Mr. Mike Spreadborough reports

DIAMOND DRILLING TO COMMENCE ON HIGH-PRIORITY TARGETS AT BELLTOPPER, VICTORIA

Novo Resources Corp. will commence diamond drilling at the Belltopper gold project in Victoria, following on from a highly successful drill campaign completed during 2021 to 2022.

Highlights

• Novo to commence an approximate 2,300-metre program of diamond drilling at the Belltopper gold project in Victoria.
• Drill program designed to test several newly identified, high-priority structural and geophysical targets, including high-grade, epizonal, Fosterville-style, mineralization within key regional anticlines.
• Targets include a developing high-grade zone on the Leven Star reef, where previous drilling in 2022 returned 14 metres at 6.1 grams per tonne Au (gold) from 120 m, 10 m at 4.9 g/t Au from 173 m, and four m at 8.6 g/t Au from 188 m (MD16)
• Two high-tenor (IP) chargeability anomalies within priority mineralized corridor to be tested as part of the upcoming program.
• The drilling component of the program is anticipated to take three months, with assays to be reported through H1 2024.

Novo executive co-chairman and acting chief executive officer Mike Spreadborough said: "Novo is excited to commence its diamond drill program at Belltopper in the coming weeks.

"The program consists of approximately 2,300 m with six primary planned drill collars designed to test the highest-priority targets at Belltopper. Drilling is expected to take around three months to complete, with assays to be reported throughout H1 2024.

"Significant work has already gone into drilling, mapping and surface sampling, ground and airborne geophysics, and other key techniques to develop an evolving 3=D prospectivity model, which provides a solid framework for drill targeting.

"Belltopper is located only about 50 km south of Agnico Eagle's Fosterville gold mine in the Bendigo tectonic zone, in which over 60 Moz Au have been produced historically."

A series of high-priority diamond drill targets have been generated at Belltopper. This follows an in-depth review of recent and previous exploration activities combined with a large volume of key historic mining and exploration data extracted from historic records and digitised into the current 3-D target model.

Pivotal to target development has been on-the-ground exploration including diamond drilling (Q4 2021 -- Q3 2022), detailed 1:500 scale mapping, targeted rock chip sampling and grid soil sampling. Grid soil sampling highlighted key prospective target corridors on the project, including a robust Au plus As (arsenic) soil anomaly that sits to the east and in the footwall of the regional Taradale fault; representing a very high-priority corridor that will be tested in the upcoming program.

Surface mapping and rock chip sampling, in combination with 3-D modelling of historic reef data, have allowed a detailed understanding of target reef geometries and zones of high structural complexity, including structural intersections (for example, potential shoot zones) and favourable features such as anticlinal hinge zones. These are fundamental characteristics seen in other structurally controlled high-grade deposits within the region (including at the Fosterville mine) and represent a key component of the current drill targets.

The 2022 diamond drilling campaign at Belltopper returned several highly significant intersections from numerous high-priority targets that warrant follow-up drilling, including the Missing Link Reef and Missing Link granite, the O'Connor's and Queens Birthday reefs and the Leven Star reef.

Two holes in the current program will test the Leven Star reef and a potential extension of mineralization to the northeast. One planned hole is designed to target about 80 m down dip of previously reported high-grade mineralization that included: 14 m at 6.1 g/t Au from 120 m, 10 m at 4.9 g/t Au from 173 m, and four m at 8.6 g/t Au from 188 m (MD16) from a developing, significant, high-grade zone.

Recent geophysics completed at Belltopper include ground magnetics, ground gravity and an induced polarization (IP) survey collected during Q4 2022, in addition to an airborne Falcon gravity and magnetic survey completed in 2021. Reprocessed historic geophysics including regional gravity and airborne magnetics, and a historic ground gravity survey was completed by Haines in 2008. Remote sensing data (LiDAR) collected in 2020 and 2022 provided valuable source data for detailed mapping and to identify historic workings.

Gravity and magnetic data sets were fundamental in delineating key structural trends, potential alteration and interpreted subsurface lithological domain boundaries. The lidar (light detection and ranging) provides high-resolution characterization of old historic surface workings and mining infrastructure (including dumps and stockpiles) and therefore accurately delineates mineralized structural trends.

Several high-tenor chargeability anomalies were identified during the 2022 dipole -- dipole ground IP survey at Belltopper. Chargeability anomalies commonly represent zones of increased sulphide mineralization which can, in turn, be associated with, or a vector toward gold mineralization. The most significant chargeability anomaly at Belltopper occurs within a key regional anticline corridor with known gold mineralization and no modern drilling. This represents one of two high-order IP anomalies that will be tested as part of the upcoming drilling campaign.

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.

QP statement

Dr. Christopher Doyle (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. Dr. Doyle is Novo's exploration manager -- Victoria.

JORC compliance statement

The information in this news release in relation to exploration results at Leven Star (Belltopper) 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 ASX website. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and 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.

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