Novo Resources Provides Business Update
Novo Resources Provides Business Update
HIGHLIGHTS
• Exploration drill programs in Q2 2026 are focused on the Pilbara, Western Australia.
• Drilling is underway at the Wyloo Antimony Project testing the large poly-metallic geochemical target,
mineralised structures, and the potential for stratabound mineralisation. The Paulsens gold deposit lies ~40 km
to the northwest within the Wyloo Dome. An initial program of ~2,500 m RC is planned to test the polymetallic
vein with further drill sites prepared to test the geochemical soil anomalies undercover if required.
• Drilling at Cronus Gold Prospect will follow with ~ 2,000 m of RC in five fences to test across the Titan Shear,
targets include interpreted fault offsets, kinks and splays between the Titan East Prospect (Artemis Resources)
to the southwest and the Weerianna deposit to the northeast.
• Follow up drilling at Balla Balla Polymetallic Project is planned with 6,000 m of Aircore drilling to infill the
previous anomalies along the Scholl shear at the Babbage and Ramquarry Prospects.
• Drill planning is now underway to follow up with a rig at the Teichman Gold Project in Q3 2026, once all
approvals have been received.
• Belltopper Gold Project (Victoria) being advanced.
• Preliminary drill site locations have been identified for drilling in H2 2026, aiming to provide further confidence in
the updated 2026 Exploration Target and the definition of further potential reefs.
• An updated exploration target was identified and released to the market during the quarter.
• Egina and Farno Projects: Farm-In and Joint Venture Agreements with Northern Star Resources Ltd in the
Pilbara, WA
• Northern Star Resources Ltd have proposed on-ground gravity and Induced Polarisation (IP) geophysical surveys
for multiple Egina and Farno Project tenements in the latter half of 2026, subject to board and land access
approvals. The geophysical targeting tools are designed to develop targets for potential drill testing in calendar
2027.
• Onslow District, Western Australia
• Geophysical review by consultant geophysicist during the quarter highlighted several targets within the Cane
River Project JV (with OD4 Rocklea Pty Ltd). Novo are awaiting grant of tenement applications with planning
underway for on-ground reconnaissance programs of mapping and sampling over the identified targets.
• Corporate
• The new General Manger Exploration Rohan Williams started with the Company on 15 April 2026.
• On 6 March 2026, Tranche 1 of the Placement, announced to the ASX on 25 February 2026 completed. Tranche
2 of the Placement is subject to shareholder approval, which will be sought at the Company’s Annual General
Meeting which is scheduled for 22 May 2026.
• Under Tranche 1 of the Placement , the Company received gross proceeds of ~A$6.20m (approximately
C$5.90m) through the issue of :
◦ ~8.4m units at C$0.10 per unit to investors in Canada (with each unit comprising one Common Share and
one-half (0.5) share purchase warrant); and
◦ ~50.6m Chess Depository Interests (“ CDIs”) at A$0.105 per CDI to investors outside of Canada. One
Common Share underlies each CDI.
• Cash balance of A$11 million (C$10.6 million) and investments of approximately A$21 million (C$20 million) as of
31 March 2026.
PERTH, Australia, April 29, 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.
A dedicated project generation program continues to focus on identifying advanced gold and copper assets to further enhance
Novo’s portfolio.
WESTERN AUSTRALIAN PORTFOLIO
Exploration programs completed across the Company’s Pilbara project portfolio (Figure 1) have provided a number of high
priority drill targets 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 1: Novo Pilbara and Onslow tenure showing main projects and significant prospects.
Wyloo Au-Ag-Sb Project
The Wyloo Antimony Project (“Wyloo”) area covers two exploration tenements in the southern Pilbara (Figure 2:). The Wyloo
SE and Wyloo SW prospects lie within the core of the Wyloo anticline, in the SE flank of the Wyloo Dome, which forms a
basement high within the Ashburton Basin. The Paulsens gold deposit lies in the NE part of the Wyloo Dome, approximately
40 km WNW of Wyloo SE.
Novo has continued to progress exploration after regional stream sediment sampling reported highly anomalous antimony in
2023. Follow up mapping and soil sampling has significantly enhanced the potential of the project, provided new targets and
defined prospective targets ready to drill.
A program of 2,500m of RC drilling is planned initially with contingency to extend the drilling under the shallow cover.
Figure 2: Wyloo tenure showing high order stream sediment antimony anomalies, previously released soil sampling at the SE
anomaly (inset) has defined a large antimony anomaly extending under shallow cover to the west.
At Wyloo SE a strong multielement soil anomaly (with coherent high Sb grades) was defined over 150 m strike, trending
parallel to stratigraphy and crosscutting the main vein array previously defined by Novo; suggesting a strong stratigraphic
control to the anomaly and target. Peak soil values include 57.2 ppm Ag, 142 ppm Sb, 1,440 ppm As, 2,180 ppm Zn and
1,530 ppm Pb.1 Multielement anomalies are zoned, generally trend WNW parallel to stratigraphy and are open under cover.
