Nova Minerals Quarterly Activities and Cashflow Report – 31 December 2024

Rhea-AI Summary

Nova Minerals (NVA) reported significant results from its 2024 exploration program at the Estelle Gold and Critical Minerals Project in Alaska. The company's drilling program at RPM delivered high-grade gold results, including notable intersections of 29m @ 7.1 g/t Au from surface and multiple broad intersections grading >5 g/t Au.

Surface exploration revealed impressive findings at multiple prospects: Muddy Creek extended by 400m with samples up to 128.5 g/t Au, Stibium showing gold results up to 141 g/t Au, and high-grade antimony samples up to 56.7% Sb. The company strengthened its financial position by selling its Snow Lake Resources shares for US$6.73 million and eliminating its Nebari debt facility through share conversion.

Nova currently has approximately A$16 million in cash and is advancing its Pre-Feasibility Study, considering various development options including a smaller-scale operation at RPM for near-term cashflow and a larger mining operation for increased production.

Positive

• High-grade gold drill results at RPM with multiple intersections >5 g/t Au from surface
• Significant antimony discoveries with samples up to 56.7% Sb at Stibium
• Sale of Snow Lake shares generated US$6.73 million
• Elimination of Nebari debt facility making company debt-free
• Strong cash position of ~A$16 million

Negative

• Exploration and evaluation costs of $1.9m in the quarter
• Administrative and corporate expenses of $610k
• Resignation of non-executive director Rodrigo Pasqua

Insights

Mining Analyst

The quarterly report reveals significant positive developments at Nova Minerals' Estelle Project. The high-grade gold drill results from RPM, including 29m @ 7.1 g/t Au from surface and rock samples up to 141 g/t Au, demonstrate exceptional grade continuity and near-surface mineralization potential. The company's financial position has notably strengthened with the US$6.73 million Snow Lake share sale and debt elimination through the Nebari loan conversion.

The discovery of high-grade antimony with samples up to 56.7% Sb at Stibium and 54.1% Sb at Styx is particularly strategic given China's recent export restrictions on antimony. The potential U.S. Department of Defense grant support for antimony development could accelerate this aspect of the project, providing a significant competitive advantage in the critical minerals space.

The staged development approach, considering both a lower capex starter operation at RPM and a larger-scale option, provides valuable operational flexibility. With A$16 million in cash and no debt, Nova is well-positioned to advance its development plans.

Resource Development Expert

The exploration results demonstrate compelling resource expansion potential across multiple prospects. The Muddy Creek anomaly extension by 400m and the identification of an 800m x 400m high-grade zone at Stibium significantly enhance the project's scale potential. The consistent high-grade intercepts from the RPM drilling program, particularly the shallow mineralization, suggest favorable economics for a potential starter pit operation.

The engagement of Whittle Consulting for project optimization indicates a strategic focus on maximizing economic returns. The parallel advancement of metallurgical and environmental test work, along with infrastructure permitting, shows a well-structured approach to project development. The upcoming Pre-Feasibility Study, considering both smaller and larger-scale operations, will be important in determining the optimal development pathway.

2024 Surface exploration program delivers further high-grade gold drill results including 29m @ 7.1 g/t Au from surface, gold rock samples up to 141 g/t Au, and high-grade antimony rock samples up to 56.7% Sb

U.S. grant applications for antimony development progressing

Sale of Snow Lake and extinguishment of the Nebari loan strengthens the Company’s balance sheet

Caufield, Australia, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” and the “Company”) (NASDAQ: NVA) (ASX: NVA), (FRA: QM3), a gold and critical minerals exploration stage company focused on advancing the Estelle Gold and Critical Minerals Project in Alaska, U.S.A.

Highlights

Estelle Project

• During the quarter Nova received assay results from the 2024 exploration program for the RPM drilling, and for surface samples taken from the Muddy Creek, Styx, and Stibium prospects. Assay results still outstanding from the Stoney, Wombat, and regional RPM surface sampling are expected back shortly.
  

