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Quarterly Activities and Cashflow Report – 30 September 2024

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Nova Minerals (NASDAQ: NVA) has completed its 2024 Estelle drilling and surface exploration programs, with initial results showing high-grade gold continuity at RPM North. Key drilling results include intersections of 43m @ 4.4 g/t Au and 45m @ 3.4 g/t Au from surface. The company has advanced antimony discoveries at Stibium and Styx, with bulk samples collected for metallurgical testing. Nova is pursuing a staged development strategy, considering a smaller-scale operation at RPM for near-term cashflow and potential fast-track antimony production. The company completed its NASDAQ listing, raising US$3.3m, followed by an additional US$2.4m raise, maintaining approximately $9.4m in cash and liquid investments.

Nova Minerals (NASDAQ: NVA) ha completato i suoi programmi di perforazione e esplorazione superficiale per il 2024 ad Estelle, con i risultati iniziali che mostrano una continuità di oro di alta qualità a RPM North. I principali risultati delle perforazioni includono intersezioni di 43m @ 4,4 g/t Au e 45m @ 3,4 g/t Au dalla superficie. L'azienda ha fatto progressi nelle scoperte di antimonio a Stibium e Styx, con campioni di massa raccolti per test metallurgici. Nova sta perseguendo una strategia di sviluppo graduale, considerando un'operazione di dimensioni più piccole a RPM per generare flussi di cassa a breve termine e una possibile produzione di antimonio accelerata. L'azienda ha completato la sua quotazione al NASDAQ, raccogliendo 3,3 milioni di dollari USA, seguita da un ulteriore aumento di 2,4 milioni di dollari, mantenendo circa 9,4 milioni di dollari in contante e investimenti liquidi.

Nova Minerals (NASDAQ: NVA) ha completado sus programas de perforación y exploración superficial para 2024 en Estelle, con resultados iniciales que muestran continuidad de oro de alta calidad en RPM North. Los principales resultados de las perforaciones incluyen intersecciones de 43m @ 4.4 g/t Au y 45m @ 3.4 g/t Au desde la superficie. La compañía ha avanzado en los descubrimientos de antimonio en Stibium y Styx, con muestras a granel recolectadas para pruebas metalúrgicas. Nova está llevando a cabo una estrategia de desarrollo gradual, considerando una operación de menor escala en RPM para generar flujo de efectivo a corto plazo y una posible producción acelerada de antimonio. La compañía completó su cotización en NASDAQ, recaudando 3.3 millones de dólares, seguida de una recaudación adicional de 2.4 millones de dólares, manteniendo aproximadamente 9.4 millones de dólares en efectivo e inversiones líquidas.

노바 미네랄스 (NASDAQ: NVA)가 2024년 에스텔 드릴링 및 표면 탐사 프로그램을 완료했으며, 초기 결과는 RPM 북부에서 고급 금의 연속성을 보여줍니다. 주요 드릴링 결과는 지표에서 43m @ 4.4 g/t Au 및 45m @ 3.4 g/t Au의 교차점을 포함합니다. 이 회사는 스티비움 및 스타이와에서 안티모니 발견을 진전시켰으며, 로크 샘플이 수집되어 금속 테스트를 위해 수집되었습니다. 노바는 단기 현금 흐름과 잠재적인 신속한 안티모니 생산을 위한 RPM에서 소규모 작업을 고려하며 단계적 개발 전략을 추구하고 있습니다. 이 회사는 NASDAQ 상장을 완료하여 330만 달러를 모금하였고, 이후 240만 달러를 추가로 모금하여 약 940만 달러의 현금 및 유동 투자를 유지하고 있습니다.

