NOVA ROYALTY ANNOUNCES CHANGES TO SENIOR MANAGEMENT

TSXV: NOVR
OTCQB: NOVRF

VANCOUVER, BC, May 16, 2023 /CNW/ - Nova Royalty Corp. ("Nova" or the "Company") announces today that Alex Tsukernik, Chief Executive Officer ("CEO"), has left the organization effective immediately. As a result, the Company's Chief Financial Officer ("CFO") Hashim Ahmed has been appointed Interim CEO, and Bill Tsang has been appointed Interim CFO.

Brett Heath, Chairman of Nova, commented, "On behalf of the Board of Directors and management, I would like to thank Alex for his services and contributions to Nova for the last half decade and wish him all the best in his future endeavours." 

Further to the previous news release dated May 10, 2023, the Company expects its first quarter 2023 financial results will be released on May 18, 2023. The Company will not hold its previously scheduled corporate update conference call.

About Nova

Nova is a royalty company focused on providing investors with exposure to the key building blocks of clean energy – copper and nickel. Nova has assembled a portfolio of royalties on a significant proportion of the next generation of major copper projects located in 1st-tier jurisdictions, providing investors exposure to some of the most critical resource assets for the clean energy transition. These projects are being advanced by the world's premier mining companies, which include First Quantum, Lundin, Hudbay, Anglo American and Glencore, among others. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".

ON BEHALF OF NOVA ROYALTY CORP.,

(signed) "Hashim Ahmed"
Interim Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, but are not limited to, statements regarding the search for a permanent CEO and the timing thereof, and the return of Mr. Hashim Ahmed to the position of CFO and the timing thereof. Forward-looking statements are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated March 23, 2023 and other filings available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements. 

SOURCE Nova Royalty Corp.

Greg DiTomaso, Vice President, Investor Relations, Phone: [phone], Email: [email protected], Website: www.novaroyalty.com