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Tenement
Number

Application
Date

Number
of Blocks

Applicant’s
Name

E08/3597*

25/01/2023

70

OD4 Rocklea Pty Ltd

E08/3598*

25/01/2023

70

OD4 Rocklea Pty Ltd

E08/3599*

25/01/2023

70

OD4 Rocklea Pty Ltd

E08/3660*

25/01/2023

70

OD4 Rocklea Pty Ltd

E08/3760**

27/11/2024

37

Karratha Gold Pty Ltd

E08/3761**

27/11/2024

40

Karratha Gold Pty Ltd

E08/3762**

27/11/2024

22

Karratha Gold Pty Ltd

E08/3763**

27/11/2024

32

Karratha Gold Pty Ltd

E08/3764**

27/11/2024

19

Karratha Gold Pty Ltd

E08/3765**

27/11/2024

50

Karratha Gold Pty Ltd

*Novo has the option to acquire a 70% interest in these tenements once granted to OD4 and following a two-stage farm-in period (see further below).

**Karratha Gold Pty Ltd is a wholly owned subsidiary of Novo.

Investors:
Mike Spreadborough
+61 8 6400 6100
info@novoresources.com

North American Queries:
Leo Karabelas
+1 416 543 3120
leo@novoresources.com

Media:
Cameron Gilenko
+61 466 984 953
cameron.gilenko@sodali.com

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.

• Rock samples at Range No. 2 (A32269) were taken as part of a detailed mapping program and were selective in nature. The sample methodology and analysis method are not recorded.

• Rock samples at Bullajacka (A47059) we part of a larger 77 sample program targeting historic small workings in the area. The sample methodology is not recorded. Samples were submitted to Genalysis Laboratory in Maddington, Western Australia, and digested via aqua regia or multi-acid, and analysed via AAS or ICPMS.

• Soil sampling at Range North (A76797) was part of a large 2366 soil sample program in areas within the project not yet covered by surface geochemistry. An orientation study was conducted for all samples, comprising a 2 kg sample collection taken at a depth of 10 – 20 cm below the surface. The sample was split into 1 kg and digested via 24 hour BLEG (0.1% cyanide). The other 1 kg split was sieved to > 0.8 mm, 0.8 mm – 0.18 mm and < 0.18 mm fractions, with the latter two crushed, pulverised, and analysed via Aqua Regia.

Drilling techniques

• Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).

• No drilling results are reported in this release

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• No drilling results are reported in this release

Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.

• No drilling results are reported in this release

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality, and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Historic rock samples were selective and taken to complement mapping, or validate grades around historic workings.

• It is unclear whether samples are representative.

• Quality control procedures are not mentioned and were not common in historic work.

• Soil samples are taken on a 500 m by 100 m grid and collected at a depth of 10 – 20 cm below surface. Sample quality or quality control processes were not documented in the available report.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (if lack of bias) and precision have been established.

• The laboratory and assay methodology for Range No. 2 is unknown

• The Bullajacka rock samples were digested by aqua regia and analysed by flame atomic absorption spectrometry for Au, Mn, Fe, Co, Ni, Cu, Zn, Ag, Pb. Samples were digested by multi-acid (including hydrofluoric acid) and analysed via inductively coupled plasma mass spectrometry (ICPMS) for As, Mo, Sb, W, Bi. For indicative geochemistry of historic workings, this method is reasonable.

• No quality control procedures were in place.

• Soil sample methodology comprises a 1 kg split, digested via BLEG (0.1% cyanide for 24 hour digest), analysed via ICP-MS for Au, Ag, As, Cu, Mo, Ni, Pb, Se, Te, U, Zn. The other 1 kg split was sieved to > 0.8 mm, 0.8 mm – 0.18 mm and < 0.18 mm fractions. The coarse fraction was discarded and the other two crushed, pulverised, and digested & analysed via Aqua Regia with an ICP-OES finish for Au, Ag, As, Ba, Bi, Cu, Co, Ir, Mo, Ni, Pb, Pt, Pd, Sn, Sb, Se, Te, U, W, Zn (AR102) and Cr, Fe, Mn, Mg (AR101)

• Quality control procedures would likely have been in place, but are not documented in the relevant report.

