Significant Results From Malmsbury Victorian Projects Exploration Update

HIGHLIGHTS

• New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
• Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
  • 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
  • 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
  • 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
• Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD17 ¹ ).
• These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
• Induced polarization (" IP ") survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (" Queens Project "). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
• Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update from the 50%-owned Malmsbury Project (RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) (" GBM ") and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd. (ASX:KZR) (" Kalamazoo ").

Commenting on the results delivered from drilling, Novo's Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said "We are very pleased with the most recent set of assay results from drilling at the Malmsbury project, highlighted by strong grades generated at the Queens Birthday and Leven Star reefs, along with a compelling result from step-out hole MD22.

"We know this region is highly prospective and we will continue to systematically test compelling targets to build each project in size and scale. The team in Victoria are doing an excellent job and we are excited by the future growth potential of our Victorian project portfolio."

The Company has recently completed an 11-hole, 3,162 m diamond drill program at the Malmsbury Project, with positive results generated from several holes reported previously (see Novo press release), and now including high-grade assays from the Queens Birthday and Leven Star reefs. Key results generated from drilling include:

• 3.1 m @ 9.27 g/t Au from 400.9 m (MD20)
• 8.1 m @ 5.79 g/t Au from 131.9 m (MD21);
• 6.2 m @ 3.92 g/t Au from 144.6 m (MD21); and
  
• Step-out hole (MD22) intersected 45 m @ 0.23 g/t Au from 134 m, 80 m north of previous reported drilling (MD17)

Novo exercised its option over the Malmsbury Project to earn a 50% interest, and the right to earn an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period ² .

Novo exercised its option over the Queens Project to earn a 50% interest, and the right to earn an additional 20% interest by incurring A$5 million in exploration expenditure over a five-year period ³ .

Results referred to in this news release are not necessarily representative of mineralization throughout the Malmsbury Project and the Queens Project.

DETAILS

Drilling Program Update

All gold and multi-element assays have now been returned from the 11-hole, 3,162 m diamond drilling program at the Malmsbury Project. Significant results from the final three holes (MD20, MD21 and MD22) are presented herein. Significant results for earlier holes (MD13 through MD19) have been reported previously. ^{4 , 1 , 5}

Table 1 below highlights new >1 gram metre results reported for drill holes MD20, MD21 and MD22 testing reef-related mineralization. Intersections presented for MD20 are considered at or near true width. An oblique component to the intersections in both MD21 and MD22 is interpreted. True width intersections will reduce for MD21 and MD22 when mineralization is interpreted and modelled.

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Image 1

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Figure 1 , Location of Malmsbury Project (Novo Resources – GBM Resources) and Queens Project (Novo Resources – Kalamazoo Resources) in Victoria.

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Figure 2 , Location of drill holes MD13 – MD22 (green traces) from current diamond program on RL006587 with key target gold reefs (red lines) and solid geology. Target felsic intrusive is pink stippled polygon. Refer to Appendix 1 for full geology legend.

Table 1 : Significant intercept table for results from drill holes MD20 and MD21 and MD22. The table is generated using a 0.3 g/t Au cut-off grade and no more than 2 m internal waste. Higher grade "Includes," intercepts calculated with 1 g/t Au cut-off grade and no internal dilution. All intervals > 1 gram metre Au reported here.

^*1 Intersection in MD20 remains open. No sampling immediately prior to mineralised interval from 400.9 m.

Table 2 below highlights new >1 gram metre results reported for a significant intersection in MD22 across the mineralised felsic intrusive (Missing Link Monzogranite) representing intrusion related gold (" IRG ") mineralization and/or intrusion-hosted mineralization. An oblique component to the intersection presented for MD22 is interpreted. Different parameters to calculate the intersections are used for reef-related verses IRG or intrusion hosted mineralization. These parameters are outlined clearly in the respective tables.

Table 2 : Significant intercept table for result across mineralised felsic intrusive (Missing Link Monzogranite) in drill holes MD22. The table is generated using a 0.1 g/t Au cut-off grade and no more than 5 m internal waste. All intervals > 1 gram metre Au reported here.

Drill hole MD21 (Figure 2) successfully tested a developing high-grade shoot / splay zone on the Leven Star Reef within 30 m of MD16 which recently returned >220 gram meters of gold down-hole ⁴ . Significant results from MD21 include two distinct intersections: 8.1 m @ 5.79 g/t Au from 131.9 m and 6.2 m @ 3.92 g/t Au from 144.6 m; and support modelling of one or more mineralised splay structures along the Leven Star main lode, a feature that was also apparent in MD16.

Drill hole MD20 (Figure 4) was collared on farmland on the Drummond Historic Goldfield and was designed to test down-dip continuity and tenor of the Queens Birthday and O'Connors Historic reefs. MD20 returned a high-grade intercept of 3.1 m @ 9.27 g/t Au from 400.9 m across a heterogeneously brecciated and quartz veined fine to medium grained sandstone sequence with fine grained disseminated, acicular arsenopyrite mineralization (locally to 5%). This interval included a 35 cm wide quartz bearing sulphide breccia that retuned a gold assay of 35.1 g/t Au and corresponding As assay of 2.3%. This intersection represents continuity of the high-grade Queens Birthday reef at depth, where it remains open and untested. The Queens Birthday reef system extends for over 1.25 km strike, where it disappears southward under tertiary basalt cover and remains untested and open. A 0.5 m logged and sampled interval containing a puggy fault within laminated siltstone from 116.2 m returned a gold assay of 0.46 g/t Au, with a corresponding As assay of 9310 ppm. This interval potentially represents intersection of the O'Connors reef as a discrete As-rich and gold anomalous structure.

