Q1 2026 Novo Resources Corp Earnings Call

May 1, 2026

Speaker #2: Good morning, everybody, and good evening if you're watching from that time slot. Welcome to the quarterly webinar from Novo Resources. We're here today with the co-executive chairman, Mr. Mike Spreadborough, and general manager of Exploration, Rowan Williams.

Peter: Good morning, everybody, and good evening if you're watching from that time slot. Welcome to the quarterly webinar from Novo Resources. We'll hear today from the Co-Executive Chairman, Mr. Mike Spreadborough, and General Manager of Exploration, Rohan Williams, who'll give us an overview of the activities and milestones achieved across the last quarter, what the company is focused on right at the moment, and what we can all look forward to in the coming weeks and months ahead. There'll be time for a little bit of a Q&A at the end, and we'll have this video recorded as well for sending out. We'll hand it over to you, Mike, to kick it off.

Peter Tyler: Good morning, everybody, and good evening if you're watching from that time slot. Welcome to the quarterly webinar from Novo Resources. We'll hear today from the Co-Executive Chairman, Mr. Mike Spreadborough, and General Manager of Exploration, Rohan Williams, who'll give us an overview of the activities and milestones achieved across the last quarter, what the company is focused on right at the moment, and what we can all look forward to in the coming weeks and months ahead. There'll be time for a little bit of a Q&A at the end, and we'll have this video recorded as well for sending out. We'll hand it over to you, Mike, to kick it off.

Speaker #2: He'll give us an overview of the activities and milestones achieved across the last quarter, what the company is focused on at the moment, and what we can all look forward to in the coming weeks and months ahead.

Speaker #2: And there'll be time for a little bit of a Q&A at the end, and we'll have this video recorded as well for sending out.

Speaker #2: So we'll hand it over to you, Mike, to kick it off.

Speaker #3: Thank you very much, Peter. Look, today we, as Peter said, we're just going to give you a really quick overview of the key projects that we are actually going to drill at through the rest of this quarter and moving into Q3.

Mike Spreadborough: Thank you very much, Peter. Today we, as Peter said, we're just going to give you a really quick overview of the key projects that we're actually going to drill through the rest of this quarter and moving into Q3. Hopefully that gives everyone a good overview. We'll get into a little bit of geological depth so you understand why we're doing those projects. As on the screen, importantly, you know, this presentation's a subset of our corporate presentation, which has all the disclaimers, footnotes, and references. Please review that on the website and all of our news releases for all of that. Here we are. For people who don't know us, we are a dual-listed Australian explorer.

Speaker #3: So, hopefully, that gives everyone a good overview. We'll get into a little bit of geological depth so you understand why we're doing those projects.

Speaker #3: As on the screen, importantly, this presentation is a subset of our corporate presentation, which has all the disclaimers, footnotes, and references. So please review that on the website and all of our news releases for all of that.

Speaker #3: So here we are. For people who don't know us, we are a dual-listed Australian explorer. Our focus is really on gold, but we do have a real great interest in looking for copper.

Mike Spreadborough: Our focus is really on gold, but we do have a real great interest in looking for copper, so we're out there looking for good projects for copper. That dual listing I'll talk about in a minute is very, very important to us. We do have on top of our cash position a great strategic investment portfolio, which also includes a very large investment with San Cristobal Mining. That's important to us because that provides us some balance sheet strength that allows us to continue our exploration moving into, you know, possible development of projects. Our portfolio, which we'll get into detail, but a quick snapshot. We've got a great project in Victoria called Bell Topper, which has got a very large Exploration Target.

Speaker #3: So we're out there looking for good projects for copper. That dual listing—I'll talk about it in a minute—is very, very important to us.

Speaker #3: We do have, on top of our cash position, a great strategic investment portfolio, which also includes a very large investment with San Cristobal Mining.

Speaker #3: And that's important to us because that provides us the balance sheet strength that allows us to continue our exploration, moving into possible development of projects.

Speaker #3: Our portfolio, which we'll get into detail, but a quick snapshot—we've got a great project in Victoria called Belltopper, which has got a very large exploration target.

Speaker #3: The main focus today—we'll be talking about our Greenfields projects in West Australia, where we're going to have an extensive drill program, which actually just started this week.

Mike Spreadborough: The main focus today will be talking about our greenfields projects in Western Australia, which we're gonna have an extensive drill program, which has actually just started this week. We also have a great joint venture with Northern Star and the Egina joint venture, and that's important to us because that is very close to Northern Star's 13 million ounce Hemi project. On top of that, great exploration team. They've done wonders. They're supported here in the office with people from Heritage and Finance and our very strong board, which has a lot of experience across exploration and also development. Overall, we're in a good position for this year. We're well set up to do our strategic objective, which is to be a great explorer looking for development opportunities. A quick overview on the balance sheet.

Speaker #3: And we also have a great joint venture with Northern Star at the Edge in a joint venture. And that's important to us because that is very close to Northern Star's 13-million-ounce HEMI project.

Speaker #3: On top of that, great exploration team. We’ve done wonders. I’ve supported here in the office with people from Heritage and Finance and our very strong board, which has a lot of experience across exploration and also development.

Speaker #3: So overall, we're in a good position for this year. We're well set up to do our strategic objective, which is to be a great explorer looking for development opportunities.

Speaker #3: So, a quick overview on the balance sheet. As per the quarterly, we've got about $11 million of cash in the bank. As people are aware, we might have—we've done an equity raise, so you'll see the second tranche of that cash come in on the 22nd of May, which is around $2 million.

