Novo Resources Corp. (NSRPF)

Novo Resources expands portfolio with three new farm-in and JV agreements during quarter

Novo Resources Corp took steps to expand its portfolio during the previous quarter, adding three new farm-in and joint venture (JV) agreements to the balance sheet and gaining exposure to the Toolunga Project, John Bull Gold Project and Tibooburra Gold Project. The company also divested several non-core assets including the remaining 20% interest and gold and silver rights for the Quartz Hill Joint Venture as well as a 38% shareholding in San Cristobal Mining. All in all, at the end of the quarter Novo held $12.1 million in cash and a further $43.8 million in investments. During the quarter, Novo secured a new landholding in Western Australia’s Onslow District, acquiring 1,520 square kilometres at the Toolunga Project. The company also obtained an option to acquire a 70% interest in the Cane River Project and directly pegged six new exploration licences, reinforcing its presence in the region. The Toolunga Project is underexplored but aligns with Novo’s strategy of targeting gold deposits exceeding one million ounces. Additionally, Novo executed binding term sheets for the John Bull Gold Project in New South Wales’ New England Orogen and the Tibooburra Gold Project in the Albert Goldfields, both of which are thought to have strong exploration potential. In Victoria, work continues at the Belltopper Gold Project, refining geological models to advance resource definition. Novo focused much of its active exploration on the Pilbara region over the last three months where the company owns a substantial landholding that includes the Egina Gold Camp, Becher, Miralga, Balla Balla Gold and Nunyerry North projects as well as the Sherlock Crossing historical antimony mine. During the quarter, field programs in the Pilbara region delivered encouraging results, including high-grade rock chip sampling of up to 146.7 g/t gold and 4.7% antimony at Sherlock Crossing as well as 1.2 g/t gold and 4.4% copper at the Miralga Project. Soil sampling across the Tabba Tabba Shear Corridor delineated a five-kilometre-long gold anomaly with rock samples returning up to 3.8 g/t gold. Novo has also finalised compliance requirements to begin aircore drilling at Balla Balla in 2025. Meanwhile, JV partner De Grey Mining met its A$7 million minimum expenditure commitment in September 2024 and will invest a further A$18 million by June 2027 to earn a 50% interest in the Becher Project, near De Grey’s 13.6-million-ounce Hemi Gold Project. Novo executive co-chairman and acting CEO Mike Spreadborough said the company was well-positioned to deliver shareholder value in 2025. “The three new projects that we have added to our portfolio are all highly prospective and help broaden our geographic diversity,” Spreadborough said. “The transaction structure for each project allows a great balance between risk, expenditure and exploration potential. “We have hit the ground running at these projects and are very excited by the potential opportunity for a major gold discovery.” Novo plans to seek interest from potential partners for a JV or sale of its Comet Well and Purdy’s North projects, enabling the company to concentrate on higher-priority targets. Fincraft Group President Kenges Rakishev talked with Proactive's Stephen Gunnion about the company's strategic investments in Kazakhstan’s energy and resource sectors. Rakishev highlighted how the company is transitioning from a traditional oil and gas focus to include critical minerals like lithium, nickel, and cobalt, which are essential for the renewable energy industry. He discussed Kazakhstan’s growing role as a key player in energy security, leveraging its position between China, Europe, and Russia to expand its resource exports. Fincraft Group is investing in infrastructure and cleaner extraction technologies to align with global ESG trends. Rakishev also emphasised the importance of natural gas as a clean energy source, with plans to complete a gas plant in the Mangistau region to produce LNG and LPG for export. Discussing major projects, Rakishev explained how investments in Equus Petroleum and Tethys Petroleum contribute to a broader energy transition strategy, while divestments from ARK Petroleum and Nomad Oil align with a shift toward sustainable energy solutions. He also highlighted Kazakhstan’s increasing focus on carbon capture, low-emission oil production, and rare earth minerals to support the electric vehicle and battery industries. Stay updated on Fincraft Group’s energy strategy by watching the full interview. Don't forget to like, subscribe, and turn on notifications for more Proactive content. #FincraftGroup #KengesRakishev #KazakhstanEnergy #CriticalMinerals #RenewableEnergy #OilAndGas #NaturalGas #Lithium #Nickel #Cobalt #EnergyTransition #ESG #Investment #BatteryMetals #Mining #LNG