Vancouver, British Columbia, April 27, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. (“New” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has closed the first tranche of its previously announced sale of 15 million shares (the “Transaction“) of New Found Gold Corp. (“New found”). A total of 8.25 million New Found shares were transferred to a company controlled by Eric Sprott to CA$8.35 per share for gross proceeds of approximately C$68.9 million¹.

The second tranche of the Operation, consisting of 6.75 million New Found shares at CA$8.45 per share for gross proceeds of approximately C$57.0 millionmust close the August 5, 2022 (“Tranche 2”). The New Found shares representing Tranche 2 are subject to escrow clauses. The consent of the TSX Venture Exchangeon which the common shares of New Found trade, to the transfer of the shares of Tranche 2 under the escrow has been obtained.

Novo’s cash position is currently approximately 91 million Canadian dollars. The net financing from the transaction will be used to provide Novo with the flexibility to aggressively advance exploration efforts across the Pilbara and Victoriawhile accelerating a feasibility study on the fresh component of the Beatons stream project in Nullagine, Western Australia².

ABOUT NOVO

Novo is operating its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 12,500 square kilometers in the Pilbara region in Western Australia. In addition to the company’s primary focus, Novo seeks to leverage its in-house geological expertise to deliver value-added opportunities to its shareholders. For more information please contact Leo Karabelas at (416) 543-3120 or by email [email protected]

On behalf of the Board of Directors,

Novo Resources Corp.

“Michael Spreadborough”

Michael Spreadborough

Executive Co-Chairman and Interim CEO

Forward-looking information

Certain statements in this press release contain forward-looking information (within the meaning of Canadian securities laws), including, without limitation, that Tranche 2 will be settled on August 5, 2022and that the financing generated by the transaction will provide Novo with the flexibility to aggressively advance exploration efforts across the Pilbara and Victoria while accelerating a feasibility study on the Costs component of the Beatons stream project in Nullagine, Western Australia. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from results, future performance or achievement expressed or implied by the statements. . These factors include, but are not limited to, the performance by the parties of their respective obligations under Tranche 2, customary resource industry risks and the risk factors identified in Novo’s MD&A for the financial year closed December 31, 2021 which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date such statements are made. Except as required by applicable law, Novo undertakes no obligation to update or publicly announce the results of any changes to any forward-looking statements contained or incorporated by reference herein to reflect actual results, events or future developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to such or other forward-looking statements.

1 See the Company’s press release dated April 12, 2022.
2 See the Company’s press release dated April 7, 2022.

Source: Novo Resources Corp.

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