Novo Resources Provides Business Update
Novo confirmed Q4 Tibooburra drilling results as Northern Star exited the Egina joint venture.
Novo Resources Corp. released its Q3 2026 operational update, confirming a ~2,700-meter Reverse Circulation (RC) drilling program at the Clone prospect of the Tibooburra Gold Project scheduled for Q4 2026. Meanwhile, maiden RC drilling at the Teichman Gold Project in Queensland has been delayed to 2027 pending heritage and regulatory approvals.
The company’s investment portfolio value increased to A$38.1 million as of September 30, 2026, driven primarily by a A$36.2 million valuation of its San Cristobal Mining Inc. stake. In corporate developments, Northern Star Resources officially withdrew from the Egina Gold Project Joint Venture. Novo retains all exploration data and plans a geological review with an update expected in December 2026.
Strategic options for the Belltopper Gold Project are under consideration, including securing a project partner. Preliminary drill site selection for H1 2027 diamond drilling has commenced. The company’s cash balance stands at A$8.5 million (C$8.3 million). Novo initiated a sale process for its Mechanical Ore Sorter and continues to relinquish low-prospectivity tenure to reduce holding costs.
Novo Resources Corp. (NVO) confirmed the execution of its previously announced 2026 work program, specifically the Tibooburra drilling campaign scheduled for the fourth quarter of 2026. This operational update aligns with the company’s established timeline, which includes a plan to review data and seek an update in December 2026 following Northern Star’s withdrawal from the Egina joint venture, disclosed in May 2026.
The company’s investment portfolio has grown to A$38.1 million, reflecting continued strong performance and dividend income from San Cristobal Mining. This growth provides a financial buffer while the core exploration strategy remains unchanged. Additionally, developments regarding Belltopper’s strategic options and approval delays for Teichman are consistent with prior guidance, introducing no unexpected catalysts, financing events, or material changes to the capital structure.
Novo Resources Corp. (NVO) manages a diversified portfolio of gold and base metal projects spanning Western Australia, Victoria, and New South Wales. The company’s flagship focus has shifted toward the Belltopper and Tibooburra projects as primary near-term catalysts.
In Victoria, Novo holds 100% ownership of the Belltopper Gold Project, which recently defined a maiden Inferred Mineral Resource of 760,000 tonnes at 3.6 g/t Au for 87,000 oz. The company plans advanced scoping-level drilling at the site.
In New South Wales, Novo owns 70% of the Tibooburra Gold Project, a high-grade gold system characterized by Victorian-style geology. Approximately 2,700m of RC drilling is planned for the fourth quarter of 2026.
In Western Australia, the company’s Egina Gold Camp saw Northern Star withdraw from the joint venture. Novo retains all data from the project and plans to review it. Additionally, the Wyloo Polymetallic Project in WA, which hosts antimony, silver, gold, and base metals, has follow-up drilling planned.