Novo Resources Business Update
Novo Resources Business Update
HIGHLIGHTS
• The Exploration Target at the Belltopper Gold Project in Victoria , has been significantly increased following
detailed review and assessment. Preliminary planning has commenced for potential drilling in H2 2026, aimed to provide
further confidence in the updated 2026 Exploration Target.
• Successful exploration at Teichman in the Egina Gold Camp defined multiple prospects over an area of 1.3 x 2.5 km,
with notable potential along two main shear corridors. Rock-chip assay results include peak values of 77.5 g/t Au and
51.4 g/t Au, with 11 of 87 samples collected grading > 10 g/t Au .4
• Recent field exploration programs at the Wyloo Au-Ag-Sb Project have significantly enhanced the potential of the
project, provided new targets for follow up and defined several targets ready to drill in Q2 2026.
• Drilling at Sherlock Crossing returned peak gold and antimony results of 3 m @ 2.96 g/t Au and 1.86% Sb from 108
m including 1 m @ 7.71 g/t Au and 4.77% Sb . The system remains open at depth. 4
• Results from a recently completed reconnaissance program at the Tibooburra Gold Project in NSW defined new
targets including:
• Pioneer North, with a peak result of 39.9 g/t Au3
• Pioneer South, where seven of the 20 rock chip samples assayed > 4 g/t Au with a peak result of 19.8 g/t
Au3
• Drill targets are currently being assessed to test down plunge high-grade shoots at Clone and New Bendigo and
the recently defined Pioneer South target.
• All regulatory approvals for drilling of currently planned RC holes at the John Bull project near Grafton NSW, have been
received and landholder access negotiations are ongoing.
• Q2 2026 drill planning is advanced with drilling focused on the Wyloo Project (gold – silver – antimony), Balla Balla
Project (polymetallic) and Onslow Toolunga Project (copper – gold).
• Cash balance of A$8.5 million (C$7.7 million) and investments of approximately A$23 million (C$21 million) as
of 31 December 2025.
PERTH, Australia, Feb. 11, 2026 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB:
NSRPF) is pleased to report on the current key activities carried out by the Company.
PORTFOLIO
Novo continues to assemble a diversified gold exploration and development portfolio located across leading mining provinces in
Australia and has a mix of greenfields, advanced greenfields, and advanced exploration projects.
The Company has scheduled drill programs across the Wyloo (gold – silver – antimony), Balla Balla (polymetallic) and Onslow
Toolunga (copper – gold) Projects in Q2 2026 with additional drilling planned for other key projects in H2 2026. These
programs are set to deliver a strong pipeline of news throughout 2026.
A dedicated project generation program continues to focus on identifying advanced gold and copper assets to further enhance
Novo’s portfolio.
BELLTOPPER GOLD PROJECT – VICTORIA
An updated Exploration Target was presented for the Belltopper area (Figure 1) in February 2026, based on an in-depth
review of the local geology, historical data, and previous drilling relevant to eight highly prospective reefs within the project
area. See Novo’s news release dated 11 February 2026. The updated 2026 Exploration Target includes the addition of a new
reef and increased strike and/or dip extents for four of the seven reefs documented in the earlier 2024 Exploration Target 1 (see
Table 1, Table 2 and Figure 2).
Figure 1. Belltopper Gold Project location map with regional gold occurrences and major structures2.
The Belltopper Gold Project (‘ Belltopper’) is located 120 km northwest of Melbourne and approximately 60 km south of
Agnico Eagle’s Fosterville Gold Mine in the Bendigo Zone, an area with historical gold production of more than 60 million
ounces. Kaiser Reef Limited’s Maldon processing plant is located some 40 km to the northwest of the project area and Alkane
Resources Limited’s Costerfield’s operation is located some 50 km to the northeast of Belltopper.
2026 UPDATED EXPLORATION TARGET
Table 1. Updated 2026 Exploration Target for the Belltopper Gold Project1
Figures may not compute due to rounding.
