04:10 PM EST, 02/24/2026 (MT Newswires) -- Novo Resources ( NSRPF ) said Tuesday it plans to raise up to C$5.8 million (A$6 million) through a placement to institutional and professional investors.

The placement will consist of up to 59.10-milion units and/or Chess Depository Interests (CDIs). They will be issued at C$0.10 per share and A$0.105 per CDI.

Each unit is made up of a share and one half of a three-year warrant to buy a share for C$0.15.

Canadian investors who participate in the placement will be issued shares and warrants directly. All other participating investors outside of Canada will receive their securities in the form of CDIs.

Proceeds are expected be used to support exploration activities, including drilling and reconnaissance, at the company's projects in the Pilbara region of Western Australia, as well as exploration activities at the Belltopper Gold Project in Victoria. They will also be used for general working capital purposes, the company said.

The company is currently in a trading halt on ASX pending the release of an announcement regarding the results of the placement.

The company's shares closed unchanged at $0.13 on the Toronto Stock Exchange.