Latest news with #EstelleProject
Business Upturn
30-07-2025
- Business
- Business Upturn
Nova Minerals Quarterly Activities and Cashflow Report
By GlobeNewswire Published on July 30, 2025, 02:08 IST 15,000m drill program commenced at the Estelle Project targeting Gold at RPM, Korbel and Antimony at Stibium U.S. Department of Defense grant to fast-track development of the Antimony Project, at an advanced stage with the Company anticipating an update in the near term. Melbourne, Australia, July 29, 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. provides its quarterly activities and cashflow report for the quarter ended June 30, 2025 Highlights Estelle Project 15,000m drill program commenced across the project area in June 2025 with a focus on advancing the RPM and Korbel gold deposits toward feasibility and permitting, while also initiating a maiden resource at the Stibium prospect for both gold and antimony. With both metals trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's planned strong growth trajectory and long term value proposition Gold Assets – Over 20 Prospects Advancing Including 4 Large Gold Deposits RPM Drill Program 10,000-meter drill program at the RPM deposit commenced in July 2025 which is strategically designed to enhance resource definition and expand mineralization across multiple target zones. A major focus is the RPM deposit itself, where drilling will test the eastern strike extension beneath a fractured zone encountered in historic hole RPM-004, with particular emphasis on intersecting the high-grade hornfels/intrusive contact — a proven host of significant gold mineralization. Additional drilling will aim to upgrade measured and indicated resources and explore the potential of intrusive dikes to the south. The program will also target further expansion to the west, focusing again on the key contact zone within the valley (Figure 1). Exploration will also extend beyond the main RPM deposit. Reverse-circulation (RC) drilling is planned to the north of the RPM North deposit, where geochemical anomalies along a ridgeline suggest strong mineral potential. Another RC drill campaign will target the RPM glacial debris lobe, a highly prospective area defined by surface samples collected in 2024, which included rock grades up to 52.3 g/t Au and till samples averaging 1.1 g/t Au across 1.7 kilometers (ASX Announcement: 3 February 2025 and Figure 2). These high-grade surface expressions present a compelling opportunity for new discoveries within the broader RPM system. In addition to resource growth and exploration, the drill program will include the installation of hydrology wells to better understand surface and groundwater systems in the region. This work will contribute to an expanded environmental baseline and support future permitting efforts. Together, these initiatives are designed to position RPM for long-term development while unlocking additional value through resource upgrades, discovery drilling, and critical pre-feasibility infrastructure. Korbel Drill Program ~2,000m of drilling at Korbel will target a potential higher-grade starter pit at Korbel Main, with flexibility to expand into other high-priority targets within the broader valley (Figure 5). Surface Sampling Program A comprehensive regional surface exploration program is underway alongside drilling at the Estelle Project, aimed at identifying and advancing new high-priority prospects to drive future resource growth. Field teams are conducting geological mapping, geochemical sampling, and target delineation across key areas, including expanded coverage north of Korbel, denser sampling between Portage Pass and Tomahawk, and follow-up work at West Wing, Styx, and the greater Train area (Figure 6). These zones, particularly near the intrusive/hornfels contacts, offer strong potential for new mineralization, while infill sampling at RPM and Styx will further refine existing targets and support ongoing exploration success. Antimony Assets – 7 Gold-Antimony Prospects with U.S. Grant Applications Advanced Stibium Antimony-Gold Drill Program Approximately 3,000m of drilling commenced at the Stibium prospect in June 2025, targeting the establishment of a maiden mineral resource estimate for both gold and antimony. Surface sampling has defined a substantial mineralised zone, approximately 800m long and 400m wide, with high impact results including (ASX Announcement: 14 January 2025 and Figures 3 and 4): 12 rock samples > 30% Sb with a high of 60.5% Sb 10 soil samples > 0.1% Sb with a high of 2.8% Sb 16 rock samples > 5 g/t