Mike Spreadborough: As per the quarterly, we've got about AUD 11 million of cash in the bank. As people are aware, we've done an equity raise, so you'll see the second tranche of that cash come in on 22 May, which is around AUD 2 million. As I said, great investment with San Cristobal Mining, around about AUD 20 million Australian valuation. San Cristobal is a silver producer, so very much tied to silver. As I said, we're dual listed, which is really important because it provides liquidity on both the TSX and ASX markets across the world. We're seeing really strong liquidity support given gold, silver, copper, and base metals through our share register. Let's have a quick look at our portfolio.

Speaker #3: As I said, great investment with San Cristobal Mining, around about $20 million Australian valuation. San Cristobal is a silver producer, so very much tied to silver.

Speaker #3: And as I said, we're dual-listed, which is really important because it provides liquidity on both the TSX and ASX markets across the world. And we're seeing really strong liquidity support given gold, silver, copper, and base metals.

Speaker #3: Through our share register. So let's have a quick look at our portfolio. As I said, we are very much Greenfields focused in the Pilbara, and we'll talk through most of these projects.

Mike Spreadborough: As I said, we are very much a greenfields focused in the Pilbara, and we'll talk through most of these projects as we go through today. The Egina joint venture, we think that's an advanced greenfields project. As I said, it's near the Hemi 13 million ounce project. Northern Star have another AUD 17 million to spend to earn 50% in that joint venture. On the advanced exploration side, we're gonna talk about the Bell Topper project and where we'll go with drilling in H2 this year. We do have access to 2 farming projects in New South Wales, which we continue to prosecute.

Speaker #3: As we go through today, the Edge, in a joint venture, we think that's an advanced greenfields project. As I said, it's near the Hemi 13-million-ounce project.

Speaker #3: Northern Star have another $17 million to spend to earn 50% in that joint venture. And then, on the advanced exploration side, we're going to talk about the Belltopper project and where we'll go with drilling in the second half of this year.

Speaker #3: But we do have access to two farming projects in New South Wales, which we continue to prosecute. And we're always out there looking for an advanced resource project, and those who have followed us know that we've been looking for projects that we'd like to add to our portfolio, and we'll keep doing that through our project generation strategy.

Mike Spreadborough: We're always out there looking for an advanced resource project, and those who have followed us know that we've been, you know, looking for projects that we'd like to add to our portfolio, and we'll keep doing that through our project generation strategy. Across Australia, you know, these are our projects. I'm gonna talk about the yellow ones today because they are the ones that are really active now for drilling or drilling into Q3. We do cover, you know, Western Australia, New South Wales, and Victoria with our exploration projects, and as you've seen, everything from greenfields to advanced exploration. This is our drilling plan. We put this schedule out probably a couple months ago, but we're really on target for this.

Speaker #3: So, across the world, or across Australia, these are our projects. I'm going to talk about the yellow ones today because they're the ones that are really active now for drilling or drilling into Q3.

Speaker #3: But we do cover Western Australia, New South Wales, and Victoria with our exploration projects. And as you've seen, everything from greenfields to advanced exploration.

Speaker #3: This is our drilling plan. We put this schedule out probably a couple of months ago, but we're really on target for this. This quarter, you'll see us drilling at Wailu, Cronus, and Balabala.

Mike Spreadborough: This quarter, you will see us drilling at Wyloo, Cronus, and Balla Balla. We will pivot in Q3 to Teichman, which we will talk about. Probably some follow-up on those projects that we are drilling now. Importantly, we will go drilling in Bell Topper in H2 of this year. We have got a very aggressive exploration program lined out for the rest of the year, and we have got the team that can prosecute that. Here we are focused on the Pilbara. We still have a very, very large tenement package across the Pilbara. It has reduced over time, that is because we have thrown out projects that we do not believe or tenure that we do not believe that has the potential. Just providing you some locations. Down the bottom here, you can see Wyloo. That is where we will talk about in a minute.

Speaker #3: And then we'll pivot in Q3 to Teckman, which we'll talk about. Probably some follow-up on those projects that we're drilling now. But importantly, we'll go drilling in Belltopper in the second half of this year.

Speaker #3: So, we've got a very aggressive exploration program lined out for the rest of the year, and we've got the team that can prosecute that.

Speaker #3: So here we are, focused on the Pilbara. We still have a very, very large tenement package across the Pilbara. It has reduced over time, but that's because we've thrown out projects that we don't believe, or tenure that we don't believe has the potential.

Speaker #3: So just providing you some locations. Down the bottom here, you can see Wailu. That's where we'll talk about in a minute. That's where we've started drilling.

Mike Spreadborough: That's where we've started drilling as of today. What's important about Wyloo is it's not far from Paulsens. Paulsens is an underground gold mine with high-grade gold. Wyloo SE is an antimony project. We're in the right district there, and you'll see the numbers that we'll talk about in a minute. If you head up to the top, you'll see Teichman, which is part of the Egina Gold Camp. What's important about Teichman, as you can see there, it's located in that belt that includes Hemi and our Egina joint venture. Up on the coast is Balla Balla. You can see there the Ram Quarry and the Babbage. They are the key targets for our drilling program that we'll follow later on.

Speaker #3: As of today, what's important about Wailu is it's not far from Poulson's. Poulson's is an underground gold mine with high-grade gold. But Mount Clement is an antimony project.

Speaker #3: So we're in the right district there, and you'll see the numbers that we'll talk about in a minute. If you head up to the top, you'll see Teckman, which is part of the Edge in a gold camp.

Speaker #3: What's important about Teckman, as you can see there, is it's located in that belt that includes HEMI and our Edge in a joint venture. Up on the coast is Balabala.

Speaker #3: You can see there the Ram Quarry and the Babbage. They're the key targets for our drilling program that will follow later on. And then you've got Cronus to the left there, and Cronus is a gold project which we haven't talked a lot about, but we'll give you an overview of Cronus, and it is the next drill program for us past Wailu.