Nova Minerals (NASDAQ: NVA) a terminé ses programmes de forage et d'exploration de surface pour 2024 à Estelle, avec des résultats initiaux montrant une continuité de l'or de haute qualité au RPM Nord. Les principaux résultats de forage comprennent des intersections de 43 m @ 4,4 g/t Au et 45 m @ 3,4 g/t Au depuis la surface. L'entreprise a progressé dans ses découvertes d'antimoine à Stibium et Styx, des échantillons en vrac ayant été collectés pour des tests métallurgiques. Nova poursuit une stratégie de développement par étapes, envisageant une opération à plus petite échelle au RPM pour générer des flux de trésorerie à court terme et une production d'antimoine potentiellement accélérée. L'entreprise a terminé son inscription au NASDAQ, levant 3,3 millions de dollars, suivie d'une levée de fonds supplémentaire de 2,4 millions de dollars, maintenant environ 9,4 millions de dollars en espèces et investissements liquides.

Nova Minerals (NASDAQ: NVA) hat seine Bohr- und Oberflächenexplorationsprogramme für 2024 in Estelle abgeschlossen, wobei die ersten Ergebnisse eine Kontinuität von hochgradigem Gold bei RPM North zeigen. Die wichtigsten Bohrergebnisse umfassen Schnittstellen von 43 m @ 4.4 g/t Au und 45 m @ 3.4 g/t Au von der Oberfläche. Das Unternehmen hat Fortschritte bei den Antimon-Funden in Stibium und Styx gemacht und hat Großproben für metallurgische Tests gesammelt. Nova verfolgt eine schrittweise Entwicklungsstrategie und zieht eine kleinere operation in RPM in Betracht, um kurzfristige Cashflows zu generieren und eine mögliche rasche Antimonproduktion zu ermöglichen. Das Unternehmen hat seine NASDAQ-Notierung abgeschlossen und 3,3 Millionen USD gesammelt, gefolgt von einer weiteren Kapitalerhöhung von 2,4 Millionen USD und hält nun etwa 9,4 Millionen USD in Bar- und liquiditätsnahen Investitionen.

Positive
  • High-grade gold drilling results at RPM North with intersections up to 39 g/t Au
  • Successful NASDAQ listing with US$5.7m total capital raised
  • Strong cash position of $9.4m in cash and liquid investments
  • Potential DoD grant funding for antimony production
Negative
  • Significant exploration and evaluation costs of $1.5m in Q1
  • High audit, tax and legal fees of $742k related to NASDAQ listing
  • Conversion price of convertible note amended from A$0.53 to A$0.25, potentially increasing dilution

Insights

Nova Minerals' quarterly report reveals significant progress at their Estelle Gold Project. The 2024 drilling program delivered promising results, with notable high-grade gold intersections including 4.4 g/t Au over 43m and 3.4 g/t Au over 45m from surface at RPM North. The company's strategic antimony discoveries and engagement with the US Department of Defense for potential grant funding adds a critical minerals dimension to their portfolio.

The company's financial position remains stable with $9.4M in cash and liquid investments. The successful NASDAQ listing raised approximately US$5.7M in total through two offerings, strengthening their capital structure. The staged development strategy, focusing on a potential smaller-scale operation at RPM for near-term cashflow, demonstrates a pragmatic approach to resource development.

The discovery of high-grade antimony deposits at Stibium and Styx represents a strategic opportunity, particularly given China's recent export restrictions on antimony. Sample grades of up to 60.5% Sb at Stibium and 21.7% Sb at Styx are exceptional. The collection of bulk samples for metallurgical testing and potential DoD support for fast-tracking antimony production positions Nova favorably in the critical minerals supply chain. This development could provide significant diversification from gold operations and establish Nova as a key domestic supplier of strategic minerals.

Nova completes US NASDAQ Listing and Completes 2024 Estelle Drilling and Surface Exploration Programs with Results Incoming

Caufield, Australia, Oct. 30, 2024 (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 Project in Alaska, U.S.A.

Highlights

Estelle Gold Project

During the quarter Nova commenced and completed its 2024 Estelle drilling and surface exploration programs, with initial results received back from the laboratory in early October and more incoming.
   