Au with a high of 141 g/t Au 35 soil samples > 1 g/t Au with a high of 25.6 g/t Au Nova's U.S. Department of Defense Grant Application at an Advanced Stage Nova's application for potential U.S. Department of Defense (DoD) funding—designed to fast-track the development of a mineral resource estimate, processing, refining, and eventual antimony production at Estelle—progressed significantly during the quarter and is now in its final stages. We anticipate receiving an update in the near term. A successful outcome would enable the Company to expand its 2025 drilling program by deploying additional diamond drill rigs, allowing for extended drilling at the Stibium prospect and initial testing at the highly prospective Styx target. Notably, peer companies such as MP Materials (NYSE: MP with a market capitalization of ~A$17.5 billion at 30 June 2025) and Perpetua Resources (NASDAQ: PPTA with a market capitalization of ~A$2.18 billion at 30 June 2025) have already secured DoD funding, highlighting the program's potential to support strategic mineral development. Corporate At the end of the June 2025 quarter, Nova had A$9.08 million in cash, and no debt. The above cash balance excludes the US$12.1 million (A$18.4 million) raised in the subsequent July 2025 U.S. offering as described below. In July 2025 the Company subsequently raised a total of US$12.1 million (A$18.4 million) before costs through a U.S offering, for drilling and exploration programs, feasibility studies, and general working capital. On 24 June 2025 the Company announced the appointment of Mr. Chaim (Dovi) Berger as an Independent Non-Executive Director with effect from 1 July 2025. Mr. Berger is a U.S.-based attorney and CPA with over a decade of experience in corporate law, finance, and M&A, known for executing complex transactions, leading high-growth operations, and implementing strategic financial and compliance controls. Mr. Berger has been appointed to the Audit & Risk Committee and the Remuneration & Nomination Committee. Notable investing and operating cash flow items during the quarter included: A$1.9M exploration and evaluation costs, principally related to drilling, the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$432k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$797k for professional fees related mainly to investor relations and consulting and advice in respect of the antimony grant. Payments to related parties in Q4 FY25 were A$262K and included CEO and Executive remuneration and non-executive director fees. Next Steps 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 drilling and surface exploration program results Updated Mineral Resource Estimate (MRE) to both JORC and S-K 1300 standards for gold and antimony Figure 1. 2025 drill target areas at/near the RPM deposit Figure 2. 2025 exploration drill targets outside the main RPM deposit zone Figure 3. Gold soils heat map highlighting resource drill targets Figure 4. Antimony soils heat map highlighting resource drill targets Figure 5. Map of the Korbel Valley area showing potential 2025 drill targets Figure 6. Map of the Estelle project highlighting areas for surface sampling work in 2025 New Videos Released on the Company's Website During the June 2025 Quarter Major ASX Announcements During the June 2025 Quarter Top 20 Shareholders as at 25 July 2025 Rank Name A/C designation 25/07/2025 %IC 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED1 163,253,023 40.66% 2 BNP PARIBAS NOMS PTY LTD 17,002,557 4.23% 3 BNP PARIBAS NOMINEES PTY LTD 8,412,345 2.10% 4 BNP PARIBAS NOMINEES PTY LTD 6,529,052 1.63% 5 CITICORP NOMINEES PTY LIMITED 6,524,008 1.62% 6 SL INVESTORS PTY LTD 6,441,393 1.60% 7 SWIFT GLOBAL LTD 5,669,833 1.41% 8 KUSHKUSH INVESTMENTS PTY LTD 5,300,000 1.32% 9 MR JAGDISH MANJI VARSANI 4,100,000 1.02% 10 KAOS INVESTMENTS PTY LIMITED 3,700,000 0.92% 11 KREN ENTERPRISE PTY LTD 2,700,000 0.67% 12 MR MAHMOUD EL HORR 2,600,000 0.65% 13 MURTAGH BROS VINEYARDS PTY LTD 2,440,000 0.61% 14 PATRON PARTNERS PTY LTD 2,405,714 0.60% 15 MR JUSTIN BRUCE GARE & MRS KRISTIN DENISE PHILLIPS 2,325,568 0.58% 16 MR CRAIG EDWIN BENTLEY 2,259,669 0.56% 17 MURTAGH BROS VINEYARDS PTY LTD 2,167,380 0.54% 18 LETTERED MANAGEMENT PTY LTD 2,050,000 0.51% 19 KIKCETO PTY LTD 2,028,924 0.51% 20 TIERRA DE SUENOS SA 1,716,000 0.43% Total – Top 20 249,625,466 62.17% Balance of Register (5,304 holders) 151,875,951 37.83% Grand Total 401,501,417 100.00% 1 HSBC Custody Nominees (Australia) Limited includes the fully paid shares issued to the depositary agent, which underlie the NASDAQ listed ADS's. Further discussion and analysis of the Estelle Project is available through the interactive Vrify 3D animations, presentations and videos all available on the Company's website. This announcement has been authorized for release by the Executive Directors. 