Tibooburra Project Update: RC drilling to commence as Novo forms unincorporated Joint Venture with Manhattan Gold

Novo Resources Corp. (NVO) has obtained all necessary regulatory and landholder approvals to begin a approximately 2,700-meter Reverse Circulation (RC) drilling program at the Clone prospect of its Tibooburra Gold Project in New South Wales. Operations at the site are scheduled to commence in mid-November 2026.

The company has formally exercised its option to establish a 70/30 unincorporated joint venture with Awati Resources Pty Ltd, a subsidiary of Manhattan Gold Corporation Ltd, securing a 70% interest in six exploration licenses within the Albert Goldfields. Novo earned this interest by meeting an A$1.5 million expenditure requirement. As the manager of the venture, Novo will solely fund the project and free-carry Awati’s participating interest until a bankable feasibility study is completed.

The upcoming drilling program targets the northern extension of high-grade gold mineralization identified in previous campaigns, with plans for approximately 100 meters of step-out drilling to the north, alongside select down-dip and infill drilling. Concurrently, regional exploration activities, including stream sediment sampling and mapping, have begun in the Albert Goldfields to identify new targets for 2027.

Novo Resources Corp. (NVO) has advanced its previously announced exploration strategy, moving from initial disclosure to regulatory approval and a scheduled start date. The joint venture formation and drilling program were first detailed in a July 29, 2026 release, which outlined a ~2,700m RC program and an A$1.5M earn-in condition.

The partnership with Manhattan Gold dilutes Novo's interest to 70% while bringing in a strategic partner with a 30% free-carry interest, aligning incentives for future exploration. Given the company's recent cash position of $9.58M and the planned expenditure, the drilling program is fully funded within the current working capital forecast. The progression from announcement to regulatory approval and scheduled start date represents a routine operational milestone, with the market having already priced in the drilling program and JV structure.

Novo Resources Corp. is a Canadian gold exploration company focused on a large land package in Western Australia and New South Wales. Its flagship projects include the Beatons Creek Gold Project in the Pilbara region of Western Australia, the Belltopper Gold Project in Victoria, the Tibooburra Gold Project in New South Wales, and the Egina Gold Camp in Western Australia.

The company is currently in the exploration phase, advancing multiple projects through drilling, sampling, and resource definition. Recently, the Belltopper project reported a maiden Inferred Mineral Resource of 760,000 tonnes at 3.6 g/t Au for 87,000 oz contained gold.

In addition to its exploration activities, the company holds an investment portfolio valued at approximately A$21 million, including stakes in Kalamazoo Resources and Kali Metals.