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data.

• Primary data, including sample locations and sample methodologies, cannot be verified until tenement grant and by repeating sampling programs by modern exploration methods.

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

• Sample locations for Range No. 2 are provided on a digitised plan and are likely estimated from the 50 m by 50 m local grid that was established to aid mapping. Sample locations are not accurate.

• Sample locations for Bullajacka are provided in a table in grid AGD84, zone 50 and are likely collected by handheld GPS.

• Soil samples at Range North were located via handheld GPS using GDA94, zone 50, and are accurate within +/- 5 m which is sufficient for the regional grid spacing.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Limited rock samples may be indicative of potential grade tenor and do not represent or imply any continuity or scale potential.

• Regional soil grids at 500 m by 100 m spacing are sufficient for indicative anomalism only.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Rock sampling is targeted and considered biased.

• The soil grids are orientated in north-south trending lines. It is unclear whether this is orientation was chosen to be mostly perpendicular to stratigraphy or geophysical features. Samples are too broadly spaced to deduct mineralised orientations.

Sample security

• The measures taken to ensure sample security.

• Sample transport and lab protocols are not documented.

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

• No audits have been undertaken.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.

• Tenement applications E08/3760, E08/3761, E08/3762, E08/3763, E08/3764 & E08/3765 are 100% held by Karratha Gold Pty Ltd, a wholly owned subsidiary of Novo.

• Tenement applications E08/3597, E08/3598, E08/3599, and E08/3600 are held by OD4 Rocklea Pty Ltd (OD4R), with Novo earning into 70%

• The OD4R are covered by the Thalanyji People’s Native Title Determinations (WAD6113/1998 and WCD2008/003) and managed by the Buurabalayji Thalanyji Aboriginal Corporations RNTBC. It is anticipated that Novo will meet with the traditional owners in the first quarter 2025.

• The Novo tenement applications cover an area without a native title claim. This area will be monitored for the lodgement of a new claim. If a claim is lodged, the same level of consultation as above will occur with the new representative body/traditional owners to ensure informed consent for exploration in the area is gained.

• Part of the Cane River Project is situated in the Cane River Conservation Park (Reserve Number 46122), vested with the Conservation and Parks Commission and managed by the Department of Biodiversity, Conservation and Attractions (DBCA) A detailed Conservation Management Plan for activities within the Cane River Conservation Park is pending final acceptance.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• Significant due diligence is still underway and not all exploration efforts by other parties are yet fully appraised

• WMC in the mid-1990s compiled a significant regional dataset of geophysical and surface geochemistry datasets which forms the basis of current exploration targeting

• The Turtle historic mine outside the Novo project tenure comprises some of the better-known historic mineralisation, with West Australian Metals NL and others conducting significant work including drilling and detailed mapping at this prospect and others in the district, providing early insight in mineralisation style and tenor.

• Normandy Exploration Limited conducted regional RAB drilling and acquired additional magnetic data over the district. Some of the targets generated from this work are yet to be tested.

• Atlas Iron in 2006 conducted comprehensive review and write up of previous work and conducted significant regional geochemical sampling in areas not previously covered. They compiled a prospectivity map for hydrothermal activity and developed additional surface anomalies for follow up work.

Geology

• Deposit type, geological setting, and style of mineralisation.

• The Toolunga landholding is located at the junction of major tectonic boundaries of Capricorn Orogen, the Pilbara Craton, and the Ashburton and Edmund Basins. The basins lie unconformably on basement metasediments and granitoids of the Gascoyne Province. The project area is transected by major NE-SW and N-S striking structures.

• Mineralisation style is not yet known, but is considered prospective for IRG, porphyry, IOCG and epithermal mineralisation

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including Easting and northing of the drill hole collar, Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth plus hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• No drilling results are reported in this release

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• No drilling results are reported in this release

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).

• No drilling results are reported in this release

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• No drilling results are reported in this release

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• Significant results listed in the body of the release are listed with their respective references.

• Only selected significant results are reported due to the large volume of historic reports.

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• No additional data.

Further work

• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Refer to the body of the release.