Mike Spreadborough: Then you've got Cronus to the left there, and Cronus is a gold project, which we haven't talked a lot about, but we'll give you an overview of Cronus, and it is the next drill program for us past Wyloo. Here we are. Here's Wyloo. Wyloo is really exciting. You know, this is a discovery in inverted commas by our exploration team. We built this up from 2023 when the geologists were first able to get on the ground. This is really classic Novo work. You know, data, really base, soil sampling, rock chip sampling, mapping, building up the story. That was a really fantastic work that was done. That's slowly built the picture up around Wyloo South West and Wyloo South East, which we'd see are the prominent areas of the package.

Speaker #3: So here we are. Here's Wailu. Wailu is really exciting. This is a discovery, in inverted commas, by our exploration team. We've built this up from 2023, when the geologists were first able to get on the ground.

Speaker #3: This is really classic Novo work—really basic soil sampling, rock chip sampling, mapping, building up the story. And that was really fantastic work that was done.

Speaker #3: And that's slowly built the picture up around Wailu Southwest and Wailu Southeast, which we'd see are the prominent areas of the package. We've still got a lot of the tenement to really look at for other opportunities.

Mike Spreadborough: We've still got a lot of the tenement to really look at for other opportunities. If you see the numbers here, back in 2023, really strong polymetallic numbers. You can see high gold, high silver, high antimony, which is the SB, stibnite, copper, lead, and zinc. That's really strong numbers that got us excited. We've now followed that up with some work later in 2025. You can see we've got continuation of more strong numbers as the geological team honed in on what we saw as the high-grade potential around some structures. Again, you can see high-grade silver, stibnite, arsenic, zinc, and lead. Really strong numbers. That's obviously what has led us to the drill program. We're gonna do 2,500 meters of RC drilling.

Speaker #3: But if you see the numbers here, back in 2023, really strong polymetallic numbers. You can see high gold, high silver, high antimony—which is the Sb, stibnite—copper, lead, and zinc.

Speaker #3: So that's really strong numbers that got us excited. And then we've now followed that up with some work later in 2025, and you can see we've got continuation of more strong numbers as the geological team honed in on what we saw as the high-grade potential around some structures.

Speaker #3: So again, you can see high-grade silver, stibnite, arsenic, zinc, and lead. So, really strong numbers, and that's obviously what has led us to the drill program.

Speaker #3: So we're going to do 2,500 meters of RC drilling. The drill rig is on site, and we'll commence drilling today.

Mike Spreadborough: The drill rig is on site and we'll commence drilling today. We talked about that in the quarterly, that drilling was underway, and it definitely is. It's a bit really difficult at the moment to explain the mineralization system, but you only need to look at the picture and see the surface outcrops that we've seen and the numbers. There is just strong, you know, surface anomalism, and that really demands a good drill program. We'll go drilling now, the 2,500 meters, that'll take us, you know, 3, 4 weeks to complete. It's a really 6 to 8 week program of getting the results. Keep open to the news flow as we drill Wyloo. Very exciting for us. As I said, after Wyloo, we'll head back to the coast to Cronus.

Speaker #3: So we talked about that in the quarterly—that drilling was underway, and it definitely is. It's really difficult at the moment to explain the mineralization system, but you only need to look at the picture and see the surface outcrops that we've seen, and the numbers.

Speaker #3: There is just strong surface anomalism and that really demands a good drill program. So we'll go drilling now the two and a half thousand meters that'll take us three, four weeks to complete.

Speaker #3: And then it's really a six- to eight-week program of getting the results. So keep open to the news flow as we drill Wailu. But very excited for us.

Speaker #3: As I said, after Wailu, we'll head back to the coast to Cronus. Cronus is a small tenement package that we've had for a long time, but it has been lower priority.

Mike Spreadborough: Cronus is a small tenement package that we've had for a long time, but it has been lower priority. We've really increased our focus on Cronus, and that's driven by the work of Artemis Resources who have tenements around us. If you can see in this package, you've got Titan and Carlow Castle outside of our tenure ground. Carlow Castle has a resource that contains about 370 thousand ounces of gold and around 60 kilotons of copper. It's a polymetallic gold, copper, cobalt system. Titan, Artemis has recently completed some drilling and has had some good results. You know, 5 meters at 2.3 and 5 meters at 13 grams. Cronus, as you can see in this picture, is a continuation, a long strike of that drilling completed by Artemis at Titan.

Speaker #3: But we've really increased our focus on Cronus, and that's driven by the work of Artemis Resources, who have tenements around us. So if you can see in this package, you've got Titan and Carlo Castle outside of our tenure ground.

Speaker #3: Carlo Castle has a resource that contains about 370,000 ounces of gold and around 60 kilotons of copper. So it's a polymetallic gold-copper-cobalt system.

Speaker #3: Titan Artemis have recently completed some drilling and has had some good results: five meters of 2.3, and five meters of 13 grams. So Cronus, as you can see in this picture, is a continuation of a long strike of that drilling completed by Artemis of Titan.

Speaker #3: And definitely have a look at the releases by Artemis Resources. So we will go here, follow up on the Titan Shear. The whole area is really driven at a scale area by the Regal Shear, which hosts Carlo Castle and others.

Mike Spreadborough: Definitely have a look at the releases by Artemis Resources. We will go here, follow up in the Titan Shear. The whole area is really driven at a scale area by the Regal Shear, which hosts Carlow Castle and others. We'll do another 2,000 meters of drilling across this package as a first phase of looking at what really Cronus is all about. After that, we're gonna head to Balla Balla. Balla Balla, as people recall, we did a very large aircore program in 2025. That was over a very significant area, big line spacings. You can kind of see that in this picture of where some of the previous drilling was. These spacings are 640 kilometers apart or up to a kilometer apart. Very wide spacing.