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 10) and to further delineate the at-surface, high-grade (1 g/t Au to > 5 g/t Au) zone encountered there during the 2022-2023 drilling, while upgrading inferred resources and testing for potential near surface extensions of the high-grade gold system to the south and west (Figures 1 to 3).
    
 Initial results received in early October for the first 8 holes confirmed 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 39 g/t Au. All holes ended in mineralization with highlight results including (ASX Announcement: 9 October 2024 and Figures 4 to 6):
   
  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 131m @ 4.7 g/t Au from 3m and 8m @ 10.5 g/t Au from 22m.
    
 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 in October.


Antimony Discoveries Advanced:


 Stibium:


  Extensive surface exploration sampling program conducted at Stibium to follow up on the high-grade up to 60.5% Sb (Antimony) discovered in 2023 (ASX Announcement: 10 October 2023) with results expected back in October. Massive stibnite, the primary ore mineral for antimony containing approximately 72% Sb, observed to be widespread in surface mapping and sampling at Stibium.
    
 2,500kg bulk sample of a >2m wide quartz breccia vein ,where sample E408569 from 2023 returned 12.7 g/t Au and 2.1% Sb (Antimony) (ASX Announcement: 10 October 2023 and Figure 7), collected at Stibium for metallurgical test work.
    
 Styx:
    
  Extensive surface exploration sampling program conducted at Syx to follow up on the high-grade up to 21.7% Sb (Antimony) discovered in 2023 (ASX Announcement: 10 October 2023) with results expected back in October. Large vein (~1m thick) containing massive stibnite (~20%) in outcrop discovered at Styx (Figure 8).
    
  500kg bulk sample of potential antimonious material containing stibnite collected from Styx for metallurgical test work.
    
 Test work to develop a process flow sheet and plant design in anticipation of a fast track standalone antimony production scenario at Stibium.
    
 Nova has submitted a proposal to the US Dept. Of Defense (DoD) for potential grant funding to fast track Estelle’s antimony production.
    
 Nova CEO Christopher Gerteisen, at the invitation of the US Dept. of Defense (DoD), attended another DoD related conference in September to discuss Estelle’s near-term antimony production potential and illustrate how Nova could potentially help the US establish and fully secure domestic critical minerals supply chains.
    
Another Extensive Surface Sampling Exploration Program Completed in 2024:
    
 Over 500 soil and 225 rock samples collected as part of the extensive 2024 surface exploration and mapping program targeting gold, antimony and other critical minerals from traverses at Stibium, Wombat, West Wing, Muddy Creek, RPM, Styx, and the new claims added in 2023. Assay results, which will be reported by area once received and processed, are expected back in October and November.
    
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 9), 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 US Dept. of Defense (DoD) support.


 Environmental studies progressing and Lidar survey completed for detailed technical studies, infrastructure, and access road design.

Snow Lake Lithium

Snow Lake Lithium, in which the Company owns a 23.75% share, provided an update on the exploration programs it is currently undertaking at its Black Lake and Engo Valley uranium projects, and also at its Shatford Lake lithium project.

Corporate

Nova continues to hold circa $9.4m in cash and liquid investments, including $6.1m in the bank and valuable positions in both Snow Lake Lithium Ltd and Asra Minerals Limited, at the end of the quarter.
  
During the quarter, the Company completed its US NASDAQ listing with an associated approximate US$3.3m capital raising before costs, with the ADSs trading under the ticker symbol NVA and the Company’s warrants trading under the ticker code NVAWW.
  
The Company also subsequently raised a further US$2.4m before costs in late September for resource and exploration field programs, including additional drilling and exploration, feasibility studies to progress the RPM starter mine option, and general working capital.
  
Richard Beazley, an internationally experienced mining professional and director with over 35 years of experience in senior corporate, operational and project development roles, was formally appointed as Non-Executive Chairman in July.
  
