Nullagine Gold Production Update, Canadian Business Journal

garretschoenbergOctober 11, 2022

No lost time injuries recorded in Q3 2022 or YTD 2022
Q3 2022 Au Production at 13,137 oz, Exceeds Guidance for Phased Operations¹with the completion of Phase 1 operations at Beaton’s Creek, total production from 2022 to date will be 39,125 oz Au.² 0F
Q3 2022 Total Revenue of C$28 million (A$31.4 million)1F³ generated from the sale of 12,426 oz of Au
An additional 1,000 oz of Au is estimated to be sold in Q4-2022²
Strong cash balance of C$65.3 million as of September 30, 2022³This will support the ongoing large-scale exploration program and the completion of Beaton’s Creek mineral resource estimates and feasibility studies.^Four
Novo will continue to work with relevant regulatory bodies to address environmental appeal questions raised regarding the proposed Phase 2 operation at Beaton’s Creek.^Five

Table 1: Key operational and financial figures³

		Q4 2021	Q1 2022	Q2 2022	Q3 2022
mining	(tons)	434,133	395,824	421,981	193,173
process	(tons)	395,310	394,382	398,830	405,071
School year	(g/t Au)	1.16	1.15	1.02	1.03
recovery	(%)	91.5%	91.4%	93.5%	90.7%
gold production	(oz Au)	12,833	13,378	12,610	13,137
Earnings	(millions of Canadian dollars)	$29.9	$31.9	$29.7	$28.0
cash and cash equivalents	(millions of Canadian dollars)	$32.5	$22.0	$74.8	$65.3

VANCOUVER, British Columbia, October 11, 2022 (GLOBE NEWSWIRE) — Novori Resources, Inc. (“Novo” or “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) in Q3 2022 (“Q3 2022”) Beatons Creek Gold Project Operations Update (“Beaton’s Creek”) and the Golden Eagle Processing Facility (“golden eagle plant”), located in Nuragin, Western Australia.

Beaton’s Creek Project

Safety and COVID-19 updates

For Q3 2022 and 2022 cumulative, Novo did not record a lost time injury.

COVID-19 continues to impact our cost profile. The Australian government is easing his mandatory COVID-19 quarantine requirements after 14 October 2022, but supply chain issues are driving up costs, especially for fuel and other supplies. . Best efforts have been made to mitigate the impact of the pandemic by adopting sound risk management processes. We intend to manage such impacts, but are aware that they may affect any aspect of our business, including our exploration activities.

operation

During the final quarter of current operations at Beaton’s Creek, approximately 193 kt of mineralized material was mined from the Golden Crown and Edwards areas prior to shutdown. Grant’s Hill Pit Backfill Completed in Compliance with Shutdown Environmental Requirements¹Preliminary reshaping of the discarded terrain will commence and remediation work will continue in the area of recent excavations.

The Golden Eagle mill processed approximately 405 kt in Q3 2022 with an average head grade of 1.03 g/t Au.

Gold production in Q3 2022 totaled 13,137 oz, with a recovery of around 90.7%.

Gold sales in Q3 2022 totaled 12,426 ounces of gold and 1,336 ounces of silver, with total revenues of C$28 million (A$31.4 million).³During its first phase of operations at Beatons Creek, Novo sold gold in Australian dollars to ABC Refinery in Sydney, Australia, enjoying strong gold price performance in Australian dollars.

We expect to sell another 1 ounce of Au in Q4 2022. This is because the gold is stripped of carbon and Beaton’s Creek goes out of business.².

Novo is preparing a response to an appeal received in response to the Western Australian Department of Environmental Protection’s decision not to evaluate the company’s submission of a proposed Phase 2 operation of Beaton’s Creek Fresh Mineral Resource.^FiveThe Company continues to work with relevant regulatory authorities to seek approval to mine the Beaton’s Creek Fresh Mineral Resource and will provide a Mineral Resource update and feasibility study scheduled for Q4 2022. We will make a final investment decision based on the results.^Four.

expedition update

Drilling continues at the Priority Gold and Battery Metal targets in the Purdy’s North and Betcher areas in the Pilbara region of Western Australia.⁶The Company will provide an exploration update in early November 2022.

Novo financial situation

Novo’s cash balance as of September 30, 2022 was C$65.3 million.³ And, as previously reported, Novo has no long-term debt⁷.

