Announcement • Jun 26

Novo Resources Corp. Provides an Update on Follow-Up Drill Programs At the Becher Project Which Is Part of the Egina Earn-In and Joint Venture with De Grey Mining Limited

Novo Resources Corp. provided an update on follow-up drill programs at the Becher Project, which is part of the Egina earn-in and joint venture (Egina JV) with De Grey Mining Limited. De Grey completed its maiden aircore (AC) and reverse circulation (RC) drill program at the Becher Project in Fourth Quarter 2023, testing the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors, with over 10,500 m completed. Significant results were returned from both the Lowe and Heckmair prospects, which have been deemed as priority prospects.De Grey has commenced follow-up programs, with ~28,000 m of combined AC and RC drilling planned through the use of two rigs. Assay results from these programs are anticipated in H2, 2024. The Egina Gold Camp is Novo’s highly prospective gold belt located in the Pilbara region of Western Australia and includes the priority Becher and Nunyerry North projects (Figure 1). This belt comprises a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic /ultramafic sequences further south. These corridors trend towards De Grey’s 12.7 Moz Hemi Gold Project2 (Hemi) to the north and northeast.Novo’s tenure forms a contiguous package of approximately 80 km strike length directly along this trend and has been the main focus area for Novo’s exploration programs over the last two years, culminating in the Egina JV with De Grey and delineation of the Nunyerry North gold prospect. Novo’s early-stage reconnaissance work at Egina successfully identified the Becher Project as a highly prospective and high priority exploration target.Reconnaissance and exploration programs completed by Novo in 2021-2023 indicated both intrusion-hosted and structurally controlled gold mineralisation similar in nature to that described by De Grey at the Hemi deposit.De Grey completed over 10,500 m of AC and RC drilling in Fourth Quarter 2023, testing immediate drill-ready targets at the Lowe, Heckmair, Irvine and Bonatti targets. Significant assays were returned from RC drilling at Lowe and Heckmair, enough to warrant both prospects as priority targets for follow up in 2024. De Grey recommenced drilling in late May 2024, with two rigs concurrently conducting a proposed 28,000 m combined AC and RC program. The RC program has started at Heckmair and has been designed to follow up on encouraging results at Lowe, Heckmair, and Whillans. The AC program has commenced at Lowe and aims to provide better geochemical coverage over structural and intrusion targets (Figure 2). Lowe is located ~20 km WSW of Hemi. The prospect includes an interpreted 5.2 km long, synclinal layered sill, fractionated from pyroxenite at the base up to gabbro and diorite. It is substantially thicker on the northern side of the syncline and likely truncated by a fault and juxtaposed with altered metasediment to the south. A small RC drilling program of 10 holes (1,786 m) was completed by De Grey in late 2023. Drilling intersected mineralisation in two holes in what is interpreted to be the same structure (Figure 2). A key result of 8 m at 4.7 g/t Au from 97 m was intersected in hole MSRC0031, and 4 m at 0.6 g/t Au from 144 m was intersected in MSRC00323. Mineralisation is hosted within strongly foliated and sheared pyroxenite and gabbro with prominent sericite alteration, quartz veining and pyrite. A comprehensive, follow-up AC drilling program has commenced at Lowe, comprising 220 AC holes for ~11,000 m to test the western extension of the Lowe target stratigraphy (Figure 2). The 2024 RC program for Lowe comprises six holes for ~500 m targeting the contact between the sill and surrounding sediments and aims to confirm and extend significant intercepts reported in 2023. Interpretation of combined geophysical and geochemical data from AC drilling by De Grey in Fourth Quarter 2023 identified a 1.5 km long WNW-trending fault zone within the Heckmair intrusive body (Figure 3). The initial RC drill program testing this structure successfully intersected strong base metal results including4 (Figure 4): 10 m @ 0.12 g/t Au, 29.7 g/t Ag, 0.3% Cu, 1.5% Pb and 1.8% Zn from 40 m (MSRC0016) including 3 m @ 0.20 g/t Au, 59.8 g/t Ag, 0.9% Cu, 2.4% Pb and 2.2% Zn from 47 m, 24 m @ 0.2 g/t Au, 13.2 g/t Ag, 0.1% Cu, 1.0% Pb and 0.1% Zn in hole MSRC0017 from 105 m (MSRC0017) including 6 m @ 0.48 g/t Au, 20.8 g/t Ag, 0.2% Cu, 1.4% Pb and 2.8% Zn from 105 m. The best gold intercept from the RC drilling was 2 m at 2.8 g/t Au in hole MSRC0013. Nunyerry North is Novo’s high priority exploration target with significant prospectivity, located in the southern part of the Egina Gold Camp. Nunyerry North is part of the Croyden JV (Novo 70%; Creasey Group 30%). A ~4,000 m RC drill program commenced in late May following significant results from the maiden drill program which was completed in Fourth Quarter 2023. The program is testing multiple new targets along strike of known mineralisation and down plunge of existing intercepts. Drilling is proceeding to plan with the program expected to be completed in early July 2024. Assays are expected in late July. Post completion of drilling at Nunyerry North, Pilbara exploration drilling will shift to either AC drilling at the Balla Balla Gold Project or RC drilling in the Karratha District gold and gold-copper (+-platinum-palladium) targets dependent on the timing of heritage surveys and final approvals which are expected in late July 2024. Balla Balla is an emerging exploration project centred on the Sholl Shear and associated potentially fertile structural corridors undercover. The Project is considered prospective for intrusion-hosted gold mineralisation, in addition to structurally controlled gold. Geophysical interpretation and research of historical data completed in 2023 advanced the Company’s understanding of prospectivity in the project area and further delineated targets for follow-up work in 2024. A reconnaissance AC program is currently in planning for drilling in H2 2024. In the Karratha District, the maiden ~3,500 m RC drill program is planned to test three significant gold and gold-copper(+-platinum-palladium) targets at North Whundo, Railway Bore and East Well. AC drilling is utilised as a first pass technique testing for gold mineralisation and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low impact footprint, enabling large systematic programs to be completed in a cost effective and timely manner. One metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as four-meter composites. All AC chip samples are sent to ALS in Perth, Western Australia and each sample is dried, split, crushed and pulverised to 85% passing 75µm.

