Novo Resources closes second tranche of financing

Mr. Mike Spreadborough reports COMPLETION OF TRANCHE 2 OF PLACEMENT Tranche 2 of the placement Novo Resources Corp. announced on Feb. 24, 2026, and Feb. 26, 2026 (Vancouver) (Feb. 25, 2026, and Feb. 26, 2026 (Perth)), was completed today, following shareholder approval that was received at the company's annual general meeting (AGM), held on May 21, 2026 (Vancouver) (May 22, 2026 (Perth)). The company received gross proceeds of approximately $1.93-million (Canadian) (approximately $1.95-million (Australian)) through the issue of the following securities under tranche 2 of the placement: Approximately 8.0 million units at 10 Canadian cents per unit to investors in Canada (with each unit comprising one common share of Novo and one-half common share purchase warrant); Approximately 10.9 million CHESS depository interests (CDIs) at 10.5 Australian cents per CDI to investors outside of Canada, together with the right to receive one option to purchase one CDI for every two CDIs subscribed for under the placement, each option entitling the holder to purchase one CDI at a price of 15 Australian cents for a period of three years (with one common share underlying each CDI). Tranche 1 of the placement (which comprised the issue of approximately 8.4 million units at 10 Canadian cents per unit to investors in Canada and approximately 50.6 million CDIs at 10.5 Australian cents per CDI to investors outside of Canada) was completed on March 6, 2026. The common shares issued and issuable under tranche 2 are subject to a hold period in Canada expiring on Sept. 27, 2026. Further, as noted in the company's options prospectus dated March 9, 2026, the joint lead managers (JLMs) to the placement, Canaccord Genuity (Australia) Ltd. and Alpine Capital Pty. Ltd., were entitled to be issued approximately 8.65 million options (subject to Shareholder approval) as consideration for services rendered. Shareholder approval for the issue of the JLM options was also obtained at the AGM. Accordingly, the company has today also issued: Approximately 5.46 million options to participants in tranche 2 of the CDI placement; Approximately 8.65 million options to the JLMs. Each option will be listed on the Australian Securities Exchange (ticker NVOO), have an exercise price of 15 Australian cents and expire on March 18, 2029. The company would particularly like to thank Northern Star Resources Ltd. for its continued support. Northern Star's participation in tranche 2 means that Northern Star remains Novo's largest shareholder, with a holding of approximately 9.87 per cent.