Gold Assets – Over 20 Prospects Advancing Including 4 Large Gold Deposits

High-Grade Gold Continues at RPM

• The 2024 drill program, which comprised of 21 holes and used the Company owned Reverse Circulation (RC) rig to keep costs to a minimum, was a highly targeted program focused on Pre-Feasibility stage drilling at the high-grade RPM deposit to continue to increase and prove-up resources to the higher confidence Measured and Indicated categories. The majority of the shallow drilling was allocated to advance the high-grade RPM starter pit area (Figure 5).
  
  
• Results confirmed the continuity of the near surface high-grade mineralization at RPM North with multiple broad intersections grading > 5 g/t Au from surface and sample interval grades up to 52.7 g/t Au. All holes ended in mineralization with highlight results including (ASX Announcements: 9, 16 & 23 October 2024 and Figures 1 to 4):
  
  
  • RPMRC-24005: 43m @ 4.4 g/t Au from 2m, including 13m @ 10.7 g/t Au from 2m, and 2m @ 39.2 g/t Au from 13m.
    
    
  • RPMRC-24008: 45m @ 3.4 g/t Au from surface, including 31m @ 4.7 g/t Au from 3m and, 8m @ 10.5 g/t Au from 22m.
    
    
  • RPMRC-24016: 39m @ 5.4 g/t Au from surface, including 20m @ 10.2 g/t Au from 5m, and 11m @ 16.4 g/t Au from 12m.
    
    
  • RPMRC-24015: 26m @ 3.7 g/t Au from surface, including 18m @ 4.8 g/t Au from 8m, and 5m @ 14.0 g/t Au from 19m.
    
    
  • RPMRC-24017: 29m @ 7.1 g/t Au from surface, including 22m @ 9.4 g/t Au from surface, and 2m @ 52.7 g/t Au from 19m.
    
    
  • RPMRC-24020: 28m @ 4.5 g/t Au from surface, including 23m @ 5.3 g/t Au from 5m, and 3m @ 25 g/t Au from 14m.
    
    
• Extensive surface exploration sampling program was conducted around the wider RPM area to potentially extend existing and delineate additional high-grade mineralized zones, with results expected back shortly.
  

Muddy Creek Gold Anomaly Extended by 400m

• 2024 follow-up sampling at Muddy Creek reveals further high-grade gold with 6 rock samples > 10 g/t Au, including a high of 128.5 g/t Au, and 8 soil samples > 2 g/t Au, including a high of 6.3 g/t Au (ASX Announcement: 27 November 2024).
  
  
• The Muddy Creek high-grade zone now measures 800m x 400m (Figure 6).
  

Stibium Gold Results up to 141 g/t Au

• Follow-up rock sampling at Stibium reveals high-grade gold over 800m long by 400m wide zone with 7 samples greater than 20 g/t Au, including 16 samples greater than 5 g/t Au, and a high of 141 g/t Au (ASX Announcement: 11 December 2024 and Figure 7).

Antimony Assets – 7 Gold-Antimony Prospects with U.S. Grant Applications Progressing

Stibium Antimony Results up to 56.7% Sb

• Follow-up rock sampling at Stibium revealed high-grade antimony (Sb) over 800m long by 400m wide zone with 11 samples greater than 30 Sb, and a high of 56.7% Sb (ASX Announcement: 5 December 2024 and Figure 8).
  
  
• Broad structurally controlled gold and antimony zones identified at Stibium for a 2025 resource drill program.
  
  
• Nova Minerals, through our 100% owned subsidiary Alaska Range Resources LLC, is a member of the Defense Industrial Base Consortium (DIBC), and as an early mover is well advanced with the Dept of Defense (DoD) grant application process.
  

Styx Antimony Results up to 54.1% Sb

• Follow-up sampling at Styx revealed high-grade antimony in outcrop with 4 samples greater than 20% Sb, and a high of 54.1% Sb (ASX Announcement: 20 November 2024 and Figure 9)
  
  
• The main Styx occurrence is a ~1m thick quartz-stibnite vein (50% stibnite) with excellent outcrop exposure over 20m. Samples from the main vein occurrence in 2023 measured 19% and 21.7% Sb (ASX Announcement 10 October 2023).
  
  
• Additional sampling of splays around this occurrence show the anomaly likely extends over a 150m strike length.
  

