AI assistant
Novo Resources Management Reports 2025
46548_rns_2025-08-07_dbb26a2a-059a-4ec6-8b32-ba785bc1b747.pdf
Management Reports
Open in viewerOpens in your device viewer
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
NOVO
NOVO RESOURCES CORP.
(TSX: NVO; ASX: NVO; OTCQB; NSRPF)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JUNE 30, 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following management's discussion and analysis ("MD&A") of the results of operations and financial condition of Novo Resources Corp. (the "Company" or "Novo"), dated as of August 07, 2025, should be read in conjunction with the condensed interim consolidated financial statements of Novo for the six months ended June 30, 2025 (the "Q2 Financial Statements") and accompanying notes thereto. The Q2 Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting ("IAS") as issued by the International Accounting Standards Board ("IASB"). This MD&A includes the results of the Company's subsidiaries, Novo Resources (USA) Corp., Conglomerate Gold Exploration (B.V.I.) Ltd., Karratha Gold Exploration (B.V.I.) Ltd., Conglomerate Gold Exploration Pty. Ltd., Nullagine Gold Pty. Ltd., Beatons Creek Gold Pty. Ltd., Grant's Hill Gold Pty. Ltd., Karratha Gold Pty. Ltd., Rocklea Gold Pty. Ltd., Meentheena Gold Pty. Ltd., and Farno-McMahon Pty. Ltd.
In this MD&A:
"H1 2025" means the six-month period ended June 30, 2025.
"H2 2025" means the six-month period ending December 31, 2025.
"Q1 2025" means the three-month period ended March 31, 2025.
"Q2 2025" means the three-month period ended June 30, 2025.
All amounts are expressed in Canadian dollars unless otherwise stated. The average foreign exchange rate was A$0.8938 to C$1.00 during Q2 2025 (Q2 2024 - AUD $0.8942 to C$1.00). Additional information relating to the Company, including the Company's annual information form for the year ended December 31, 2024, is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Australian Stock Exchange (the "ASX") at www.asx.com.au.
Certain non-IFRS financial performance measures¹ are included in this MD&A. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide readers with an improved ability to evaluate the Company's underlying performance and compare its results to other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers. The non-IFRS financial performance measures included in this MD&A are available liquidity and working capital. Refer to Non-IFRS Measures for further details and reconciliations of such non-IFRS measures.
Ms. De Luca (MAIG) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this MD&A. Ms De Luca is Novo's General Manager Exploration.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
TABLE OF CONTENTS
FINANCIAL AND OPERATING HIGHLIGHTS...4
OVERVIEW OF NOVO...4
EXPLORATION PROGRAM UPDATE - H1 2025...4
SUSTAINABILITY...15
FINANCIAL RESULTS...16
LIQUIDITY AND CAPITAL RESOURCES...18
SELECTED FINANCIAL INFORMATION...19
SUMMARY OF QUARTERLY RESULTS...19
CASH RESOURCES AND GOING CONCERN...20
CONTRACTUAL OBLIGATIONS...21
OFF-BALANCE SHEET TRANSACTIONS...21
CONTINGENCIES...21
CRITICAL ACCOUNTING ESTIMATES...22
INTERNAL CONTROLS OVER FINANCIAL REPORTING...22
OUTSTANDING SHARE DATA...23
NON-IFRS MEASURES...23
JORC COMPLIANCE STATEMENTS...24
CAUTION ON FORWARD-LOOKING INFORMATION...25
FINANCIAL AND OPERATING HIGHLIGHTS
Q2 2025 Summary
- Maiden aircore ("AC") program completed at the Balla Balla Gold Project in the Pilbara, Western Australia.
- Maiden reverse circulation ("RC") drill program completed at Tibooburra Gold Project in New South Wales.
- Reconnaissance field programs continued at John Bull Gold Projects in northern New South Wales.
- There was one lost time incident during Q2 2025, there were no environmental or heritage incidents reported during the quarter.
- Cash and short-term investments totalled $5,983,000 as at June 30, 2025, down from $10,656,000 as at June 30, 2024 and down from $10,689,000 as at December 31, 2024.
OVERVIEW OF NOVO
The Company was incorporated on October 28, 2009 pursuant to the Business Corporations Act (British Columbia) as Galliard Resources Corp. On June 27, 2011, the Company changed its name from Galliard Resources Corp. to Novo Resources Corp. The Company registered as a foreign company with the Australian Securities & Investments Commission on January 13, 2023. The Company's common shares trade on the Toronto Stock Exchange (the "TSX") under the ticker symbol "NVO" and in the United States on the OTC Market Group's OTCQX International Exchange under the symbol "NSRPF". On January 2, 2025, the Company transitioned its trading platform from the OTCQX to the OTCQB market in the United States. The Company's common shares settled in the form of a CHESS depository interest (the "CDIs") commenced trading on the ASX under the symbol "NVO" on September 11, 2023.
The Company is engaged primarily in the business of evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold and copper. The Company holds approximately 5,500 sq km of land in the Pilbara region of Western Australia and has an extensive exploration program designed to aggressively advance its targets. The Company has exploration tenure in Victoria, Australia, and also holds equity investments in a number of listed and unlisted companies.
EXPLORATION PROGRAM UPDATE - H1 2025
Summary
Field programs in the Pilbara (Figure 1) focussed on completing the maiden AC program at the Balla Balla Gold Project ("Balla Balla"), in addition to progressing two gold-antimony prospects at Sherlock Crossing and Southeast Wyloo in preparation for RC drilling in H2 2025. Desktop work at the Toolunga Project in the Onslow District continued in preparation for tenement grant.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
Figure 1 Novo Pilbara and Onslow tenure showing main projects and significant prospects June 2025
In NSW, Novo's maiden RC drill program was completed at the Tibooburra Gold Project, and field reconnaissance continued at the John Bull Gold Project in preparation for RC drilling during H2 2025.