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, Nova Gold and Paulson Advisors 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. Competent Person Statements Mr Vannu Khounphakdee 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 9qualify 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). The Company is also listed on the NASDAQ in the United States and, as a result, is required in respect of its exploration and resource reporting to comply with the US Securities and Exchange Commission (SEC) requirements in respect of resource reporting in the USA. This requires compliance with the SEC's S-K 1300 resource regulations. Investors accessing the Company's NASDAQ press releases should be aware that S-K 1300 statements made in those releases are not JORC Code compliant statements. 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 June 2025 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 June 2025 Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (568 ) (1,329 ) (a) exploration & evaluation (b) development (c) production (d) staff costs (directors/consultants) (304 ) (1,298 ) (e) administration and corporate costs (432 ) (1,812 ) (f) audit, tax, and legal fees (160 ) (1,496 ) (g) other professional fees (797 ) (1,446 ) (h) US listing fees – (255 ) 1.3 Dividends received (see note 3) 1.4 Interest received 103 176 1.5 Interest and other costs of finance paid – (328 ) 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 74 148 1.9 Net cash from / (used in) operating activities (2,084 ) (7,640 ) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) Entities (b) Tenements (c) property, plant and equipment (167 ) (218 ) (d) exploration & evaluation (1,323 ) (5,530 ) (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment – 66 (d) investments – 10,502 (e) other non-current assets 2.3 Cash flows from loans to other entities – (697 ) 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities (1,490 ) 4,123 73. Cash flows from financing activities – 8,472 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 56 56 3.3 Proceeds from exercise of options and warrants – 2,731 3.4 Transaction costs related to issues of equity securities or convertible debt securities (10 ) (1,466 ) 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 46 9,793 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 13,076 3,150 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,084 ) (7,640 ) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,490 ) 4,123 4.4 Net cash from / (used in) financing activities (item 3.10 above) 46 9,793 4.5 Effect of movement in exchange rates on cash held (465 ) (343 ) 4.6 Cash and cash equivalents at end of period 9,083 9,083 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 9,083 13,076 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) 9,083 13,076 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 1 262 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. 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) 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 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. 8. Estimated cash available for future operating activities $A'000 8.1 Net cash from / (used in) operating activities (item 1.9) (2,084 ) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,323 ) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,407 ) 8.4 Cash and cash equivalents at quarter end (item 4.6) 9,083 8.5 Unused finance facilities available at quarter end (item 7.5) – 8.6 Total available funding (item 8.4 + item 8.5) 9,932 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2,67 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: N/A 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: N/A 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: N/A 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. 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. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
29-07-2025
- Business
- Yahoo
Nova Minerals Quarterly Activities and Cashflow Report
