Novo Resources Corp. announced a private placement of 59,100,000 Units of the company at a price per Unit of AUD 0.10 for gross proceeds of AUD 5,910,000 on February 24, 2026. The transaction involves participation from institutional professional and sophisticated investors.

Each Unit will consist of one Share and one-half of one Share purchase warrant. Each Warrant will have an exercise price of AUD 0.15 per Share and will expire three years from the date of issue. Canadian investors who participate in the placement will be issued Shares and Warrants directly.

All other participating investors outside of Canada will receive their securities in the form of CDIs (with the underlying Shares being held by Chess Depository Nominees Pty Ltd) and a subsequent offer of Options under the prospectus. The issue price for the Units represents an approximate 25% discount to the market price of Shares on Toronto Stock Exchange calculated as the 5-day VWAP and the issue price for the CDIs represents an approximate 19.2% discount to the last closing price of CDIs on ASX on February 23, 2026. All securities issued under the placement will be subject to a four-month hold period from the date of closing.

The placement is subject to receipt of all necessary approvals from the TSX. The Lead Managers will receive up to 8,273,557 unlisted broker options to acquire CDIs, depending on the quantum of funds raised under the Placement at an exercise price of AUD 0.15 and with an expiry date of 24 months from the date of issue. The issue of the Broker Options is subject to shareholder approval (which will be sought at the Company?s AGM planned to be held in June 2026).

The Lead Managers will also receive capital raising fees equal to 6% of the proceeds of the Placement.