In return for Nebari’s support in reducing the month end cash covenant from USD$2m to AUD$1m and providing Nova with the option to extend the convertible facility for an additional 12 months to 29 November 2026, Nova has agreed, subject to shareholder approval at the upcoming AGM, to amend the conversion price of the convertible note from A$0.53 to A$0.25.
  
At the end of September Nova announced its 2024 annual and sustainability reports.
  
Effective from 1 October 2024 the Company has agreed to increase Craig Bentley’s monthly directors fee by $6,667. The increase reflects the significant extra work required now that Nova is also listed in the US, and also takes into account the additional roles Craig has been undertaking for marketing, website development, etc, which has saved the Company thousands of dollars each month in external contractor payments.
  
The Company subsequently announced that its Annual General Meeting (AGM) will be held virtually at 10am (AEDT) on Thursday, 14 November 2024.
  
Notable investing and operating cash flow items during the quarter included: Exploration and evaluation costs of $1.5m principally related to the 2024 drilling and surface exploration program, $742k for audit, tax and legal fees, the majority of which were related to the Company’s US NASDAQ listing, and $240k for other US listing related costs, including NASDAQ fees.
  
Payments to related parties in Q1 FY25 were $218K and included CEO and Executive remuneration and non-executive director fees.

Next Steps

Remaining drill results for 13 holes and other exploration activity from the 2024 field program
Updates on potential critical minerals grant and funding options from the US Department of Defense and US Department of Energy
Material PFS test work results and trade-off studies as they become available
Updated global MRE including the drilling undertaken in both 2023 and 2024
Metallurgical test work ongoing
Environmental test work ongoing
West Susitna Access Road updates

2024 Drill Program - Target Zones


Figure 1. RPM North Section A-A’ 1950mE looking West showing existing drill traces and selected results, and the 2024 drill target zone – Left image: Block model (Au Grade), Right image: Block model (Resource classification).
  


Figure 2. RPM North Section B-B’ 1975mE looking West showing existing drill traces and selected results, and the 2024 drill target zone – Left image: Block model (Au Grade), Right image: Block model (Resource classification).


Figure 3. RPM North and RPM Valley plan view, with all drill holes to date, showing section view lines for figures 1 and 2.

2024 Drill Program - Initial Results from 8 Holes


Figure 4. RPM North Section A-A’_070azi showing continuity of mineralization with 2024 drill results


Figure 5. RPM North Section B-B’_270azi showing continuity of mineralization


Figure 6. RPM North plan view with all drill holes to date, including the 2024 drilling and section view lines for figures 4 and 5.

‘Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.’


Figure 7. Nova CEO, Mr Christopher Gerteisen at Estelle inspecting potential antimonious bulk samples containing massive stibnite, which are being sent for metallurgical test work.


Figure 8. Large vein (~1m thick) strike 088, dip 82 SE containing massive stibnite (~20%) in outcrop at Styx. Stibnite bearing veins are observed in hornfels host rocks in contact with quartz monzonite intrusives.


Figure 9. Estelle development optionality


Figure 10. RPM area showing potential RPM starter pit

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

New Nova Minerals Chairman, Richard Beazley Introduction and Vision for the Company
Nova Minerals CEO, Chrisopher Gerteisen Talks at the Emerging Growth Conference
Proactive Investors – Nova Minerals Begins Bulk Testing For Antimony at Estelle
Nova Minerals Redchip Advert on Fox Business and CBNC
Nova Minerals CEO, Chrisopher Gerteisen Talks at the Emerging Growth Conference
Nova’s Chris Gerteisen & Whittle CEO Gerald Whittle Talk About Optimization of the Estelle Project
Proactive Investors – Nova Fields Strong RPM Gold Results Ahead of Resource Update