15,000m drill program commenced at the EstelleProject targeting Gold at RPM, Korbel and Antimony at Stibium U.S. Department of Defense grant to fast-track development of the Antimony Project, at an advanced stage with the Company anticipating an update in the near term. Melbourne, Australia, July 29, 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. provides its quarterly activities and cashflow report for the quarter ended June 30, 2025 Highlights Estelle Project 15,000m drill program commenced across the project area in June 2025 with a focus on advancing the RPM and Korbel gold deposits toward feasibility and permitting, while also initiating a maiden resource at the Stibium prospect for both gold and antimony. With both metals trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's planned strong growth trajectory and long term value proposition Gold Assets – Over 20 Prospects Advancing Including 4 Large Gold Deposits RPM Drill Program 10,000-meter drill program at the RPM deposit commenced in July 2025 which is strategically designed to enhance resource definition and expand mineralization across multiple target zones. A major focus is the RPM deposit itself, where drilling will test the eastern strike extension beneath a fractured zone encountered in historic hole RPM-004, with particular emphasis on intersecting the high-grade hornfels/intrusive contact — a proven host of significant gold mineralization. Additional drilling will aim to upgrade measured and indicated resources and explore the potential of intrusive dikes to the south. The program will also target further expansion to the west, focusing again on the key contact zone within the valley (Figure 1). Exploration will also extend beyond the main RPM deposit. Reverse-circulation (RC) drilling is planned to the north of the RPM North deposit, where geochemical anomalies along a ridgeline suggest strong mineral potential. Another RC drill campaign will target the RPM glacial debris lobe, a highly prospective area defined by surface samples collected in 2024, which included rock grades up to 52.3 g/t Au and till samples averaging 1.1 g/t Au across 1.7 kilometers (ASX Announcement: 3 February 2025 and Figure 2). These high-grade surface expressions present a compelling opportunity for new discoveries within the broader RPM system. In addition to resource growth and exploration, the drill program will include the installation of hydrology wells to better understand surface and groundwater systems in the region. This work will contribute to an expanded environmental baseline and support future permitting efforts. Together, these initiatives are designed to position RPM for long-term development while unlocking additional value through resource upgrades, discovery drilling, and critical pre-feasibility infrastructure. Korbel Drill Program ~2,000m of drilling at Korbel will target a potential higher-grade starter pit at Korbel Main, with flexibility to expand into other high-priority targets within the broader valley (Figure 5). Surface Sampling Program A comprehensive regional surface exploration program is underway alongside drilling at the Estelle Project, aimed at identifying and advancing new high-priority prospects to drive future resource growth. Field teams are conducting geological mapping, geochemical sampling, and target delineation across key areas, including expanded coverage north of Korbel, denser sampling between Portage Pass and Tomahawk, and follow-up work at West Wing, Styx, and the greater Train area (Figure 6). These zones, particularly near the intrusive/hornfels contacts, offer strong potential for new mineralization, while infill sampling at RPM and Styx will further refine existing targets and support ongoing exploration success. Antimony Assets – 7 Gold-Antimony Prospects with U.S. Grant Applications Advanced Stibium Antimony-Gold Drill Program Approximately 3,000m of drilling commenced at the Stibium prospect in June 2025, targeting the establishment of a maiden mineral resource estimate for both gold and antimony. Surface sampling has defined a substantial mineralised zone, approximately 800m long and 400m wide, with high impact results including (ASX Announcement: 14 January 2025 and Figures 3 and 4): 12 rock samples > 30% Sb with a high of 60.5% Sb 10 soil samples > 0.1% Sb with a high of 2.8% Sb 16 rock samples > 5 g/t Au with a high of 141 g/t Au 35 soil samples > 1 g/t Au with a high of 25.6 g/t Au Nova's U.S. Department of Defense Grant Application at an Advanced Stage Nova's application for potential U.S. Department of Defense (DoD) funding—designed to fast-track the development of a mineral resource estimate, processing, refining, and eventual antimony production at Estelle—progressed significantly during the quarter and is now in its final stages. We anticipate receiving an update in the near term. A