Novo Resources : Q1 2023 MD&A

NOVO RESOURCES CORP.

(TSX: NVO; OTCQX: NSRPF)

MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

The following management’s discussion and analysis (“MD&A”) of the results of operations and financial condition of Novo Resources Corp. (the “Company” or “Novo”), dated as of May 12, 2023, should be read in conjunction with the condensed interim consolidated financial statements of Novo for the three months ended March 31, 2023 (the “Q1 Financial Statements”) and accompanying notes thereto. The Q1 Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting (“IAS”) as issued by the International Accounting Standards Board (“IASB”). This MD&A includes the results of the Company’s subsidiaries, Novo Resources (USA) Corp., Conglomerate Gold Exploration (B.V.I.) Ltd., Karratha Gold Exploration (B.V.I.) Ltd., Conglomerate Gold Exploration Pty. Ltd., Nullagine Gold Pty. Ltd., Beatons Creek Gold Pty. Ltd., Grant’s Hill Gold Pty. Ltd., Karratha Gold Pty. Ltd., Rocklea Gold Pty. Ltd., Meentheena Gold Pty. Ltd., Farno-McMahon Pty. Ltd., and Millennium Minerals Pty. Ltd. (“Millennium”).

In this MD&A:

“Q1 2023” means the three-month period ended March 31, 2023.

“Fiscal 2022” means the fiscal year ending December 31, 2022.

“Q4 2022” means the three-month period ended December 31, 2022

“Q1 2022” means the three-month period ended March 31, 2022.

All amounts are expressed in Canadian dollars unless otherwise stated, and all values are rounded to the nearest thousand dollars ($’000), unless otherwise noted. Additional information relating to the Company, including the Company’s annual information form for the year ended December 31, 2022, is available under the Company’s profile on SEDAR at www.sedar.com.

Certain non-IFRS financial performance measures1 are included in this MD&A. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide readers with an improved ability to evaluate the Company’s underlying performance and compare its results to other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers. The non-IFRS financial performance measures included in this MD&A are available liquidity and working capital. Refer to the Non-IFRSMeasures section for further details and reconciliations of such non-IFRS measures.

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101Standards of Disclosure for Mineral Projects (“NI 43-101”), responsible for, and having reviewed and approved, the technical information contained in this MD&A unless indicated otherwise. Dr. Hennigh is the non-executiveco-chairman and a director of Novo.

1 Refer to non-IFRS measures on page 19.

MANAGEMENT’S DISCUSSION AND ANALYSIS	2
FIRST QUARTER 2023

FINANCIAL AND OPERATING HIGHLIGHTS

Q1 2023 Summary

• No lost time injuries were recorded across the Company’s Australian projects through Q1 2023.
• The Company focused its exploration efforts on analyzing results from its prospective Egina Gold Camp, with encouraging aircore drilling results from the Becher Area target2 and significant new gold targets identified in the Mosquito Creek Basin3. Drilling also commenced at the Catia prospect at Bellary Dome4.
• Cash and cash equivalents totaled $30.7 million as at March 31, 2023, up from $21.9 million as at March 31, 2022 and down from $48.0 million as at December 31, 2022.
• The acquisition of the remaining 50% interests in the Queens and Malmsbury projects was announced on March 9, 2023 and closed on April 24, 2023 (refer to Significant Business Developments & Outlook – Consolidation of Belltopper Gold Project, Victoria, Australia)5.
• Aggregate current and non-current marketable securities totaled $25.5 million as at March 31, 2023, down from $135.2 million as at March 31, 2022 due to the divestment of the Company’s investment in New Found Gold Corp6 (refer to Note 5 of the Q1 Financial Statements) and up from $20.7 million as at December 31, 2022 as a result of the increase in the value of the Company’s investment in San Cristobal Mining Inc. (formerly 1342980 BC Ltd.) (“SCM”) (refer to Q1 2023 Compared to Q1 2022 – Other Comprehensive Loss).

OVERVIEW OF NOVO

The Company was incorporated on October 28, 2009 pursuant to the Business Corporations Act (British Columbia) as Galliard Resources Corp. On June 27, 2011, the Company changed its name from Galliard Resources Corp. to Novo Resources Corp. The Company also registered as a foreign company with the Australian Securities & Investments Commission on January 13, 2023. The Company’s common shares trade on the Toronto Stock Exchange (the “TSX”) under the ticker symbol “NVO” and in the United States on the OTC Market Group’s OTCQX International Exchange under the symbol “NSRPF”.

The Company is engaged primarily in the business of evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold. The Company holds approximately 10,500 sq km of land in the Pilbara region of Western Australia and has an extensive exploration program designed to aggressively advance its targets. The Company has exploration tenure in Victoria, Australia, and also holds equity investments in a number of companies.

SIGNIFICANT BUSINESS DEVELOPMENTS & OUTLOOK

Exploration Program Update Q1 20237

Field exploration programs recommenced in both the Pilbara and Victorian Projects during Q1 2023.

2 Refer to the Company’s news release dated February 14, 2023.

3 Refer to the Company’s news release dated February 9, 2023.

4 Refer to the Company’s news release dated March 22, 2023.

5 Refer to the Company’s news release dated March 9, 2023and April 24, 2023.6 Refer to the Company’s news release dated April 12, 2022and August 8, 2022.7 Refer to the Company’s public disclosure record for further details.

MANAGEMENT’S DISCUSSION AND ANALYSIS	4
FIRST QUARTER 2023

A reverse circulation (“RC”) drilling program started in the South Pilbara at the Catia orogenic gold prospect and continued as at March 31, 2023. Preparation for aircore (“AC”) drilling to recommence in the Egina Gold Camp at Becher in Q2 2023 is near completion, but weather dependant. In the East Pilbara, exploration is currently focused on the Mosquito Creek Basin at Nullagine. In Victoria, focus has been on integration of data from the newly consolidated Belltopper Project.

Novo’s Pilbara landholding, project areas and priority prospects

The Bellary Dome project (“Bellary”) is one of Novo’s priority target areas in the Pilbara. Bellary is an area of structural uplift along the southern margin of the Pilbara Craton where both historic and more recent explorers have identified significant gold targets. Field work carried out by Novo, combined with historical exploration review completed in 2020 and 2021 highlighted several gold targets with Catia (orogenic gold) and Edney’s Find (conglomerate gold) being prioritised for drilling.

The Catia prospect is a structurally complex area geologically, comprising ultramafic to mafic rocks, sulphidic quartz veins and highly foliated sedimentary rocks, and hosting a network of shallow and steep dipping gold-rich quartz veins within a west-northwest trending shear zone. Rock chips from reconnaissance mapping and sampling by Novo in 2021 and 2022 returned significant anomalous gold values with peak results of 556 ppm Au and 117 ppm Au8. Broad (km) scale carbonate, silica and sulphide alteration has also been identified across all stratigraphic units at Bellary.

8 Refer to the Company’s news release dated March 22, 2023.

MANAGEMENT’S DISCUSSION AND ANALYSIS	5
FIRST QUARTER 2023