Follow-up exploration on the high-order Sb stream anomaly at Wyloo SW has defined a target area of 2.5 km x 800 m with
peak stream sediment results of 20 ppm Sb and a multielement association of Sb-As-Cu-Pb-Zn. 2
Figure 3: Previously released peak rock chip results at the Wyloo SE prospect and geology (outcrop mapping), highlighting
significant Ag, Sb, Au, Cu, Zn and Pb results from the main vein array. Much of the target area only poorly outcrops (refer
Figure 2 for geological setting).3, 4
A heritage survey was completed in March at Wyloo SE to provide access for RC drilling and has cleared the area for drilling.
Sectional drilling will test the vertical metal zonation of the polymetallic system, grade and width of the mineralisation and
potential plunge of the target.
Maiden drilling at Wyloo SE is planned to target:
• The main ENE trending polymetallic vein array
• The Tasha Fault zone, also trending ENE
• The WNW trending stratigraphy, particularly at the intersection and in the vicinity of the sulphide bearing quartz-eye
porphyry.
Cronus Gold Project
Cronus Gold Project (Cronus) is an early-stage exploration project centred on the Titan Shear Zone (Figure 4) in the northern
Pilbara (Figure 1). Novo has completed a mapping and geochemical sampling program over a 2 km trend, targeting the Titan
Shear Zone and interpreted splay faults under shallow cover. The program is planned for 2,000 m of drilling on regionally
spaced lines designed to test several interpreted structural targets.
Drilling by Artemis Resources at the Titan East prospect has reported significant gold in a major shear zone at the contact
between the Ultramafics and the Basalt. The Titan shear can be traced over ten kilometres to the north-east into the
Weerianna gold deposit.
This shear zone is interpreted and can be traced on the ground into Novo’s Cronus prospect where outcropping ultramafics and
basalts are mapped with major shear related veining identified. Limited geochemistry sampling has now been completed where
the shear is under shallow cover and interpreted fault offsets, kinks and splays will be drill tested.
Five sectional drill traverses are planned with ~2,000 m of RC drilling to test the shear zone for shallow economic
mineralisation.
Figure 4: Cronus Gold Prospect tenure showing the regional setting of the Titan shear zone and the Titan and Weerianna
deposits.
Balla Balla Gold Project
Balla Balla Gold Project ( Balla Balla ) is an early-stage exploration project centred on the Sholl Shear Zone in the northern
Pilbara (Figure 5). In May 2025, Novo completed a maiden AC program testing several prospects over a 10 km trend, targeting
the Sholl Shear Zone and interpreted splay faults under shallow cover. The program included 187 AC holes for 5,996 m on
regionally spaced lines varying from 640 m to 2.8 km apart and was designed to test several interpreted targets.
Figure 5: Balla Balla Gold Project location on regional aeromagnetic image demonstrating the major interpreted structures of
the Pilbara including the Scholl Shear and Mallina Shear Zones
Assessment of the results from the previous drilling highlight anomalous Au-Ag-Bi-Sb-Cu-Mo-Zn geochemistry at Ramquarry
and South Babbage prospects along the Sholl Shear, related to strong silica-chlorite alteration and/or zones of intense quartz
veining and sulphide, indicating significant hydrothermal activity. Peak results from broad zones of low-level anomalism
associated with the Sholl Shear includes assay of 182 ppm Sb and 114 ppb Au. 5
The follow up infill and extensional Aircore drill program is planned at both Ramquarry and Babbage areas, as displayed on
Figure 6 to further test the fertile Sholl Shear Zone, complex structural setting and definitive hydrothermal signature.
Figure 6: Balla Balla Project with tenure, priority prospects and previous gold results from AC drilling in 2025 over interpreted
geology and aeromagnetics. Red polygons define follow up drill target areas.
Egina Gold Camp - Teichman Gold Project
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 2.5km 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).
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.
Heritage surveys are planned to clear a program of RC drilling for mid-2026.
Figure 7: Teichman prospects highlighting Novo rock chip results > 5 g/t Au and geological interpretation with regolith cover. 6
Egina Gold Camp – Egina Earn-in/JV (Northern Star earning a 50% interest)
Northern Star Resources Limited is completing ongoing desktop reviews of the Egina JV. They are currently undergoing
exploration fieldwork proposals of JV wide geophysics and on ground mapping and sampling – subject to heritage approval,
which will require acceptance by the NST board in early Q3 2026.
Egina is located near the 13.6 Moz Hemi Gold Project 7. No assurance can be given that a similar (or any) commercially viable
mineral deposit will be determined at Novo’s Egina Project.
BELLTOPPER GOLD PROJECT – VICTORIA
The Exploration Target for the Belltopper area (Figure 8) was updated 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 Table
1, Table 2 and Figure 9).8
Figure 8. Belltopper Gold Project location map with regional gold occurrences and major structures9.
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 Project8
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