Figure 2 Location of Current Priority Novo Projects
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Pilbara WA Exploration
Balla Balla Gold Project
Balla Balla is an early-stage exploration project centred on the Sholl Shear Zone (Figure 3). In April 2025, Novo completed a maiden AC program testing several prospects over a $10\mathrm{km}$ trend, targeting the Sholl Shear Zone and interpreted splay faults under shallow cover.
Figure 3 Novo Tenure in the Central Pilbara showing the Egina Gold Camp, Sherlock Crossing Au/Sb Prospect and Balla Balla Gold Project
A total of 187 AC holes for $5,996\mathrm{m}$ were completed in total on regionally spaced lines varying from $640\mathrm{m}$ to $2.8\mathrm{km}$ apart (Figure 4). Hole depths range from $5\mathrm{m}$ to $79\mathrm{m}$ with cover varying between $5\mathrm{m}$ to $35\mathrm{m}$ depth (average $22\mathrm{m}$ ). Samples were collected as $3\mathrm{m}$ composites for the entire hole and assayed for gold using fire-assay, and a bottom of hole ("BOH") sample was taken and assayed for gold and a 52-multielement suite using fire assay and four-acid digest.
The AC drill program was designed to quickly and effectively test several prospects by drilling through the unconsolidated cover sequence to the harder basement rocks, providing a good end of hole basement rock sample for geological identification and geochemical testing purposes. All samples from the program were analysed by ALS Laboratories in Perth.
Peak results from broad zones of low-level anomalous associated with the Sholl Shear includes assay of 114 ppb $\mathrm{Au}^2$ (Figure 5). However, numerous additional anomalies have been defined by BOH and select hole multielement assay, with peak values including 96.8 ppm Ag and 182 ppm $\mathrm{Sb}^2$ .
Peak Au-Ag-Bi-Sb-Cu-Mo is present at Ramquarry and south Babbage along the Sholl Shear and are related to submassive pyrite mineralisation, strong silica-chlorite alteration and/or zones of intense quartz veining, indicating significant hydrothermal activity. Peak silver values are related to an interpreted fold axis in regional magnetics and porphyritic mafic intrusion.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Figure 4 Balla Balla geological interpretation showing complex structure, priority targets and planned AC drill program
Figure 5: AC collar locations over regional geological interpretation and airborne magnetics, showing maximum downhole gold values.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Sherlock Crossing (Au-Sb)
Novo completed a soil sampling program to extend coverage of an antimony in soil anomaly and high order stream sediment anomaly to the southwest of the Sherlock Crossing historic workings area (Figure 6). Samples were collected on a $40\mathrm{m}\times 80\mathrm{m}$ grid.
Results define a strong and coherent antimony anomaly extending over $1.5\mathrm{km}$ in strike length, and a width of $200\mathrm{m}$ . Peak soil sample results include 85 ppb Au and 48.3 ppm $\mathrm{Sb}^2$ . Anomalous antimony occurs in a strongly altered and sheared ultramafic unit which sporadically outcrops over $2.3\mathrm{km}$ strike, trending under colluvial cover to the south.
Figure 6: Sherlock Crossing, showing extended soil anomaly $>15$ ppm Sb to the SW of the proposed first pass drilling area at the Clarke Mine
Southeast Wyloo (Au-Sb)
Novo recognised antimony prospectivity at Southeast Wyloo during a field reconnaissance program in 2023 where reconnaissance rock chip sampling yielded peak results of $387\mathrm{g / t}$ Ag, $2.4\%$ Cu, $0.38\%$ Sb, $0.52\mathrm{g / t}$ Au, $5.0\%$ Pb and $1.6\%$ $\mathsf{Zn}^4$ . The prospect area also includes two, $2\mathrm{km}$ -strike high-order antimony ( $\pm$ gold) stream sediment anomalies. Field mapping and sampling were completed in early July (H2 2025) in preparation for drill planning. Results are awaited.
Egina Gold Camp - Egina Earn-in/JV (Northern Star earning a 50% interest)
Northern Star Resources Limited (ASX: NST) recently finalised its acquisition of De Grey Mining (ASX: DEG). The NST group has commenced reviewing previous data in planning for future exploration programs in the Becher and surrounding area.
Egina is located near the 13.6 Moz Hemi Gold Project. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo's Egina Project.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Forward Programs - Pilbara
At Balla Balla further work will include spectral imaging on selected intervals to determine alteration mineralogy and rock composition, and petrology on selected samples. After the full results are interpreted along with other high-level studies, follow-up and extensional drilling will be planned if warranted.
RC drilling is planned for H2 2025 at Sherlock Crossing. Meanwhile, detailed mapping and sampling will continue to assist in targeting the core of the soil anomaly to the southwest.
At Southeast Wyloo, results from the recent field visit will be assessed and an RC drill program designed for completion in H2 2025.
Onslow District WA
Toolunga Project
The Toolunga project comprises a major strategic landholding in the Onslow District of WA.
The tenure is underexplored using systematic, modern exploration technologies yet displays prospectivity for precious and base metal discovery and aligns with Novo's corporate strategy of exploring targets with > 1 Moz Au potential.
Forward Programs - Toolunga
At Toolunga, regional and follow-up exploration campaigns are planned to commence on tenement grant, including geophysical surveys, mapping and geochemical sampling programs over known targets to validate historic results and to rapidly advance drill targets.
