Novo Resources Corp. (‘Novo’ or the ‘Company’) to provide an update from the Malmsbury project (the ‘Project’) pursuant to its planned joint venture with GBM Resources Limited (‘GBM’). GBM recently announced initial exploration results from the Project which are available here. The historical resource estimate disclosed in GBM's news release of January 15, 2021 (the ‘Malmsbury Historical Estimate’) is stated to have been reported in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (2012 JORC Code), which is consistent with sections 1.2 and 1.3 of NI 43-101. For the key assumptions, parameters, and methods used to prepare the Malmsbury Historical Estimate. These are the most updated estimates and data available regarding the Project and, as such, no work needs to be done at this point in time to upgrade or verify the Malmsbury Historical Estimate. Novo is unaware of the existence of any technical report (as defined in NI 43-101) prepared in connection with the technical information contained in the GBM news releases referred to above. A qualified person has not done sufficient work to classify the Malmsbury Historical Estimate as current mineral resources or mineral reserves. Novo is not treating the Malmsbury Historical Estimate as current mineral resources or mineral reserves. The Company expects to formally initiate its joint venture with GBM once certain conditions precedent are satisfied in first quarter of 2021. In the meantime, exploration efforts by both GBM and Novo personnel continue unhindered. Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release and GBM's news release of January 15, 2021. Dr. Hennigh is President, Chairman, and a director of Novo.