Speaker #3: So we'll do another 2,000 meters of drilling across this package as a first phase of looking at what really Cronus is all about. So then, after that, we're going to head to Balabala.

Speaker #3: So, Balabala, as people recall, we did a very large air core program in 2025. That was over a very, very significant area—big line spacings.

Speaker #3: And you can kind of see that in this picture of where some of the previous drilling was. These spacings are 640 meters apart or up to a kilometer apart.

Speaker #3: It's a very wide spacing. From that work, we've been able to hone in on two areas that are of great interest to us, and they're called Ram Quarry and Babbage.

Mike Spreadborough: From that work, we've been able to hone in on two areas that are of great interest to us, and they're called Ram Quarry and Babbage, and that'll be the focus of our drill program. We'll come back here after Cronus, and we're gonna do another 6,000 meters of aircore, really planning on what's the next stage of results out of Babbage and Ram Quarry, and that will give us an indication of where we go forwards. The previous results we put out, you can see on the website, very strong polymetallic signatures. As we've clearly talked about before, this is based on the Sholl Shear. That's important to us because it runs parallel to the Mallina Shear, and the Mallina Shear is kind of the host or the driver behind Hemi. We still like this package. It will be a long play.

Speaker #3: And that'll be the focus of our drill program. So we'll come back here after Cronus, and we're going to do another 6,000 meters of air core.

Speaker #3: Really planning on what's the next stage of results out of Babbage and Ram Quarry, and that will give us an indication of where we go forwards.

Speaker #3: The previous results we put out, you can see on the website—very strong polymetallic signatures. As we've clearly talked about before, this is based on the Shoal Shear.

Speaker #3: That's important to us because it runs parallel to the Malina Shear. And the Malina Shear is kind of the host or the driver behind HEMI.

Speaker #3: So, we still like this package. It will be a long play. We'll do a drill package this year, and you'll probably see us come back next year and follow up on that.

Mike Spreadborough: We'll do a drill package this year, and you'll probably see us come back next year and follow up on that. It'll take us a while to really understand the geology and the mineralization here. After Balla Balla, we're then gonna head back inland to Teichman. The picture really shows you where Teichman is. As I said, it's south of the Hemi mine, or deposit and, you know, close to our Egina and our joint venture. You know, Teichman's important to us. It's been part of the Egina Gold Camp. We've got 80 kilometers of strike. As people might realize, we've done some early work in the southern part of the Egina Gold Camp.

Speaker #3: It'll take us a while to really understand the geology and the mineralization here. So after Balabala, we're then going to head back inland to Teckman.

Speaker #3: So the picture really shows you where Teckman is. As I said, it's south of the HEMI mine or deposit—Venture. Teckman's important to us.

Speaker #3: It's been part of the Egina Gold Camp. We've got 80 kilometers of strike. As people might realize, we've done some early work in the southern part of the Egina Gold Camp.

Speaker #3: We've been keen to do work in the northern part of the Gold Camp, but we haven't been able to get there because we needed access to the Andiara Reserve.

Mike Spreadborough: We've been keen to do work in the northern part of the gold camp, but we haven't been able to get there, 'cause we needed access to the Yandeyarra Reserve. We've got access and approval there. We've done great work on the ground and soils, so we're now working through the approvals that will allow us to go drilling. The drill plan is, you know, essentially designed other than a bit of ground proofing, probably early in Q3 this year, we'll then move into Teichman and do about 2,000m of scout RC drilling to really understand the system. I think this picture shows why we're excited about Teichman.

Speaker #3: And we've got access and approval there. We've done great work on the ground and soils, so we're now working through the approvals that will allow us to go drilling. The drill plan is essentially designed, other than a bit of ground-proofing.

Speaker #3: And so, probably early in quarter three this year, we'll then move into Teckman and do about 2,000 meters of scout RC drilling to really understand the system.

Speaker #3: And I think this picture shows why we're excited about Teckman. On the right-hand side, you can see the topography, but there are two strike zones, or areas, that are of interest.

Mike Spreadborough: You know, on the right-hand side you can see the, you know, the topography, but there's two, you know, strike zones or areas that are of interest around about 1.2 to 1.5 kilometers. One zone we call Teichman and the other is Pride. When you look at the picture on the left-hand side, you can see the results from the geologist rock chip sampling, and some of these numbers are impressive. You can see 36.6, 77.5, down the bottom at Teichman South, another 30, and then across, you know, on the Pride, you're seeing 38.3. Clearly those numbers really scream out that we need to go there and drill some holes and really understand the geology.

Speaker #3: Around about 1.2 to 1.5 kilometers. One zone we call Teckman and the other is Pride. But when you look at the picture on the left-hand side, you can see the results from the geologists' rock chip sampling.

Speaker #3: And some of these numbers are impressive. You can see 36.6, 77.5. Down at the bottom of Teckman South, another 30. And then across on the Pride, you're seeing 38.3.

Speaker #3: So, clearly, those numbers really scream out that we need to go there and drill some holes and really understand the geology. No one has done any work on Teckman in the past because of the access issues.

Mike Spreadborough: No one has done any work on Teichman in the past because of the access issues. Novo has built up a great relationship with the Aboriginal people in the area and the groups. That's allowed us to continue exploration in the area. That's the Pilbara. If we kind of pivot to Victoria, there's a little bit of a background here to remind people what Bell Topper is all about. As you can see there, it's in Victoria, just near the Castlemaine town. Importantly, on the right-hand side, you know, Bell Topper is surrounded by very large gold mines and deposits. I think a lot of people would know Fosterville, you know, a very high-grade gold operation by Agnico. Sunday Creek is a gold antimony project that's being drilled out by Southern Cross.