In addition to existing cash reserves, the company has an investment portfolio with a fair value of approximately C$20.5 million as of September 30, 2022.⁸.

QP statement

Dr. Quinton Hennigh (P.Geo.) is a qualified person as defined by National Instrument 43-101. Mineral Project Disclosure Standardsis responsible for, has reviewed and approved the technical information contained in this news release. Dr. Hennigh is a Non-Executive Co-Chairman and Director of Novo.

Notes

Our decision to produce at Beaton’s Creek was not based on mineral reserves feasibility studies that demonstrated economic and technical viability. As a result, the uncertainty of achieving a particular level of mineral recovery or its cost has increased. This includes the increased risks associated with developing commercially minable deposits. Production fell short of plan. Historically, such projects have a much higher risk of financial and technical failure. There was no guarantee that the expected production costs would be achieved. Our failure to meet our projected production costs had a material and adverse effect on our cash flows and future profitability.

The company notes a declaration of commercial production that will take effect on October 1, 2021.⁹ It only showed that Beaton’s Creek was operating at the expected sustainable level, it did not show that the economic results would be realized.

About Novo

Novo is investigating and developing a potential land package covering approximately 10,500 square kilometers in the Pilbara region of Western Australia. This includes the Beatons Creek gold project and his two joint ventures in the Bendigo area of Victoria, Australia. In addition to the company’s main focus, Novo also seeks to leverage its in-house geological expertise to provide value-enhancing opportunities for its shareholders. For more information, please contact Leo Caravelas at (416) 543-3120 or email us. [email protected]

On behalf of the Board of Directors,

Novori Resources, Inc.

“Michael Spreadborough”

Michael Spreadborough

Executive Co-Chairman and Acting Chief Executive Officer

Forward-Looking Information

Some statements in this news release include, but are not limited to, a further 1,000 oz of Au estimated to be sold in Q4 2022, supporting cash balances of C$65.3 million; It contains forward-looking information (within the meaning of Canadian securities laws). With an ongoing and extensive exploration programme, as well as updated Beaton’s Creek mineral resource estimates and the completion of a feasibility study, the Company intends to manage the impact of his COVID-19 and the Western Australian Environmental Protection We are preparing to respond to appeals received regarding the Department’s decision. If the Company does not evaluate the Company’s submission regarding the proposed Phase 2 operation of the Beaton’s Creek Fresh Mineral Resource, the Company will seek approval to mine the Beaton’s Creek Fresh Mineral Resource with relevant regulatory authorities. We will continue to engage and make final investment decisions. Mineral Resource Update and Feasibility Study Results This is scheduled for Q4 2022 and the Company expects to provide an exploration update in early November 2022. performance or achievements materially different from any future results, performance or achievements expressed or implied by any statement; Although such factors include customary risks in the resources industry and risk factors identified in Novo’s management discussion and analysis during his six months ended June 30, 2022. , but not limited to: Forward-looking statements speak only as of the date they are made. Except as required by applicable law, Novo reserves the right to make assumptions about actual results, future events or developments, changes in assumptions or other factors that may affect forward-looking statements. When Novo updates forward-looking statements, no inference is made that the Company will make additional updates to those or any other forward-looking statements.

1 Please refer to our news release dated December 1, 2019. July 6, 2022.
2 Please refer to our news release dated March 1, 2019. June 14, 2022.
3 These financial figures are unaudited and may differ from final results due to foreign exchange and rounding differences.
Four Please refer to our news release dated December 1, 2019. June 14, 2022.
Five Please refer to our news release dated December 1, 2019. August 8, 2022.
6 Please refer to our news release dated December 1, 2019. September 6, 2022.
7 Please refer to our news release dated December 1, 2019. August 12, 2022.
8 This value does not include the fair value of warrants and other immaterial investments held by GBM Resources Ltd. The value of Novo’s holdings in Elementum 3D, Inc. (“E3D”) is based on E3D’s latest funding price of US$8.00 per unit. Except for the investment in E3D and certain other immaterial investments, the fair value of Novo’s investments is based on the closing price of the investment on September 30, 2022 and the relevant foreign exchange rate.
9 Please refer to our news release dated December 1, 2019. October 12, 2021.