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The latest update is out from Novo Resources ( (TSE:NVO) ).
Novo Resources will launch a series of drilling campaigns across its Wyloo, Cronus, Balla Balla and Teichman projects in Western Australia after completing the first tranche of a capital raising in March 2026. The program is aimed at advancing multiple gold and antimony targets, potentially reshaping the company’s resource pipeline and strengthening its regional footprint.
At the previously undrilled Wyloo Antimony Project, Novo plans an initial 2,500 metres of reverse circulation drilling to test a polymetallic vein system, mineralised structures and possible stratabound mineralisation defined by strong multi-element soil and stream sediment anomalies. Heritage clearances and logistics, including fuel supply, are in place, positioning Wyloo as the company’s priority exploration focus for early 2026.
Drilling at the Cronus Gold Prospect will comprise about 2,000 metres across the Titan Shear to test fault offsets and structural kinks between the Titan East Prospect and the Weerianna deposit in the Karratha region. Success at Cronus could open up a new gold corridor in a well-mineralised district that has not previously been drill tested.
At Balla Balla, Novo plans 6,000 metres of aircore drilling to infill and follow up anomalies along the Scholl shear at the Babbage and Ramquarry prospects, targeting shear zone-hosted gold systems. Additional drilling is being planned for the Teichman Project in the third quarter of 2026, subject to approvals, supporting a busy multi-project exploration schedule aimed at unlocking value from the company’s Pilbara tenure.
The most recent analyst rating on (TSE:NVO) stock is a Sell with a C$0.09 price target. To see the full list of analyst forecasts on Novo Resources stock, see the TSE:NVO Stock Forecast page.
Spark’s Take on NVO Stock
According to Spark, TipRanks’ AI Analyst, NVO is a Neutral.
The score is primarily constrained by weak financial performance (zero recent revenue, persistent losses, and ongoing cash burn despite improvement) and bearish technicals (below key moving averages with negative MACD). Valuation contributes little because the negative P/E reflects losses and no dividend yield is available.
To see Spark’s full report on NVO stock, click here.
More about Novo Resources
Novo Resources Corp. is an Australia-based mineral exploration company focused on gold and polymetallic deposits in the Pilbara and Onslow districts of Western Australia. The company holds an extensive portfolio of projects, including Wyloo, Cronus, Balla Balla and Teichman, targeting shear zone-hosted gold and antimony-rich systems in underexplored but highly prospective terrains.
Average Trading Volume: 700,371
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$35.16M
Find detailed analytics on NVO stock on TipRanks’ Stock Analysis page.