Speaker #3: But Novo has built up a great relationship with the Aboriginal people in the area and the groups, and that's allowed us to continue exploration in the area.

Speaker #3: So that's the Pilbara. If we kind of pivot to Victoria—and there's a little bit of background here to remind people what Bell Topper is all about.

Speaker #3: So as you can see there, it's in Victoria, just near Castlemaine town. But in Portland, on the right-hand side, Bell Topper is surrounded by very large gold mines and deposits.

Speaker #3: I think a lot of people would know Fosterville—very high-grade gold operation by Agnico. Sunday Creek is a gold-antimony project that's being drilled out by Southern Cross.

Speaker #3: North of that is the Alcan and the Costafield mine. Again, high-grade gold-antimony. And then you can also see the Malden plant, which is part of Colliser Reef.

Mike Spreadborough: North of that is the A1 Mine and the Costerfield mine, again, high-grade gold antimony. You can also see the Maldon plant, which is part of Kaiser Reef. One of the good things about Bell Topper is there's good infrastructure, but also access to other processing plants in the area. We've had this property for a while. It's very small, as you can see, 22 square kilometers, but it really contains a very exciting collection of reef systems. You can see the major reefs here in red. We've done drilling in 2023 and 2024, which built up a good story. You can kind of loosely see in the picture, the black lines represent historical mining, which accessed some of the reefs, but not all of the reefs. We've built up a really good picture.

Speaker #3: So one of the good things about Bell Topper is there's good infrastructure, but also access to other processing plants in the area. So we've had this property for a while.

Speaker #3: It's very small, as you can see—22 square kilometers—but it really contains a very exciting collection of reef systems. And you can see the major reefs here in red.

Speaker #3: We've done drilling in 2023 and '24, which built up a good story. You can kind of loosely see in the picture, the black lines represent historical mining, which access some of the reefs, but not all of the reefs.

Speaker #3: So, we've built up a really good picture, and that's the picture here. You can see this with the underground historical workings. You can see our drilling and some of the great results.

Mike Spreadborough: That's the picture here. You can see this with the underground historical workings. You can see our drilling and some of the great results. If you get onto our website, there's a really good video that explains Bell Topper. We really like the opportunity here because of the continuation extension of those reef systems. Importantly, those reef systems are carrying good grade, which is really attractive. As a result of that, in 2024, we put out an Exploration Target. Well, early this year, we've now updated that target, post additional work, and you can see the numbers here. That Exploration Target, you know, 2.1 million tons, you know, running up to 3.1.

Speaker #3: And if you get onto our website, there's a really good video that explains Bell Topper. So we really like the opportunity here because of the continuation and extension of those reef systems.

Speaker #3: But importantly, those reef systems are carrying good grade, which is really attractive. And as a result of that, in 2024, we put out an exploration target.

Speaker #3: Well, early this year, we've now updated that target, post-additional work. And you can see the numbers here. That exploration target: 2.1 million tons, running up to 3.1 million.

Speaker #3: Good grade, 6.7 to 8.9. And that delivers very high ounces, around 500,000 ounces to up to 880,000 ounces. So that exploration target, it's not a resource.

Mike Spreadborough: A good grade, 6.7 to 8.9, and that delivers very high ounces, around 500,000 ounces, up to 880,000 ounces. That Exploration Target, it's not a resource. That's the important thing for people to understand. We need to do more work and more drilling before you ever get to an Inferred Resource. The Exploration Target gives you confidence that we're on the right pathway in trying to understand the economic and development potential of Bell Topper. Per previous announcements, we have focused on doing 2,500 m of diamond core in H2 of this year, and that will help us provide more confidence on the Exploration Target. To sum up, you know, Novo, we're dual listed, we're really focused on those exploration success and the leverage that comes from success.

Speaker #3: That's the important thing for people to understand. We need to do more work and more drilling before you ever get to an inferred resource.

Speaker #3: But the exploration target gives you confidence that we're on the right pathway in trying to understand the economic and development potential of Bell Topper.

Speaker #3: So, per previous announcements, we have focused on doing 2,500 meters of diamond core in the second half of this year.

Speaker #3: And that will help us provide more confidence on the exploration target. So to sum up, Novo, we're dual-listed. We're really focused on those exploration successes and the leverage that comes from success.

Speaker #3: We've got a great portfolio of gold projects, and as you've seen, gold prices are high at the moment. Our exploration targets, as you've seen in the Pilbara, are high quality.

Mike Spreadborough: We've got a great portfolio of gold projects, and as you've seen, you know, high gold price at the moment. Our exploration targets, as you've seen in the Pilbara, are high quality. You know, Bell Topper's got high grades and has the potential of being moved forwards. You know, Bell Topper's a great exploration target. The Goldfields, Greenfields projects, which you've seen, early stage, but gee, all of them demand drilling, and we're out there executing that work in the next 12 weeks. We've got a great leadership team, we've got experience all over the world chasing gold and copper and other mineralization, and that's great. We are very systematic in our approach. We are very disciplined.

Speaker #3: Bell Topper's got high grades. It has the potential of being moved forward, so Bell Topper's great. Exploration target. The gold fields are greenfield projects, which you've seen.

Speaker #3: Early stage, but gee, all of them demand drilling. And we're out there executing that work in the next 12 weeks. We've got a great leadership team.

Speaker #3: We've got experience all over the world chasing gold and copper and other mineralization, and that's great. We are very systematic in our approach. We are very disciplined.

Speaker #3: If we drill a program and we don't think it has the potential to grow into something economic, we're very comfortable moving on and looking for other targets.

