Pilbara Exploration Update

Novo Resources (NVO) provided an update on its H1 2025 Pilbara exploration, highlighting a focus on high-grade gold and gold-antimony projects, including drilling at the Balla Balla Gold Project where anomalous silver, antimony, bismuth, copper, molybdenum, and tellurium were identified. A soil sampling program at Sherlock Crossing defined a 1.5km antimony anomaly, with drilling planned for H2 2025, while Northern Star Resources commenced reviewing data for future exploration work at the Egina Farm-in and Joint Venture arrangement.

Analysis

Novo Resources Corp. (ASX: NVO, TSX: NVO, OTCQX: NSRPF) has detailed an active first half of 2025 exploration across its Pilbara portfolio, setting the stage for an intensified second half focused on high-grade gold and, notably, gold-antimony projects, capitalizing on strengthening gold prices and rapidly growing global interest in antimony. At the Balla Balla Gold Project, a maiden Air Core (AC) drilling program of 187 holes for 5,996m, targeting the Sholl Shear Zone, returned peak gold values of 114 ppb Au from broad zones of low-level anomalism. However, bottom-of-hole (BOH) and select multi-element assays have revealed several compelling anomalies, including 1m @ 96.8 ppm Ag and 8.1 ppm Sb (YUA0113), 1m @ 182 ppm Sb (YUA0054), and anomalous bismuth (peak 71.6 ppm Bi), tellurium (peak 6.23 ppm Te), molybdenum (peak 99.7 ppm Mo), and copper (12m @ 277 ppm Cu in YUA0185), indicating significant hydrothermal activity. Further work, including full-hole multi-element assays and potential follow-up drilling, is planned post-interpretation. A significant development is the Sherlock Crossing prospect, where soil sampling has defined a robust 1.5km long, 200m wide antimony anomaly, with peak soil results of 85 ppb Au and 48.3 ppm Sb; rock samples from the associated altered ultramafic unit returned up to 0.22% Sb. A maiden RC drilling program is planned for H2 2025 at Sherlock Crossing, targeting historical workings that previously yielded grades up to 4.7% Sb and 146.7 g/t Au. In the Egina Gold Camp, Northern Star Resources, Novo’s new partner in the Egina Farm-in and Joint Venture (following its acquisition of De Grey Mining), has commenced reviewing data for future exploration; De Grey had already met the A$7 million minimum expenditure, with a further A$18 million required by June 30, 2027, for Northern Star to earn a 50% interest in the project, which shares geological attributes with the nearby 13.6 Moz Hemi deposit. Novo is also advancing exploration at the Tabba Tabba Shear Corridor, having secured access to the Teichman prospect known for historical high-grade surface gold. The Southeast Wyloo prospect has also been highlighted for its antimony potential, with plans for H2 2025 mapping and sampling. Concurrently, Novo is active in New South Wales, with RC drilling results pending from the Tibooburra Gold Project and drilling expected at the John Bull Gold Project in Q3 2025.

Key Decisions for Investors

• Investors should closely monitor the H2 2025 RC drilling program at Sherlock Crossing, as positive results targeting high-grade antimony and gold could significantly enhance Novo's polymetallic profile, especially given the increasing demand for antimony.
• The progression of the Egina Farm-in and Joint Venture, now with Northern Star Resources reviewing data and committed to a further A$18 million expenditure, warrants attention as it could de-risk and unlock value in a strategically located land package prospective for Hemi-style deposits.
• While Balla Balla's initial gold results are low-grade, the identified multi-element pathfinder anomalies (Ag, Sb, Bi, Te, Mo, Cu) suggest potential for a larger mineralised system; upcoming full-hole assays and subsequent exploration decisions should be watched for confirmation of this potential.