New South Wales Exploration
An RC program was completed at the Clone prospect in the Tibooburra Gold Project ("Tibooburra") with high grade intercepts returned. The drill program was informed by significant results from Novo field work during Q1 2025 and historical RC drilling by Manhattan Corporation Limited (ASX: MHC) ("Manhattan").
At the John Bull Gold Project ("John Bull"), significant results including high-grade gold assays from rock chip sampling and geological learnings from Novo's intensive field campaign have identified four Key Target Areas for drilling.
Tibooburra Gold Project - Albert Goldfields NSW
Tibooburra is an advanced exploration opportunity, located in northwestern NSW and covering much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km (Figure 7). The agreement with Manhattan grants Novo an option to acquire a 70% interest in the Tibooburra Gold Project.
The Tibooburra project area itself displays more than 200 historic workings and over 34 km of mineralised trend on multiple lines of workings. Several immediate targets have been delineated by previous workers including New Bendigo, Clone, Pioneer, Elizabeth Reef and Good Friday (Figure 7). However, outside of the New Bendigo prospect, little systematic modern exploration has been conducted. The area is significantly under-explored, and satellite imagery and interpretation shows abundant cover, particularly in the south.
Figure 7 Geology and main prospects of the Tibooburra tenements highlighting the Albert Goldfields at the boundary of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east.
Completed in Q1 2025, Novo's initial exploration at Tibooburra assessed an $\sim 3$ km trend at the Clone prospect, and recommended RC drilling to test the main area of historical workings where Manhattan had successfully drilled several important intercepts.
RC drilling was completed at Clone in May 2025, with 14 holes drilled for $1,984\mathrm{m}$ on approximately $60\mathrm{m}$ to $150\mathrm{m}$ spaced sections. The program was designed to test $500\mathrm{m}$ strike of Clone in the main area of historical workings, informed by Novo's geological mapping and sampling and historical drilling by Manhattan. Significant results from the RC drill program include (Figure 8):
12 m @ 5.90 g/t Au from 16 m including 5 m @ 13.74 g/t Au from 23 m (TBR0001) $^{6}$ ; and
17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014) $^{6}$
The results show grade and width continuity similar to the original Manhattan RC drilling and support a near-surface shoot of north-plunging high-grade gold mineralisation, now defined over 300 m strike (Figure 9).
Drill testing was designed to best intersect interpreted mineralised trends and structures at right angles to minimise bias in sample collection. All intervals are reported as down hole widths, as true orientation of mineralisation is still unknown.
Mineralisation at Clone remains open in all directions, with targeted mineralised basement trending under cover sediments to the south. The cover sediments extend for some $15\mathrm{km}$ providing opportunities for exploration targeting potential 'blind discoveries'.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Figure 8 Significant intercepts from Novo (green callout) and Manhattan (white callout) RC drilling programs, dill hole and section location and geological interpretation. $^6$
Figure 9 Clone interpreted long section highlighting grade and width continuity, shallow north plunge to the high-grade shoot and mineralising system open to the north (green callout Novo drilling, grey callout Manhattan drilling) - see Figure 10 for location. $^6$
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
John Bull Gold Project - New England Fold Belt NSW
The John Bull Gold Project is an advanced exploration opportunity, located in the prolific New England Fold Belt of NSW (Figure 10). The tenure consists of two tenements and covers some $32\mathrm{sqkm}$ . The agreement with TechGen Metals Limited (ASX: TG1) ("TechGen") grants Novo an option to acquire an $80\%$ interest in the Mick Bull tenement (EL9121) and a $70\%$ interest in the John Bull tenement (EL8389).
Figure 11 Location of the John Bull Gold Project in northeastern NSW, Australia
Significant results from Novo's intensive field campaign at John Bull have identified four Key Target Areas for drilling (Figure 11). These targets have been defined by high order soil anomalous, and include mineralised quartz veins within preferred lithology, fault zones with intense sericite alteration and brecciation, and an Induced Polarisation geophysical anomaly co-incident with a major structure.
The field campaign resulted in extension of the historical $>100$ ppb Au in soil anomaly to $\sim 1.5$ km strike with a peak soil result of $1.59\mathrm{g / t}$ Au $^7$ . In addition, rock chip sampling returned peak results of $67.9\mathrm{g / t}$ Au and $29\mathrm{g / t}$ Au from sheeted quartz veins in NW and NE trending mineralised structural zones, demonstrating potential for high-grade mineralisation $^7$ .
Project mapping also significantly enhanced the understanding of the mineral system at John Bull and strongly supports presence of an Intrusion Related Gold System (IRGS) model. Element zonation suggests a proximal Sn-Bi-As core centred on a porphyritic intrusion mapped in the SW of the project area, flanked by intermediate Au-Mo-Cu-Sb-Te zones, and surrounded by the distal halo of sheeted veins with an Au-As-Sb-W association.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
Figure 12 Regional geological interpretation map of the John Bull Project over LiDARTM showing Key Target Area locations.
The four Key Target Areas for drilling include:
-
John Bull Main (for detailed mapping and sampling see Figure 12) - three targets are planned for testing within this larger zone:
-
John Bull Breccia Zone - a NE trending zone approximately $100\mathrm{m}$ long where exploration work yielded high grade rock chip samples including $67.9\mathrm{g / t}$ Au and three other samples $>5\mathrm{g / t}$ Au $^7$ . This linear trend included two historic shafts.
- John Bull Shear - where mapping has highlighted strong sericite alteration along a broad NW trending zone of shearing and recent rock chip samples of up to $29\mathrm{g / t}$ Au $^7$ .
