Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) has provided a comprehensive business update on its exploration activities across Australia. The company is advancing a diversified portfolio of gold and antimony projects, with drilling programs underway in the Pilbara region of Western Australia.
Exploration Highlights in Pilbara
During the second quarter of 2026, Novo is conducting exploration drill programs focused on the Pilbara region. At the Wyloo Antimony Project, drilling is testing a large poly-metallic geochemical target, mineralised structures, and potential stratabound mineralisation. The Paulsens gold deposit, located approximately 40 km to the northwest within the Wyloo Dome, provides regional context. An initial program of approximately 2,500 meters of reverse circulation (RC) drilling is planned to test the polymetallic vein, with additional drill sites prepared to evaluate geochemical soil anomalies under cover if necessary.
Drilling at the Cronus Gold Prospect will follow, with approximately 2,000 meters of RC drilling in five fences to test across the Titan Shear. Targets include interpreted fault offsets, kinks, and splays between the Titan East Prospect (Artemis Resources) to the southwest and the Weerianna deposit to the northeast.
Follow-up drilling at the Balla Balla Polymetallic Project is planned with 6,000 meters of aircore drilling to infill previous anomalies along the Scholl Shear at the Babbage and Ramquarry Prospects.
Advancement of Other Projects
Drill planning is underway for the Teichman Gold Project in Q3 2026, pending all approvals. The Belltopper Gold Project in Victoria is being advanced, with preliminary drill site locations identified for drilling in the second half of 2026. This work aims to provide further confidence in the updated 2026 Exploration Target and define additional potential reefs. An updated exploration target was released to the market during the quarter.
Joint Ventures and Corporate Updates
At the Egina and Farno Projects, farm-in and joint venture agreements with Northern Star Resources Ltd in the Pilbara are progressing. Northern Star Resources has proposed on-ground gravity and induced polarisation (IP) geophysical surveys for multiple tenements in the latter half of 2026, subject to board and land access approvals. These surveys are designed to develop targets for potential drill testing in calendar 2027.
In the Onslow District of Western Australia, a geophysical review highlighted several targets within the Cane River Project joint venture with OD4 Rocklea Pty Ltd. Novo is awaiting grant of tenement applications and planning on-ground reconnaissance programs of mapping and sampling over the identified targets.
On the corporate front, Rohan Williams started as the new General Manager Exploration on April 15, 2026. On March 6, 2026, Tranche 1 of the Placement, announced on February 25, 2026, was completed. Tranche 2 is subject to shareholder approval at the Annual General Meeting scheduled for May 22, 2026. Under Tranche 1, the company received gross proceeds of approximately A$6.20 million (approximately C$5.90 million) through the issue of approximately 8.4 million units at C$0.10 per unit to Canadian investors and approximately 50.6 million Chess Depository Interests at A$0.105 per CDI to investors outside Canada. As of March 31, 2026, Novo had a cash balance of A$11 million (C$10.6 million) and investments of approximately A$21 million (C$20 million).
Novo continues to assemble a diversified gold exploration and development portfolio across leading mining provinces in Australia, with a mix of greenfields, advanced greenfields, and advanced exploration projects. A dedicated project generation program focuses on identifying advanced gold and copper assets to further enhance the portfolio.
