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Novo Resources Takes Back Egina Exploration Following Northern Star Withdrawal

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Novo Resources (NVO.TO) after trade Tuesday said exploration activities on the Egina Gold project will return fully to the company after Northern Star withdrew from the Egina joint venture earn-in agreement.

"The return to Novo of all Egina Gold Project data from Northern Star will allow our geological team to undertake a fresh assessment of Egina, its priority in our portfolio, and the best pathway to advance what we believe is an outstanding asset for a gold explorer," acting Chief Executive Mike Spreadborough said.

"We plan to work collaboratively with all stakeholders to commence exploration within the Egina Gold Project tenements in the second half of 2026," he added.

In June 2023, Novo signed an earn-in and joint venture agreement with De Grey Mining, which was later acquired by Northern Star. The agreement covered Novo's Becher Project and nearby tenements within the Egina Gold Camp. After meeting a certain milestone, Northern Star had the option to earn a 50% interest in the Egina tenements by spending an additional A$18 million before June 30, 2027. If those requirements were met, the Egina Joint Venture would formally be established.

Since Northern Star has now informed Novo about the withdrawal, the Egina joint venture between Novo and Northern Star will not proceed, according to the statement.

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