Core Insights - Novo Resources Corp. has reported significant advancements in its gold exploration and development portfolio across Australia, with a focus on high-grade gold projects and a strong pipeline of upcoming drilling activities [1][2][5] Exploration and Development Activities - The company has completed its maiden RC drill program at the Clone prospect within the Tibooburra Gold Project, yielding high-grade gold intercepts such as 12 m at 5.90 g/t Au and 17 m at 2.40 g/t Au [5][19][23] - At the John Bull Gold Project, four Key Target Areas for drilling have been identified, with soil anomalies extending over 1.5 km and peak results of 1.59 g/t Au from soil sampling [8][9][10] - Exploration at the Sherlock Crossing Au-Sb prospect has defined a coherent 1.5 km antimony soil anomaly, with peak results of 85 ppb Au and 48.3 ppm Sb [37][38] Financial Position - As of June 30, 2025, the company reported a cash balance of A$7 million (C$6 million) and investments valued at approximately A$34 million (C$30 million) [57][58] Future Plans - Novo has planned a ~1,750 m RC drill program at John Bull in H2 2025, contingent on drill rig availability [24] - Follow-up drilling at the Clone prospect is also planned to test the northern extension of the high-grade shoot defined in recent drilling [25] - Further exploration activities are set for the Balla Balla Gold Project and the Southeast Wyloo Au-Sb-Ag-Cu Project, with RC drilling planned for H2 2025 [28][48]

Core Insights - Novo Resources Corp. is preparing for a drilling campaign at the John Bull Gold Project, with a planned ~1,500 m RC drilling program set to commence in June 2025, pending drill rig availability and governmental approvals [2][8][18] - Recent exploration activities have identified exceptional drill targets, including a large gold system associated with a porphyry in the southwest portion of the John Bull tenement [2][7][10] - The exploration campaign has significantly enhanced the understanding of the mineral system, supporting the presence of an Intrusion Related Gold System (IRGS) model [7][10][12] Exploration Details - The John Bull Gold Project is located in the New England District of NSW, covering approximately 32 sq km and is known for hosting multiple gold and polymetallic mineral systems [4][39] - Recent mapping and sampling have extended the known gold anomaly to ~1.5 km strike with peak soil results of 1.59 g/t Au and rock chip samples returning peak results of 67.9 g/t Au [7][19] - Four key targets have been identified for the upcoming drilling program, focusing on areas with high-order soil anomalies and dense sheeted quartz vein occurrences [8][17] Historical Context - Historical mining at John Bull included hydraulic sluicing and several shafts, with previous soil sampling by TechGen revealing a significant gold anomaly over 900 m long and 250 m wide at > 100 ppb Au [19][20] - TechGen completed 17 RC holes for 2,249.5 m, with peak results from shallow drilling including grades of up to 67.9 g/t Au [20][24] Future Work - Following the initial drilling program, further exploration activities will include infill and extensional drill testing, diamond drilling, and potential geophysical surveys targeting porphyry-related systems [30][34] - The company is also advancing exploration at other projects, including the Balla Balla and Tibooburra Gold Projects, with results pending [30][39]

Core Viewpoint - Novo Resources Corp. is actively enhancing its exploration portfolio with new projects and is well-funded to execute its exploration strategy, expecting a continuous flow of news in the upcoming quarter [1][6][57]. Sustainability - No significant safety, environmental, or community incidents occurred during the March Quarter 2025, and ongoing discussions with Traditional Owners are aimed at ensuring heritage protection for exploration activities [2]. Portfolio - Novo has developed a diversified gold exploration and development portfolio across leading mining provinces in Australia, focusing on a mix of greenfields and advanced exploration projects [3][57]. - The company has planned detailed drill programs across all key projects, with a dedicated project generation program to identify advanced gold and copper assets [3]. Project Updates - The John Bull Gold Project, located in New South Wales, covers approximately 32 square kilometers and offers an advanced exploration opportunity with an option to acquire an 80% interest in one tenement and a 70% interest in another [4][57]. - The Tibooburra Gold Project, also in New South Wales, spans 630 square kilometers and includes six granted exploration licenses, with an option to acquire a 70% interest [9][10]. - Drilling at the Balla Balla Gold Project has commenced, with a program of approximately 6,000 meters testing priority target zones [6][29]. Exploration Results - At the Tibooburra project, rock chip sampling returned peak results of 89.6 g/t Au and 41.9 g/t Au, with soil sampling defining a coherent anomaly of over 600 meters [6][18][19]. - A targeted 2,000-meter RC drill program is planned to commence at Tibooburra in late April 2025 to test high-grade gold mineralization [6][14][23]. Financial Position - As of March 31, 2025, Novo had a cash balance of A$10 million (C$9 million) and investments valued at approximately A$35.6 million (C$31.9 million) [6][43].

Core Viewpoint - Novo Resources Corp. is advancing its exploration activities across its enhanced portfolio, with significant geological and geochemical sampling campaigns planned for 2025, aiming to establish priority drilling targets [5][6][10]. Exploration Activities - The company has completed mapping and sampling at the Tibooburra and John Bull Gold Projects in New South Wales, with results expected in mid-March 2025 to guide drilling targets for Q2 2025 [6][10][19]. - At the John Bull Gold Project, 340 soil and 63 rock chip samples have been collected over a 1.3 km trend, while at the Tibooburra Gold Project, 962 soil and rock chip samples have been collected over a 2.8 km trend [10][17][26]. - The Toolunga Project in Western Australia is undergoing ongoing desktop assessments to identify priority targets for field verification [7][30]. Impact of Weather Events - Tropical Cyclone Zelia has adversely affected planned drill programs in the Pilbara region, potentially delaying access to drill targets at Balla Balla and across the Egina joint venture [7][33][37]. Project Details - The John Bull Gold Project covers 32 sq km and is a farm-in agreement with TechGen Metals, allowing Novo to acquire an 80% interest in one tenement and a 70% interest in another [11][51]. - The Tibooburra Gold Project spans 630 sq km and is a farm-in agreement with Manhattan Corp, granting Novo an option to acquire a 70% interest [20][51]. - The Toolunga Project encompasses a strategic landholding of 1,524 sq km in the Onslow District, with plans for systematic exploration using modern technologies [30][29]. Future Plans - Novo plans to conduct approximately 2,000 m of RC drilling in Q2 2025 at both the John Bull and Tibooburra projects, targeting priority areas identified through recent fieldwork [19][25]. - The company is also preparing for further exploration campaigns in the Onslow District, including geophysical surveys and additional mapping [31][30].