Novo Resources : Corporate Presentation – Exploration Focused

Cautionary Statement

Nature of this document: This presentation is of a summary form only and therefore contains general background information about Novo Resources Corp (Novo or the Company) which may not be complete. It should be read in conjunction with, and full review made of, the Company's continuous disclosure documents lodged under the Company's profile on SEDAR+ at www.sedarplus.caand on www.asx.com.au.

Not an offer: This presentation is for information purposes only and does not constitute an offer or invitation to sell or any solicitation of an offer to buy any securities in the Company. This presentation and its contents much not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this presentation would be unlawful pursuant to securities or other relevant laws of that jurisdiction. . By accepting, accessing or reviewing this presentation you represent and warrant that you are entitled to receive such presentation in accordance with applicable laws.

Not financial product advice: This presentation does not purport to contain all of the information that a prospective investor may require, and it is not intended to provide any legal, tax or investment advice. You should consider obtaining professional advice and carrying out your own independent investigations and assessments of the information in this presentation (including any assumptions) before acting.

Forward-LookingStatements: This presentation includes certain statements that constitute forward-lookinginformation or forward-lookingstatements within the meaning of Canadian, United States and Australian securities laws (collectively, forward- looking statements). These forward-looking statements represent the Company's intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company's future performance. These forward- looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company's actual performance, results and achievements in future periods to differ materially from any express or implied estimates or projections. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Relevant factors which may affect the Company's actual performance, results and achievements include changes in commodity price, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, diminishing quantities or grades of reserves, political and social risks, changes to laws and regulations, environmental conditions, and recruitment and retention of personnel. These statements appear in a number of places in this presentation and include statements regarding the intent of the Company, or the beliefs or current expectations of the Company's management. When used in this presentation, words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements..

Cautionary Note Concerning Technical Disclosure and U.S. Securities Laws: This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all exploration results and resource and reserve estimates included in this presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).The definitions used in NI 43-101are incorporated by reference from the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM - Definition Standards adopted by CIM Council on May 10, 2014 (CIM Definition Standards).

The U.S. Securities and Exchange Commission (SEC) adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (SEC Modernization Rules) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which has been rescinded. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Investors are cautioned that while the above terms are "substantially

similar" to the corresponding CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared mineral resource estimates under the standards adopted under the SEC Modernization Rules. Investors are also cautioned that while the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as mineral reserves. Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101. For the above reasons, information contained in this presentation describing the Company's mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Similar principles will apply in respect to any reporting under the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) (see below).

Technical Information: Dr. Quinton Hennigh (P.Geo.), Mrs. Karen (Kas) De Luca (MAIG), Dr. Christopher Doyle (MAIG), Mr. Iain Groves (MAIG), and Mr. Alwin Van Roij (MAIG, MAusIMM) are the qualified persons, as defined in NI 43-101, who have reviewed, approved and verified the technical content of this presentation. They have sufficient experience, which is relevant to the style of mineralisation and activities being undertaken to qualify as a Competent Person as described by the JORC Code, 2012. They consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.

Dr. Hennigh is the Company's Non-ExecutiveCo-Chairman and a director. Mrs. De Luca is the Company's General Manager - Exploration. Dr. Doyle is the Company's Exploration Manager - Victoria. Mr. Groves is the Company's Principal Geologist - Technical & Generative. Mr. Van Roij is the Company's Exploration Manager - Pilbara. Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

Strong Foundations

Egina JV -

Leading

Discovery

Opportunity

Compelling Gold

Exploration

Assets

Commitment to Excellence

• Strong balance sheet with no debt, cash of A$16.7 million1 and marketable securities of A$47.7 million2
• Significant in-groundinvestment with drill programs planned throughout 2024
• Dedicated and disciplined project generation and consolidation program underway, with a focus on identifying assets that compliment the current portfolio
• Most advanced and compelling growth opportunity, centered around the Becher Project
• Investment by +A$2 Billion Western Australian gold developer De Grey Mining (ASX:DEG) highlights project potential
• Egina JV tenements considered highly prospective for significant intrusion-related gold deposits, with similar attributes to the nearby 10.5 Moz Hemi deposit
• Standout exploration possibilities at Nunyerry North and Balla Balla, both located in the Pilbara, and Victoria's Belltopper Project
• Significant drill programs already underway or planned throughout 2024 on priority gold prospects
• Strong exposure to future exploration and discovery success on battery metals projects through Joint Venture agreements with SQM Australia and Liatam Mining
• Proven and experienced exploration and technical team
• Highly credentialled management and board focused on delivering long-term shareholder value

Corporate Presentation - 6 May 2024

Please note the top 10 shareholders list excludes any Non-objective beneficial owners and Objective beneficial owners of TSX shares.

Corporate Presentation - 6 May 2024

Substantial Shareholders are as at 31 March 2024.

Portfolio Key to Shareholder Value

EGINA JV1

Partnering with De Grey in the Egina Gold Camp

• > 10,500 m RC/AC drilling completed by De Grey at Becher in Q4 2023
• Key results include 8 m @ 4.74 g/t Au (incl

3 m @ 11.88 g/t Au) from 9 m at Lowe

• RC and AC drilling programs expected to resume in Q2 2024

NUNYERRY NORTH2

Exciting target with high-grade potential

• Maiden RC drill program completed in 2023
• Significant results include 6 m @ 6.12 g/t Au, 11 m @ 2.52 g/t Au, and 4 m @ 5.71 g/t Au
• Follow-up~4,000 m drill program commenced early May 2024

KARRATHA DISTRICT

New drill targets defined

• Advancing several drill targets, including North Whundo, Railway Bore and East Well
• Maiden RC drilling program for 3,500 m is planned for H2 2024

BALLA BALLA

Emerging project focused on the Sholl Shear corridor

• Fertile structural setting across the Sholl Shear Corridor
• Review of geophysical and satellite data sets in 2023 generated drill targets, targeted AC drilling planned in H2 2024

BELLTOPPER GOLD PROJECT

Targeting Fosterville 'style' mineralization

• Diamond drill program completed with six holes for 2,529 m, final assays awaited
• Drilling tested several high priority targets, including high tenor IP anomalies, the priority anticline corridor and a developing high-grade zone at the Leven Star Reef

Corporate Presentation - 6 May 2024