Key facts from Novo Resources Corp's Q4 2023 report

Novo Resources Corp (ASX: $NVO) has released its Management's Discussion and Analysis for the fourth quarter of 2023. The company reported no lost time injuries across its Australian projects during Q4 2023. It focused its exploration efforts on field programs in the Pilbara and Victoria, with drilling programs in the Becher Area and at Nunyerry North. The company's cash and cash equivalents totalled $11,762,000 as at December 31, 2023, down from $48,100,00 as at December 31, 2022. Novo Resources Corp was admitted to the Australian Securities Exchange (ASX) on September 11, 2023, and issued 37,500,000 common shares, raising gross proceeds of AUD $7,500,000. The company also divested the Nullagine Gold Project and additional tenements, resulting in a rehabilitation liability of zero at year end. Furthermore, the company renegotiated the terms of the deferred consideration agreement with IMC Resources Gold Holdings Pte Ltd, Heritas Capital Management (Australia) Pty Ltd, and IMC, whereby the balance owing is to be repaid by December 2026 with a mechanism for reductions for early repayment. Non-current marketable securities totalled $34,395,000 as at December 31, 2023, up from a balance of $20,701,000 as at December 31, 2022.

Executive commentary on Q4 2023 performance

Mrs. Karen (Kas) DE Luca (MAIG.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Competent Person as described by the JORC Code 2012. She is responsible for, and has reviewed and approved, the technical information contained in this MD&A in the form and context in which it is included unless indicated otherwise. Mrs De Luca is Novo's General Manager Exploration.

Summary of Q4 2023 report and outlook

Novo Resources Corp's Q4 2023 report highlights the company's divestment of the Nullagine Gold Project, successful exploration programs in the Pilbara and Victoria, and its admission to the Australian Securities Exchange. The company's renegotiation of the deferred consideration agreement and increase in non-current marketable securities also demonstrate its commitment to strategic financial management. Looking ahead, Novo Resources Corp aims to continue its exploration efforts and maintain a strong focus on health, safety, environmental stewardship, and community engagement. The company's ability to meet its cash flow forecast and achieve its funding requirements will be critical for its future operations and growth.