Nova Royalty Corp. announced that, further to its news release dated May 23, 2023, it has completed its acquisition (the Transaction) of an additional 0.12% net smelter return (NSR) royalty on the Copper World Complex project located in Arizona, USA, owned by Hudbay Minerals Inc. Nova now holds a 0.285% NSR royalty on Copper World and retains a right of first refusal in respect of an additional 0.390% NSR royalty on Copper World. The aggregate purchase price for the Transaction included upfront consideration of $1,360,000 in cash and $680,000 in common shares of Nova (Consideration Shares), of which Nova issued 595,760 Consideration Shares at CAD 1.5412 per Consideration Share, calculated based on the 20- day volume weighted average trading price of the common shares of Nova up to and including May 19, 2023.

An additional $3,560,000 in cash will be payable as follows: $600,000 in cash, payable 12 months after closing of the Transaction; and $2,960,000 in cash, payable at the later of: 12 months following the announcement of the commencement of production from the royalty area; and the receipt by Nova of the first three payments under the Additional Royalty. Other terms of the Transaction were disclosed in Nova's news release dated May 23, 2023.