Low Case (approximation)
High Case
(approximation)
Tonnage range 2.1 Mt 3.1 Mt
Grade range 6.7 g/t Au 8.9 g/t Au
Clarification statement: An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the
exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of
tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate
a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC
Code (2012). The potential quantities and grades referred to above are conceptual in nature and there has been insufficient
exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral
Resource. These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often
around historical workings. The Exploration Target has been reported in accordance with the JORC Code (2012), as detailed in
the Company’s ASX announcement released on 11 February 2026 (available to view at www.asx.com.au). The Tonnage range
for the exploration target is 2.1Mt to 3.1Mt, the Grade range is 6.7g/t Au to 8.9g/t Au. Dr Christopher Doyle (MAIG) and Dr
Simon Dominy (FAusIMM CPGeo; FAIG RPGeo), are the qualified persons, as defined under National Instrument 43-101
Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information
relating to the Exploration Target. Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to
Novo.
Table 2. Breakdown of tonnage and grade for Low and High Cases (per reef) for the 2026 Exploration Target. Figures may not
compute due to rounding. Refer to Figure 2 for location plan.1
Target Reefs
Reef No. on
Figures 2-4
Low Case
Tonnage (t)
High Case
Tonnage (t)
Low Case Grade
Range (g/t Au)
High Case Grade
Range (g/t Au)
Leven Star 1 580,000 810,000 4.6 5.1
Missing Link 2 150,000 220,000 7.7 10.5
Never Despair 3 180,000 270,000 7.7 10.5
O’Connor’s 4 540,000 800,000 7.7 10.5
Queens /Egyptian 5 170,000 230,000 7.7 10.5
Hanover 6 120,000 170,000 7.7 10.5
Piezzi/Stackyards 7 300,000 450,000 7.7 10.5
West Domain Fault 10 90,000 140,000 4.4 6.3
TOTAL - 2,100,00 3,100,000 6.7 8.9
Clarification statement: An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the
exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of
tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate
a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC
Code (2012). The potential quantities and grades referred to above are conceptual in nature and there has been insufficient
exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral
Resource. These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often
around historical workings. The Exploration Target has been reported in accordance with the JORC Code (2012), as detailed in
the Company’s ASX announcement released on 11 February 2026 (available to view at www.asx.com.au). The Tonnage range
for the exploration target is 2.1Mt to 3.1Mt, the Grade range is 6.7g/t Au to 8.9g/t Au. Dr Christopher Doyle (MAIG) and Dr
Simon Dominy (FAusIMM CPGeo; FAIG RPGeo), are the qualified persons, as defined under National Instrument 43-101
Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information
relating to the Exploration Target. Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to
Novo.
The 2026 Exploration Target demonstrates significant growth in tonnage and grade when compared with the earlier 2024
Exploration Target. Key improvements from the 2024 Exploration Target to the 2026 Exploration Target (Low and High Case)
include:
• Tonnage Growth: An increase of 40% (Low) to 48% (High)
• Au Grade Improvement: An increase of 1.5% (Low) to 6% (High)
This assessment brings in the Western Domain Fault as a new reef and encapsulates strike and depth extensions on four of
the seven priority reefs included in the earlier 2024 Exploration Target. The assignment of grade to the updated Exploration
Target has also changed through accounting for historical metallurgical recovery and reinterpretation of Waste and Low Grade
(LG) material.
Planning has commenced for potential drilling in H2 2026 aimed to provide further confidence in the Exploration Target.
Figure 2 Overview Map of the Belltopper Gold Project showing location of the eight reefs included in the 2026 Exploration
Target (see also Table 2), downhole gold tenor, historical workings, and important geological elements of the field.
NEW SOUTH WALES PORTFOLIO
Figure 3 Location map showing Novo’s NSW projects
Tibooburra Gold Project (Novo 100% and Farm-in with Manhattan Corporation)
The Tibooburra Gold Project (Tibooburra) is an advanced exploration opportunity, located in northwestern NSW (Figure 3) and
covers much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km (Figure 4). The
agreement with Manhattan Corporation Limited (Manhattan ) grants Novo an option to acquire a 70% interest in the project.