Estelle Staged Development Optionality

• Estelle is a major mineralized trend, hosting gold, antimony, silver, copper, and other critical elements and Nova is working to begin production as early as possible with the potential to operate for decades supplying the minerals the world needs.
  
  
• The Pre-Feasibility Study (PFS) currently underway is considering a strategy to achieve production as soon as possible with a scalable operation, subject to market conditions and strategic partners (Figure 10), by;
  
  
  1. Establishing an initial lower capex smaller scale operation at the high-grade RPM deposit for potential near term cashflow at high margins to self-fund expansion plans; and/or
     
     
  2. Develop the higher capex larger mining operation with increased gold production, cash flow, and mine life, which is of interest to potential future large gold company strategic partners.
     
     
  3. With China announcing export restrictions on antimony, the Company is also investigating the possibility to fast track the Stibium gold-antimony prospect development option with potential U.S. Dept. of Defense (DoD) support.
     

Snow Lake Resources

• At the end of the quarter Nova sold its entire 6.6 million shares in non-core investment Snow Lake Resources for US$6.73 million (A$10.85 million) gross proceeds. The proceeds from this sale were received a few days into the new year and so have been shown as a subsequent event in the December 2024 cashflow report.
  

Corporate

• At the end of the December 2024 quarter, Nova had $A4.085 million in cash. Following the sale of the Snow Lake shares as noted above, and further proceeds from the exercise of NASDAQ warrants in early January 2025, Nova currently has ~ A$16 million (~US$10 million) in cash.
  
• Following the quarter end on 8 January 2025 the Company advised that it has reached an agreement with Nebari Gold Fund 1, LLP for the elimination of its existing convertible debt-facility, by way of a conversion of the full outstanding balance of US$5.42 million into ordinary shares, making the Company now debt free.
• In October, Nova engaged Whittle Consulting to begin project wide optimization for the upcoming economic studies and RPM starter mine Pre-Feasibility Study. This consulting was partially paid in shares in support of the project. 
• The Company held its Annual General Meeting (AGM) on Thursday, 14 November 2024.
• Non-executive director Rodrigo Pasqua resigned from the Company on 12 November 2024 and the Company has commenced a search for a high calibre independent director based in the U.S. with experience in funding and building projects. 
• Notable investing and operating cash flow items during the quarter included: Exploration and evaluation costs of $1.9m principally related to the 2024 drilling and surface exploration program, $610k administration and corporate expenses, the majority of which are related to marketing, software subscriptions, and share registry costs, and $338k for audit, tax and legal fees.
• Payments to related parties in Q2 FY25 were $364K and included CEO and Executive remuneration and non-executive director fees. 

Next Steps

• Surface sample assay results for Stoney, Wombat, and regional RPM areas
• Updated Mineral Resource Estimate (MRE) to both JORC and S-K 1300
• Potentially secure U.S. Department of Defense funding for antimony supply
• Material PFS test work results and trade-off studies as they become available
• Metallurgical test work ongoing
• Environmental test work ongoing
• West Susitna Access Road updates
• Infrastructure permitting
• 2025 exploration program plan
  
  

2024 RPM Drill Program Results

Figure 1. RPM North Section A-A’_070azi showing continuity of mineralization

Figure 2. RPM North Section B-B’_250azi showing continuity of mineralization

Figure 3. RPM North Section C-C’_280azi showing continuity of mineralization

Figure 4. RPM North plan view with all drill holes to date, including the 2024 drilling and section view lines for figures 1 to 3.

Figure 5. RPM area showing potential RPM starter pit

2024 Surface Exploration Program Results

Figure 6. Muddy Creek gold results (2023 sampling shown as transparent)

Figure 7. Stibium gold rock sample results (2023 sampling shown as transparent)

Figure 8. Stibium antimony rock sample results (2023 sampling shown as transparent)

Figure 9. Styx Antimony Results

Figure 10. Estelle development optionality

New Videos Released on the Company’s Website During the December 2024 Quarter

• Redchip Small Stocks, Big Money TV Interview
• Nova Minerals CEO, Chrisopher Gerteisen Talks about the 2024 RPM Drill Results
• Nova Minerals Redchip Advert on Fox Business and CBNC
  
  