successful outcome would enable the Company to expand its 2025 drilling program by deploying additional diamond drill rigs, allowing for extended drilling at the Stibium prospect and initial testing at the highly prospective Styx target. Notably, peer companies such as MP Materials (NYSE: MP with a market capitalization of ~A$17.5 billion at 30 June 2025) and Perpetua Resources (NASDAQ: PPTA with a market capitalization of ~A$2.18 billion at 30 June 2025) have already secured DoD funding, highlighting the program's potential to support strategic mineral development. Corporate At the end of the June 2025 quarter, Nova had A$9.08 million in cash, and no debt. The above cash balance excludes the US$12.1 million (A$18.4 million) raised in the subsequent July 2025 U.S. offering as described below. In July 2025 the Company subsequently raised a total of US$12.1 million (A$18.4 million) before costs through a U.S offering, for drilling and exploration programs, feasibility studies, and general working capital. On 24 June 2025 the Company announced the appointment of Mr. Chaim (Dovi) Berger as an Independent Non-Executive Director with effect from 1 July 2025. Mr. Berger is a U.S.-based attorney and CPA with over a decade of experience in corporate law, finance, and M&A, known for executing complex transactions, leading high-growth operations, and implementing strategic financial and compliance controls. Mr. Berger has been appointed to the Audit & Risk Committee and the Remuneration & Nomination Committee. Notable investing and operating cash flow items during the quarter included: A$1.9M exploration and evaluation costs, principally related to drilling, the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$432k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$797k for professional fees related mainly to investor relations and consulting and advice in respect of the antimony grant. Payments to related parties in Q4 FY25 were A$262K and included CEO and Executive remuneration and non-executive director fees. Next Steps Potentially secure U.S. Department of Defense funding for antimony supply Material PFS test work results and trade-off studies as they become available Metallurgical test work ongoing Environmental test work ongoing West Susitna Access Road updates Infrastructure permitting 2025 drilling and surface exploration program results Updated Mineral Resource Estimate (MRE) to both JORC and S-K 1300 standards for gold and antimonyFigure 1. 2025 drill target areas at/near the RPM depositFigure 2. 2025 exploration drill targets outside the main RPM deposit zoneFigure 3. Gold soils heat map highlighting resource drill targetsFigure 4. Antimony soils heat map highlighting resource drill targetsFigure 5. Map of the Korbel Valley area showing potential 2025 drill targetsFigure 6. Map of the Estelle project highlighting areas for surface sampling work in 2025 New Videos Released on the Company's Website During the June 2025 Quarter Redchip Undiscovered Gems - Nova Minerals Redchip Nova Minerals investor update webinar - April 2025 John Feneck & Don Durrett Discuss Gold, Tariffs, & Crypto; Interview with Nova Minerals ($NVA) Nova Minerals CEO, Christopher Gerteisen talks at the Emerging Growth Conference in April 2025 Major ASX Announcements During the June 2025 Quarter 30 May 2025 - Estelle 15,000m Exploration and Project Advancement Plan 11 June 2025 - Antimony-Gold Drilling Commenced at Stibium 14 January 2025 - Appointment of Non-executive Director Top 20 Shareholders as at 25 July 2025 Rank Name A/C designation 25/07/2025 %IC 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED1 163,253,023 40.66% 2 BNP PARIBAS NOMS PTY LTD 17,002,557 4.23% 3 BNP PARIBAS NOMINEES PTY LTD 8,412,345 2.10% 4 BNP PARIBAS NOMINEES PTY LTD 6,529,052 1.63% 5 CITICORP NOMINEES PTY LIMITED 6,524,008 1.62% 6 SL INVESTORS PTY LTD 6,441,393 1.60% 7 SWIFT GLOBAL LTD 5,669,833 1.41% 8 KUSHKUSH INVESTMENTS PTY LTD 5,300,000 1.32% 9 MR JAGDISH MANJI VARSANI 4,100,000 1.02% 10 KAOS INVESTMENTS PTY LIMITED 3,700,000 0.92% 11 KREN ENTERPRISE PTY LTD 2,700,000 0.67% 12 MR MAHMOUD EL HORR 2,600,000 0.65% 13 MURTAGH BROS VINEYARDS PTY LTD 2,440,000 0.61% 14 PATRON PARTNERS PTY LTD 2,405,714 0.60% 15 MR JUSTIN BRUCE GARE & MRS KRISTIN DENISE PHILLIPS 2,325,568 0.58% 16 MR CRAIG EDWIN BENTLEY 2,259,669 0.56% 17 MURTAGH BROS VINEYARDS PTY LTD 2,167,380 0.54% 18 LETTERED MANAGEMENT PTY LTD 2,050,000 0.51% 19 KIKCETO PTY LTD 2,028,924 0.51% 20 TIERRA DE SUENOS SA 1,716,000 0.43% Total - Top 20 249,625,466 62.17% Balance of Register (5,304 holders) 