Novo Resources Submits NI 43-101 Technical Report for Leven Star Reef Mineral Resource at Belltopper Gold Project

Novo Resources’ Strategic Exploration and Asset Portfolio in Australia’s Gold Sector

Listed on both the ASX and TSX, Novo Resources Corp is an Australian gold explorer focused on identifying standalone gold and copper projects with exploration potential exceeding 1 million ounces of gold. The company controls an extensive land package of roughly 5,608 square kilometres in Western Australia’s Pilbara region, including the Toolunga Project in the Onslow District, positioning Novo as a key explorer in this globally recognized gold province.

In Victoria, Novo holds the 22 square kilometre Belltopper project within the Bendigo Tectonic Zone, where the Leven Star Reef mineral resource has been delineated. Additionally, Novo has exposure to exploration prospects in New South Wales through a farm-in agreement. Beyond exploration, the company manages a significant investment portfolio and pursues a disciplined program to identify value-accretive opportunities that enhance shareholder returns. This diversified presence across multiple Australian gold provinces and strategic investments underscores Novo’s methodical approach to exploration and development pipeline management.

Regulatory Compliance and Filing Details of the Leven Star Reef Technical Report

The technical report titled "Mineral Resource Estimate: Leven Star Reef, Belltopper Gold Project, Malmsbury, Victoria, Australia" was prepared in accordance with NI 43-101 disclosure standards. Qualified persons Ms. Janice Graham, Principal Consultant at Snowden Optiro, and Dr. Simon Dominy, an independent technical advisor to Novo, authored the report. Both meet the NI 43-101 definition of "qualified person," ensuring technical accuracy and credibility.

As a dual-listed company on the TSX and ASX, Novo was required to file this report to comply with Canadian securities laws. The report’s effective date is 9 June 2026, with an issue date of 22 July 2026. The simultaneous release on both exchanges followed a waiver of ASX Listing Rule 15.7, ensuring adherence to both Canadian and Australian regulatory frameworks. The full report is accessible via the SEDAR+ website at www.sedarplus.ca and Novo’s investor announcements page at novoresources.com/investors/announcements/.

Consistency Between Technical Report and June 2026 Mineral Resource Announcement

Novo confirms no material differences exist between the Mineral Resource detailed in the Leven Star Technical Report and the resource announced on 8 June 2026 (TSX) and 9 June 2026 (ASX). This alignment provides transparency and confidence to investors regarding the Belltopper Gold Project’s resource base. The company affirms that no new information has emerged that materially affects the original June 2026 announcement, and all key assumptions and technical parameters remain unchanged. Furthermore, the presentation and context of the competent persons’ findings have not been materially altered, reinforcing the robustness and consistency of the resource estimate.

Focus on the Bendigo Tectonic Zone for Victorian Gold Exploration

The Belltopper Gold Project is situated within Victoria’s Bendigo Tectonic Zone, a historically and currently productive gold region. Covering 22 square kilometres, Belltopper represents Novo’s targeted exploration within this established gold province. The Leven Star Reef is a key mineralised target in this geological setting, reflecting Novo’s strategic focus on high-potential gold systems in proven mining jurisdictions.

Exploration in the Bendigo Tectonic Zone benefits from well-developed mining infrastructure, regulatory frameworks, and extensive geological knowledge accumulated over more than a century. Defining a mineral resource at Leven Star Reef demonstrates Novo’s confidence in the area’s potential and advances the project toward development consideration and value realisation opportunities within Victoria.

Expertise of Qualified Persons and Professional Standards in Resource Estimation

The report was prepared by Ms. Janice Graham (MAusIMM(CPGeo) MAIG), Principal Consultant at Snowden Optiro, and Dr. Simon Dominy (FAusIMM(CPGeo) FAIG(RPGeo) FGS(CGeol)), an independent technical advisor. Both are recognised "qualified persons" under NI 43-101, meeting rigorous professional, educational, and experiential criteria mandated by Canadian regulators. Snowden Optiro is a globally respected minerals consulting firm, and the dual involvement of full-time and independent qualified persons ensures comprehensive technical oversight and credibility of the Leven Star Reef resource estimate.

Diversified Exploration Program Across Key Australian Gold Provinces

In addition to Belltopper, Novo’s exploration portfolio spans multiple Australian gold provinces. Its flagship Pilbara landholding of approximately 5,608 square kilometres includes the Toolunga Project in the Onslow District, offering significant exploration upside. A farm-in agreement in New South Wales further broadens Novo’s exposure to prospective gold and copper mineralisation. Novo’s disciplined focus on projects with potential exceeding 1 million ounces of gold ensures targeting of economically meaningful assets. Advancing the Belltopper resource estimate highlights Novo’s commitment to its Victorian assets while maintaining active exploration in Western Australia, balancing exploration risk across regions.

Metallurgical Testing and Technical Inputs Supporting Belltopper Development

The Leven Star Technical Report incorporates metallurgical testing data critical to assessing the Belltopper Gold Project’s development feasibility. Metallurgical testwork validates processing methods and gold recovery potential, providing essential parameters that underpin the resource estimate. These data inform future prefeasibility or feasibility studies and enhance the technical credibility of the Belltopper asset. Including validated metallurgical results in the NI 43-101 report meets regulatory standards and offers investors transparency on the project’s technical foundation.

Environmental, Permitting, and Community Engagement Framework at Belltopper

The report addresses environmental assessments, permitting obligations, and social impact considerations pertinent to the Belltopper Gold Project. Victoria’s regulatory environment mandates modern environmental standards and stakeholder engagement, which Novo has proactively addressed through assessments and authority consultations. The inclusion of these factors in the technical report demonstrates Novo’s commitment to responsible exploration within the Bendigo region.

Given the project’s location amid farming and regional communities, environmental management and community relations are critical. Novo’s engagement with these aspects supports regulatory approvals and community support, essential for any future development. This proactive approach positions Belltopper for advancement while maintaining environmental stewardship and positive community interactions.

Infrastructure Assessment and Development Pathways for Belltopper

The report evaluates existing infrastructure near Belltopper, highlighting advantages such as proximity to mining facilities, skilled labour, and potential processing options in the Bendigo region. Understanding infrastructure availability is vital for assessing economic viability and informing development scenarios, which may include standalone operations, contract mining, or toll processing arrangements.

These infrastructure considerations provide investors insight into factors influencing Belltopper’s future development decisions. As Novo progresses the project, infrastructure optimization will be integral to unlocking value from the mineral resource.

Investment Portfolio Strategy Enhancing Shareholder Value

Complementing its exploration activities, Novo manages a significant investment portfolio aimed at identifying value-accretive opportunities that support shareholder returns. This disciplined capital allocation approach balances exploration investment with strategic portfolio management, enhancing overall returns and providing flexibility to capitalize on emerging opportunities.

By combining focused exploration across multiple Australian gold provinces with strategic investments, Novo pursues diverse value creation pathways. The completion of the Belltopper technical report marks progress on a key asset, while the broader investment strategy maintains capital flexibility. This multi-faceted approach offers investors diversification benefits compared to single-focus exploration models.