Mr. Mike Spreadborough reports

GOLD MINERALISATION INTERSECTED IN MAIDEN DRILL PROGRAM AT NUNYERRY NORTH

Novo Resources Corp. has released promising results from the first six holes of the company's maiden RC (reverse circulation) drill program at Nunyerry North, located in the southern Egina gold camp in Pilbara, Western Australia. The Nunyerry North project is a 70:30 joint venture with the Creasy Group.

Previous reconnaissance work completed by Novo highlighted Nunyerry North as a high-priority exploration target, with potential to become a significant gold project and delineated more than 1.4 strike kilometres of high-tenor gold anomalism at surface. The primary focus of this current drill program is to target significant mineralized zones defined by surface exploration along the sizable known strike extent.

Mike Spreadborough, Novo's executive co-chairman and acting chief executive officer, said: "We are very pleased with these initial results from the drilling at Nunyerry North, which have delivered intercepts of up to 13 metres at 1.18 g/t [grams per tonne] Au [gold] from surface. As a result of these results, we have increased the size of the program to 2,300 m and look forward to completing the final holes by late October.

"Nunyerry North is an exciting exploration target for Novo and we have only started to understand the potential extent of the gold-mineralized system. We are very focused on ensuring the progress we are making on the ground continues and have already begun planning for a follow-up drill program in the first half of 2024.

"In addition to Nunyerry North, it is great to see De Grey commence their exploration program at the Becher project, which is part of our Egina JV [joint venture]. De Grey have outlined a substantial 39,000 m program of AC [air core], RC and diamond drilling.

"We will also commence a 2,200 m diamond drill program at our exciting Belltopper gold project in Victoria in early November. Belltopper is located only approximately 50 km south of Agnico Eagle's Fosterville gold mine in the Bendigo tectonic zone, where over 60 Moz [million ounces] Au were produced historically."

Nunyerry North drill program

Novo commenced its maiden RC drill program of approximately 2,000 m at Nunyerry North on Sept. 12, 2023, and, to date, 24 holes for 2,028 m (average depth of 84.5 m) have been completed. The program has been extended to 2,300 m on the basis of early results, with four holes remaining to be drilled. The program is anticipated to be completed by late October, 2023.

Importantly, significant zones of quartz veins and variable sulphides have been intersected. Drilling has been conducted at 40 m to 60 m spaced sections, with holes approximately 20 m apart on section.

Results received from the first six drill holes include best intercepts of 13 m at 1.18 g/t Au, seven m at 1.12 g/t Au and three m at 1.37 g/t Au (intercepts calculated using up to three m internal dilution and 0.3 g/t Au cut-off) (see the table entitled "RC drill results from first six holes drilled at Nunyerry North").

First-pass drilling has initially targeted the western part of the main high-grade gold-in-soil anomaly and was aimed at testing vein densities and grade, potential controls on mineralization, and establishing the dips of major shear zones, such as the Skadi and Freyda shears, and the crosscutting Aurora fault.

The remaining four holes are focused on the eastern edge of the northern soil anomaly, where multiple shear zones intersect and siliceous alteration is present at surface. On completion of the maiden drilling program, approximately 600 m of strike of the northern soil anomaly will be partially tested, leaving 700 m to the west and the 1.3 km long southern soil anomaly still to be tested.

Exploration is progressing on other structurally controlled gold targets along the major fault corridors extending towards the Becher area, to the northwest of Nunyerry North. Mineralization defined along these fertile structures includes shale-hosted gold and quartz-vein-related gold in sandstone, shale and gabbro.

Further work at Nunyerry North will include:

• 3-D targeting and detailed geological and structural modelling, once all results from the maiden drill program are available.
• Intercepts from the first four drill holes have been sent for one-kilogram screen fire-assay to assess if there is any coarse gold variability. Results will direct future analytical procedures at the Nunyerry North prospect.
• Targeting additional RC and diamond drilling to test the southern and western soil anomalies in H1 2024, which will require expanding the cleared heritage areas.
• Detailed mapping and rock chip sampling in areas outside of the current limit of mapping.

The Egina gold camp

The Nunyerry North prospect is located in the southern region of Novo's highly prospective Egina gold camp that consists of 80 km of contiguous tenements.

In the north of the Egina gold camp is Novo's highly prospective Becher project, which is located only 28 km from De Grey Mining's 9.5-million-ounce Hemi gold deposit. In June, 2023, Novo announced an earn-in arrangement that will result in the formation of the Egina JV with De Grey. De Grey is required to spend $25-million (Australian) within four years to earn a 50-per-cent JV interest (including a requirement for a minimum spend of $7-million (Australian) in the first 18 months).

De Grey recently commenced AC drilling at Becher as part of its planned initial 39,000 m program of AC, RC and diamond drilling.

There are several other gold targets at various stages of exploration maturity, along the main structural corridors within the southern part of the Egina gold camp.

Novo Pilbara landholding

Novo currently controls (through 100-per-cent ownership and various joint venture or option agreements) approximately 9,000 square km of tenure in the Pilbara district of Western Australia. The size of the tenement package has been reduced from approximately 10,500 square km over the past 18 months as field reconnaissance programs have allowed a better understanding of geological prospectivity.

Drilling at Belltopper in Q4

Diamond drilling of multiple high-grade targets at the Belltopper gold project in Victoria is imminent, with drilling scheduled to start in early November, 2023. Approximately 2,200 m of drilling will test structural and intrusion-hosted/related gold targets, including strong induced polarization (IP) geophysical anomalies.

About Novo Resources Corp.

Novo explores and develops its prospective land package covering approximately 9,000 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 shareholders.

Qualified person statement

Karen (Kas) De Luca, MAIG, is the qualified person, as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release other than information concerning De Grey's Pilbara gold project. Ms. De Luca is Novo's general manger of exploration.

Joint Ore Reserve Committee compliance statement

The information in this news release in relation to results from rock chip sampling at Nunyerry North is extracted from Novo's prospectus dated Aug. 2, 2023 (which includes an independent geologist's report at annexure 1), that was released to Australian Securities Exchange on Sept. 7, 2023, and which is available to view on the exchange's website. The company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

We seek Safe Harbor.