Egina Gold Project Update
Northern Star Resources Ltd (Northern Star) has informed Novo Resources Corp. that they are withdrawing from the earn-in under the Egina Earn-In and Joint Venture Agreement. As a result, all data gathered by Northern Star’s exploration activities will be retained by Novo, and the Egina Gold Project will revert to Novo's full control.
The Egina Gold Project is located within 30 km of Northern Star’s Hemi Gold project and represents a strategically significant land position in the Mallina Basin. Novo intends to continue exploration activities on the Egina tenements, leveraging the data collected to reassess the project's potential.
Strategic Implications
Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer of Novo, commented: “As a major shareholder in Novo Resources, Northern Star maintains a very supportive and strategic relationship with our Company. 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.”
Egina forms part of Novo’s rich portfolio of potential projects, highlighting the company as a genuine project incubator with extensive exploration activities underway. Novo plans to work collaboratively with all stakeholders to commence exploration within the Egina Gold Project tenements in the second half of 2026.
Egina Joint Venture Background
In June 2023, Novo entered into an earn-in and joint venture agreement with De Grey Mining (subsequently acquired by Northern Star) for the Company’s Becher Project and adjacent tenements within the Egina Gold Camp. Under the arrangement, Northern Star was required to satisfy initial expenditure requirements of A$7 million, which was achieved in October 2024. Northern Star then had the right to earn a 50% joint venture interest in the Egina tenements by spending an additional A$18 million through to June 30, 2027, at which time the Egina Joint Venture would be formed.
However, Northern Star has informed Novo that it is withdrawing from the earn-in and will not meet the further expenditure requirements or earn the 50% interest. Accordingly, the Egina Joint Venture will not be formed, and Novo retains full ownership and control of the project.
Future Plans
Novo’s geological team will now conduct a comprehensive review of the Egina Gold Project, incorporating all data from Northern Star’s exploration activities. The company aims to develop a clear pathway to advance the project, which remains a key asset in its portfolio. Spreadborough added: “We take our mandate to methodically explore and grow asset value very seriously and we thrive on this responsibility, and I look forward to bringing progressive operational news to our shareholders through the rest of 2026.”
