Novo Resources : Business Update – April 2026

HIGHLIGHTS

Vancouver - 29 April 2026

Perth - 30 April 2026

• 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 (ASX: ARV)) 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 (ASX: NST) 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.

    Novo Resources Corp Australian Office

    Level 3, 46 Ventnor Avenue, West Perth WA 6005

    Mailing Address
    
    

    PO Box 566

    West Perth, WA 6872

• 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, WESTERN AUSTRALIA - 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 contigency 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 (ASX:ARV) 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.

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