Novo Resources: Belltopper Gold Project Mineral Resource

About this update from Novo Resources Corp.

HIGHLIGHTS An Inferred Mineral Resource of 760,000 tonnes at 3.6 g/t Au for 87,000 oz contained gold is reported for the Leven Star Reef within the Belltopper Gold Project. The Leven Star Reef is relatively shallowly drilled (44 holes in total) and mineralisation remains open in multiple directions; providing a number of opportunities for resource growth. The Leven Star Reef Mineral Resource has been assessed on the basis of underground mining only. The Leven Star Reef represents one of eight high-grade gold-bearing reefs that comprise a recently upgraded Exploration Target at Belltopper Gold Project1. The remaining seven reefs comprising the Exploration Target provide a robust opportunity for additional resource growth at Belltopper from multiple sources to complement the Leven Star Resource. Other known prospective historic gold reefs at the Belltopper Gold Project not currently within the Exploration Target also remain underexplored and provide near-term opportunity to grow the Exploration Target. Planning is advanced for drilling in H2 2026 to further define the current Exploration Target Reefs and test additional known historic reefs. High-priority, drill ready targets within the important “Belltopper Anticline Corridor,” will also be tested as part of the upcoming drilling program.   The 2026 Inferred Mineral Resource Estimate with an effective date of 9 June 2026 for the Belltopper Gold Project Leven Star Reef is provided in Table 1. Table 1. Inferred Mineral Resources for the Belltopper Gold Project Leven Star Reef. Classification Cut-off grade(g/t Au) Tonnes(t) Grade(g/t Au) Troy ounces(Au) Inferred Mineral Resource 1.9 760,000 3.6 87,000 The optimized MSO stope shapes were estimated with the following indicative parameters: Gold price: A$5,250/oz gold. Bulk density applied: oxide mineralisation 2.50 t/m3 (waste 2.35 t/m3), transitional mineralisation 2.60 t/m3 (waste 2.45 t/m3) and fresh mineralisation 2.65 t/m3 (waste 2.70 t/m3). AU$162/t mining cost and AU$119/t processing cost (including G&A and surface haulage). Metallurgical recovery at 88%. Mining is based on sub-level open stoping with 15 m level to level separation, mining recovery of 90%, minimum mining width at 1.5 m and 0.2 m HW and FW dilution. Victorian State Royalty of 2.75% and discount factor 8%. A period of between 5 to 10 years is considered appropriate for “eventual e...

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