Major ASX Announcements During the September 2024 Quarter

26 July 2024Nova Announces Closing of US$3.3m NASDAQ IPO
29 July 2024Formal Appointment of Nova Independent Chairman
31 July 2024Estelle Gold Project Drilling & Company Update
21 August 2024Estelle Gold-Antimony Project Update
10 September 2024Bulk Testing Potential Antimony Material at Estelle
20 September 2024RPM PFS Update with Positive Variation on Funding
26 September 2024Nova Announces Closing of US$2.4m NASDAQ Offering
30 September 20242024 Annual Report
30 September 20242024 Sustainability Report

  
Top 20 Shareholders as at 28 October 2024

Rank Name A/C designation 10/28/2024 %IC
1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED1   38,612,123 12.42%
2 BNP PARIBAS NOMS PTY LTD   15,215,239 6.19%
3 BNP PARIBAS NOMINEES PTY LTD <CLEARSTREAM> 8,165,297 3.14%
4 SL INVESTORS PTY LTD <SL SUPERFUND A/C> 6,441,393 2.64%
5 SWIFT GLOBAL LTD <ALEXANDRA DISCRETIONARY A/C> 5,669,833 2.33%
6 KUSHKUSH INVESTMENTS PTY LTD <ALEXANDRA DISCRETIONARY A/C> 5,300,000 2.18%
7 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 5,085,670 1.84%
8 CITICORP NOMINEES PTY LIMITED   4,252,849 1.96%
9 MR JAGDISH MANJI VARSANI <PINDORIA FAMILY AC A/C> 4,100,000 1.68%
10 KAOS INVESTMENTS PTY LIMITED   3,352,692 1.30%
11 NEBARI GOLD FUND 1 LP   3,198,294 1.31%
12 MR MAHMOUD EL HORR   2,600,000 1.03%
13 KREN ENTERPRISE PTY LTD <KREN INVESTMENT A/C> 2,450,000 1.03%
14 MURTAGH BROS VINEYARDS PTY LTD   2,440,000 0.89%
15 MR JUSTIN BRUCE GARE & MRS KRISTIN DENISE PHILLIPS <TINTIN INVESTMENT A/C> 2,408,510 1.03%
16 MR CRAIG EDWIN BENTLEY   2,259,669 0.93%
17 MURTAGH BROS VINEYARDS PTY LTD <MURTAGH BROS VINEYARDS S/F> 2,167,380 0.89%
18 LETTERED MANAGEMENT PTY LTD <BALMORAL FAMILY A/C> 2,050,000 0.84%
19 KIKCETO PTY LTD <BENJAMIN DISCRETIONARY A/C> 2,028,924 0.83%
20 PATRON PARTNERS PTY LTD <AP & RL MURTAGH FAMILY A/C> 1,983,214 0.81%
  Total - Top 20   119,781,087 45.27%
  Balance of Register (5,544 holders)   152,155,794 54.73%
  Grand Total   271,936,881 100.00%

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

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

This announcement has been authorized for release by the Executive Directors.

Christopher Gerteisen
CEO and Executive Director
E: info@novaminerals.com.au
Craig Bentley
Director of Finance, Compliance & Investor Relations
E: craig@novaminerals.com.au
M: +61 414 714 196

Streamlined Competent Person Statements

Mr Vannu Khounphakdee P.Geo., who is an independent consulting geologist of a number of mineral exploration and development companies, reviewed and approves the technical information in this release and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdee has sufficient experience relevant to the gold deposits under evaluation to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Vannu Khounphakdee is also a Qualified Person as defined by S-K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdee consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The information in the announcement dated today that relates to exploration results and exploration targets is based on information compiled by Mr. Hans Hoffman. Mr. Hoffman, Owner of First Tracks Exploration, LLC, who is providing geologic consulting services to Nova Minerals, compiled the technical information in this release and is a member of the American Institute of Professional Geologists (AIPG), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr. Hoffman has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hoffman consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The Exploration results were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

Nova Minerals confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed.

