VANCOUVER - 2021 was a transformative year for Novo Resources as we moved from being an explorer to an explorer and producer.

With the acquisition and refurbishment of the Golden Eagle processing facility in 2020, we were able to bring the Beatons Creek conglomerate gold project into production in early 2021.

As we safely transitioned to operations, we also refreshed the Board with a primary focus to diversify our corporate, operations, development and ESG experience. We were very pleased to add Ross Hamilton, Amy Jo Stefonick and Mike Spreadborough to the Board, whilst Yoshikazu Ishikawa and long-term director Akiko Levinson departed. Mike Spreadborough then moved to the role of Executive Co-Chairman with Quinton Hennigh transitioning to Non-executive Co-Chairman. Novo would like to thank both Ms. Levinson and Mr. Ishikawa for their invaluable contributions throughout their tenure as directors. Our Board and executive team have the capabilities and experience to support Novo's transformation into a long-term producer.

The Board has refreshed the Company's corporate purpose to ' embracing innovation to responsibly transform minerals for the benefit of our stakeholders ' , which means we will advance our growth strategy around the following key areas: Embracing innovation - rapid adoption of innovative solutions to maximize opportunities or increase effectiveness and efficiency e.g., Chrysos PhotonAssaying, and our mechanical sorting program

Transforming minerals - monetizing our mineral inventory through exploration, development, production, or commercial arrangements either wholly or in partnership with others

Benefiting our stakeholders - the benefits we provide enable our stakeholders, including shareholders, financiers, employees, traditional owners, communities and suppliers, to succeed economically, socially, and sustainably

At Novo we believe that ongoing operations and exploration must benefit all stakeholders and be achieved without adverse long-term impacts to our people, communities and environment. During 2022, we plan to strengthen our ESG systems and focus on: Continued focus on safety, with ongoing development of critical controls to manage operational risks

Adopting the International Council on Mining and Metals Mining Principles

Releasing our inaugural Sustainability Report

Progressing studies on the transition away from diesel-fuelled power generation

Progressing rehabilitation of operations and exploration areas as well as legacy mining areas

Continuing our focus on providing employment and business opportunities for traditional owners

Engaging with the communities in which we work to ensure they benefit from our work

Forward-looking information

Some statements in this letter contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that during 2022 Novo plans to strengthen its ESG systems as outlined in the letter, Novo's planned exploration, mechanical sorting, project development and operations activities, that Novo's cash position totalling C$32 million and investment portfolio totalling approximately C$146 million will underpin Novo's planned exploration, mechanical sorting, project development and operations activities as outlined in this letter, Novo's planned growth strategy, and that Novo will continue to manage the impacts of COVID-19 during 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo 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.

Contact:

Leo Karabelas

Tel: (416) 543-3120

Email: leo@novoresources.com

(C) 2022 Electronic News Publishing, source ENP Newswire