Two applications (ELA6968 and ELA7001) for additional tenure, comprising a total of 166 units (~ 489 sq km in area) were
lodged in 2025 (Figure 4). The applications extend the project tenure for approximately 20 km northwest of Tibooburra and
surround the project, contiguous to the Farm-in tenure. The tenements include the northern extension of the Albert Goldfield,
extensions to known mineralised trends and interpreted parallel trends, accompanied by numerous historic workings.
Figure 4:. Geology and main prospects of the Tibooburra 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.
Exploration in H2 2025 at Tibooburra included two programs of mapping and surface sampling focussed on testing the large-
scale mineralised trends across the district and identifying new targets. The programs significantly advanced geological
understanding of the high-grade gold system at Tibooburra to better assess targeted follow-up drilling.
Results from rock chip sampling in October 2025 include 39.9 g/t Au from Pioneer North 3, and multiple > 1 g/t Au results at
Pioneer South 3, with peak values of 19.8 g/t Au, and 8.12 g/t Au and 5.83 g/t Au from quartz reefs and dumps 3 from
historic workings along a ~ 600 m (undrilled) line of historic workings (Figure 5). These results highlight the potential for high-
grade gold from multiple reefs, within an extensive multi-kilometre-scale alteration corridor.
Figure 5: Plan view of quartz reefs with rock chip assays (Novo Resources sampling) at the Pioneer prospect and 30 ppb soil
Au anomaly 3
Programs at the Warratta Creek and Elizabeth Reef regional prospects returned only low-level assays. The soil results at
Elizabeth Creek display discontinuous and short strike length >15 ppb gold anomalism, which are also deemed low priority.
John Bull Gold Project (Farm-in with TechGen Metals)
The John Bull Gold Project (John Bull) is an advanced exploration opportunity, located in the prolific New England Fold Belt of
NSW (Figure 3). The tenure consists of two tenements and covers some 32 sq km. The agreement with TechGen Metals
Limited (TechGen) grants Novo an option to acquire an 80% interest in the Mick Bull tenement (EL9121) and a 70% interest
in the John Bull tenement (EL8389).
A ~ 1,750 m RC drill program is planned to test four key, high priority target areas identified to date on the project, including
the John Bull Main, John Bull South, Hills Creek West and Diggers North targets. Drilling will commence upon the Company
obtaining all required regulatory and land access approvals. Regulatory approvals for the planned RC drilling are in place with
landholder access negotiations ongoing.
Forward Programs - NSW Projects
At Tibooburra drill targets are being developed at Pioneer, New Bendigo and Clone for potential drill programs in H2 2026.
This will include designing follow up RC drilling at Clone to test the northern extension of the high-grade shoot defined by Novo
over 300 m strike in 2025 RC drilling.
At John Bull a ~1,750 m RC drill program is planned to commence once land holder accesses is obtained. Subject to drill rig
availability, the RC drill program will test the four Key Target Areas at John Bull Main, John Bull South, Hills Creek West and
Diggers North.
WESTERN AUSTRALIAN PORTFOLIO
Recent exploration programs completed across the Company’s Pilbara project portfolio (Figure 6) provided mapping and rock
chip sampling results from the Teichman area, located in the Egina Gold Camp; scout drill results from the Sherlock Crossing
Au-Sb prospect; and follow up surface sampling results from the Wyloo Au-Ag-Sb Project where RC drilling is planned for Q2
2026.
Desktop work at the Toolunga Project in the Onslow District continued in preparation for tenement grant.
Figure 6: Novo Pilbara and Onslow tenure showing main projects and significant prospects.
Egina Gold Camp - Teichman Area
Novo is advancing gold exploration in the Teichman area, which is part of the Croydon JV (70% Novo and 30% Runnel
Holdings Pty Ltd, an entity of Mark Gareth Creasy ( Creasy Group)).
The project area includes multiple historic workings centred on two main mineralised shear zones, over an area of
approximately 2.5 by 1.3 km. Exploration at Teichman completed in Q4 2025 included mapping and surface sampling and has
defined multiple shear-hosted gold targets along the Pride and Teichman trends (Figure 7).
