Novo Resources launches C$5.8M capital raise to accelerate Pilbara and Victorian gold exploration Proactive uses images sourced from Shutterstock

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has launched a proposed placement to raise up to approximately C$5,800,000 (roughly A$6,000,000). The raise is being offered to institutional, professional and sophisticated investors, with the company currently in a trading halt on ASX pending announcement of results — expected before the market opens on February 26, 2026.

Structure of the Placement

The placement comprises up to 59,100,000 units and/or Chess Depository Interests (CDIs), with pricing structured across two markets:

Canadian investors will be issued Units at C$0.10 per Share, receiving Shares and Warrants directly All other investors (outside Canada) will receive CDIs at A$0.105 per CDI, along with a subsequent offer of free-attaching Options via prospectus

Each Unit consists of one Share plus one-half of one Share purchase Warrant. Each Warrant carries an exercise price of C$0.15 and expires three years from issue. CDI investors will additionally be entitled to receive one free-attaching Option for every two CDIs subscribed, also at an exercise price of A$0.15 with a three-year expiry.

Pricing Represents a Notable Discount

The pricing signals a meaningful entry point relative to recent market prices:

The Unit price of C$0.10 represents an approximate 25% discount to the 5-day VWAP of Shares on the Toronto Stock Exchange The CDI price of A$0.105 represents an approximate 19.2% discount to the last ASX closing price on 23 February 2026

No shareholder approval is required in either Australia or Canada, with the issue to be made within the company's applicable placement capacities.

Where the money goes

Proceeds are earmarked for active exploration programs across two key project areas:

Pilbara, Western Australia — drilling and reconnaissance activities across Novo's suite of projects in one of Australia's most prospective gold regions Belltopper Gold Project, Victoria — continued exploration at the company's Victorian gold asset

Remaining funds will be directed toward general working capital purposes.

Key upcoming catalysts

Placement results announcement — expected before ASX open on February 26, 2026 Trading halt lifted and CDI/Share issue completed Prospectus release for free-attaching Options and ASX quotation application Recommencement of drilling and reconnaissance across the Pilbara projects Exploration update from the Belltopper Gold Project, Victoria Shareholder vote on broker option issuance — AGM, June 2026

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