Mr. Mike Spreadborough reports

COMMITMENTS RECEIVED FOR ~A$8.2M PLACEMENT

Novo Resources Corp. has provided an update on the status of the capital raising announced on Feb. 24, 2026, Vancouver time/Feb. 25, 2026, Perth time.

The company has received firm commitments to raise gross proceeds of $7.9-million (Canadian) (approximately $8.2-million (Australian)) through a placement of approximately 16.8 million units at 10 Canadian cents per unit and approximately 61.1 million CHESS depository interests at 10.5 Australian cents per CDI to institutional, professional and sophisticated investors. The company is delighted to welcome new shareholders and appreciates the continued support of existing shareholders.

Each common share issued under the placement within Canada will be issued as part of a unit consisting of one share and one-half of one share purchase warrant. Each free-attaching warrant will be exercisable for a period of three years from the date of issue at a price of 15 cents per share. The issue of units to participants under tranche 2 of the placement will be subject to shareholder approval.

Units and CDIs will be issued under the placement across two tranches, as follows:

• Tranche 1 will comprise the issue of approximately 8.8 million units and approximately 50.2 million CDIs (for aggregate proceeds of approximately $6.0-million (Canadian) (approximately $6.2-million (Australian))); and
• Tranche 2 will comprise the issue of approximately 8.0 million units and approximately 10.9 million CDIs (to raise aggregate proceeds of approximately $1.9-million (Canadian) (approximately $2.0-million (Australian)) and will be subject to shareholder approval at a general meeting expected to occur in May, 2026.

The company's major shareholder, Northern Star Ltd., has committed to participate up to its pro rata holding (approximately 9 per cent). A director has also committed to participate, and the CDIs allocated to it (and to Northern Star) will be issued as part of tranche 2.

Participants under the CDI placement (being those outside of Canada) will also be entitled to be made an offer to apply to receive (for no consideration) one option to acquire a CDI for every two CDIs subscribed for and issued under the placement (with the issue of options to participants under tranche 2 of the placement being subject to shareholder approval). Each free-attaching option will have an exercise price of 15 Australian cents and will expire three years from the date of issue of the tranche 1 options.

The offer of options will be made under a prospectus to be released to the Australian Securities Exchange in due course. Novo intends to apply to ASX for official quotation of the options, but a quotation will be subject to Novo satisfying the requirements of the ASX listing rules, and no assurance can be given that such quotation will be granted.

Novo will resume trading on the ASX from market open today, with settlement of the issue of shares and CDIs under tranche 1 of the placement intended to occur on March 3, 2026. A notice of meeting in respect of the issue of securities under tranche 2 will be dispatched shortly to convene a shareholder meeting for the purposes of seeking the tranche 2 approval.

Canaccord Genuity (Australia) Ltd. and Alpine Capital Pty. Ltd. acted as joint lead managers and bookrunners to the placement. The funds raised through the placement are expected to be primarily used to execute and complete planned drilling and reconnaissance activities across priority projects throughout 2026, subject to final approvals, as well as for general working capital purposes.

It is intended that drilling be predominantly focused on the company's high-priority Western Australian greenfield projects at Wyloo, Balla Balla and Teichman, with programs to commence in second quarter 2026.

Key details of each project are outlined below:

• Wyloo: Once heritage approval has been received, a proposed 1,500-metre reverse circulation drill program will focus on a high-grade vein array with peak rock chip assays returning 0.93 gram per tonne gold, 482 g/t silver, 1.29 per cent antimony, 2.62 per cent copper, 9.7 per cent lead and 15.95 per cent zinc.
• Balla Balla: A planned 6,000-metre AC drill program will focus on expanding on a previously completed 5,996-metre aircore drill program that delineated a large polymetallic geochemical anomaly.
• Teichman: Once heritage approval has been gained, a planned 2,000-metre RC drill program will focus on the two greater-than-one-kilometre strike shear zones identified by field mapping that returned 77.5 g/t Au from Pride NNE, 51.4 g/t Au from Pride N, 30.3 g/t Au from Teichman and 38.3 g/t Au from Mountain Maid.

Novo is also planning a drill program at the Belltopper gold project for second half 2026, which will be aimed at confirming the 2026 exploration target. Belltopper is located approximately 60 km south of Agnico Eagle's Fosterville gold mine in the Bendigo tectonic zone, where over 60 million ounces Au were produced historically.

In addition, Northern Star Resources will continue to conduct exploration at the Egina farm-in/joint venture tenements south of the Hemi gold project.

Novo continues to receive strong annual dividends from its San Cristobal mine investment (unlisted), which has delivered excellent returns to date. Novo believes, given the strong silver price and investment performance, maintaining this investment at this time is the best approach to maximizing shareholder value.

Please refer to the company's corporate presentation, available for download, as it reflects the significant progress across Novo's exploration portfolio.

All shares, warrants and CDIs issued under the placement will be subject to a four-month hold period from the date of closing. CDIs issued under the placement cannot be converted into shares of the company until four months have elapsed from the issue date. The placement is subject to receipt of all necessary approvals from the Toronto Stock Exchange.

About Novo Resources Corp.

Novo is an Australian-based gold explorer listed on the ASX and the TSX focused on discovering stand-alone gold and copper projects with a greater-than-one-million-ounce development potential. Novo is an innovative explorer with a significant land package covering approximately 4,160 square kilometres in the Pilbara region of Western Australia, along with the 22-square-kilometre Belltopper project in the Bendigo tectonic zone of Victoria. In addition to the above, Novo is part of two prospective farm-in agreements in New South Wales.

Novo's key project area in the Pilbara is the Egina gold camp, where Northern Star Resources is farming in to form a joint venture at the Becher project and surrounding tenements through exploration expenditure of $25-million (Australian) for a 50-per-cent interest. The Becher project has similar geological characteristics to Northern Star's 13.6-million-ounce Hemi project. Novo is also advancing gold exploration south of Becher at the Teichman project in the Egina gold camp, part of the Croydon JV (Novo 70 per cent/Creasy Group 30 per cent). Novo continues to undertake early-stage exploration elsewhere across its Pilbara tenement portfolio.

Novo has also formed a lithium joint venture with SQM in the Pilbara, which provides shareholder exposure to battery metals.

Novo has strengthened its high-quality, Australian-based exploration portfolio by adding the TechGen John Bull gold project in the New England orogen of NSW, and the Manhattan Corp. Ltd. Tibooburra gold project in the Albert goldfields in northwestern NSW. Both projects demonstrate prospectivity for significant discovery and resource definition, and align with Novo's strategy of identifying and exploring projects with a greater-than-one-million-ounce-gold potential. These high-grade gold projects complement the landholding consolidation that forms the Toolunga project in the Onslow district in Western Australia.

Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders.

We seek Safe Harbor.