (or CDIs) at 20 Australian cents per CDI). The CDIs are issued in the ratio of 1 CDI for 1 Novo Resources share. The IPO was led by Argonaut PCF.

Novo Resources is a leading Western Australian gold explorer which owns a 10,500-square-kilometre Pilbara exploration portfolio and the Belltopper gold project in Victoria. The company has a well-defined growth strategy of seeking to identify and define deposits with material development potential.

Novo Resources' portfolio includes key Pilbara, Western Australia, projects such as Becher, Nunyerry North and Balla Balla.

Novo Resources executive co-chairman and acting chief executive officer Mike Spreadborough said this was an exciting milestone for Novo Resources, and the company looks forward to continuing to deliver value to its new and existing shareholders through the ASX listing.

"We are delighted to be listed on the ASX, and I would like to welcome all new shareholders to Novo. The future is very exciting. I would also like to extend my thanks to all the many people involved in getting us to this stage and acknowledge all the hard work that went into getting us ASX ready.

"The ASX listing is the logical next step for Novo and will facilitate our Australian growth plans, considering the local investor appetite for mining and exploration opportunities. We are focused on accelerating our exploration activities and seeking value accretive opportunities to grow long-term shareholder value.

"We have several exploration programs planned for the second half of 2023, and we look forward to getting boots on the ground and drill rigs spinning. We will be delivering regular updates as drilling progresses at Becher, Nunyerry North, Balla Balla and our Belltopper project in Victoria. We also look forward to working with our Egina [joint venture] partner De Grey as they take over all exploration efforts within the Egina JV, with a 39,000-metre program set to commence at Becher in September."

In June this year, De Grey agreed to invest up to $25-million (Australian) on exploration at the company's Becher project and adjacent tenements within four years, to earn a 50-per-cent interest and form the Egina JV. De Grey also became Novo Resources' largest shareholder through a $10-million (Australian) cornerstone investment, with an approximately 10.3-per-cent shareholding (post-Australian Securities Exchange listing). De Grey is managing all exploration efforts at Becher and is set to commence drilling this month with a planned program of 39,000 m of aircore, reverse circulation and diamond drilling.

At Nunyerry North, an initial 2,000-metre RC drilling program is scheduled to commence in September, 2023.

At Balla Balla, a program of wide-spaced reconnaissance AC drilling is planned, while at East Pilbara, a 2,000-metre RC program in fourth quarter 2023 will test recently identified intrusion-related targets.

In Victoria, the Belltopper project has a 2,000-metre diamond program planned to commence in October, 2023, to test key targets.

Following the IPO capital raising, Novo Resources has 342 million shares on issue (37.5 million of which currently take the form of CDIs on the ASX and with 304.5 million being shares on the Toronto Stock Exchange). At the IPO offer price of 20 Australian cents, this implies a market capitalization of approximately $68.4-million (Australian) (approximately $60-million (Canadian)). Novo Resources also currently has 6.5 million options and 30.5 million warrants on issue.

The top-10 shareholders (including CDI holders) are listed in the attached table.

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.

We seek Safe Harbor.