151,875,951 37.83% Grand Total 401,501,417 100.00% 1 HSBC Custody Nominees (Australia) Limited includes the fully paid shares issued to the depositary agent, which underlie the NASDAQ listed ADS's. Further discussion and analysis of the Estelle Project is available through the interactive Vrify 3D animations, presentations and videos all available on the Company's website. This announcement has been authorized for release by the Executive Directors. Christopher GerteisenCEO and Executive DirectorE: info@ Craig BentleyDirector of Finance, Compliance & Investor RelationsE: craig@ +61 414 714 196 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, Nova Gold and Paulson Advisors 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. Competent Person Statements Mr Vannu Khounphakdee 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 9qualify 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). The Company is also listed on the NASDAQ in the United States and, as a result, is required in respect of its exploration and resource reporting to comply with the US Securities and Exchange Commission (SEC) requirements in respect of resource reporting in the USA. This requires compliance with the SEC's S-K 1300 resource regulations. Investors accessing the Company's NASDAQ press releases should be aware that S-K 1300 statements made in those releases are not JORC Code compliant statements. 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 June 2025 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 June 2025Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (568 ) (1,329 ) (a) exploration & evaluation (b) development (c) production (d) staff costs (directors/consultants) (304 ) (1,298 ) (e) administration and corporate costs (432 ) (1,812 ) (f) audit, tax, and legal fees (160 ) (1,496 ) (g) other professional fees (797 ) (1,446 ) (h) US listing fees - (255 ) 1.3 Dividends received (see note 3) 1.4 Interest received 103 176 1.5 Interest and other costs of finance paid - (328 ) 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 74 148 1.9 Net cash from / (used in) operating activities (2,084 ) (7,640 ) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) Entities (b) Tenements (c) property, plant and equipment (167 ) (218 ) (d) exploration & evaluation (1,323 ) (5,530 ) (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment - 66 (d) investments - 10,502 (e) other non-current assets 2.3 Cash flows from loans to other entities - (697 ) 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities (1,490 ) 4,123 73. Cash flows from financing activities - 8,472 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 56 56 3.3 Proceeds from exercise of options and warrants - 2,731 3.4 Transaction costs related to issues of equity securities or convertible debt securities (10 ) (1,466 ) 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 46 9,793 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 13,076 3,150 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,084 ) (7,640 ) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,490 ) 4,123 4.4 Net cash from / (used in) financing activities (item 3.10 above) 46 9,793 4.5 Effect of movement in exchange rates on cash held (465 ) (343 ) 4.6 Cash and cash equivalents at end of period 9,083 9,083 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 9,083 13,076 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) 9,083 13,076 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 1 262 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. 7. Financing facilities Note: the term 'facility' includes all forms of financing arrangements available to the 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) 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 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.8. Estimated cash available for future operating activities $A'000 8.1 Net cash from / (used in) operating activities (item 1.9) (2,084 ) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,323 ) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,407 ) 8.4 Cash and cash equivalents at quarter end (item 4.6) 9,083 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 9,932 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2,67 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: N/A 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: N/A 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: N/A 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 29 July 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 in to access your portfolio
The Australian
