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Reserves & Resources

The Indicated and Inferred Mineral Resources at Novo’s Beatons Creek gold project are outlined in the table below:

Open Pit Mineral Resources (optimized oxide and fresh mineralization)

Classification

Cut-off grade (g/t)

Tonnes

Gold grade (g/t)

Contained gold (oz)

Indicated
Inferred
0.5
0.5
3,050,000
830,000
2.4
1.6
234,000
42,000

Open Pit Mineral Resources (oxide mineralization only)

Classification

Cut-off grade (g/t)

Tonnes

Gold grade (g/t)

Contained gold (oz)

Indicated
Inferred
0.5
0.5
815,000
445,000
1.3
1.3
33,000
18,000

Open Pit Mineral Resources (fresh mineralization only)

Classification

Cut-off grade (g/t)

Tonnes

Gold grade (g/t)

Contained gold (oz)

Indicated
Inferred
0.5
0.5
2,240,000
385,000
2.8
1.9
201,000
24,000

Notes:

  1. Open pit Mineral Resources contain oxide and fresh mineralisation within a Whittle optimized shell and constrained within a mineralized wireframe. A cut-off grade of 0.5 g/t Au was applied.
  2. The pit shell was generated with the following parameters:
    • A$2,600 / troy ounce (US$1,690 / troy ounce) of gold;
    • Nominal process rate of 1.6 Mtpa for fresh mineralization with a recovery of 91%; and process rate of 1.8 Mtpa for oxide mineralization with a recovery of 93%;
    • Bulk densities applied: oxide mineralization 2.50 t/m3 (oxide waste 2.50 t/m3) and fresh mineralization 2.80 t/m3 (fresh waste 2.75 t/m3);
    • A$5.15 / tonne (US$3.35 / tonne) mining cost for oxide and A$5.45 / tonne (US$3.54 / tonne) for fresh;
    • A$37.47 / tonne (US$24.36 / tonne) oxide and A$38.37 / tonne (US$24.94 / tonne) fresh processing cost (incl. G&A);
    • 25% dilution and 5% mineralization loss;
    • Royalties 5.25%;
    • Discount factor of 6%; and
    • A$ to US$ foreign exchange rate of 0.65:1.
  3. Totals may not sum due to rounding.