Mr. Michael Spreadborough reports

SIGNIFICANT RESULTS FROM MALMSBURY VICTORIAN PROJECTS EXPLORATION UPDATE

Novo Resources Corp. has released an exploration update from the 50-per-cent-owned Malmsbury project (RL006587) and adjacent 50-per-cent-owned Queens project (EL007112), located approximately 50 kilometres south-southwest of the high-grade Fosterville mine in Victoria, Australia. The Malmsbury project is a joint venture with ASX (Australian Stock Exchange) listed GBM Resources Ltd. and the Queens project is a joint venture with ASX-listed Kalamazoo Resources Ltd.

Commenting on the results delivered from drilling, Novo executive co-chairman, acting chief executive officer and director Mike Spreadborough said: "We are very pleased with the most recent set of assay results from drilling at the Malmsbury project, highlighted by strong grades generated at the Queens Birthday and Leven Star reefs, along with a compelling result from stepout hole MD22.

"We know this region is highly prospective and we will continue to systematically test compelling targets to build each project in size and scale. The team in Victoria are doing an excellent job and we are excited by the future growth potential of our Victorian project portfolio."

The company has recently completed an 11-hole, 3,162-metre diamond drill program at the Malmsbury project, with positive results generated from several holes reported previously and now including high-grade assays from the Queens Birthday and Leven Star reefs. Key results generated from drilling include:

• 3.1 m at 9.27 g/t (grams per tonne) Au from 400.9 m (MD20);
• 8.1 m at 5.79 g/t Au from 131.9 m (MD21);
• 6.2 m at 3.92 g/t Au from 144.6 m (MD21);
• Stepout hole (MD22) intersected 45 m at 0.23 g/t Au from 134 m, 80 m north of previous reported drilling (MD17).

Novo exercised its option over the Malmsbury project to earn a 50-per-cent interest and the right to earn an additional 10-per-cent interest by incurring $5-million (Australian) in exploration expenditure over a four-year period.

Novo exercised its option over the Queens project to earn a 50-per-cent interest and the right to earn an additional 20-per-cent interest by incurring $5-million (Australian) in exploration expenditure over a five-year period.

Results referred to in this news release are not necessarily representative of mineralization throughout the Malmsbury project and the Queens project.

Details

Drilling program update

All gold and multielement assays have now been returned from the 11-hole, 3,162-metre diamond drilling program at the Malmsbury project. Significant results from the final three holes (MD20, MD21 and MD22) are presented herein. Significant results for earlier holes (MD13 through MD19) have been reported previously.

The associated table highlights new over-one-gram-metre results reported for drill holes MD20, MD21 and MD22 testing reef-related mineralization. Intersections presented for MD20 are considered at or near true width. An oblique component to the intersections in both MD21 and MD22 is interpreted. True width intersections will reduce for MD21 and MD22 when mineralization is interpreted and modelled.

The associated table highlights new over-one-gram-metre results reported for a significant intersection in MD22 across the mineralized felsic intrusive (missing link monzogranite) representing intrusion-related gold (IRG) mineralization and/or intrusion-hosted mineralization. An oblique component to the intersection presented for MD22 is interpreted. Different parameters to calculate the intersections are used for reef-related verses IRG or intrusion hosted mineralization. These parameters are outlined clearly in the respective tables.

Drill hole MD21 successfully tested a developing high-grade shoot/splay zone on the Leven Star Reef within 30 m of MD16, which recently returned over 220 gram-metres of gold down-hole. Significant results from MD21 include two distinct intersections: 8.1 m at 5.79 g/t Au from 131.9 m and 6.2 m at 3.92 g/t Au from 144.6 m; and support modelling of one or more mineralized splay structures along the Leven Star main lode, a feature that was also apparent in MD16.

Drill hole MD20 was collared on farmland on the Drummond historic goldfield and was designed to test down-dip continuity and tenor of the Queens Birthday and O'Connors Historic reefs. MD20 returned a high-grade intercept of 3.1 m at 9.27 g/t Au from 400.9 m across a heterogeneously brecciated and quartz veined fine to medium grained sandstone sequence with fine grained disseminated, acicular arsenopyrite mineralization (locally to 5 per cent). This interval included a 35-centimetre-wide quartz-bearing sulphide breccia that retuned a gold assay of 35.1 g/t Au and corresponding As assay of 2.3 per cent. This intersection represents continuity of the high-grade Queens Birthday reef at depth, where it remains open and untested. The Queens Birthday reef system extends for over 1.25 kilometres of strike, where it disappears southward under tertiary basalt cover and remains untested and open. A 0.5-metre logged and sampled interval containing a puggy fault within laminated siltstone from 116.2 m returned a gold assay of 0.46 g/t Au, with a corresponding As assay of 9310 ppm (parts pre million). This interval potentially represents intersection of the O'Connors reef as a discrete As-rich and gold anomalous structure.