-
John Bull Sluicing Area - where mapping has delineated an E-W target zone in a fine sandstone-dominant unit, which was the focus for the main historic sluicing and with the broadest zone of high quartz vein density.
-
John Bull South - includes high grade soil anomalies up to $4.77\mathrm{g} / \mathrm{t}^8$ surrounding and partly overlapping a monzodiorite intrusion, coupled with a large area of historic sluicing for gold.
- Hills Creek West - A coincident IP conductivity anomaly and soil geochemical anomaly with peak value of $2.1\mathrm{g / t}$ $\mathrm{Au}^8$ occur along a regional NW trending fault.
- Digger's North – a very broad soil anomaly occurs where limited outcrop is present, in an area north of the previous drilling. Peak soil results include $10.0\mathrm{g / t}$ $\mathrm{Au}^8$ and soil geochemical anomalies are linear along the major NW trending faults within the broader N-S mineralised corridor.
A $\sim 1,750$ m RC drill program is planned to commence in H2 2025 (drill rig availability dependent), testing these key targets.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
Figure 13 John Bull Main Workings interpreted geology showing preferred stratigraphy and high vein density areas, with rock chip results where outcrop can be identified.
Forward Programs - NSW Projects
Next steps at Tibooburra include designing follow up RC drilling at Clone to test the northern extension of the high-grade shoot defined by Novo over $300\mathrm{m}$ strike in recent drilling. In addition, planned work at Clone includes down hole imaging to determine if structural data (vein orientations) can be obtained, and whether this provides a useful basis for structural targeting.
Relogging of core from the New Bendigo prospect is also planned to better identify controls on gold mineralisation. New Bendigo displays a similar shallow northerly plunge to Clone and will also be assessed for extensional RC drilling.
Further and broader scale work at Tibooburra will be systematic and will focus on understanding the belt-wide structural controls on gold mineralisation by mapping and sampling the northern extension of the Clone Trend at Pioneer/Phoenix, and by mapping the Waratah Reef and southern New Bendigo areas (Figure 7).
At John Bull an $\sim 1,750$ m RC drill program is planned to commence in H2 2025 (drill rig availability dependent), testing the four Key Target Areas at John Bull Main, John Bull South, Hills Creek West and Diggers North.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
SUSTAINABILITY
Health and Safety
The health and safety of the Company's employees, contractors, and communities in which Novo operates is paramount. The Company's total recordable injury frequency rate (12 month rolling average) at the end of Q2 2025 was 17.3. This is up from 14.5 at the end of Q1 2025 due to a reduction in the total number of hours worked. There was a lost time incident during Q2 2025 involving a field technician suffering from dehydration. There were no environmental or heritage incidents reported during the quarter. The Company continues to streamline its health and safety management systems and procedures in line with current activities and risk. A key focus is ensuring systems and protocols are consistent across regional exploration teams and legal requirements and risks are identified and managed following entry into new project areas.
Environment
The Company works closely with the West Australian regulatory bodies, particularly the Department of Mines, Petroleum and Exploration, Department of Energy, Mines, Industry Regulation and Safety, the Department of Water and Environmental Regulation in Western Australia, the Department of Resources in New South Wales and the Environmental Protection Authority in both states, in order to ensure compliance with requisite regulations. Other states departments the Company is in communication with are the Department of Biodiversity, Conservation and Attractions and Water Corporation, Department of Heritage and Environment and the Department of Primary Industries and Regional Development. The Company is committed to environmental stewardship, particularly considering its vast landholdings in the Pilbara.
Climate change risks have been identified and are included within our corporate risk management plan. The Company's ongoing climate risk mitigation focuses on reducing operational greenhouse gas emissions, improving resources efficiency, the responsible use of water, and responding to the impact of extreme weather events.
Community and Traditional Owners
As a committed corporate citizen of the Pilbara region of Western Australia and New South Wales, the Company values its relationships with the Indigenous communities and local residents, and communities surrounding the Company's projects. Novo works closely with the eight Traditional owners who hold interests in the Company's Pilbara-wide tenure holdings. As Novo moves into new exploration areas, we continue to focus on further developing relationships with the custodians of the lands on which we work.
The Company also endeavours to invest in its communities outside the parameters of its contractual obligations, including providing support to community, cultural, education, and sport initiatives.
Novo's sustainability strategy has been guided by several key global frameworks, including the Global Reporting Initiative, and the International Council of Mining and Metals Mining Principles.
Our aim is to deliver value for our stakeholders, now and in the future.
At Novo, we believe a robust approach to sustainability is essential to the long-term success of our activities.
Our approach to sustainability has been guided by industry standards, such as the International Council of Mining and Metals Principles, and sustainability reporting frameworks, such as the Global Reporting Initiative (GRI) Standard.
Novo is committed to delivering value to our stakeholders by operating in a responsible manner
Figure 13: Novo sustainability strategy
We believe strong corporate governance is essential to the success of our business. We honour our commitments, and act in an ethical and transparent manner
We seek to create an inclusive environment, and a culture that supports the health, safety and wellbeing of our employees. We respect culture, heritage and aim to make a positive contribution to the communities in which we operate
We recognise the importance of environmental stewardship and seek to understand and manage our impact on the environment
FINANCIAL RESULTS
The following table contains quarterly information derived from the Q2 Financial Statements.
| For the three months ended | For the six months ended | |||
|---|---|---|---|---|
| June 30, 2025 $'000 | June 30, 2024 $'000 | June 30, 2025 $'000 | June 30, 2024 $'000 | |
| General and exploration expenditure | (3,504) | (6,202) | (6,408) | (11,884) |
| Other income, net | 174 | (681) | 1,656 | 157 |
| Finance items | (216) | (232) | (419) | (451) |
| Income tax expense | (681) | (70) | (681) | (70) |
| Net loss for the period after tax | (4,227) | (7,185) | (5,852) | (12,248) |
| Basic and diluted loss per common share | (0.012) | (0.020) | (0.017) | (0.035) |
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Net loss after tax in Q2 2025 was $4,227,000 (Q2 2024 - $7,185,000), as a result of exploration expenditure and general administration expenditure.
