Mr. Mike Spreadborough reports

COMPLETION OF TRANCHE 1 OF PLACEMENT AND VALUATION UPDATE

Novo Resources Corp. today completed tranche 1 of the placement it announced on Feb. 24, 2026, and Feb. 26, 2026 (Vancouver) (Feb. 25, 2026, and Feb. 26, 2026 (Perth)).

The company has received gross proceeds of approximately $5.90-million (Canadian) (approximately $6.20-million (Australian)) through the issue of:

• Approximately 8.4 million units at 10 Canadian cent sper unit to investors in Canada (with each unit comprising one common share and one-half share purchase warrant);
• Approximately 50.6 million CHESS depository interests (CDIs) at 10.5 Australian cents per CDI to investors outside of Canada. One common share underlies each CDI.

The company is delighted to welcome new shareholders and appreciates the continued support of its existing shareholders. Tranche 2 of the placement is subject to shareholder approval, which will be sought at the company's annual general meeting (which it anticipates will be held in May, 2026).

Valuation update

In line with its accounting policies, the value of company's investments is assessed at each reporting period. In connection with the company's Dec. 31, 2025, year-end reporting cycle, it has been determined that the holding value of the company's investment in Elementum 3D (an unlisted 3-D printing materials technology and supply company based in Erie, Colo.) will be reduced by $12.84-million (Canadian) ($13.18-million (Australian)). This is a result of updated valuation data based on current market and trading conditions. This updated valuation will be included in the company's financial report for the year ended Dec. 31, 2025, due to be finalized, approved and released shortly.

During the year ended Dec. 31, 2025, a number of the company's tenements were relinquished or sold. To ensure that the company's remaining assets are recorded in its accounts at the appropriate value, an impairment of $10.36-million (Canadian) ($10.67-million (Australian)) will be recognized based on the value of tenements held at the end of the reporting period. Again, this is in line with the company's accounting policies and is consistent with previous annual adjustments. This update will also be included in the company's financial report for the year ended Dec. 31, 2025, which is expected to be released shortly.