Completion of Tranche 2 of Placement

• Novo Resources Corp. completed Tranche 2 of its private placement on May 28, 2026, raising approximately C$1.93 million in gross proceeds.
• The company issued ~8.0 million Units to Canadian investors and ~10.9 million Chess Depository Interests (CDIs) to international investors.
• Northern Star Resources Ltd remains the largest shareholder with a holding of ~9.87% following its participation in Tranche 2, confirming continued institutional interest despite recent operational changes.
• The placement included warrants and options: Units comprise one Common Share and 0.5 Common Share purchase warrant; CDI subscribers received Options (exercise price A$0.15, expiry March 18, 2029).
• This financing follows shareholder approval at the AGM and completes the previously announced capital raise structure initiated in February 2026.

• The completion of Tranche 2 is a positive liquidity event but falls under Routine - Positive as it was anticipated following the initial placement announcement and required AGM approval.
• Northern Star's continued participation validates management's strategy, yet their withdrawal from the Egina Gold Project JV (announced May 26) creates a mixed operational backdrop that limits upside potential in the short term.
• The financing mitigates immediate solvency risk but introduces dilution through warrants and options, which caps near-term share price appreciation unless exploration results improve significantly.
• Given the stock's decline from $0.28 to $0.08 over the preceding months, this capital raise stabilizes the balance sheet rather than acting as a catalyst for a major re-rating.

• Novo Resources Corp is an Australian-based exploration company focused on gold, antimony, and polymetallic projects in Western Australia (Pilbara), Victoria, and New South Wales.
• Flagship Projects: Belltopper Gold Project (VIC) with a 2026 Exploration Target of 2.1–3.1 Mt at 6.7–8.9 g/t Au; Wyloo Antimony Project (WA); Egina Gold Camp (WA).
• Development Status: Multiple drilling programs are underway or planned for H2 2026, including RC drilling at Wyloo and Cronus, and Aircore at Balla Balla.
• Management: Mike Spreadborough serves as Executive Co-Chairman & Acting CEO; Rohan Williams commenced as General Manager Exploration in April 2026.