Novo Resources - H2 2026 Exploration Roadmap, San Cristobal Valuation
The KE Report Aug 28, 2026
Summary
Novo Resources Corp (TSX: NVO) reports roughly $8M cash and a $37M investment portfolio, anchored by a $35M mark on its San Cristobal holding.
Per management, a recent San Cristobal secondary trade forced a revaluation that widens the company's exploration runway.
Teliunga is the lead IOCG copper-gold target, still gated on government approvals before next year's drill program.
Near-term catalysts are drill programs at Techman and Tibooburra, plus Egina — returned to Novo after Northern Star exited its JV.
Egina sits south of De Grey's Hemi-style discovery; the guest notes $8M of partner-funded work now belongs to Novo.
Key points on Northern Star Resources
- Northern Star owns the 11M oz Hemi project (acquired alongside De Grey) and has now pulled out of the Edgina Gold JV with Novo, returning the tenement package to Novo.
- Novo retains roughly CA$8M of drilling, fieldwork and data that De Grey and Northern Star spent on Edgina, which the guest treats as preserved value for Novo shareholders and potential Hemi-style upside.