General and Exploration Expenditure
General administration costs in Q2 2025 were $1,379,000 as compared to $2,125,000 in Q2 2024. The decrease was primarily due to lower depreciation and salaries and wages incurred during the quarter.
Exploration expenditure in Q2 2025 totalled $2,082,000 as compared to $3,699,000 in Q2 2024. In Q2 2025 the Company focused on drilling at Tibooburra in New South Wales and at Balla Balla in the Pilbara. In Q2 2024, field exploration was undertaken in the Pilbara and this included exploration second phase drilling at Nunyerry North.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
Other Income / Expenses
Other income recognized during Q2 2025 totaled $174,000 (Q2 2024 – expenses $681,000) and relates to a non-cash foreign exchange loss of $74,000 (Q2 2024 – loss $6,000), other income of $248,000 (Q2 2024 – $335,000). In Q2 2024, a loss on sale of property, plant and equipment of $1,010,000 was recognized relating to the sale of the mechanical ore sorter.
Finance Items
The Company incurred interest and finance costs of $216,000 during Q2 2025 (Q2 2024 – $232,000); this includes interest earned of $52,000 (Q2 2024 - $100,000) offset by non-cash interest expenses of $10,000 (Q2 2024 – $20,000) related to leases recognized pursuant to IFRS 16 Leases ("IFRS 16") and a non-cash interest expense of $258,000 (Q2 2024 - $312,000) relating to the deferred consideration owing to IMC Resources Gold Holdings Pte Ltd, Heritas Capital Management (Australia) Pty Ltd, and IMC Resources Ltd (collectively, "IMC"). Refer to Note 6 of the Q2 2025 Financial Statements.
Other Comprehensive Income
During Q2 2025, a non-cash loss of $1,447,000 (Q2 2024 – gain $132,000) represented movements in the fair value of the Company's marketable securities. The Company's portfolio consists of holdings in listed and unlisted entities, including Kalamazoo Resources Limited, Elementum 3D Inc, Kali Metals Limited, San Cristobal Mining Inc ("SCM"). The Company should its shares in GBM Resources Limited ("GBM") in Q2 2025 for C$123,000.
During Q2 2025, the Company also recognized non-cash losses of $119,000 (Q2 2024 – gain - $1,475,000) pertaining to the foreign exchange impact of the translation of subsidiary financial information. The Company's Australian subsidiaries, which incur most of the Company's expenditure, have an Australian dollar functional currency. Gains or losses are recognized upon translation of income and expenses and assets and liabilities denominated by the Company's Australian subsidiaries in Australian dollars into the Company's Canadian dollar presentation currency. The average foreign exchange rate was A$0.8938 to C$1.00 during Q2 2025 (Q2 2024 – A$0.8942 to C$1.00).
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Net loss after tax in H1 2025 was $5,852,000 (H1 2024 – $12,248,000), as a result of exploration expenditure and general administration expenditure.
General and Exploration Expenditure
General administration costs in H1 2025 were $2,659,000 as compared to $5,308,000 in H1 2024. Exploration expenditure in H1 2025 totalled $3,706,000 as compared to $6,474,000 in H1 2024. Refer to Financial Results - Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 - General and Exploration Expenditure.
Other Income / Expenses
Other income recognized during H1 2025 totaled $1,656,000 (H1 2024 – 157,000) and relates to a non-cash foreign exchange loss of $70,000 (H1 2024 – loss $10,000), other income of $375,000 (H1 2024 – $363,000) and dividend income of $1,351,000 declared SCM.
In Q2 2024, a loss on sale of property, plant and equipment of $1,010,000 was recognized relating to the sale of the mechanical ore sorter, offset by an in-specie distribution of $127,000 received from KZR resulting in the recognition of the Kali Metals Limited ordinary shares which commenced trading on the ASX on January 8, 2024. Deferred revenue of $723,000 was recognized in the statement of profit and loss as SQM Australia Ptd Ltd ("SQM") advised the Company that several options to acquire tenements would not be exercised. Refer to Note 4 of the Q2 Financial Statements.
Finance Items
The Company incurred interest and finance costs of $419,000 during H1 2025 (H1 2024 - $451,000); this includes interest earned of $12,000 (H1 2024 - $226,000) offset by non-cash interest expenses of $22,000 (H1 2024 - $56,000) related to leases recognized pursuant to IFRS 16 and a non-cash interest expense of $520,000 (H1 2024 - $621,000) relating to the deferred consideration owing to IMC. Refer to Note 6 of the Q2 Financial Statements.
Other Comprehensive Income
During H1 2025, a non-cash loss of $1,448,000 (H1 2024 - gain $6,779,000) represented movements in the fair value of the Company's marketable securities. Refer to Financial Results - Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 - Other Comprehensive Income.
During H1 2025, the Company also recognized non-cash gains of $146,000 (H1 2024 - gain - $499,000) pertaining to the foreign exchange impact of the translation of subsidiary financial information. The Company's Australian subsidiaries, which incur most of the Company's expenditure, have an Australian dollar functional currency. Gains or losses are recognized upon translation of income and expenses and assets and liabilities denominated by the Company's Australian subsidiaries in Australian dollars into the Company's Canadian dollar presentation currency.
