Egina Gold Project Update

• Northern Star Resources (NST) has officially withdrawn from its earn-in agreement for the Egina Gold Project, preventing the joint venture formation.
• Novo Resources retains all exploration data collected by Northern Star during their activities on the project.
• Novo completed a 2,628m RC drilling program at the Wyloo SE Prospect and is awaiting assay results.
• Novo plans to commence independent exploration activities within the Egina Gold Project tenements in the second half of 2026.
• Shareholder status changes: IMC Resources holding fell below 5% (no longer substantial holder); Northern Star Resources holding fell below 10% (no longer significant shareholder/reporting insider).
• Executive Co-Chairman Mike Spreadborough stated data retention allows for a fresh assessment of Egina as an outstanding asset.

• The withdrawal of Northern Star is a specific negative event for the Egina Gold Project valuation, removing a major gold explorer partner and potential capital injection.
• However, Novo retains all exploration data, mitigating total loss of intellectual property on the tenement.
• The company maintains sufficient liquidity with A$11 million cash plus an investment portfolio valued at approximately A$21 million as of March 31, 2026.
• Stock price has already declined significantly from $0.28 in January to $0.08 currently, suggesting the market may have priced in JV risks or financing dilution prior to this announcement.
• The news confirms a shift back to independent exploration rather than partnership reliance, which is consistent with previous management commentary about advancing assets independently if partners do not meet spend requirements.
• Overall impact is negative for Egina project sentiment but does not threaten company solvency given the diversified portfolio (Belltopper, Wyloo, Tibooburra) and strong cash position.

• Novo Resources Corp. is a gold exploration company with projects in Western Australia (Pilbara), Victoria, and New South Wales.
• Flagship Project: Belltopper Gold Project (Victoria) - Updated 2026 Exploration Target of 2.1 Mt to 3.1 Mt at 6.7 g/t to 8.9 g/t Au.
• Other Key Projects: Egina Gold Camp (WA), Wyloo Antimony Project (WA), Tibooburra Gold Project (NSW).
• Management: Mike Spreadborough serves as Executive Co-Chairman and Acting CEO; Rohan Williams commenced as General Manager Exploration in April 2026.