Mike Spreadborough: If we drill a program and we don't think it has the potential to grow into something economic, we're very comfortable in moving on and looking for other targets. We are very close, very focused on that exploration project generation. Finally, we are supported by the San Cristobal investment on top of our AUD 11 million cash. We're well-positioned for this year and, you know, we are out there looking for other projects that would build to the portfolio. Peter, I think that's a really good overview of Novo and importantly, the drilling programs over the next 3 to 6 months.

Speaker #3: So, we are very close, very focused on that exploration project generation. And then finally, we are supported by the San Cristobal investment on top of our $11 million cash.

Speaker #3: So we're well positioned for this year, and we are out there looking for other projects that would build to the portfolio. So Peter, I think that's a really good overview of Novo, and importantly, the drilling programs over the next three to six months.

Speaker #1: Thanks, Mike. Pretty comprehensive. And it's very interesting for shareholders to note. I think the slide is a good illustration of how the company plans its pipeline of exploration across what is a pretty handy suite of projects.

Peter: Thanks, Mike. Yeah, pretty comprehensive and, it's very interesting for shareholders to note. I think, slide 5 is a really good illustration of how the company plans its pipeline of exploration across what is a pretty handy suite of projects. Quite a large drilling program across all of these. It strikes me that your approach to this in a methodical way is almost like a large cap company approach to your strategy.

Peter Tyler: Thanks, Mike. Yeah, pretty comprehensive and, it's very interesting for shareholders to note. I think, slide 5 is a really good illustration of how the company plans its pipeline of exploration across what is a pretty handy suite of projects. Quite a large drilling program across all of these. It strikes me that your approach to this in a methodical way is almost like a large cap company approach to your strategy.

Speaker #1: And quite a large drilling program across all of these. And it strikes me that your approach to this in a systematic, methodical way is almost like a large-cap company approach to your strategy.

Speaker #2: Yeah. Like I said, one of the great foundations of Novo, and all of the people who have been before exploration, is that ability to love getting on the ground and doing nothing but walking and mapping.

Mike Spreadborough: Yeah. We like, as I said, one of the great, you know, kind of foundations of Novo and all of the people that have been before exploration is that ability to love getting on the ground and doing nothing but walking and mapping. It is really a class act in terms of the skills of that team and the way that they can build up the picture. I think that's a real credit to the team and also, you know, to the leaders. Ronan has joined us now, but previous leaders have really driven into our team the basics. Get in there and do the underground work really well, and then use all the tools, not only the mapping, but the geophysics and everything else. You know, we do it right.

Speaker #2: It is really a class act in terms of the skills of that team, and the way that they can build up the picture. I think that's a real credit to the team, and also to the leaders.

Speaker #2: Ronan has joined us now. But previous leaders have really driven into our team the basics: getting there and doing the underground work really well.

Speaker #2: And then use all the tools—not only the mapping, but the geophysics and everything else. So we do it right.

Speaker #1: Yeah. And you have to use all the tools these days. Ron, there are some pretty juicy targets in there, or programs. Tekman looks pretty good.

Peter: Yeah. You have to use all the tools these days. Rohan, there's some pretty juicy targets in there or programs. Teichman looks pretty good. You know, you'd love to be up there drilling around that Hemi discovery along those similar shears and faults that they're on. What is it in that package that really excites you about getting out there?

Peter Tyler: Yeah. You have to use all the tools these days. Rohan, there's some pretty juicy targets in there or programs. Teichman looks pretty good. You know, you'd love to be up there drilling around that Hemi discovery along those similar shears and faults that they're on. What is it in that package that really excites you about getting out there?

Speaker #1: You'd love to be up there drilling around that HEMI discovery along those similar shears and faults that they're on. What is it in a package that really excites you about getting out there?

Speaker #3: Yeah, thanks, Peter. Look, yeah, the Nova package is really encouraging. I've joined at a really good time. As Mike has said, we've got an RC rig on site now at Wylow SE.

Rohan Williams: Yeah. Thanks, Peter. Look, the Novo package is really encouraging. I've joined at a really good time. As Mike has said, we've got an RC rig on site now at Wyloo SE, drilling the polymetallic prospect there. You know, we've got high-grade silver, antimony with some copper, gold, and lead and zinc there. That's a really encouraging target, and it's never been drilled. We've got the drill rig there now, 2,500 meters coming up there. We're gonna move on to Cronus. There's, you know, on the fertile Titan shear, we have the Titan prospect as well as the Weerianna deposit discovered on that shear. We're gonna hit that as well. Balla Balla, another polymetallic prospect.

Speaker #3: Drilling the polymetallic prospect there. We've got high-grade silver-antimony, with some copper, gold, and lead and zinc there. That's a really encouraging target, and it's never been drilled.

Speaker #3: So we've got the drill rig there now, two and a half thousand meters coming up there. And then, yeah, we're going to move on to Cronus.

Speaker #3: There's, on the fertile Titan Shear, we have the Titan prospect as well as the Wiriana deposit discovered on that shear. So we're going to hit that as well.

Speaker #3: And then, yeah, Balabala, another polymetallic prospect. And then moving down to Teichman. As you said, Peter, look, it's in the proximal to HEMI, the prospect.

Rohan Williams: Then moving down to Teichman, as you said, Peter, look, it's in the proximal to Hemi the prospect that Northern Star are gonna develop. We've got some really good work that's been done on accessing that area. As Mike sort of showed, there's some really high-grade encouraging gold rock chips taken there.

Speaker #3: The Northern Star are going to develop. And we've got some really good work that's been done on accessing that area. And, as Mike sort of showed there, some really, really high-grade, encouraging gold rock chips taken there.

Speaker #3: And that hasn't been drilled, so that's really exciting. Our greenfields projects in Western Australia look really exciting, and I'm excited to join and to get up there on site—not next week, but the week after.

Peter: Yeah.

Peter Tyler: Yeah.