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Figure 3 , Cross Section depicting geology and significant Au intersection in MD21. Refer to Figure 2 for section location.

Step-out hole MD22 successfully intercepted a strongly altered, quartz veined and sulphide bearing porphyritic intrusive (Missing Link Monzogranite) 80 m north of the previous reported gold-mineralized intrusive in MD17 ¹ . Assays across the mineralized porphyritic intrusive interval returned 45 m at 0.23 g/t Au and include the upper contact zone. Peak multi-element assays within the mineralized felsic intrusive include: 1,935 ppm (As); 1.63 ppm (Ag); 64.7 ppm (Bi); 143.5 ppm (Mo); 63.5 ppm (Sb); 356 ppm (W). The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or IRG system at the Malmsbury Project.

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Figure 4 , Drill holes MD19 and MD20 on the Drummond North goldfield testing the Queens Birthday and O'Connors reef trends.

Ground Geophysical Surveys

An IP survey for approximately 18 line km commenced on October 26, 2022. The survey spans the Malmsbury Project and the Queens Project areas and involves 11 planned traverses across priority mapping, drilling, historic reef, and geochemical targets, in addition to developing geophysical magnetic and gravity targets (Figure 5). The IP survey aims to identify potential "sulphide-rich target," zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will also aid in delineating key prospective structural corridors in addition to providing useful information on preferred litho-stratigraphic domains.

Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical work (IP, magnetics and gravity) will take approximately 6 weeks to complete.

Synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress will form a critical component to aide prioritisation of numerous high-calibre targets for upcoming diamond drill testing in H1 2023.

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Figure 5 , Planned IP survey lines (1 – 12) across gravity and magnetic targets.

Forward Work Program 2022 - 2023

The current round of ground geophysics (IP, gravity & magnetics) is scheduled to be completed mid to late December and will conclude prior to the Christmas break. Mapping, soil sampling, and rock chip sampling across priority target areas where access has recently been established will occur contemporaneously with the ground geophysics to better inform the surveys.

Exploration moving forward will involve a second phase of drilling that aims to build on current success and additionally test the remaining and developing high-priority mapping and geophysical targets not tested in the recently completed campaign. This is currently scheduled for H1 2023 pending rig availability.

Systematic soil geochemistry, mapping and rock chip sampling on both projects has been significantly hampered throughout H2 2022 by persistent rain and flooding events across the Eastern Australian states. These field programs will recommence as soon as is practical and will continue into 2023.

Sampling & Analytic Methodology

Diamond Core

The diamond drill core was sampled by cutting the core in half longitudinally. Samples were cut to geological boundaries or to a preferred length of 1.0 m. The core was halved along the plane of orientation using a diamond saw and the upper half of the core dispatched for analysis and the lower half returned to the core tray in its original orientation. Sampling interval lengths range from 0.3 m up to 1.3 m. Core loss zones greater than or equal to 0.2 m are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 m. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 m and greater than 0.1 m can terminate a sampling sequence or be included within a sample interval with the percentage of sample recovery recorded. Where core loss cannot be specifically attributed, the percentage of sample recovery is recorded.

All core samples were crushed and pulverised at ALS Limited in Adelaide, Australia (ALS CRU-21/PUL-23) and sub-sampled for fire assay and multi-element analysis at ALS Limited in Perth, Australia (ALS Au-AA26, ME-MS61).

Drill core duplicates are inserted at a rate of one sample every 25. To produce a duplicate sample, the whole core sample is first cut in half, with half of the core returned to the tray. The other half is then quartered with one quarter used as a primary sample and the other as the duplicate.

Blanks and standards are inserted at a rate of eight samples in 100, with three OREAS CRM standards (OREAS 232, OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically repeated.

No QAQC issues were detected. All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ") by reviewing analytical procedures undertaken by ALS Limited.

QP Statement

Dr. Christopher Doyle (MAIG) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Doyle is Novo's Exploration Manager – Victoria & Project Generation.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including Beatons Creek, along with two joint ventures in the Bendigo region of Victoria, Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough, Executive Co-Chairman & Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at Malmsbury, in addition to developing high-grade ore shoot potential on the Leven Star Reef and key significant results from the recent diamond campaign, that gold and multi-element assays for MD22 are pending, that the IP survey aims to identify potential "sulphide-rich target," zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets and will also aide in delineating key prospective structural corridors in addition to providing useful information on preferred litho-stratigraphic domains, that additional ground magnetics and ground gravity acquisition will take approximately 6 weeks to complete and will run commensurate with the current IP survey to help refine and expand the current geophysical targets, that synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress will form a critical component to aide prioritisation of numerous high-calibre targets for upcoming diamond drill testing in H1 2023, and that various programs are scheduled to be undertaken in Q4 2022 and H1 2023. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the nine-month period ended September 30, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

APPENDIX 1:
Geology and DH Geology Legend:

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1 Refer to the Company's news release dated June 21,2022 .
2 Refer to the Company's news release dated May 13, 2021 .
3 Refer to the Company's news release dated March 22, 2021 .
4 Refer to the Company's news release dated May 10, 2022 .
5 Refer to the Company's news release dated September 6, 2022 .