Forward-looking Statements and Disclaimers

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein. apparent inconsistencies in the figures shown in the MRE are due to rounding

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

Tenement Holdings as at 30 September 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 30 September 2024


Consolidated statement of cash flows Current quarter
$A’000
 Year to date (3 months)
$A’000
1.Cash flows from operating activities    
1.1Receipts from customers    
1.2Payments for (253) (253)
 (a) exploration & evaluation    
 (b) development    
 (c) production    
 (d) staff costs (directors/consultants) (253) (253)
 (e) administration and corporate costs (371) (371)
 (f) audit, tax, and legal fees (742) (742)
 (g) other professional fees (247) (247)
 (h) US listing fees (240) (240)
1.3Dividends received (see note 3)    
1.4Interest received 21  211 
1.5Interest and other costs of finance paid (166) (166)
1.6Income taxes paid    
1.7Government grants and tax incentives    
1.8Other (provide details if material)    
 (a) GST, Withholding tax & Payroll tax (36) (36)
1.9Net cash from / (used in) operating activities (2,287) (2,287)

  

Consolidated statement of cash flows Current quarter
$A’000
 Year to date (3 months)
$A’000
     
2.Cash flows from investing activities    
2.1Payments to acquire or for:    
 (a) Entities    
 (b) Tenements    
 (c) property, plant and equipment (51) (51)
 (d) exploration & evaluation (1,531) (1,531)
 (e) investments    
 (f) other non-current assets    
2.2Proceeds from the disposal of:    
 (a) entities    
 (b) tenements    
 (c) property, plant and equipment    
 (d) investments    
 (e) other non-current assets    
2.3Cash flows from loans to other entities    
2.4Dividends received (see note 3)    
2.5Other (provide details if material)    
      
2.6Net cash from / (used in) investing activities (1,582) (1,582)
      
73.Cash flows from financing activities    
      
3.1  Proceeds from issues of equity securities (excluding convertible debt securities) 8,473  8,472 
3.2Proceeds from issue of convertible debt securities    
3.3Proceeds from exercise of options and warrants    
3.4Transaction costs related to issues of equity securities or convertible debt securities (1,398) (1,398)
3.5Proceeds from borrowings    
3.6Repayment of borrowings    
3.7Transaction costs related to loans and borrowings    
3.8Dividends paid    
3.9Corporate advisory costs    
3.10Net cash from / (used in) financing activities 7,075  7,075 


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    
4.1Cash and cash equivalents at beginning of period 3,150  3,150 
4.2Net cash from / (used in) operating activities (item 1.9 above) (2,287) (2,287)
4.3Net cash from / (used in) investing activities (item 2.6 above) (1,582) (1,582)
4.4Net cash from / (used in) financing activities (item 3.10 above) 7,075  7,075 
4.5Effect of movement in exchange rates on cash held (233) (233)
4.6Cash and cash equivalents at end of period 6,123  6,123 


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
5.1Bank balances 6,123 3,150
5.2Call deposits    
5.3Bank overdrafts    
5.4Other (provide details)    
5.5Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,123 3,150


6.Payments to related parties of the entity and their associates Current quarter
$A’000
6.1Aggregate amount of payments to related parties and their associates included in item 1 218
6.2Aggregate 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.
  

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
7.1Convertible facilities(1) Up to US$7,000,000 US$5,000,000
7.2Credit standby arrangements    
7.3Other (please specify)    
7.4Total financing facilities Up to US$7,000,000 US$5,000,000
    
7.5Unused financing facilities available at quarter end  
7.6Include 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.


 (1) - Convertible Facility
  
 Principal amount: The principal amount under the Facility is fixed at US$5m (tranche 1 principal) on closing and up to an additional US$2m (tranche 2 principal) upon mutual agreement. The principal amount drawn down by the Company under the Facility at the date of the Notice is US$5m.
   
 Term: The term of the Facility currently ends on 29 November 2025, however this date may be extended by the Company giving written notice to Nebari, prior to 29 November 2024, to 29 November 2026 if shareholders approve the September 2024 Variation Agreement at our Annual General Meeting to be held in November 2024.
   