Major ASX Announcements During the December 2024 Quarter

• 2 October 2024 - Whittle Consulting Engaged for Estelle Optimization
• 9 October 2024 - RPM Continues to Deliver with 43m @ 4.4 g/t Au from Surface
• 16 October 2024 - Nova Drills 39m @ 5.4 g/t Au from Surface at RPM
• 23 October 2024 - Nova Drills 29m @ 7.1 g/t Au from Surface at RPM
• 22 November 2024 - 2024 Sampling Finds up to 54.1% Antimony at Styx
• 27 November 2024 - Muddy Creek Gold Anomaly Extended 400m with up to 128.5 g/t Au
• 5 December 2024 - Antimony up to 56.7% from Latest Rock Samples at Stibium
• 11 December 2024 - Stibium Antimony-Gold Prospect Results up to 141 g/t Au
  

Top 20 Shareholders as at 14 January 2025

NOVA	Top 20 Holders
MINERALS	As at 14 January 2025
Rank	Name	A/C designation	1/14/2025	%IC
1	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED1		53,605,623	16.65%
2	NEBARI GOLD FUND 1 LP		38,205,938	11.87%
3	BNP PARIBAS NOMS PTY LTD		15,906,546	4.94%
4	BNP PARIBAS NOMINEES PTY LTD	<CLEARSTREAM>	8,360,196	2.60%
5	SL INVESTORS PTY LTD	<SL SUPERFUND A/C>	6,441,393	2.00%
6	CITICORP NOMINEES PTY LIMITED		6,239,541	1.94%
7	BNP PARIBAS NOMINEES PTY LTD	<IB AU NOMS RETAILCLIENT>	5,839,819	1.81%
8	SWIFT GLOBAL LTD	<ALEXANDRA DISCRETIONARY A/C>	5,669,833	1.76%
9	KUSHKUSH INVESTMENTS PTY LTD	<ALEXANDRA DISCRETIONARY A/C>	5,300,000	1.65%
10	MR JAGDISH MANJI VARSANI	<PINDORIA FAMILY AC A/C>	4,100,000	1.27%
11	KAOS INVESTMENTS PTY LIMITED		3,252,692	1.01%
12	MR MAHMOUD EL HORR		2,600,000	0.81%
13	KREN ENTERPRISE PTY LTD	<KREN INVESTMENT A/C>	2,450,000	0.76%
14	MURTAGH BROS VINEYARDS PTY LTD		2,440,000	0.76%
15	MR JUSTIN BRUCE GARE & MRS KRISTIN DENISE PHILLIPS	<TINTIN INVESTMENT A/C>	2,325,568	0.72%
16	MR CRAIG EDWIN BENTLEY		2,259,669	0.70%
17	MURTAGH BROS VINEYARDS PTY LTD	<MURTAGH BROS VINEYARDS S/F>	2,167,380	0.67%
18	LETTERED MANAGEMENT PTY LTD	<BALMORAL FAMILY A/C>	2,050,000	0.64%
19	KIKCETO PTY LTD	<BENJAMIN DISCRETIONARY A/C>	2,028,924	0.63%
20	PATRON PARTNERS PTY LTD	<AP & RL MURTAGH FAMILY A/C>	1,983,214	0.62%
	Total - Top 20		173,226,336	53.80%
	Balance of Register (5,516 holders)		148,751,081	46.20%
	Grand Total		321,977,417	100.00%

1 HSBC Custody Nominees (Australia) Limited includes the fully paid shares issued to the depositary agent, which underlie the NASDAQ listed ADS’s.

Qualified Persons

Vannu Khounphakdee, Professional Geologist and member of Australian Institute of Geoscientists contracted by Nova Minerals to provide geologic consulting services. Mr. Khounphakdee holds a Master of Science in Mine Geology and Engineering. He is a qualified person with at least 5 years experience with this type of project. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Khounphakdee fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for data QA/QC checks relevant to this announcement.

Hans Hoffman is a State of Alaska Certified Professional Geologist contracted by Nova Minerals to provide geologic consulting services. Mr. Hoffman is a member of the American Institute of Professional Geologists and holds a Bachelor of Science degree in Geological Engineering with a double major in Geology and Geophysics. He is a qualified person with at least 5 years of experience with these types of projects. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Hoffman fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for the technical information presented in this announcement.