LIQUIDITY AND CAPITAL RESOURCES
| | June 30, 2025
$'000 | December 31, 2024
$'000 | December 31, 2023
$'000 |
| --- | --- | --- | --- |
| Cash | 5,866 | 10,689 | 11,613 |
| Short-term investments | 117 | 116 | 149 |
| Working capital | 1,864 | 7,100 | 14,886 |
| Marketable securities | 30,348 | 31,916 | 34,395 |
| Available liquidity^{1} | 7,174 | 11,907 | 23,738 |
| Total assets | 78,774 | 85,273 | 106,451 |
| Current liabilities excluding current portion of financial liabilities | 863 | 958 | 3,446 |
| Financial liabilities (current and non-current) | 14,889 | 14,390 | 18,083 |
| Total liabilities | 16,433 | 15,778 | 21,529 |
| Shareholders' equity | 62,341 | 69,495 | 84,922 |
Available liquidity, which represents the value of the Company's realizable assets, totalled $7,174,000 as at June 30, 2025 (December 31, 2024 - $11,907,000). Refer to Non-IFRS Measures below. The Company's available liquidity and working capital has decreased since December 31, 2024 due to ongoing ordinary course of business expenditure.
The Company has prepared a cash flow forecast that looks beyond this period and through to the end of August 2026. That extended cash flow forecast takes into account working capital and operating cost assumptions, exploration costs, and capital expenditures, along with foreign exchange rates, and the ability to further realize marketable securities. Based on this, management has concluded that this could indicate a material uncertainty that may cast doubt about the Company's ability to continue as a going concern. Refer to Note 2 in the Q2 Financial Statements.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
| For the three months ended | For the six months ended | |||
|---|---|---|---|---|
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
| Cash flow information | ||||
| Net cash used in operating activities | (3,244) | (4,097) | (4,909) | (9,251) |
| Net cash generated from investing activities | 123 | - | 123 | 9,120 |
| Net cash used in financing activities | (25) | (466) | (56) | (1,120) |
| Change in cash | (3,146) | (4,563) | (4,842) | (1,251) |
Operating cash outflows totalled $3,244,000 in Q2 2025 and $4,909,000 in H1 2025 (Q2 2024 - outflows $4,097,000, H1 2024 $9,251,000). The net outflows primarily relate to the net loss generated from ongoing ordinary course of business and exploration expenditures.
Investing cash inflows totalled $123,000 in Q2 2025 and H1 2025 (Q2 2024 - Nil, H1 2024 - $9,120,000). The Q2 2025 inflows relate to the proceeds from the sale of the GBM shares. The H1 2024 inflows related to the net proceeds from the sale of certain property, plant and equipment and $9,001,000 cash consideration received from SQM for the Harding Battery Metals Joint Operation transaction.
Financing cash outflows totalled $25,000 in Q2 2025 and $56,000 in H1 2025 (Q2 2024 - $466,000 and H1 2024 $1,120,000) in financing cash outflows, these outflows relate to the principal portion of lease liabilities incurred pursuant to IFRS 16.
SELECTED FINANCIAL INFORMATION
Management is responsible for the Q2 Financial Statements referred to in this MD&A and provides officers' disclosure certifications filed with the securities regulators of the Canadian jurisdictions in which Novo is a reporting issuer. Although the Company's audit committee reviews the Q2 Financial Statements and MD&A and makes recommendations to the Company's board of directors (the "Board"), the Board has final approval of the Financial Statements and MD&A.
SUMMARY OF QUARTERLY RESULTS
The following information is derived from and should be read in conjunction with the Q2 Financial Statements and the consolidated financial statements for each of the past eight quarters which have been prepared in accordance with IFRS applicable to interim financial reporting, including IAS 34.
| 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | 3rd Quarter 2023 | 2nd Quarter 2023 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||
| Net Profit / (Loss) | $'000 | (4,227) | (1,625) | (5,295) | (5,686) | (7,185) | (5,064) | (48,894) | (9,553) | (11,187) |
| Basic and Diluted Income (Loss) | $/share | (0.012) | (0.005) | (0.014) | (0.016) | (0.020) | (0.014) | (0.164) | (0.041) | (0.041) |
Variations over the last eight quarters are primarily due to the following factors:
- The Nullagine Gold project was placed into care and maintenance in Quarter 3, 2022 and subsequently divested in Quarter 4, 2023.
- Reduction in corporate activities and personnel costs in line with the divestment.
- Further investments in exploration evaluation assets and property and equipment to support the current exploration projects.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
CASH RESOURCES AND GOING CONCERN
The condensed interim consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of business activities and the realization of assets and settlement of liabilities in the normal course of business.
For the six months ended June 30, 2025, the Company reported a net loss of $5,852,000 (June 30, 2024: $12,248,000) and had operating net cash outflows of $4,909,000 (June 30, 2024: $9,251,000). The Company had cash on hand and short-term investments $5,983,000 at June 30, 2025.
The Directors, in their consideration of the appropriateness of the going concern basis for the preparation of the condensed interim consolidated financial statements have prepared a cash flow forecast demonstrating that the Company will have access to sufficient funds to meet its commitments and working capital requirements for the 12-month period from the date of signing these condensed interim consolidated financial statements.
This cash flow forecast has been prepared on the following basis:
- Operating costs and exploration expenditures sufficient to meet the Company's minimum contractual requirements are maintained;
- Discretionary expenditure is controlled in line with the Company's prudent working capital management strategy;
- The Company's directors resolve to seek interest from parties, or be part of a joint venture, in relation to the Comet Well and Purdy's North projects; and
- Additional liquidity is able to be generated as required, from the disposal of certain of the Company's assets.
