Completion of Tranche 2 of Placement

Not for release to US wire service or distribution in the United States PERTH, Australia, May 28, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to announce that Tranche 2 of the Placement it announced on 24 and 26 February 2026 (Vancouver)/25 and 26 February 2026 (Perth) (“Placement”) completed today following shareholder approval that was received at the Company's Annual General Meeting (“AGM”) held on 21 May 2026 (Vancouver)/22 May 2026 (Perth). The Company received gross proceeds of ~C$1.93m (approximately A$1.95m) through the issue of the following securities under Tranche 2 of the Placement: ~8.0m Units at C$0.10 per Unit to investors in Canada (with each Unit comprising one common share of Novo (each, a “Common Share”) and one-half (0.5) Common Share purchase warrant (“Unit”)); and ~10.9m Chess Depository Interests (“CDIs”) at A$0.105 per CDI to investors outside of Canada, together with the right to receive one option to purchase one CDI (each an “Option”) for every two CDI's subscribed for under the placement, each Option entitling the holder to purchase one CDI at a price of A$0.15 for a period of three years (with one Common Share underlying each CDI).