Cashed-up Novo on the hunt for opportunities as RIU Sydney nears 

Novo Resources (ASX:NVO) is eyeing fresh exploration opportunities to deploy its significant cash haul into as it gears up for next week’s RIU Sydney Resources Round-up.

The company is one of the almost 100 presenters set to take to the stage for the three-day conference being held at the Darling Harbour’s Hyatt Regency Hotel on 7-9 May 2024.

Novo Resources Executive Co-Chairman Mike Spreadborough, who will address attendees on the first day at 2.30pm (AEST), believes the upcoming event is the RIU Explorers – held in Perth’s harbourside suburb of Fremantle – of Sydney. 

“We just see RIU Sydney as the premier Sydney event. It’s the only one that we go to in Sydney each year. It’s a bit like Freo,” he tells this mining service.  

Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, with over half of those coming from the investor or broker/fund categories, making it the busiest since its inception in 2004. 

Spreadborough says attendees can look forward to an update on the progress Novo is making on its existing Australian gold projects, as well as some insight into the company’s future plans.  

“We will be giving a very good update on our project work in the Pilbara and Victoria with a particular focus on the work that is continuing on the Becher project,” he says. 

Novo’s Western Australian portfolio covers more than 7,500km2 and is cornerstoned by the Becher and Nunyerry projects in the Egina Gold Camp and the Balla Balla Gold Project in the state’s mineral-rich Pilbara region. 

Following exploration success at Becher in June 2023, Novo – which has a market capitalisation of just shy of $14 million – attracted $2.5 billion De Grey Mining (ASX:DEG) as a joint venture partner.

De Grey agreed to spend up to $25 million on exploration at the Becher project and surrounding tenements within four years to earn a 50% direct stake. 

Over in Victoria sits the company’s Belltopper Gold Project, which is hosted within the same terrain as Agnico Eagle’s (TSX:AEM) Fosterville Gold Mine.

Now with $16.7 million worth of cash, marketable securities worth $47.7 million and no debt, Novo is keeping its eye out for some good deals.

“We are unique because we do have some cash and we have commenced a project generation process looking at opportunities elsewhere in the industry,” Spreadborough says. 

Novo also recently revealed its plan to start the next round of drilling at the Nunyerry North Project, which Spreadborough says he will also be providing an update on.

“People should be on the hunt for the newsflow coming out of that project as we commence drilling,” he says.   

Mining.com.au is an official media partner of RIU Sydney Resources Round-up.

Write to Angela East at Mining.com.au 

Images: Novo Resources
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.