Highlights – March Quarter 2025

Core Viewpoint - Novo Resources Corp. is actively enhancing its exploration portfolio with new projects and is well-funded to execute its exploration strategy, expecting a continuous flow of news in the upcoming quarter [1][6][57]. Sustainability - No significant safety, environmental, or community incidents occurred during the March Quarter 2025, and ongoing discussions with Traditional Owners are aimed at ensuring heritage protection for exploration activities [2]. Portfolio - Novo has developed a diversified gold exploration and development portfolio across leading mining provinces in Australia, focusing on a mix of greenfields and advanced exploration projects [3][57]. - The company has planned detailed drill programs across all key projects, with a dedicated project generation program to identify advanced gold and copper assets [3]. Project Updates - The John Bull Gold Project, located in New South Wales, covers approximately 32 square kilometers and offers an advanced exploration opportunity with an option to acquire an 80% interest in one tenement and a 70% interest in another [4][57]. - The Tibooburra Gold Project, also in New South Wales, spans 630 square kilometers and includes six granted exploration licenses, with an option to acquire a 70% interest [9][10]. - Drilling at the Balla Balla Gold Project has commenced, with a program of approximately 6,000 meters testing priority target zones [6][29]. Exploration Results - At the Tibooburra project, rock chip sampling returned peak results of 89.6 g/t Au and 41.9 g/t Au, with soil sampling defining a coherent anomaly of over 600 meters [6][18][19]. - A targeted 2,000-meter RC drill program is planned to commence at Tibooburra in late April 2025 to test high-grade gold mineralization [6][14][23]. Financial Position - As of March 31, 2025, Novo had a cash balance of A$10 million (C$9 million) and investments valued at approximately A$35.6 million (C$31.9 million) [6][43].