05-07-2025
- Business
- The Australian
NVA puts pedal to critical metal
Antimony prices have jumped from US$12,000/t early last year to more than US$60,000/t, with forecasts above US$100,000/t caused by severe supply constraints At its Estelle Project in Alaska Nova Minerals is drilling aggressively following early high-grade results Nova is targeting military-grade antimony production by 2026 with the ultimate aim of establishing a secure, US-based antimony supply Special Report: As the US Government starts to ramp up support for domestic antimony supply, Nova Minerals' Estelle Project in Alaska is shaping up as a strategic solution and with potential to fast-track production. While a lot of commentary about antimony since the Chinese export ban has focused on its defence uses, another sector has stressed just how critical the mineral is for everyday life. US-based Responsible Battery Coalition executive director Steve Christensen said just ahead of America's summer driving season that the industry group considered its current supply squeeze a 'national emergency'. Christensen said American companies were increasingly having to procure their supply from an emerging "grey market", where sellers that had stocked up on the material were charging extremely high prices. The main applications of antimony are in lead-acid batteries used to start vehicles, as well as the military's explosive formulations - flares, night vision goggles and infrared sensors. Prices for the critical mineral have skyrocketed more than 500 per cent since dominant supplier China restricted imports into the US last September, then followed that up with a complete ban in December. From US$12,000/t at the beginning of 2024 antimony is now US$60,100/t, with some analysts forecasting prices to reach at least US$100,000. One of the key drivers of demand - US defence spending – is set to hit US$1.1 trillion for 2026, a 13 per cent increase on the previous year. In Europe defence budgets rose 17% year-over-year to $693 billion in 2024. And that was before the 5 per cent of GDP target agreed to during last month's NATO meeting of the 32 alliance leaders. Despite this, there are currently no viable domestic antimony mining operations in the US. Demand pull, supply push The Trump administration has recently made a start to rev up American production, seeing the erosion of American supply chains - and the mining industry that supports them - as a major national security concern. As part of that push, US-based company Perpetua Resources was awarded US$59.2 million in Defense Production Act Title III (DPA) funding to advance its Stibnite antimony project in Idaho. Also in May this year it received up to US$6.9 million from the US Army for Stibnite. The Department of Defense (DoD) has invested more than US$870 million over the past four years through DPA grants to bolster the supply of minerals critical to America's economy and defence, and this is expected to accelerate under the current administration. But even with its jump-start cash, Stibnite is estimated to meet only 35 per cent of US antimony demand from its initial six years of production - and that won't begin for at least three years. Nova in a pole position RFC Ambrian said earlier this year that as the antimony market faced 'severe stress', it could identify only nine projects globally that had the potential for near-term antimony production. One of these is Australian explorer and developer Nova Minerals' (ASX:NVA) Estelle Project in Alaska's prolific Tintina belt. While Nova is aiming to upgrade the JORC resource of 9.9Moz gold to the 10Moz milestone, it's also well into a 3000m diamond drill program at Estelle's Stibium prospect. The goal at Stibium is to deliver a maiden mineral resource estimate (MRE) for gold and antimony this year. The first drill hole was designed to test a potential high-grade gold-antimony zone, which was delineated through extensive surface sampling. This confirmed a significant mineralised footprint of about 800 metres by 400 metres. Standout results included 12 rock samples of at least 30 per cent antimony with a high of 60.5 per cent, and 16 samples of more than 5 grams per tonne (g/t) gold with a standout of 141 g/t. Nova is making the most of the near 24-hour daylight during Alaska's summer with round-the-clock drilling on a rotational basis, seven days a week. In other efforts to be a frontrunner in the antimony race, the company has applied for its own DoD funding which is now well advanced through the approvals process. Nova believes that, pending its successful application, it could fast track its assets through to initial production of antimony for military-grade applications by 2026. This would form a key part of its strategy to create a fully secure and integrated US domestic antimony supply chain based in Alaska. Drilling at the Styx prospect is also on this northern summer's schedule after results including up to 54.1% antimony and other high-grade intercepts. Nova CEO Mr Christopher Gerteisen said the campaign's focus was on initiating a maiden resource at the Stibium prospect for both gold and antimony, while also advancing the RPM and Korbel gold deposits toward feasibility and permitting. 