Highlights – Fourth Quarter
Novo Resources Corp. Head Office
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada
V6E 3T5
Australian Office
Level 3, 46 Ventnor Avenue,
West Perth WA 6005
+61 8 6400 6100
www.novoresources.com
VANCOUVER, Canada – 05 February 2025
Perth, Australia – 06 February 2025
HIGHLIGHTS – FOURTH QUARTER
• Three new high prospectivity farm-in/JV deals in December 2024, strengthening Novo’s
high-quality, Australian based exploration portfolio.
• Onslow District Western Australia1
• Significant new ground position of approximately 1,520 sq km secured at the Toolunga
Project in the Onslow District of Western Australia.
• Option to acquire a 70% interest in the Cane River Project.
• Direct pegging by Novo of six new exploration licenses (100% Novo).
• The Toolunga Project is underexplored with prospectivity for precious and base metal
discovery and aligns with Novo’s exploration strategy targeting > 1 Moz Au potential.
• New South Wales Projects2
• Executed binding term sheets for the John Bull Gold Project in the New England Orogen
of NSW, and the Tibooburra Gold Project in the Albert Goldfields in northwestern NSW.
• Both projects demonstrate prospectivity for significant discovery and resource definition.
• Belltopper Gold Project – Victoria3
• Ongoing work to refine the Exploration Target defined at Belltopper in September 2024
through geological modelling of priority target reefs following completion of 2024 drilling.
• Exploration field programs in Q4 2024 focussed on the Pilbara (Western Australia).
• High grades of up to 4.7% Sb and 146.7 g/t Au4 received from targeted rock chip sampling
as follow up of the Sherlock Crossing historic antimony (Sb) mine.
• Rock chip sampling at Miralga, targeting porphyry-related Cu-Au, yielded peak values of
1.2 g/t Au and 4.4% Cu4 from intense stockwork veining.
• An ~5 km-long soil gold anomaly was delineated across the Tabba Tabba Shear Corridor
between No 6 Bore to Kilkenny targets, including elevated rock samples of up to 3.8 g/t
Au4.
• All required compliance to enable aircore drilling at Balla Balla in 2025 has been finalised.
• De Grey Mining (ASX: DEG) has satisfied it’s $7 million minimum expenditure
commitment in September 2024 and have committed to a further spend of A$18 million
by June 30, 2027, to earn 50% in the Becher Project . Egina is located near De Grey’s 13.6
Moz Hemi Gold Project5.
• Sale of remaining 20% of the Quartz Hill Joint Venture and Novo’s 100% interest in gold and
silver rights in the Quartz Hill Joint Venture for A$850,000 (C$774,000)6 cash.
• Sale of 38% of Novo’s shareholding in privately-owned San Cristobal Mining (San Cristobal) for
gross proceeds of A$11.5 million (C$10.5 million)7 validating the strength and liquidity of this
investment. In January 2025, San Cristobal declared a dividend of US$0.756 per common share
and Novo received US$935,000 (C$1,351,000).
• Strong financial position with a cash balance of A$12.1 million (C$ 10.8 million) and
investments of approximately A$43.8 million (C$39.1 million) as of 31 December 2024.
2
Commenting on Q4 2024, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough
said, “The fourth quarter has put Novo in a very strong position to deliver shareholder success
in 2025.
“The three new projects that we have added to our portfolio are all highly prospective and help
broaden our geographic diversity. The transaction structure for each project allows a great
balance between risk, expenditure and exploration potential. We have hit the ground running
at these projects and are very excited by the potential opportunity for a major gold discovery.
“We have also freed up significant capital through the sale of a portion of our San Cristobal
shareholding, and our remaining interests in the Quartz Hill Joint Venture. Investor interest in
our San Cristobal shareholding was strong. We now have A$12 million cash and more than
A$40 million in investments – balance sheet strength that would make us the envy of many
junior explorers.
“The team at Novo continues to be highly disciplined in our exploration approach and also
when it comes to project generation and consolidation. Our structured approach allows us to
quickly identify priority targets for follow up and highlight tenure that can be dropped or
traded to help us manage our land portfolio and holdings costs.
“To that end, we have resolved to seek interest from parties to acquire or be part of a joint
venture in relation to, the Comet Well and Purdy’s North project, which would allow us to focus
on our high priority opportunities.”
Surface mapping at the John Bull Project in New South Wales
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SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q4 2024.
Discussions with the representatives of the Traditional Owners are on -going as Novo reviews
and updates the relevant access agreements. Novo remains in close contact with Traditional
Owners to ensure appropriate heritage protection for planned exploration activities across all of
its projects.
