Proactive Investors - Finance
27 May 2026, 09:34 UTC · 2h ago
Source · https://www.proactiveinvestors.com/companies/news/1092914/novo-regains-full-control-of-egina-gold-project-after-northern-star-withdrawal-1092914.html
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Novo Resources Corp has regained 100% control of the Egina Gold Project after Northern Star Resources Ltd withdrew from its earn-in agreement. — Regaining full ownership and all associated exploration data increases the company's asset base and future upside potential, though it removes the immediate capital injection from a major partner.
+0.40Northern Star Resources Ltd will not spend the A$18 million required to earn a 50% interest in the Egina tenements. — The decision by a major player to forgo an A$18 million investment may signal a lack of conviction in the immediate commercial viability of the project.
-0.20Novo Resources has completed a 2,628-metre initial drilling program at the Wyloo SE prospect and is commencing drilling at the Cronus prospect. — Active exploration and the movement of rigs to new targets indicate operational momentum and potential for new discoveries.
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The company regained 100% control of the Egina Gold Project and retains all exploration data from the previous partner.
The company withdrew from an earn-in agreement and decided not to proceed with a A$18 million expenditure.
