Novo Resources Corp. Completes Tranche 1 Placement and Provides Valuation Update
Novo Resources Corp. Completes First Tranche of Placement Amid Valuation Adjustments
PERTH, Western Australia, March 6, 2026 — Novo Resources Corp. (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) has successfully completed Tranche 1 of its recent capital placement, securing approximately C$5.90 million (around A$6.20 million) in gross proceeds. This announcement follows the company’s initial placement details shared on February 24 and 26 in Vancouver and February 25 and 26 in Perth.
The funds were raised through the issuance of approximately 8.4 million units at C$0.10 per unit to Canadian investors, with each unit consisting of one common share and one-half share purchase warrant. Additionally, around 50.6 million Chess Depository Interests (CDIs) were issued at A$0.105 per CDI to investors outside Canada, with each CDI representing one common share.
Novo Resources expressed enthusiasm about welcoming new shareholders and acknowledged the ongoing support from existing investors. The company is preparing for Tranche 2 of the placement, which will require shareholder approval during its upcoming Annual General Meeting, anticipated for May 2026.
In conjunction with the placement announcement, Novo Resources provided a valuation update regarding its investments. The company reported a reduction in the holding value of its investment in Elementum 3D, a Colorado-based 3D printing materials technology firm, by C$12.84 million (A$13.18 million). This adjustment reflects updated valuation data influenced by current market conditions and will be included in the financial report for the year ending December 31, 2025, which is set to be finalized and released shortly.
Furthermore, the company will recognize an impairment of C$10.36 million (A$10.67 million) related to several tenements that were either relinquished or sold during the past year. This impairment aligns with Novo’s accounting policies and ensures that remaining assets are accurately valued in the company’s accounts.
The financial report detailing these updates is expected to be released soon, providing further insights into Novo Resources’ strategic direction and financial health.
Authorized for release by the Board of Directors.
For further information, please contact Novo Resources Corp.