Interest coverage ratio	n/a
Cash	AU$786.39m
Equity	AU$1.28b
Total liabilities	AU$33.89m
Total assets	AU$1.32b

Data	Last Updated (UTC time)
Company Analysis	2025/05/04 01:23
End of Day Share Price	2025/04/23 00:00
Earnings	2024/12/31
Annual Earnings	2024/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

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De Grey Mining Balance Sheet Health

Financial Health criteria checks 6/6

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Recent financial health updates

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Recent updates

Northern Star Resources Limited (ASX:NST) completed the acquisition of De Grey Mining Limited (ASX:DEG).

Northern Star Resources Limited (ASX:NST) Completed the acquisition of De Grey Mining Limited (ASX:DEG).

Price target increased by 10% to AU$2.57

Price target increased by 7.3% to AU$2.48

New major risk - Financial position

First half 2025 earnings released: EPS: AU$0.002 (vs AU$0.004 loss in 1H 2024)

Price target increased by 8.0% to AU$2.15

Northern Star Resources Limited (ASX:NST) agreed to acquire De Grey Mining Limited (ASX:DEG) for AUD 4.9 billion.

We Think De Grey Mining (ASX:DEG) Can Afford To Drive Business Growth

De Grey Mining Ltd Provides Progress Update on Exploration Activities At the Egina Gold Project

De Grey Mining Limited, Annual General Meeting, Nov 19, 2024

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Forecast to breakeven in 2027

Consensus revenue estimates decrease by 51%

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Price target increased by 7.4% to AU$1.81

New major risk - Shareholder dilution

Consensus revenue estimates increase by 103%

New minor risk - Profitability

Price target decreased by 11% to AU$1.60

De Grey Mining Limited has filed a Follow-on Equity Offering in the amount of AUD 600.03125 million.

We're Not Worried About De Grey Mining's (ASX:DEG) Cash Burn

First half 2024 earnings released: AU$0.004 loss per share (vs AU$0.005 loss in 1H 2023)

Should Shareholders Have Second Thoughts About A Pay Rise For De Grey Mining Limited's (ASX:DEG) CEO This Year?

Lead Independent Non-Executive Director recently sold AU$296k worth of stock

Non-Executive Chairman recently sold AU$303k worth of stock

De Grey Mining Limited, Annual General Meeting, Nov 23, 2023

Price target decreased by 7.4% to AU$1.74

New major risk - Revenue and earnings growth

Full year 2023 earnings: EPS and revenues miss analyst expectations

New major risk - Financial position

Consensus revenue estimates increase by 53%, EPS downgraded

De Grey Mining Limited Announces the Executive Changes

Technical Director & Director recently sold AU$1.0m worth of stock

Price target decreased by 7.1% to AU$1.91

Consensus EPS estimates fall by 12%

We're Hopeful That De Grey Mining (ASX:DEG) Will Use Its Cash Wisely

Consensus revenue estimates increase by 37%, EPS downgraded

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Price target increased by 8.7% to AU$2.03

Consensus revenue estimates increase by 50%

We Think De Grey Mining (ASX:DEG) Can Afford To Drive Business Growth

First half 2023 earnings released: AU$0.005 loss per share (vs AU$0.005 loss in 1H 2022)

Lead Independent Non-Executive Director recently sold AU$605k worth of stock

De Grey Mining Limited Appoints Mr. Peter Holmes as Hemi Project Director

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Consensus EPS estimates upgraded to AU$0.011 loss

De Grey Mining Limited Appoints Emma Scotney as an Independent Non-Executive Director

De Grey Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 0.099999 million.

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We Discuss Why De Grey Mining Limited's (ASX:DEG) CEO May Deserve A Higher Pay Packet

Less than half of directors are independent

Less than half of directors are independent

De Grey Mining Limited Announces Resignation of Samantha Hogg as Non-Executive Director

De Grey Mining Limited has completed a Follow-on Equity Offering in the amount of AUD 130 million.

Price target decreased to AU$1.61

De Grey Mining Limited, Annual General Meeting, Nov 24, 2022

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Price target increased to AU$1.72

De Grey Mining Limited Announces the Resignation of Eduard Eshuys from the Board

De Grey Mining Limited Announces Prefeasibility Study Outcomes - Mallina Gold Project

De Grey Mining Limited Reports Latest Resource Extension and Infill Drilling Results from the Diucon Deposit At Hemi

De Grey Appoints Paul Harvey as Non-Executive Director

Price target decreased to AU$1.79

Is De Grey Mining (ASX:DEG) In A Good Position To Invest In Growth?

De Grey Mining Limited Reports That the Mallina Gold Project Mineral Resource Estimate (Mre) Update Has Been Completed by Cube Consulting Pty Ltd

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Consensus forecasts updated