Sumitomo Converts Egina Interest to 1.36% Interest IN Novo Key Points
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
April 21, 2022
SUMITOMO CONVERTS EGINA INTEREST
TO 1.36% INTEREST IN NOVO
KEY POINTS
• Sumitomo Corporation of Tokyo, Japan (“ Sumitomo”) has elected to convert its notional interest in Novo’s
Egina project in Western Australia to an equity stake in Novo1
• Novo welcomes Sumitomo as a new shareholder with a twelve-month restricted 1.36% undiluted stake
• Pursuant to a non-binding memorandum of understanding2 (“MoU”), Novo and Sumitomo are discussing new
exploration opportunities inclusive of base metal opportunities on Novo tenure in the Pilbara region of Western
Australia
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX:
NSRPF) is pleased to report that Sumitomo has converted its notional interest in the Company’s Egina project in
Western Australia to a 1.36% shareholding (the “Conversion”) pursuant to a farmin and joint venture agreement
(the “Agreement”)1. A total of 3,382,550 common shares of the Company were issued upon the Conversion, all of
which are subject to orderly sale restrictions and a twelve-month contractual hold period expiring on April 21, 2023.
The Agreement was completed as a result of the Conversion.
Pursuant to the Mo U, Novo and Sumitomo are discussing new exploration opportunities across Novo’s 12,500
square kilometre tenure package.
“We are delighted to welcome Sumitomo as a Novo shareholder,” commented Dr. Quinton Hennigh, Non-Executive
Co-Chairman of Novo. “ Novo and Sumitomo have been working together since mid -2017, and we welcome
Sumitomo’s collaborative approach to exploration. Novo holds over 12,000 sq km of highly prospective tenure
covering not only gold, but also significant base metal potential, across the Pilbara . Novo and Sumitomo are
committed to furthering discussions on new opportunities to work together.”
Novo intends to advance basement gold targets at the Egina project, including multiple discrete untested
aeromagnetic anomalies with characteristics comparable to the “Hemi -style” gold-bearing sanukitoid intrusions
being developed by De Grey Mining Ltd. (ASX: DEG) 3. Novo’s conglomerate gold focus remains at Comet Well and
Purdy’s Reward where Novo intends to relocate its mechanical sorter in mid -2022 to test up to 20,000 tonnes of
potentially mineralized material4. In addition, Novo intends to advance base metal opportunities at the Company’s
recently identified Au-Cu and Ni -Cu-Co targets at the Southcourt and Andover targets near Karratha, Western
Australia5.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo .) is the qualified person, as defined under National Instrument 43 -101 Standards of
Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information
contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek Project while exploring and developing its prospective land package
covering approximately 12,500 square kilometres in the Pilbara region of Western Australia. In a ddition to the
Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value -accretive
opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail
1 Refer to the Company’s news release dated June 7, 2019.
2 Refer to the Company’s news release dated January 7, 2019.
3 Refer to the Company’s news release dated November 4, 2021 and February 24, 2022.
4 Refer to the Company’s news release dated December 21, 2021.
5 Refer to the Company’s news release dated November 30, 2021.
{02467467;1} 2
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, (1) that Novo intends to advance basement gold targets at the
Egina project, (2) that Novo intends to relocate its mechanical sorter in mid-2022 to Comet Well and Purdy’s Reward
to test up to 20,000 tonnes of potentially mineralized material , and (3) that Novo intend s to advance base metal
opportunities at the Company’s recently identified Au -Cu and Ni -Cu-Co targets at the Southcourt and Andover
targets near Karratha, Western Australia . These statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements to be materially different from any future results, performance or achievements expressed or
implied by the statements. Such factors include, with out limitation, customary risks of the resource industry and
the risk factors identified in Novo’s management’s discussion and analysis for the year ended December 31, 2021,
which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of
the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update
or to publicly announce the results of any change to any forward-looking statement contained or incorporated by
reference herein to reflect actual results, future events or developments, changes in assumptions or changes in
other factors affecting the forward -looking statements. If Novo updates any forward -looking statement(s), no
inference should be drawn that the Company will make additional updates with respect to those or other forward-
looking statements.