NEW SOUTH WALES – NEW GOLD PORTFOLIO
TechGen Metals – John Bull Gold Project
The John Bull Gold Project ( John Bull) is an advanced exploration opportunity, located in the
emerging New England district NSW. The tenure consists of two tenements and covers some 32
sq km (Figure 1). The agreement with TechGen Metals Limited (TechGen) (ASX: TG1) grants Novo
an option to acquire an 80% interest in the Micks Bull tenement EL9121 and a 70% interest in the
John Bull tenement EL8389. The initial farm -in period is 12 months, for which Novo will pay
TechGen A$300,000 (approximately C$267,000) in Novo shares, during which Novo is required to
complete 1,500 m of drilling on EL8389. The second farm-in period is 18 months, for which Novo
will pay TechGen A$200,000 (approximately C$178,000) in Novo shares, during which Novo is
required to complete an additional 1,500 m of drilling on EL8389. Following each farm-in period,
Novo has the option to exit the farm-in agreement. If Novo should elect to form the joint venture
after the second farm -in period, an additional A$180,000 (approximately C$ 160,000) in Novo
shares is to be paid to TechGen.
Figure 1: Location of the John Bull Gold Project in northeastern NSW, Australia
Historical highlights at John Bull (Figure 2) include results from a costean by Kennecott Australia
in 1983 which intersected 160 m @ 1.2 g/t Au, including 5 m @ 18.0 g/t Au and 5 m @ 7.1 g/t Au 8.
Soil sampling completed by TechGen highlighted an exceptionally high-order gold anomaly over
900 m long and 250 m wide at > 100 ppb Au with seven samples reporting > 4.5 g/t Au9. Novo has
not conducted data verification (as that term is defined in National Instrument 43-101 Standards
of Disclosure for Mineral Projects and JORC 2012) in respect of the data set out above and
therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No
assurance can be given that Novo will achieve similar results.
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Figure 2: John Bull drill hole and costean locations, soil gold geochemical results and historical soil
sampling locations. The location of drill Section A-A’ (see below) is also noted.
TechGen also completed 17 RC holes for 2,249.5 m (2022 and 2023) with an effective test to ~120
m vertical depth. Peak results from four approximately 100 m spaced sections of shallow RC
drilling by TechGen over 320 m strike (Figure 2) include (Figure 3):
• 94 m @ 0.95 g/t Au from 4 m including 66 m @ 1.14 g/t Au, and
17 m @ 1.08 g/t Au from 109 m (JBRC0006)10
• 68 m @ 1.00 g/t Au from surface, including 23 m @ 2.02 g/t Au (JBRC0001)11
Novo has not conducted data verification (as that term is defined in National Instrument 43 -101
Standards of Disclosure for Mineral Projects and JORC 2012) in respect of the data set out above
or in Figure 3 and therefore is not to be regarded as reporting, adopting or endorsing those
results/figures. No assurance can be given that Novo will achieve similar results.
5
Figure 3: John Bull - E-W Drill section (A-A’ on Figure 2) showing 130 m wide mineralisation and internal
higher grades. System open below 120 m depth. Note, wider intercepts have no restriction on internal
dilution.
All drill sections remain open at depth and the system remains open along strike. An Induced
Polarisation (IP) geophysical survey over part of the target also produced anomalies over known
mineralisation.
Multiple targets have been identified for drill testing, including directly down dip and along strike
of significant intercepts, co-incident or separate Au soil anomalies and IP anomalies, and under
historic workings.
Figure 4: John Bull - Plan view IP image with targets defined by IP (A, 1-4) and soil geochemical targets
(dashed black lines).
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Manhattan Corporation – Tibooburra Gold Project
The Tibooburra Gold Project (Tibooburra) is an advanced exploration opportunity, located in
northwestern NSW and covering the historic Albert Goldfield. Tenure includes six granted
exploration licences over 630 sq km . The agreement with Manhattan Corporation Limited
(Manhattan) (ASX: MHC) grants Novo an option to acquire a 70% interest in the tenements
comprising Tibooburra. The initial farm -in period is 12 months, for which Novo will issue
Manhattan 500,000 Novo shares, during which Novo is required to spend a minimum of
A$500,000 on exploration. The second farm -in period is 12 months, for which Novo will issue
Manhattan 1,000,000 Novo shares, during which Novo is required to spend a minimum of
A$1,000,000 on exploration. Following each farm-in period, Novo has the option to exit the farm-
in agreement.
