Novo Resources closes second tranche of financing

• Novo Resources Corp. completed Tranche 2 of its private placement on May 28, 2026.
• Gross proceeds raised were approximately $1.93 million CAD ($1.95 million AUD).
• Issuance included ~8.0 million units in Canada and ~10.9 million CDIs internationally at C$0.10/A$0.105 per security.
• New options issued to Joint Lead Managers (Canaccord Genuity, Alpine Capital) and CDI participants with an exercise price of 15 Australian cents expiring March 2029.
• Northern Star Resources Ltd remains the largest shareholder with a holding of approximately 9.87% following participation in Tranche 2.
• Common shares issued under Tranche 2 are subject to a hold period in Canada expiring September 27, 2026.
• This follows the completion of Tranche 1 (March/April 2026) which raised ~C$5.90 million.

• The financing is expected and incremental, closing a previously announced placement from February 2026; therefore it does not constitute new market-moving information on its own.
• Proceeds of $1.93m CAD extend the company's cash runway but are insufficient to fund major development or significant exploration expansion without further capital raises.
• The news is positive for liquidity but negative in context due to the Egina Gold Project Joint Venture withdrawal announced two days prior (May 26, 2026).
• Northern Star Resources withdrawing from the earn-in agreement removes a potential strategic partner and future funding source (A$25M spend commitment) from the Egina project.
• The stock price declined to $0.08 following the news, indicating the market views the financing as necessary maintenance rather than a growth catalyst.
• Dilution risk remains high with warrants and options issued at 15 cents expiring in 2029, creating potential overhang if share price recovers above that level.

• Company: Novo Resources Corp is an Australian-based exploration company focused on gold and antimony projects in Western Australia (Pilbara) and Victoria/New South Wales.
• Flagship Projects:
  • Belltopper Gold Project (VIC): Updated 2026 Exploration Target of 2.1 Mt to 3.1 Mt at 6.7 g/t to 8.9 g/t Au (460 koz to 880 koz). This remains the highest-grade asset in the portfolio.
  • Egina Gold Camp (WA): Previously held a Joint Venture with Northern Star Resources; JV has now been withdrawn, leaving Novo as sole operator but without partner funding.
  • Wyloo Antimony Project (WA): Focus on polymetallic vein systems (Sb-Ag-Au-Zn-Pb); soil anomalies identified up to 142 ppm Sb and 2,180 ppm Zn.
• Development Stage: All projects are in exploration or early drilling stages; no production assets currently generating revenue.