Highlights

• A 2,700-metre RC drilling programme is planned to commence at the Tibooburra Gold Project in NSW in Q4 2026, following the receipt of all required regulatory and landholder approvals, testing the Clone prospect and following up high-grade shoot results from 2025 drilling.

• Novo has engaged an experienced consultant who was involved in the discovery of the Hemi Gold Project to review the litho-geochemistry of the Egina Gold Project and identify new targets ahead of planned drilling in 2027.

• The Belltopper Gold Project in Victoria is being assessed for potential development Options including a project partner, supported by underground Mining studies and 2026 exploration target work, with preliminary drilling site selection underway.

• The company held a cash balance of AUD 8.5 million and an Investment portfolio valued at approximately AUD 38.1 million as at 30 September 2026, providing financial capacity for its planned exploration activities.

Novo Resources Corp (ASX:NVO, TSX: NVO), an Australian-based gold explorer with a diversified portfolio spanning Western Australia, Victoria, and New South Wales, has published a Business review outlining its activities and planned work programmes across its project portfolio. The update covers the commencement of drilling activities at Tibooburra in NSW, ongoing field work and geological reviews in Western Australia, and strategic options assessment at the Belltopper Project in Victoria.

Tibooburra Gold Project: NSW Drilling Commences

A 2,700-metre Reverse Circulation Drilling programme is scheduled to commence at the Tibooburra Gold Project in NSW in Q4 2026, representing Novo's primary near-term exploration activity. The programme is focused on the Clone prospect and follows up the 2025 drilling campaign that identified plunging high-grade gold shoots open in multiple directions. All required regulatory and landholder approvals have been obtained, removing the permitting risk that had constrained earlier programme planning.

In parallel with drilling preparation, Novo has been undertaking regional stream sediment sampling, targeted soil and rock chip sampling, and geological mapping across the broader 30-kilometre Albert Goldfield. This surface work aims to identify new gold-anomalous zones, grow the target pipeline beyond the Clone prospect, and prioritise areas for potential future exploration drilling in the first half of 2027. The Tibooburra project is held within a farm-in joint venture with Awati Resources Pty Ltd, a Wholly Owned Subsidiary of Manhattan Gold Corporation.

Western Australian Portfolio: Egina Review and Wyloo Advancement

At the Egina Gold Project in the Pilbara, Novo has engaged an experienced consultant geologist — who was involved in the discovery of the Hemi Gold Project — to review the litho-geochemistry of the project area and assist Novo's geological team in identifying gold mineralisation targets adjacent to the Millindinna Intrusive Suite. The Millindinna Intrusive Suite is an Archean layered mafic-ultramafic intrusive sequence closely associated with intrusive gold systems, making it a prospective host for Hemi-style gold targets. An update on the results of this review is planned for December 2026, ahead of planned drilling programmes in 2027.

At the Wyloo Polymetallic Project, follow-up soil sampling has been completed at the Vera and Kavira prospects, with samples being analysed using the Ultrafine+ analytical technique designed to detect geochemical anomalism beneath Tertiary transported cover. Results are pending and will inform AC drilling planned for 2027 subject to heritage approvals. Under the Farno Joint Venture with Northern Star Resources, NST is continuing geological mapping, rock chip sampling, and geophysical planning for future IP and gravity surveys over the joint venture tenement.

Belltopper Gold Project: Strategic Optionality in Victoria

The Belltopper Gold Project in Victoria's Bendigo Tectonic Zone is being assessed with a view to identifying the optimal strategic pathway for advancing the project. Internal mining studies completed based on the exploration target announced in February 2026 — which assumed underground mining and toll treatment — have supported the current evaluation of development options. Novo is considering all strategic options including securing a project partner for potential development of the project.

The selection of preliminary drill site locations has commenced for potential drilling in the first half of 2027, targeting a programme of approximately 2,500 metres of diamond drilling. This work will aim to provide further confidence in the exploration target and assist in defining additional potential reef systems. Novo has cited recent mining approvals in Victoria, including an exploration tunnel at a nearby gold project, as providing confidence that the regulatory environment in the state can support consideration of an appropriately assessed underground gold project at Belltopper.

Key Insights

Novo Resources's activity update reflects a company methodically progressing multiple exploration programmes across three Australian states, with the Tibooburra commencement representing the most near-term catalyst from a drill results perspective. The engagement of a consultant with direct involvement in the Hemi Gold discovery at Egina signals a considered approach to target generation in a geological setting that has attracted significant industry interest.

The combination of a modest but adequate cash balance of AUD 8.5 million and a meaningful investment portfolio of approximately AUD 38.1 million — primarily the San Cristobal Mining investment valued at approximately AUD 36.2 million — gives Novo financial flexibility to manage its exploration programmes without immediate Capital market pressure. Observers may monitor Tibooburra assay results in Q4 2026 as the most immediate catalyst, followed by the Egina geological review update in December.