Rohan Williams: That hasn't been drilled. That's really exciting. Our greenfields projects in Western Australia look really exciting. I'm excited to join and to get up there on site, not next week, but the week after, and to really have a good look on the ground and see, have a look at our prospects.

Speaker #3: And to really have a good look on the ground and see—have a look at our prospects.

Speaker #1: Great time to be coming in. When you're handed a nice little portfolio and an extensive drilling program to get stuck into straight away.

Peter: A great time to be coming in when you're handed a nice little portfolio and an extensive drilling program to get stuck into straight away.

Peter Tyler: A great time to be coming in when you're handed a nice little portfolio and an extensive drilling program to get stuck into straight away.

Speaker #3: Absolutely. It was a fantastic time. Yeah. My predecessor has done a great job in setting up these targets. And you'll look—the team here have raised the money.

Rohan Williams: Absolutely. It's fantastic time. Yeah. My predecessor has done a great job in setting up.

Peter: Yeah

Peter Tyler: Yeah

Rohan Williams: ... these targets. The team here have raised the money. We've got the budget. We've got the drill rigs. The programs are in place. Yeah, we're really ready to hit the ground running and to test these really encouraging targets.

Speaker #3: We've got the budget. We've got the drill rigs through the programs that are in place. And, yeah, we're really ready to hit the ground running and to test these really encouraging targets.

Speaker #1: Ron, at Teichman, we're sort of looking at shear-hosted potential targets. Is that the sort of mineralization, or where the mineralization could be?

Peter: Ron, at Teichman, are we looking at shear-hosted potential targets? Is that the sort of mineralization or where the mineralization could be?

Peter Tyler: Ron, at Teichman, are we looking at shear-hosted potential targets? Is that the sort of mineralization or where the mineralization could be?

Speaker #3: Yes, absolutely, Peter. Yeah, shear-hosted orogenic gold targets with very high-grade rock chip samples.

Rohan Williams: Yes, absolutely, Peter. Yeah. Shear-hosted, you know, orogenic gold targets with very high-grade rock chip samples.

Speaker #1: Beautiful. Now, a HEMI on the way, hopefully. And Victoria, I mean, there was a rocketry resources—just has brought the old Wills Mount Wills gold project back online through a reverse takeover recently.

Peter: Beautiful. Another Hemi on the way, hopefully. Victoria, I mean, there was Rockeby Resources just has bought the old Wills, Mount Wills Gold Project back online through a reverse takeover recently. There's a lot of activity down here in Victoria. We're hoping that the government is becoming more encouraged to engage with the industry down here. Bell Topper has a significant target, 500,000, 900,000 ounces at which are exceptional grades to be looking at as well. That must be something juicy.

Peter Tyler: Beautiful. Another Hemi on the way, hopefully. Victoria, I mean, there was Rockeby Resources just has bought the old Wills, Mount Wills Gold Project back online through a reverse takeover recently. There's a lot of activity down here in Victoria. We're hoping that the government is becoming more encouraged to engage with the industry down here. Bell Topper has a significant target, 500,000, 900,000 ounces at which are exceptional grades to be looking at as well. That must be something juicy.

Speaker #1: There's a lot of activity down here in Victoria. We're hoping that the government is becoming more encouraged to engage with the industry down here.

Speaker #1: Bill Topper has a—that's a significant target, 500,000 to 900,000 ounces at what are exceptional grades to be looking at as well. That must be something juicy.

Speaker #3: Yeah. Historically, Victoria's produced a lot of gold, and a lot of the focus went to Western Australia. But look, now with Fosterville and the Southern Cross prospect at Sunday Creek, Victoria's becoming a really exciting jurisdiction to explore for gold.

Rohan Williams: Yeah. Historically, Victoria's produced a lot of gold and a lot of the focus went to Western Australia. Look, you know, now, you know, with Fosterville and other, you know, the Southern Cross prospect at Sunday Creek, Victoria is becoming a really exciting jurisdiction to explore for gold. There's really high-grade gold systems there. You know, we believe that Bell Topper could develop into another significant gold system. It's had historic work on it, and we are doing, you know, well-planned, well-thought-out exploration. We're gonna hit it with sort of 2,500m of diamond core the H2 of this year.

Speaker #3: There are really high-grade gold systems there, and we believe that Bill Topper could develop into another significant gold system. It's had historic work on it.

Speaker #3: And we are doing well-planned, well-thought-out exploration. We're going to hit it with sort of 2,500 meters of diamond core, the second half of this year.

Speaker #3: And yeah, look, if the prospects come up, there’s a number of targets there, a number of reefs which have been worked. And we’re going to define them further and then hopefully discover some more that we can really build out that exploration target.

Rohan Williams: Yeah, look, if, the prospects come up, there's a number of targets there, a number of reefs which have been worked and we're gonna define them further and then hopefully discover some more that we can really build out that Exploration Target.

Peter: There are plenty of great operators in and around you with existing mining plants. There's probably potential for lots of, for joint operations there too. I have a question here that's come in on around the San Cristobal Mining stake. Mike, would you like to give us a bit of a summary of the company's positioning in SCM, and what the outlook is for the company?

Peter Tyler: There are plenty of great operators in and around you with existing mining plants. There's probably potential for lots of, for joint operations there too. I have a question here that's come in on around the San Cristobal Mining stake. Mike, would you like to give us a bit of a summary of the company's positioning in SCM, and what the outlook is for the company?

Speaker #1: Plenty of great operators in and around you with existing mining plants, so there's probably potential for lots of joint operations there too. I have a question here that's come in about the San Cristobal mining stake.

Speaker #1: Mike, would you like to give us a bit of a summary of the company's position in SCM, and what the outlook is for the company?

Speaker #2: Yeah, so look, we are an investor. We're not a joint venture partner or anything with San Cristobal. As I said, it's a Bolivian asset.