Christopher Gerteisen, Chief Executive Officer of Nova Minerals, is a Professional Geologist and member of Australian Institute of Geoscientists, and has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Mr. Gerteisen is a "qualified person" for the purposes of SEC Regulation S-K 1300.

About Nova Minerals Limited

Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km² of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.

Further discussion and analysis of the Estelle Gold Project is available through the interactive Vrify 3D animations, presentations, and videos, all available on the Company’s website. www.novaminerals.com.au

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nova Minerals Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Nova Minerals Limited undertakes no duty to update such information except as required under applicable law.

For Additional Information Please Contact
Craig Bentley
Director of Finance & Compliance & Investor Relations
E: craig@novaminerals.com.au
M: +61 414 714 196

Tenement Holdings as at 31 December 2024

A list of Nova’s Tenement Holdings, as at the end of the Quarter, is presented in the schedules below, with additional notes.

Tenement/Claim/ADL Number	Location	Beneficial % Held
725940 - 725966	Alaska, USA	85	%
726071 - 726216	Alaska, USA	85	%
727286 - 727289	Alaska, USA	85	%
728676 - 728684	Alaska, USA	85	%
730362 - 730521	Alaska, USA	85	%
737162 - 737357	Alaska, USA	85	%
740524 - 740621	Alaska, USA	85	%
733438 - 733598	Alaska, USA	85	%
741364 - 741366	Alaska, USA	85	%

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity
Nova Minerals Limited (ASX: NVA)
ABN		Quarter ended (“current quarter”)
84 006 690 348		31 December 2024

Consolidated statement of cash flows		Current quarter $A’000				Year to date (3 months) $A’000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation			(217	)			(470	)
(b) development
(c) production
(d) staff costs (directors/consultants)			(424	)			(677	)
(e) administration and corporate costs			(610	)			(977	)
(f) audit, tax, and legal fees			(338	)			(1,211	)
(g) other professional fees			(255	)			(450	)
(h) US listing fees			(15	)			(255	)
1.3 Dividends received (see note 3)
1.4 Interest received			2				22
1.5 Interest and other costs of finance paid			(161	)			(327	)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other (provide details if material)
(a) GST, Withholding tax & Payroll tax			54				18
1.9 Net cash from / (used in) operating activities			(1,964	)			(4,327	)

Consolidated statement of cash flows		Current quarter $A’000				Year to date (3months) $A’000
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) Entities
(b) Tenements
(c) property, plant and equipment			-				(51	)
(d) exploration & evaluation			(1,893	)			(3,424	)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets
2.3 Cash flows from loans to other entities			100				100
2.4 Dividends received (see note 3)
2.5 Other (provide details if material)
2.6 Net cash from / (used in) investing activities			(1,793	)			(3,375	)
73. Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt securities)			-				8,473
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options and warrants			1,214				1,214
3.4 Transaction costs related to issues of equity securities or convertible debt securities			(15	)			(1,338	)
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Corporate advisory costs
3.10 Net cash from / (used in) financing activities			1,199				8,349

Consolidated statement of cash flows		Current quarter $A’000				Year to date (3 months) $A’000
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period			6,123				3,150
4.2 Net cash from / (used in) operating activities (item 1.9 above)			(1,964	)			(4,327	)
4.3 Net cash from / (used in) investing activities (item 2.6 above)			(1,793	)			(3,375	)
4.4 Net cash from / (used in) financing activities (item 3.10 above)			1,199				8,349
4.5 Effect of movement in exchange rates on cash held			520				288
4.6 Cash and cash equivalents at end of period			4,085	*			4,085

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000				Previous quarter $A’000
5.1 Bank balances			4,085	*			6,123
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)			4,085	*			6,123

6. Payments to related parties of the entity and their associates		Current quarter $A’000
6.1 Aggregate amount of payments to related parties and their associates included in item 1			364
6.2 Aggregate amount of payments to related parties and their associates included in item 2			-

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

* Following the sale of the shares in Snow Lake Resources Ltd. as announced to the ASX on 8 January 2025, and further proceeds from the exercise of NASDAQ warrants in early January 2025, Nova currently has ~ A$16 million (~US$10 million) in cash.

