Proposed Board and Leadership Renewal

VANCOUVER, British Columbia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) has commenced a process of Board and Leadership renewal to position the Company for its next phase of growth.

Novo has started a recruitment process to identify and secure a qualified and experienced Chief Executive Officer (CEO).

Following the appointment of the new CEO, it is proposed that the current Executive Co-Chairman and acting CEO, Mr Mike Spreadborough, will move to the role of Non-Executive Chairman.

As part of this process, it is also proposed that current Non-executive Co-Chairman, Dr Quinton Hennigh will move to the role of Non-Executive Director.

During this renewal and transition phase (until the appointment of a new CEO), the salary payable to Mr Mike Spreadborough under his employment agreement will be reduced by 20 per cent with that agreement ceasing once he transitions to the new non-executive role.

Finally, as part of the Board refresh strategy, Non-Executive Director Mr Michael Barrett has advised the Company that he will retire from the Board when a suitable replacement director with appropriate finance experience is appointed.

It is anticipated that the Board refresh and leadership transition outlined above will be completed prior to the Company’s Annual General Meeting expected to be scheduled for June 2024. The Company will update the market of any changes as they occur.

Mr Spreadborough said, “The past 12 months have seen significant change at Novo, largely through our ASX listing, and multiple transactions including the sale of the Nullagine Gold project (including its liabilities) which have secured valuable funding for Novo to progress its exploration strategy and enhance our profile across a broader mix of stakeholder groups. We also secured multiple joint ventures that see large parts of our portfolio funded and explored by quality partners, while we concentrate on our gold-focused growth plans. Novo is in a strong financial position with A$21 million in cash, and an investment portfolio exceeding A$30 million.

With a solid platform, now is the right time to find a dedicated CEO to drive the strategy, whilst the Board refresh is important to ensure that we have the right skills for this next phase.

I would like to thank Michael for his dedication and hard work over the past seven years and look forward to his valuable ongoing input during the remainder of his term. I would also like to acknowledge Quinton who, as one of the Company’s co-founders, has been part of this journey since the beginning and who also helped assemble our Australian exploration portfolio.