Novo Resources Corp. reported on the current key activities carried out by the Company. 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 second quarter of 2026 with additional drilling planned for other key projects in second half of 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 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. 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. The Belltopper Gold Project 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. 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.
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 and covers much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km. 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. 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.
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. 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 second half of 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. 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 fourth quarter 2025 included mapping and surface sampling and has defined multiple shear-hosted gold targets along the Pride and Teichman trends.