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.		Total facility amount at quarter end $A’000				Amount drawn at quarter end $A’000
7.1 Convertible facilities(1)		Up to US$	7,000,000	*		US$	5,000,000	*
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities		Up to US$	7,000,000	*		US$	5,000,000	*

7.5	Unused financing facilities available at quarter end
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
	* Following the quarter end on 8 January 2025 the Company announced to the ASX, that it has reached an agreement with Nebari Gold Fund 1, LLP (Nebari) for the elimination of its existing convertible debt-facility, by way of a conversion of the full outstanding balance of US$5.42 million into ordinary shares, making the Company now debt free. Consequently, from that date the Company no longer has access to the Nebari convertible facility for financing.

(1) - Convertible Facility
●	Nebari Convertible Note Terms: The terms of the Nebari Convertible Facility were agreed by shareholders at the Company’s annual general meeting held on 14 November 2024. The Varied terms of the Nebari facility are set out in the Notice of Meeting - ASX announcement on 14 October 2024 for details.
●	Repayment of Convertible Facility: Post 31 December 2025, the Company announced to the ASX on 8 January 2025, that it has reached an agreement with Nebari Gold Fund 1, LLP for the elimination of its existing convertible debt-facility, by way of a conversion of the full outstanding balance of US$5.42 million into ordinary shares, making the Company now debt free.

8. Estimated cash available for future operating activities		$A’000
8.1 Net cash from / (used in) operating activities (item 1.9)			(1,964	)
8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d))			(1,893	)
8.3 Total relevant outgoings (item 8.1 + item 8.2)			(3,857	)
8.4 Cash and cash equivalents at quarter end (item 4.6)			4,085
8.5 Unused finance facilities available at quarter end (item 7.5)			-
8.6 Total available funding (item 8.4 + item 8.5)			4,085
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3)			1.06

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1	Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer:	The Company does not expect the next quarter to be of similar expenditure as was incurred in the December 2024 quarter as all the costs associated with the 2024 drilling and surface exploration program have now been paid. Accordingly exploration expenses will be a lot lower in the March 25 quarter.
	8.8.2	Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:	As noted in the activities report, following the sale of the Snow Lake shares at the end of the quarter, the proceeds from which were not received until early January 2025, and further proceeds from the exercise of NASDAQ warrants in early January 2025, Nova currently has ~A$16 million (~US$10 million) in cash.
	8.8.3	Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer:	Based on the responses above and a history of the Company being able to raise equity, the Company expects to be able to continue its operations and meet its business objectives on a going concern basis.
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

1	This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2	This statement gives a true and fair view of the matters disclosed.

Date:	16 January 2025
Authorised by:	Board of Directors
	(Name of body or officer authorising release – see note 4)

Notes

1.	This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2.	If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3.	Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4.	If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
5.	If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

FAQ

What were the key gold drilling results from Nova Minerals' RPM deposit in 2024?

The 2024 drilling program at RPM revealed significant results including 29m @ 7.1 g/t Au from surface, 43m @ 4.4 g/t Au from 2m, and 39m @ 5.4 g/t Au from surface, confirming high-grade near-surface mineralization.

How much antimony was discovered in Nova Minerals' Stibium prospect?

Rock sampling at Stibium revealed high-grade antimony with 11 samples greater than 30% Sb and a peak value of 56.7% Sb over an 800m long by 400m wide zone.

What is Nova Minerals' current cash position after the Snow Lake sale?

Following the Snow Lake shares sale and NASDAQ warrant exercises in early January 2025, Nova has approximately A$16 million (~US$10 million) in cash.

How did Nova Minerals resolve its Nebari debt facility in January 2025?

Nova reached an agreement with Nebari Gold Fund 1, LLP to convert the full outstanding balance of US$5.42 million into ordinary shares, making the company debt-free.

What development options is Nova Minerals considering for the Estelle project?

Nova is considering two main options: a lower capex smaller scale operation at RPM for near-term cashflow, and/or a higher capex larger mining operation with increased gold production for potential strategic partnerships.