VANCOUVER, British Columbia - 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 period2.

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 period3.

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.

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.

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.

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