Novo Resources — Board/Management Information 2021

Aug 12, 2021

Form 51-102F3 Material Change Report

Item 1. Name and Address of Company

Novo Resources Corp. (the “ Company ”) 880 - 580 Hornby Street Vancouver, BC V6C 3B6

Item 2. Date of Material Change

August 5, 2021

• Item 3. News Release

News release dated August 5, 2021 was disseminated through GlobeNewswire.com.

Item 4. Summary of Material Change

Mr. Michael Spreadborough has been appointed as executive co-chairman of the Company’s board of directors (the “ Board ”), and Dr. Quinton Hennigh is transitioning to the role of nonexecutive co-chairman of the Board.

Item 5.1 Full Description of Material Change

Mr. Michael Spreadborough, appointed as an independent director of the Company in January 2021, has been appointed as executive co-chairman of the Board. Mr. Spreadborough has held roles across the scope of the mineral resources industry, from business and project development to operations and exploration (refer to the Company’s news release dated January 13, 2021 ) . He holds a Bachelor of Mining Engineering from the University of Queensland, an MBA from Deakin University, and a WA First Class Mine Manager’s Certificate of Competency. Additionally, he is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Company Directors.

Dr. Quinton Hennigh has been appointed as non-executive co-chairman of the Board. Dr. Hennigh, formerly the Company’s long-serving chairman and president, will remain actively involved with the Company’s exploration teams as efforts continue across the Pilbara and with the Company’s Victorian joint venture partners. He will also continue to engage with the Company’s shareholders and stakeholders.

The change to the executive team structure is intended to drive the next phase of the Company’s growth as the premier producer and explorer in the Pilbara region, along with the full exploitation of the Company’s interests in Victoria, Australia.

Mr. Rob Humphryson continues in his role as chief executive officer and director, reporting to the executive co-chairman. Mr Humphryson has successfully transitioned the Company from a pure-play explorer to its exciting new phase as a producer and explorer, and he will continue in his role to drive progress across operations and including a heightened focus on the Company’s mechanical sorting programs.

Item 5.2 Disclosure for Restructuring Transactions

Not applicable.

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Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102

If this Report is being filed on a confidential basis in reliance on subsection 7.1(2) of National Instrument 51-102, state the reasons for such reliance.

Not applicable.

Item 7. Omitted Information

Not applicable.

Item 8. Executive Officer

Ronan Sabo-Walsh

Chief Financial Officer & Corporate Secretary

Telephone: +1 (604) 562-4854

Item 9. Date of Report

August 12, 2021.

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