Based on this cash flow forecast which, the Company's directors believe is reasonably achievable, the directors are satisfied that the Company will have access to sufficient cash to continue as a going concern.
If the Company is not able to achieve the assumptions included in the cash flow forecast, it may need to rely on alternative options to secure additional funding, which may include the raising of capital from equity markets.
The conditions above indicate that a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern and, therefore, whether it will be able to realize its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the condensed interim consolidated financial statements.
The condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
CONTRACTUAL OBLIGATIONS
As at June 30, 2025, the following contractual obligations were outstanding:
| As at June 30, 2025 | Within 1 year
$'000 | Within 1-2 years
$'000 | Within 2-3 years
$'000 | Within 3+ years
$'000 | Total
$'000 |
| --- | --- | --- | --- | --- | --- |
| Trade and other payables | 863 | - | - | - | 863 |
| Deferred consideration | 2,332 | 8,971 | - | - | 11,303 |
| Leases | 170 | 175 | 74 | - | 419 |
| As at December 31, 2024 | Within 1 year
$'000 | Within 1-2 years
$'000 | Within 2-3 years
$'000 | Within 3+ years
$'000 | Total
$'000 |
| --- | --- | --- | --- | --- | --- |
| Trade and other payables | 958 | - | - | - | 958 |
| Deferred consideration | 2,327 | 8,949 | - | - | 11,276 |
| Leases | 169 | 174 | 164 | - | 507 |
Note: Deferred consideration - Refer to Financial Results - Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 – Finance Items.
OFF-BALANCE SHEET TRANSACTIONS
There are currently no off-balance sheet arrangements which have, or are reasonably likely to have, a current or future effect on the financial performance or the financial condition of the Company.
CONTINGENCIES
From time to time, the Company is involved in various claims, litigation and other matters in the ordinary course and conduct of business. Some of these pending matters may take a number of years to resolve. While it is not possible to determine the ultimate outcome of such actions at this time, and inherent uncertainties exist in predicting such outcomes, it is the Company's belief that the ultimate resolution of any such current actions is not reasonably likely to have a material adverse effect on its consolidated financial position or results of operations except as otherwise disclosed.
RELATED PARTY TRANSACTIONS
During Q2 2025 and for the six months ended June 30, 2025, the following amounts were incurred with related parties in the normal course of operations and were measured at the exchange value which represented the amount of consideration established and agreed to by the related parties:
| Name | Nature of Compensation | For the three months ended | For the six months ended | ||
|---|---|---|---|---|---|
| June 30, 2025 | |||||
| $'000 | June 30, 2024 | ||||
| $'000 | June 30, 2025 | ||||
| $'000 | June 30, 2024 | ||||
| $'000 | |||||
| Non Executive Co-Chairman & Director | Director fees | 34 | 34 | 70 | 68 |
| Executive Co-Chairman & Director | Salary | 91 | 93 | 183 | 204 |
| CFO & Corporate Secretary | Salary | 69 | 68 | 137 | 134 |
| Independent Directors | Director Fees | 37 | 50 | 74 | 108 |
| Share Based Payments | Stock Options | - | 83 | - | 166 |
| Total | 231 | 328 | 464 | 680 |
Details of these compensation arrangements are outlined in the Company's most recently filed Form 51-102F5 Information Circular (available under the Company's profile on SEDAR+ at www.sedarplus.ca with a filing date of April 29, 2025).
From time to time, the Board incentivizes the Company's management, employees, and consultants by issuing incentive stock options. Amounts outlined in the table above represent such portion of the Company's share-based payment expenses which relate to incentive stock options granted to the Company's management and Board, namely the non-executive co-chairman/director, the executive co-chairman/director, an independent director, and the chief financial officer/corporate secretary.
Share-based payments relating to these key management personnel and directors totalled $Nil during Q2 2025 and H1 2025 (Q2 2024 - $83,000 and H1 2024 $166,000).
CRITICAL ACCOUNTING ESTIMATES
The accounting policies and methods of application applied by the Company are outlined in the Q2 Financial Statements, refer to Note 2.
FINANCIAL INSTRUMENTS
The nature and extent of risks arising from the Company's financial instruments are outlined in Q2 Financial Statements, refer to Note 13.
INTERNAL CONTROLS OVER FINANCIAL REPORTING
Management formally assessed the effectiveness of the Company's internal control over financial reporting as at June 30, 2025, and continues to do so on an on-going basis. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (COSO 2013).
Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation.
There have been no significant changes in the Company's internal controls during the period ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
OUTSTANDING SHARE DATA
The Company is authorized to issue an unlimited number of common shares without par value ("Common Shares"). All issued Common Shares are fully paid and non-assessable.
As of August 07, 2025, the following Common Shares, Common Share purchase warrants ("Warrants"), and stock options were issued and outstanding:
| Number of shares | Exercise Price (C$) | Expiry date | |
|---|---|---|---|
| Common Shares * | 354,630,279 | - | - |
| Stock Options | 3,000,000 | 1.89 | November 22, 2026 |
| Warrants | 641,025 | 0.60 | December 22, 2025 |
| Fully Diluted | 358,271,304 |
Common shares include 110,376,919 CDIs listed on the ASX.
NON-IFRS MEASURES
Certain non-IFRS measures have been included in this MD&A. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide readers with an improved ability to evaluate its underlying performance and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Available liquidity
The Company believes that available liquidity provides an accurate measure of the Company's ability to liquidate assets in order to satisfy its liabilities. The Company uses this metric to help monitor its risk profile.
