Novo Resources Secures AU$8.2 million Placement to Advance 2026 Exploration Strategy

Novo Resources Corp (ASX: NVO) has secured firm commitments to raise gross proceeds of approximately CA$7.9 million (around AU$8.2 million) through a two-tranche placement to institutional and sophisticated investors. The capital raising includes the issuance of units in Canada and Chess Depositary Interests (CDIs) in Australia, with Tranche 2 subject to shareholder approval anticipated in May 2026. Major shareholder Northern Star Ltd has committed to participate up to its pro-rata holding.

Proceeds will primarily fund drilling and reconnaissance programs across Novo’s priority Western Australian greenfields projects—Wyloo, Balla Balla and Teichman—with programs scheduled to commence in Q2 2026. A separate drill campaign is planned at the Belltopper Gold Project in Victoria during the second half of 2026. Settlement of Tranche 1 is targeted for early March 2026.

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