Mike Spreadborough: Yeah. Look, you know, we are an investor, so we're not a, you know, a joint venture partner or anything with San Cristobal. As I said, it's a Bolivian asset. We provided some seed money for it to be purchased many years ago. That seed money has delivered huge returns to us. We have drawn down on some of that portfolio in the past to help fund exploration. At the moment, per how we value it on the balance sheet, it's around AUD 20 million. That's quite a good investment that people might see us pull down on that investment in the future for funding projects that are more advanced.

Speaker #2: We provided some seed money for it to be purchased many years ago. That seed money has delivered huge returns to us. We have drawn down on some of that portfolio in the past to help fund exploration.

Speaker #2: At the moment, per how we value it on the balance sheet, it's around $20 million Australian. So that's quite a good investment, and people might see us pull down on that investment in the future for funding projects that are more advanced.

Speaker #2: One of the other important things—and it's been in some of our presentations, last or this year—last year, San Cristobal delivered a $2 million dividend to us.

Mike Spreadborough: One of the other important things, and it's been in some of our presentations, you know, last or this year, last year, San Cristobal delivered an AUD 2 million dividend to us. That's very nice to have in the bank every January. We like the investment. Silver is a great commodity to be in. You know, Ronan just talked there. You know, one of the interesting things about Wyloo and Balla Balla is they're having high silver grades. We don't know what that means going forwards. Precious metals, gold and silver have been a great place. We like our investment in San Cristobal.

Speaker #2: And so that's very nice to have in the bank every January. So we like the investment. Silver is a great commodity to be in.

Speaker #2: Ronnie just talked there. One of the interesting things about Wylow and Balabala is they're having high silver grades. We don't know what that means going forward.

Speaker #2: But silver's been a precious metal. Gold and silver have been a great place. So we like our investment in San Cristobal.

Peter: That's, I think that covers what the shareholder was looking for. Mike, thanks for that. Ronan, thanks for your insight as to what you're expecting and what you're excited to get stuck into across the drilling program coming up. Mike, that means there's gonna be plenty of news flow coming through here to shareholders over the next few weeks and months. Once again, when's the first drilling program start, and when can we see that announced?

Peter Tyler: That's, I think that covers what the shareholder was looking for. Mike, thanks for that. Ronan, thanks for your insight as to what you're expecting and what you're excited to get stuck into across the drilling program coming up. Mike, that means there's gonna be plenty of news flow coming through here to shareholders over the next few weeks and months. Once again, when's the first drilling program start, and when can we see that announced?

Speaker #1: I think that covers what the shareholder was looking for. Mike, thanks for that. And Ron, thanks for your insight as to what you're expecting, and what you're excited to get stuck into across the drilling program coming up.

Speaker #1: Mike, that means there's going to be plenty of news flow coming through here for shareholders over the next few weeks and months. And once again, where's the first drilling program start, and when can we see that announced?

Speaker #2: Well, Ron and I caught up just before this, and the rig is ready to go at Wylow, as we said in the quarterly. And we'll hopefully drill the first hole today.

Mike Spreadborough: Well, Ronan and I caught up just before this, the rig is ready to go at Wyloo, as we said in the quarterly, and we'll hopefully drill the first hole today. People shouldn't sit back and think tomorrow we're gonna ring you up and put out results. As I said, it's, you know, the Novo style generally is to drill out the program, get the results, and come out to the shareholders in the market with a full understanding of the package. One hole doesn't necessarily give you the full story. As I said, people should expect to see things sometime in June, we'll be able to come out with some results and what it all looks like. Super exciting from what we've seen in the surface work.

Speaker #2: So people shouldn't sit back and think, 'Tomorrow we're going to rig you up and put out results.' As I said, the Novo style generally is to drill out the program, get the results, and come out to the shareholders and the market with a full understanding of the package.

Speaker #2: One hole doesn't necessarily give you the full story. So, as I said, people should expect to see things sometime in June. We'll be able to come out with some results and what it all looks like.

Speaker #2: But super exciting from what we've seen in the surface work.

Peter: Tremendous. Mike, thank you, and thank you, Ronan, for the update here today and the outlook. There's plenty to come, and we look forward to hearing from you again soon. For people watching this video, we'll have it ready for distribution later on this afternoon or early tomorrow morning. We'll make it available on the mail out as well. If you have any further questions, please email them through to peter@nwrcommunications.com.au, and I'll see that Ronan and Mike get hold of those too. Thank you both for joining us today, and thank you to our audience.

Peter Tyler: Tremendous. Mike, thank you, and thank you, Ronan, for the update here today and the outlook. There's plenty to come, and we look forward to hearing from you again soon. For people watching this video, we'll have it ready for distribution later on this afternoon or early tomorrow morning. We'll make it available on the mail out as well. If you have any further questions, please email them through to peter@nwrcommunications.com.au, and I'll see that Ronan and Mike get hold of those too. Thank you both for joining us today, and thank you to our audience.

Speaker #1: Tremendous, Mike. Thank you. And thank you, Ron, for the update here today and the outlook. There's plenty to come, and we'll look forward to hearing from you again soon.

Speaker #1: For people watching this video, we'll have it ready for distribution later on this afternoon or early tomorrow morning, and we'll make it available on the mail-out as well.

Speaker #1: If you have any further questions, please email them through to Peter@nwrcommunications.com.au. And I'll see to it that Ron and Mike get hold of those too.

Speaker #1: Thank you both for joining us today. And thank you to our audience.

Speaker #3: Thanks, Peter. Appreciate it.

Rohan Williams: Thanks, Peter. Appreciate it.

Peter: Bye.

Peter Tyler: Bye.

Mike Spreadborough: Goodbye.

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