Gold and copper are riding parallel waves of investor enthusiasm in 2025, as markets seek both the security of precious metals and the growth upside of clean energy commodities. Gold prices have climbed to record highs near US$3,300 an ounce — up around 60% since the start of 2024 — while copper has gained roughly 45% over the same period amid a tightening supply picture and accelerating global electrification demand.
Since the start of 2024: Gold price has increased by ~60%; Copper price has increased by ~45%
The scale of the coming copper challenge is unprecedented: to meet net-zero goals, more than double the copper ever mined in human history will need to be produced over the next three decades. Meanwhile, gold remains a cornerstone safe-haven asset in times of persistent inflation, geopolitical tension and currency volatility.
Explorers with a foot in both camps stand to capture a rare convergence of market forces, and Australia offers one of the most compelling stages for that play. Already home to some of the world’s largest and most profitable gold operations, the country is now drawing fresh interest as a source of new copper supply.
In this fertile ground and favourable market environment, Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) is pursuing a discovery-driven strategy targeting standalone projects with more than 1 million ounces gold-equivalent (AuEq) development potential. Anchored by advanced plays such as the John Bull, Tibooburra and Belltopper projects, the company’s focus is on hitting the optimal value-accretion stages of exploration and development, where the right discovery can deliver outsized returns.
Strategy built for high risk, high reward
Novo’s bold approach entails a high-risk, high-reward hunt for large-scale gold and copper discoveries, balanced by a commitment to advancing quality projects capable of generating sustained cashflow.
The company’s project generation program is designed to secure advanced exploration or early resource-stage assets that can be rapidly progressed, adding value ahead of potential development or joint venture.
Strategy focused on optimal value accretion stages of discovery and development
Recent acquisitions — including the John Bull, Tibooburra and Toolunga projects — reflect this model. Novo’s balance sheet supports its ambition, with about $7 million in cash, no debt and an investment portfolio worth about $34 million. The company also enjoys the backing of heavyweight shareholders, among them Northern Star Resources Ltd, Liatam Mining Pty Ltd and renowned prospector Mark Creasy.
Executive co-chairman and director Michael Spreadborough leads an experienced board and technical team with a track record of global exploration and development success.
Core Australian portfolio
Novo’s Australian assets span Western Australia, New South Wales and Victoria, offering a mix of greenfields ground, advanced exploration plays and joint ventures.
John Bull Gold Project (NSW)
Located in the New England Orogen, John Bull covers 32 square kilometres and hosts a 1.5-kilometre-long gold-in-soil anomaly. Historical drilling at John Bull has delivered standout results, such as:
- 94 metres at 0.95 g/t Au (including 66 metres at 1.14 g/t Au); and
- 68 metres at 1.00 g/t Au (including 23 metres at 2.02 g/t Au).
E-W Drill section showing 130m wide mineralisation and internal higher grades System open below 120 m depth below surface
Novo’s recent work has extended the strike, identified structural controls, and delineated four priority target areas along the vein system trend. Reverse circulation (RC) drilling is scheduled for the second half of 2025 to test depth extensions and higher-grade zones.
Tibooburra Gold Project (NSW)
Covering much of the historic Albert Goldfield, Tibooburra is a high-grade advanced exploration opportunity. Historical drilling has delivered standout intercepts, such as:
- 16 metres at 13.89 g/t Au (including 3 metres at 69.20 g/t Au); and
- 12 metres at 5.90 g/t Au (including 5 metres at 13.74 g/t Au).
Novo’s successful maiden RC drill program of 14 holes for 1,984 m demonstrated grade and width continuity
Novo’s maiden RC program confirmed grade and width continuity, with mineralisation remaining open at depth and along strike. The company’s reconnaissance work at the Clone prospect has also highlighted potential extensions under cover.
Belltopper Gold Project (Victoria)
About 50 kilometres south of Agnico Eagle’s Fosterville mine in the Bendigo Tectonic Zone, Belltopper is targeting Fosterville-style, high-grade orogenic gold. An exploration target of 320,000–570,000 ounces at grades between 6.6 and 8.4 g/t Au has been defined based on seven priority reefs, excluding several emerging zones.
Drilling and relogging of historical holes in 2024 identified new gold reefs and refined the geological model, paving the way for high-priority drill targets in 2025.
Belltopper Project with regional existing and historical mineral resources
Pilbara gold and antimony upside
In Western Australia’s Pilbara region, Novo controls around 5,200 square kilometres of highly prospective ground and has joint-venture interests covering an additional 1,780 square kilometres with Northern Star Resources and SQM.
Large landholding in Pilbara province
The Egina JV with Northern Star covers about 1,000 square kilometres in the Mallina Basin, prospective for intrusion-related gold deposits similar to the nearby Hemi discovery. Northern Star has already completed its $7 million minimum spend and can earn a 50% stake by investing another $18 million before June 2027.
The Egina tenements are highly prospective for significant intrusion-related gold deposits and share similar attributes to the nearby Hemi deposit
Other Pilbara assets include:
- Balla Balla Gold Project: early-stage drilling along the Sholl Shear Zone has outlined broad gold anomalies and multi-element geochemical signatures, including silver, antimony, copper and bismuth.
- Sherlock Crossing: the site of historic antimony-gold production, where rock chips have returned up to 146.7 g/t Au. A maiden RC drill program is planned for H2 2025.
- Southeast Wyloo: early sampling produced high silver, copper and antimony values. Mapping and rock chip sampling are scheduled in preparation for drilling.
Toolunga: a frontier-scale play
The Toolunga Project in Western Australia’s Onslow District consolidates about 1,520 square kilometres of prospective but under-explored terrain. Geophysical anomalies, historic workings and surface geochemistry point to the potential for intrusion-related gold, porphyry and iron-oxide-copper-gold (IOCG)-style systems.
Ground consolidation by Novo during 2024 secured a strategic position in the Onslow District including approximately 1,520 sq km
Much of the ground is under shallow cover, offering an opportunity to apply modern exploration techniques in an area that has seen little systematic work. Novo is currently advancing targeting work ahead of planned field programs.
Funding strength and investment portfolio
Novo’s exploration work is underpinned by a clean balance sheet and a diverse investment portfolio that includes:
- 1.24 million shares in San Cristobal Mining (unlisted), valued at $19 million.
- 2.08 million shares in Elementum 3D (unlisted), valued at $14 million.
- 10 million shares in Kalamazoo Resources (ASX:KZR), valued at $900,000.
- about 567,000 shares in Kali Metals (ASX:KM1), valued at $45,000.
These holdings offer potential upside and optionality, while also strengthening Novo’s financial capacity to fund aggressive exploration without immediate recourse to equity markets.
Near-term catalysts
Investors can expect a steady stream of news through the remainder of 2025, with multiple drill programs scheduled across key projects beginning this quarter, including drilling, assaying and interpretation work at Sherlock Crossing, Southeast Wyloo and John Bull.
Near-term exploration program
This work will be complemented by ongoing activity within the Egina JV and continued project generation efforts.
Why timing matters
With both gold and copper in structural bull markets, explorers that can credibly target large, standalone deposits in stable jurisdictions are drawing market attention. Novo’s blend of high-grade gold opportunities, copper upside, and district-scale exploration ground puts it in a position to benefit from both thematic tailwinds.
The company’s willingness to take on early-stage exploration risk means outcomes will be binary at the project level — but the upside from a significant discovery could be transformational. As copper supply deficits deepen and gold remains a defensive cornerstone, Novo’s diversified portfolio, strong funding position and experienced team offer investors leveraged exposure to two of the most compelling commodity stories of the decade.