 Discount: Original issue discount of 2.778% of the tranche 1 principal only, added to the principal amount.
   
 Coupon: 6% per annum, adjusted by the delta over a 3% SOFR floor with an upper limit and with an initial 9-month interest holiday period to be capitalised into the principal amount.
   
 Setup Fee: 1% on the drawdown of the tranche 1 principal and 1% of the tranche 2 principal if it is also drawn down (noting the tranche 2 principal has not been drawn down at the date of the Notice).
   
 Conversion: Nebari has the option to convert up to 100% of the principal, plus any accrued interest (Conversion Amount), at the Conversion price currently at $0.53, subject to standard anti-dilution adjustments. The conversion price may be reduced to A$0.25 if shareholders approve the September 2024 Variation agreement at our Annual General Meeting to be held in November 2024.
   
 Forced Conversion: If the share price of the Company is greater than 150% of the Conversion Price ($1.53), then the Company may at its option elect to require Nebari to convert the Conversion Amount at the Conversion Price.
   
 Voluntary Prepayment: In lieu of prepayment in cash, the Company may elect to repay up to 50% of the outstanding principal in Discounted Shares (10% discount to the 15 day VWAP proceeding the prepayment date). In the event of a voluntary prepayment, the Company will also issue Nebari options to acquire fully paid ordinary shares in the Company, each option having a 2 year expiry period from the date of the options issuance, at a strike price equal to a 40% premium to the VWAP of the Company’s shares for the 15 days preceding the earlier of the documentation completion date and the date at which the financing facility is announced to the public, converted at the AUD:USD exchange rate on the day preceding the repayment date (Strike Price) and in the amount of 80% of the Prepayment Amount divided by the Strike Price (Prepayment Options)


8.Estimated cash available for future operating activities$A’000
8.1Net cash from / (used in) operating activities (item 1.9)(2,287)
8.2(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))(1,531)
8.3Total relevant outgoings (item 8.1 + item 8.2)(3,818)
8.4Cash and cash equivalents at quarter end (item 4.6)6,123 
8.5Unused finance facilities available at quarter end (item 7.5)- 
8.6Total available funding (item 8.4 + item 8.5)6,123 
   
8.7Estimated quarters of funding available (item 8.6 divided by item 8.3)1.60 
   
 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.
  
8.8If item 8.7 is less than 2 quarters, please provide answers to the following questions:


 8.8.1Does 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 September 2024 quarter due to the completion of the US NASDAQ listing and completion of the 2024 drilling and surface exploration programs, both of which were the most significant expenses incurred in the September 2024 quarter.
   
 8.8.2Has 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: The Company successfully completed a US$3.3m (before costs) NASDAQ IPO and a US$2.4m (before costs) follow up NASDAQ offering during the current quarter. Refer ASX Announcements on 26 July 2024 and 26 September 2024. Based on this and the past of history of successful fund raises the Company is confident that it can raise additional funds if and when required. In addition, the Company also has numerous funding options available at its discretion, with short notice, including drawing down the Nebari convertible loan further if required.

 
 8.8.3Does 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

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


Date:30 October 2024 
   
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 committeeeg 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 Nova Minerals' (NVA) key drilling results at RPM North in 2024?

Nova Minerals reported significant results including 43m @ 4.4 g/t Au from 2m and 45m @ 3.4 g/t Au from surface at RPM North, with sample interval grades up to 39 g/t Au.

How much capital did Nova Minerals (NVA) raise through its NASDAQ listing in 2024?

Nova Minerals raised US$3.3m through its initial NASDAQ listing and an additional US$2.4m in a subsequent offering, totaling US$5.7m before costs.

What is Nova Minerals' (NVA) current cash position as of September 2024?

Nova Minerals holds approximately $9.4m in cash and liquid investments, including $6.1m in bank and positions in Snow Lake Lithium and Asra Minerals

Nova Minerals Limited American Depositary Shares

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