TSXV: NOVR 
OTCQB: NOVRF

(All dollar amounts are in United States Dollars unless otherwise indicated)

VANCOUVER, BC, May 23, 2023 /CNW/ - Nova Royalty Corp. ("Nova" or the "Company") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce that it has entered into an agreement (the "Agreement") with arm's length private parties (the "Sellers") pursuant to which Nova will acquire an additional 0.12% net smelter return ("NSR") royalty (the "Additional Royalty"), on the Copper World Complex ("Copper World') located in Arizona, USA, owned by Hudbay Minerals Inc. ("Hudbay") (TSX: HBM) (NYSE: HBM), (the "Transaction"). Nova's consolidated royalty position will be a 0.285% NSR on Copper World upon closing. Nova retains a right of first refusal in respect of an additional 0.390% NSR held by the Sellers, upon completion of the Transaction.