Available liquidity includes cash, short-term investments, and assets which are readily saleable within the next 12 months, including cash, receivables, marketable securities (to the extent that an established market exists for such marketable securities, they are free of any long-term trading restrictions, and sufficient historical volume exists to liquidate holdings within 12 months), and gold specimens.
The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Q2 Financial Statements.
| June 30, 2025 | December 31, 2024 | December 31, 2023 | |
|---|---|---|---|
| Cash | 5,866 | 10,689 | 11,613 |
| Short-term investments | 117 | 116 | 149 |
| Receivables | 248 | 203 | 10,445 |
| Marketable securities | 846 | 802 | 1,434 |
| Gold specimens | 97 | 97 | 97 |
| Available liquidity | 7,174 | 11,907 | 23,738 |
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
| June 30, 2025 | ||||
|---|---|---|---|---|
| # of shares | Share price | Foreign exchange | Adjusted value $'000 | |
| Kalamazoo Resources Limited Ordinary Shares | 10,000,000 | $0.090 | 0.895 | 805 |
| Kali Metals Limited Ordinary Shares | 566,947 | $0.080 | 0.895 | 41 |
| 846 | ||||
| December 31, 2024 | ||||
| # of shares | Share price | Foreign exchange | Adjusted value $'000 | |
| Kalamazoo Resources Limited Ordinary Shares | 10,000,000 | $0.074 | 0.892 | 660 |
| GBM Resources Limited Ordinary Shares | 11,363,637 | $0.008 | 0.892 | 81 |
| Calidus Resources Limited Ordinary Shares | 566,947 | $0.120 | 0.892 | 62 |
| 802 |
Adjusted working capital
Adjusted working capital is defined as current assets less current liabilities (adjusted for non-cash related items that do not represent an immediate cash obligation) and is used to monitor the Company's liquidity.
The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Q2 Financial Statements.
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| $'000 | $'000 | |
| Current assets | 6,512 | 11,461 |
| Current liabilities | 4,648 | 4,361 |
| Adjusted working capital | 1,864 | 7,100 |
JORC COMPLIANCE STATEMENTS
The information in this MD&A that relates to previously reported Exploration Results from Novo's projects is extracted from Novo's ASX announcements listed in endnotes Error! Bookmark not defined. - 3 and 5 - 7 below, each of which were released to ASX and each of which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
CAUTION ON FORWARD-LOOKING INFORMATION
This MD&A contains "forward-looking information" within the meaning of Canadian and Australian securities laws. Forward-looking information in this MD&A includes, but is not limited to, the value of certain Company assets, in particular the fair value of marketable securities held by the Company; the Company's further potential of its mineral properties; the Company's planned exploration activities; the Company's ability to raise additional funds; the Company's ability to continue as a going concern; the future price of minerals, particularly gold; the estimation of mineral resources; the realization of mineral resource estimates; capital expenditures; success of exploration activities; exploration and development issues; currency exchange rates; government regulation of exploration, development; and social and environmental risks. Estimates regarding the anticipated timing, amount and cost of exploration and development activities are based on numerous factors including but not limited to assumptions underlying mineral resource estimates and the realization of such estimates.
Forward-looking information is characterized by words such as "plan", "expect", "budget", "target", "schedule", "estimate", "forecast", "project", "intend", "believe", "anticipate" and other similar words or statements that certain events or conditions "may", "could", "would", "might", or "will" occur or be achieved. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Such factors include (but are not limited to): the fluctuating price of gold; reliance on third parties to provide technical services and information, particularly with respect to assay turnaround timeframes; success of exploration, development; health, safety and environmental risks; variations in the estimation of mineral resources; uncertainty relating to mineral resources; the potential of cost overruns; risks relating to government regulation; the impact of Australian laws regarding foreign investment; access to additional capital; volatility in the market price of the Company's securities; liquidity risk; risks relating to native title and Aboriginal heritage; the availability of adequate infrastructure; the availability of adequate energy sources; seasonality and unanticipated weather conditions; limitations on insurance coverage; the prevalence of competition within the industry; currency exchange rates (such as the United States dollar and the Australian dollar versus the Canadian dollar); risks associated with foreign tax regimes; risks relating to potential litigation; risks relating to the dependence of the Company on outside parties and key management personnel; and risks in the event of a potential conflict of interest.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in those forward-looking statements. The assumptions referred to above should be considered carefully by readers.
The Company's forward-looking statements are based on the reasonable beliefs, expectations and opinions of management on the date of this MD&A (or as of the date they are otherwise stated to be made). Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update or revise any forward-looking statements, except as, and to the extent required by, applicable securities laws in Canada and Australia. If the Company updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
MANAGEMENT'S DISCUSSION AND ANALYSIS SECOND QUARTER 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
SECOND QUARTER 2025
2 Refer to Novo's ASX announcement dated 20 June 2025 – Pilbara exploration update, High Grade Gold and Antimony targets.
3 Refer to Novo's ASX announcement dated 10 December 2024 – Pilbara Exploration Update
4 Refer to Novo's ASX announcement dated 11 September 2024 – Evaluation of Pilbara antimony-gold potential generates positive results
5 Refer to De Grey's ASX Announcement dated 14 November 2024 – Hemi Gold Project mineral Resource Estimate (MRE) 2024. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined by Novo's Becher Project.
6 Refer to Novo's ASX announcement dated 9 July 2025 – High-grade results from RC drilling at Tibooburra Gold Project
7 Refer to Novo's ASX announcement dated 6 May 2025 – High grade gold anomaly extended at John Bull in preparation for drilling.
8 Refer to Novo's ASX announcement dated 13 December 2024 – Novo strengthens portfolio with two high-grade gold projects in NSW, Australia