Tibooburra covers ~55 km of strike along the Tibooburra and Koonenberry Greenstone Belts in
northwestern NSW (Figure 5). The Albert Goldfields is located in the north of the project area . It
was discovered in 1881 and mined in earnest until 1901 with a recorded production of
approximately 55,000 oz Au at mining grades of +20 g/t Au9.
Figure 5:. Geology of the Tibooburra project tenements highlighting the Albert Goldfields at the boundary
of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite
intrusions to the east
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The Tibooburra project area itself displays more than 200 historic workings and over 34 km of
mineralised trend on multiple lines of workings. Several immediate targets have been delineated
by previous workers including New Bendigo, Clone, Pioneer, Elizabeth Reef and Good Friday
(Figure 6). However, outside of the New Bendigo prospect , little systematic modern exploration
has been conducted. The area is significantly under -explored, and satellite imagery and
interpretation shows abundant cover, particularly in the south.
Two advanced drill ready target areas are defined at New Bendigo and Clone (and the associated
Clone Trend).
Figure 6: Tibooburra project tenure, with geology, drill collars, main prospects, highlighting multiple
parallel mineralised trends.
The New Bendigo trend shows extensive historical workings over 2 km strike. Several drill
programs by Manhattan tested over 530 m strike and intersected multiple high-order intercepts.
Extremely high -grade gold has been observed hosted in laminated quartz veins in historical
diamond drilling where peak drill results include12:
• 30 m at 4.03 g/t Au from 11 m, including 5 m at 20.86 g/t Au (NB0033)
• 16 m at 13.89 g/t Au from 1 m, including 3 m at 69.20 g/t Au (NB0083)
8
• 8 m at 40.5 g/t Au from 70 m, including 3 m at 105.34 g/t Au (NB0089)
• 7 m at 13.10 g/t Au from 97 m, including 5 m at 18.01 g/t Au (NB0113)
• 13 m at 6.16 g/t Au from 50 m, including 3 m at 25.48 g/t Au (NB0122)
At Clone extensive historical workings manifest over ~450 m strike and 20 to 40 m in depth.
Drilling by Manhattan in 2023 highlighted potential for shallow dipping high -grade gold
mineralisation. Excellent drill results were returned from 11 holes over 250 m strike to a maximum
depth below surface of 75m, including13:
• 7 m at 7.23 g/t Au from 81 m, including 3 m at 16.1 g/t Au (CL0007)
• 9 m at 6.03 g/t Au from 16 m (CL0010)
• 6 m at 4.22 g/t Au from 66 m, including 2 m at 11.65 g/t Au (CL0004)
• 31 m at 1.29 g/t Au from 60 m, including 3 m at 6.52 g/t Au (CL0002)
Mineralisation at Clone remains open in all directions, with targeted mineralised basement
trending under cover sediments to the south. The cover sediments extend for some 15 km
providing opportunities for exploration targeting potential ‘blind discoveries.’
Novo has not conducted data verification (as that term is defined in National Instrument 43 -101
Standards of Disclosure for Mineral Projects and JORC 2012) in respect of the above data from
New Bendigo and Clone and therefore is not to be regarded as reporting, adopting or endorsing
those results/figures. No assurance can be given that Novo will achieve similar results.
Forward Programs - NSW Projects
Novo is planning to conduct field reconnaissance at both John Bull and Tibooburra in Q1 2025,
including detailed structural work, broad scale geological and regolith mapping, surface soil and
rock chip geochemical sampling prior to targeting RC drill programs.
WESTERN AUSTRALIAN GOLD PORTFOLIO
Onslow District – Toolunga Project
Novo recently pegged six Exploration License Applications for 634 sq km of 100% owned tenure
in the Onslow District of WA, with a further 890 sq km in four Exploration License Applications
(Figure 7) via an option arrangement with OD4 Rocklea Pty Ltd (OD4R) on the Cane River Project
(under which Novo would acquire a 70% interest if the option is exercised) . On execution of the
agreement, Novo paid OD4R A$55,000 as reimbursement for expenditure incurred to date. The
initial farm -in period is 12 months from tenement grant date , for which Novo will pay OD4R
A$45,000. The second farm -in period is 1 2 months, for which Novo will pay OD4R A$100,000 in
Novo shares. Following each farm-in period, Novo has the option to exit the farm-in agreement.
This completes a strategic land holding of 1,524 sq km targeted across the junction of major
tectonic boundaries in the north of WA and is termed the Toolunga Project. The Toolunga tenure
is underexplored using systematic, modern exploration technologies yet displays prospectivity
for precious and base metal discovery and aligns with Novo’s corporate strategy of exploring for
targets with > 1 Moz Au potential.