Exceptional rock chip assay results were returned from multiple prospects sampled by Novo, confirming and expanding on
limited previous sampling in the area, with peak results from prospects (Table 3) including:
• 77.5 g/t Au, 9.3 g/t Ag and 0.24% Cu at Pride NNE 4
• 51.4 g/t Au, 7.9 g/t Ag and 0.59% Cu at Pride N 4
• 6.9 g/t Au at Pride 4
• 30.3 g/t Au Teichman 4
• 17.5 g/t Au at Teichman N 4
• 38.3 g/t Au at Mountain Maid 4
Table 3: Significant rock chip results received from the Teichman area 4
Sample ID
Sample
Type Prospect Easting (m) Northing (m) Height (m) Au (g/t) Cu ppm Ag ppm
R07441 Rock Chip Pride N 624163 7648152 221 4.0 950 0.6
R07442 Rock Chip Pride N 624167 7648150 221 51.4 5940 7.9
R07444 Rock Chip Pride N 624173 7648151 222 21.0 5800 3.5
R07450 Rock Chip Pride N 624273 7648195 219 7.4 1090 1.3
R07452 Rock Chip Pride N 624244 7648165 225 1.3 5 0.1
R07453 Rock Chip Pride N 624140 7648119 221 19.4 50 0.7
R07457 Float Pride NNE 624546 7648511 212 1.4 207 0.6
R07459 Float Pride NNE 624527 7648513 212 1.9 932 0.6
R07461 Float Pride NNE 624480 7648512 212 7.6 1230 1.9
R07462 Rock Chip Pride NNE 624473 7648516 208 77.5 2420 9.3
R07465 Rock Chip Pride NNE 624556 7648529 203 36.7 8720 6.3
R07467 Rock Chip Pride NNE 624548 7648586 212 13.2 916 2.6
R07468 Rock Chip Pride NNE 624557 7648598 216 7.9 565 2.1
R07469 Rock Chip Pride NNE 624562 7648606 208 4.4 1320 3.2
R07474 Rock Chip Pride 624101 7647746 219 6.9 583 1.3
R07494 Float
Mountain
Maid 623865 7647029 226 38.3 70 1.1
R07495 Rock Chip
Mountain
Maid 623883 7647031 227 10.1 1301 0.7
R07496 Rock Chip
Mountain
Maid 624055 7647082 219 2.1 19 0.2
R09043 Mullock Grab Teichman S 624814 7647089 198 10.4 25 0.4
R09044 Mullock Grab Teichman S 624821 7647098 196 17.5 106 0.7
R09047 Mullock Grab Teichman 624858 7647328 201 2.2 293 0.1
R09048 Mullock Grab Teichman 624905 7647329 202 30.3 53 0.7
R09049 Mullock Grab Teichman 624886 7647331 201 4.9 98 0.2
R09050 Mullock Grab Teichman 624797 7647243 208 4.6 75 0.1
This work comprised Novo’s first pass on-ground exploration program to define targets for drilling, following discussions with
the Mugarinya Community which facilitated Novo’s access onto the Yandeyarra Reserve to conduct low impact exploration.
Figure 7 Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover 4.
Wyloo Au-Ag-Sb Project 5
Novo continued to progress exploration at the Wyloo Project in the southern Pilbara after identifying prospectivity for antimony
during a field reconnaissance program in 2023.
Recent work in Q4 2025 included a soil grid over the Wyloo SE vein system and surrounds (Figure 8); and detailed infill stream
sediment sampling, rock chip sampling and mapping at Wyloo SW (Figure 9).
Results from these programs have significantly enhanced the potential of the project, provided new targets and allowed for the
interpretation of several targets ready to drill in Q2 2026.
At Wyloo SE a strong multielement soil anomaly (with coherent high Sb grades) was defined over 150 m strike, tending
parallel to stratigraphy and crosscutting the main vein array previously defined by Novo, suggesting a strong stratigraphic
control to the anomany and target. Peak soil alues include ppm 57.2 ppm Ag, 142 ppm Sb, 1,440 ppm As, 2,180 ppm Zn and
1,530 ppm Pb.5 Multielement anomalies are zoned, generally trend WNW parallel to stratigraphy and are open under cover.