Stepout hole MD22 successfully intercepted a strongly altered, quartz-veined and sulphide-bearing porphyritic intrusive (missing link monzogranite) 80 m north of the previous reported gold-mineralized intrusive in MD171. Assays across the mineralized porphyritic intrusive interval returned 45 m at 0.23 g/t Au and include the upper contact zone. Peak multielement assays within the mineralized felsic intrusive include: 1,935 ppm As; 1.63 ppm Ag; 64.7 ppm bismuth; 143.5 ppm molybdenum; 63.5 ppm antimony and 356 ppm tungsten. The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or IRG system at the Malmsbury project.

Ground geophysical surveys

An IP survey for approximately 18 line km commenced on Oct. 26, 2022. The survey spans the Malmsbury project and the Queens project areas, and involves 11 planned traverses across priority mapping, drilling, historic reef and geochemical targets, in addition to developing geophysical magnetic and gravity targets. The IP survey aims to identify potential sulphide-rich target zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will also aid in delineating key prospective structural corridors, in addition to providing useful information on preferred litho-stratigraphic domains.

Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical work (IP (induced polarization), magnetics and gravity) will take approximately six weeks to complete.

Synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress will form a critical component to aide prioritisation of numerous high-calibre targets for upcoming diamond drill testing in H1 2023.

Forward work program 2022 and 2023

The current round of ground geophysics (IP, gravity and magnetics) is scheduled to be completed mid to late December and will conclude prior to the Christmas break. Mapping, soil sampling and rock chip sampling across priority target areas where access has recently been established will occur contemporaneously with the ground geophysics to better inform the surveys.

Exploration moving forward will involve a second phase of drilling that aims to build on current success and additionally test the remaining and developing high-priority mapping and geophysical targets not tested in the recently completed campaign. This is currently scheduled for H1 2023, pending rig availability.

Systematic soil geochemistry, mapping and rock chip sampling on both projects has been significantly hampered throughout H2 2022 by persistent rain and flooding events across the Eastern Australian states. These field programs will recommence as soon as is practical and will continue into 2023.

Sampling and analytic methodology

Diamond core

The diamond drill core was sampled by cutting the core in half longitudinally. Samples were cut to geological boundaries or to a preferred length of one m. The core was halved along the plane of orientation using a diamond saw and the upper half of the core dispatched for analysis and the lower half returned to the core tray in its original orientation. Sampling interval lengths range from 0.3 m up to 1.3 m. Core loss zones greater than or equal to 0.2 m are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 m. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 m and greater than 0.1 m can terminate a sampling sequence or be included within a sample interval with the percentage of sample recovery recorded. Where core loss cannot be specifically attributed, the percentage of sample recovery is recorded.

All core samples were crushed and pulverized at ALS Ltd. in Adelaide, Australia (ALS CRU-21/PUL-23) and subsampled for fire assay and multielement analysis at ALS in Perth, Australia (ALS Au-AA26, ME-MS61).

Drill core duplicates are inserted at a rate of one sample every 25. To produce a duplicate sample, the whole core sample is first cut in half, with half of the core returned to the tray. The other half is then quartered, with one quarter used as a primary sample and the other as the duplicate.

Blanks and standards are inserted at a rate of eight samples in 100, with three OREAS CRM standards (OREAS 232, OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically repeated.

No QA/QC (quality assurance/quality control) issues were detected. All relevant data was verified by a qualified person as defined in National Instrument (NI) 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) by reviewing analytical procedures undertaken by ALS.

QP (qualified person) statement

Dr. Christopher Doyle (MAIG) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Doyle is Novo's exploration manager -- Victoria and project generation.

About Novo Resources Corp.

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including Beatons Creek, along with two joint ventures in the Bendigo region 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.

We seek Safe Harbor.