3 November 2016

ASX RELEASE ASX:AWV

High‐grade Results Extend Mineralisation at Big Springs

• High‐grade drilling results received at Big Springs Project

• Best intersections include

  • 18.3m at 6.2 g/t Au from 140.2m

  • 4.6m at 9.6 g/t Au from 59.4m o 4.6m at 5.8 g/t Au from 121.9m o 4.6m at 4.7 g/t Au from 155.4m o 3.0m at 6.5 g/t Au from 140.2m

• Drilling program near completion at North and South Sammy plus Beadles Creek

• Further assays due in late November

Anova Metals Limited (ASX: AWV, "Anova Metals or Company") is pleased to announce the first assay results from the recently commenced 12‐month drill program at its 100% owned Big Springs project in north‐eastern Nevada, USA (refer Figure 3 below). The initial program has focused on drilling at the South Sammy and the Beadles Creek deposits.

High Grade Intercepts at South Sammy (601 Zone) and Beadles Creek

Assay results have been received for six holes to date - three at South Sammy (601) and three at Beadles Creek. Table 1 highlights selected high‐grade gold intersections.

Table 1: Big Springs - selected recent high‐grade gold intersections

Hole ID	From (m)	To (m)	Interval (m)	Au Grade (ppm)
AWVBC16‐002	140.2	158.5	18.3	6.2
AWV16‐055	59.4	64.0	4.6	9.6
	121.9	126.5	4.6	5.8
	140.2	143.3	3.0	6.5
	155.4	160.3	4.8	4.7

For the South Sammy (601) holes, AWV16‐055 passed through six mineralised horizons (Figure 1). The shallowest intersection of 4.6m @ 9.6g/t Au has extended a known mineralised horizon a short distance with high‐grade result. More importantly, the three deepest intersections (Table 1) extend or are outside known mineralised horizons and have potential to increase the current 601 resource. The final hole of the South Sammy program for 2016 is currently in progress and aims to test this target area.

Results received for two other holes at the 601 Zone received minor anomalous results but not significant gold‐bearing intersections. Geological and geotechnical logging identified a fault zone that appears to have offset the target mineralised shoot. Once results of all holes drilled at the 601 Zone for 2016 are received, the geological and mineralisation models will be updated and drilling targets defined for 2017.

Suite 1, 245 Churchill Ave, Subiaco WA 6008 ∙ PO Box 162, Subiaco WA 6904

Tel: +61 8 6465 5500 Fax: +61 8 6465 5599 Email: [email protected] www.anovametals.com.au

Figure 1: Cross‐section through South Sammy (601 Zone) oriented north‐west to south‐east

The drilling at Beadles Creek was designed to test up‐dip and down‐dip of a high‐grade mineralised shoot (Figure 2). The results received to date for one of the down‐dip holes (AWVBC16‐002) was 18.3m @ 6.2g/t Au indicating strong continuity down‐dip.

Results for the two up‐dip holes to date (AWVBC16‐001 and AWVBC16‐003) again show anomalous gold but contain thinner high‐grade intersections to the south‐west. This may be explained by a shallower plunge to the shoot. Two further holes have just been drilled to test the up‐dip portion to the north‐east with assays expected in late November. Results are also pending for two further holes drilled down‐dip.

Five holes have been completed at North Sammy with assays expected in late November. Executive Director of Anova Metals, Bill Fry, commented:

"These initial assay results for both South Sammy (601) and Beadles Creek are very encouraging as they extend the known mineralisation in these areas. We look forward to seeing the further results in the coming weeks."

Figure 2: Long‐section through Beadles Creek oriented north‐east to south‐west

Figures 3 and 4 below show the location of the project in Nevada, USA and of the locations of drillholes at the site. A full table of results is show in Table 2 with collar details in Table 3.

The Company's drill program is fully funded by the recently completed share placement and share purchase plan which collectively raised over $9m. The drill program has been prepared with the goal of increasing the Company's resource base by quickly adding accessible ounces to the Company's resource inventory. Further results will be released as they are received by the Company.

About Anova Metals

Anova Metals is an Australian Securities Exchange listed gold exploration. The Company's focus is on development of the Big Springs Project. Big Springs is a Carlin‐style gold deposit located in an established gold mining region, 80km north of Elko in north eastern Nevada, USA.

For more information, please visit www.anovametals.com.au

For more information:

Bill Fry

Executive Director

+61 8 6465 5500

[email protected]

Competent Person Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Lauritz Barnes, Principal Consultant Geologist - Trepanier Pty Ltd. Mr Barnes is a shareholder of Anova Metals. Mr Barnes is a member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barnes consents to the inclusion in this report of the matters based on his information in the form and context in which they appear

Figure 3: Big Springs project location in Nevada, USA