Novo Resources Corp. (OTCPK:NSRP.F) entered into an agreement to acquire remaining 50% stake in Malmsbury Gold Project from GBM Resources Limited (ASX:GBZ) for AUD 2.4 million on March 9, 2023. Novo has agreed to pay AUD 1 million and issue 4,037,872 common shares and 2,018,936 transferable warrants to GBM for its residual 50% interest in Malmsbury, with each warrant entitling GBM to purchase one additional common share of the Company at a price of AUD 0.659064 for a period of 24 months from the date of issuance. All of the GBM Securities will be subject to a statutory hold period expiring four months and one day following their date of issuance, along with an additional contractual hold period expiring 12 months from their date of issuance. Immediately subsequent to the issuance of the GBM Securities and securities to be issued to Kalamazoo (refer below), GBM will hold a 1.5% undiluted interest in Novo. GBM's strategy of using sale proceeds from non core assets to repay (or
have liquid assets) to repay the convertible note facility when it becomes due (if not converted).

Novo Resources Corp. (OTCPK:NSRP.F) completed the acquisition of remaining 50% stake in Malmsbury Gold Project from GBM Resources Limited (ASX:GBZ) on April 24, 2023. The Toronto Stock Exchange has accepted notice of the Transaction and conditionally approved the listing of the common shares issued under the Transaction.