Has Novo Resources Corp. Secured the Capital to Advance its Exploration Portfolio?

Source: Kapitales Research

Highlights:

• Novo Resources Corp. (ASX: NVO) has secured firm commitments to raise approximately AU$8.2 million through a two-tranche placement of units and Chess Depository Interests (CDIs).
• The placement will help fund planned drilling and reconnaissance activities at priority projects in Western Australia, including Wyloo, Balla Balla, and Teichman.
• A significant portion of the capital raise is backed by institutional and professional investors, including major shareholder Northern Star Ltd (ASX: NST).

Strong Support for Placement

Novo Resources Corp. (ASX: NVO) has successfully raised approximately AU$8.2 million, with firm commitments from institutional, professional, and sophisticated investors through a two-tranche placement. The placement consists of around 16.8 million units issued at CA$0.10 per unit and approximately 61.1 million CDIs issued at AU$0.105 per CDI. Tranche 1 will raise about AU$6.2 million, with Tranche 2 raising an additional AU$2.0 million, subject to shareholder approval expected in May 2026.

Northern Star Ltd, a major shareholder of Novo, has committed to participate in the placement up to its pro-rata holding, reinforcing its support for the company’s exploration activities.

Funding Key Exploration Programs

The proceeds from the capital raise are earmarked for advancing Novo's exploration projects across multiple districts in Western Australia, including the high-priority Wyloo, Balla Balla, and Teichman projects.

• Wyloo: Pending heritage approval, Novo plans to undertake a 1,500m RC drill program focused on a high-grade vein array that has returned impressive rock chip assays, including 0.93 g/t Au, 482 g/t Ag, and notable copper, lead, and zinc values.
• Balla Balla: A 6,000m air core drilling program will expand on a previous program that delineated a large polymetallic geochemical anomaly.
• Teichman: Once heritage approval is obtained, a 2,000m RC drill program will focus on high-grade gold results, with samples returning up to 77.5 g/t Au from the Pride NNE area.

In addition to these, Novo is planning a drill program at the Belltopper Gold Project for H2 2026 to confirm the 2026 exploration target.

Northern Star’s Continued Support and Future Outlook

Northern Star Resources (ASX: NST) continues to provide strategic support through its farm-in agreement with Novo, particularly in the Egina Gold Camp. This partnership adds significant value and credibility to Novo's exploration portfolio.

The funds raised are crucial for maintaining momentum on these high-priority projects, which could significantly enhance Novo’s resource base and exploration potential. The company’s continued exploration success is pivotal to its goal of developing multi-district gold and copper projects with more than 1 million ounces of development potential.

With the proceeds from this capital raise, Novo is well-positioned to advance its drilling programs across these promising projects throughout 2026.

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