'With both antimony and gold trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's strong growth trajectory and long-term value proposition.' 'Nova is well advanced in identifying a potential US-based metallurgical refining site and, with potential DoD funding, has the ability to rapidly expand drilling at the site. 'Through our Estelle Project and potential partnerships with other regional sources, we believe Nova is well placed to help re-establish Alaska as a strategic supplier of antimony to the US. This would reinforce supply chain resilience and national security.' This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The Australian
31-05-2025
- Business
- The Australian
Nova Minerals gets set for forecasted gold price of US$5,000 by 2030
International asset manager Incrementum has forecast the gold price to reach US$4,821 by 2030 under its likely base case scenario An inflationary tail risk outlook in Incrementum's analysis has the price at a whopping US$8,926 by the end of the decade and US$2,942 this December Nova Minerals is stepping up efforts to meet the supply deficit at its Estelle project, one of the largest undeveloped gold projects in a tier-1 location Special Report: International asset manager Incrementum has forecast gold to hit US$4,821 an ounce by the end of the decade. And that's just the base case. Goldies such as Nova Minerals are set to benefit. 'Where are you going, gold?' asks asset manager Incrementum in its latest In Gold We Trust report. The answer, delivered within the analytical dive into the gold market, is a long way from the current price. Incrementum's likely base-case scenario puts the yellow metal at US$4,821 (~A$7,500) an ounce by December 2030. Looking at the shorter term, report co-author Ronald-Peter Stöferle has gold at roughly US$2,942 (A$4572) per ounce by the end of this year. It's already trading above that at the time of writing (see further below). But according to the report, there's also a scenario that lifts gold to US$8,926 (A$13,886) by the end of this decade and US$4,080 (A$6,347) by December this year. The report's authors note the likelihood of this depends mainly on how inflationary the next five years will be. Whatever scenario eventuates, the report argues the market has witnessed a 'paradigm shift' in recent quarters, with historical comparisons and Incrementum's Gold Price Model indicating the metals' bull market still has a considerable way to run. The 443-page report subtitled 'The Big Long' says that run will be driven by factors such as looser monetary policies and the associated inflationary risks, tariff-abetted stagflation, simmering geopolitical tensions and underlying market dynamics. Quo vadis? The price forecasts are included in the chapter 'Quo Vadis, Aurum?', meaning 'where are you going, gold?' in Latin, spoken by ancient leaders who would buy a toga fit for the Roman Senate with an ounce of gold. More recently, gold has doubled in US-dollar terms since January 2020 and added multiple all-time highs up to US$3,432 (A$5,330) this year. In a retreat over the past month it's now trading at of US$3,316 or A$5,155 – which still buys a very fine suit for a modern-day senator. The report says the setbacks of the past month are an integral part of bull markets, adding these drawdowns are opportunities for investors prepared to wait for the next uptrend. The 'Big Long' also calls on investors to question their generally low gold allocation, saying the long-term inflation hedge is the 'GOAT of the Portfolio'. It points to the fact that central banks have put away more than 1,000 tonnes of bullion for the third consecutive year, with official reserves stacked at fresh records. Those official net purchases outstripped production by 300 tonnes last year – and recycling is close to record highs of 1,370 tonnes. Incrementum states that gap underscores why mine development matters more than ever. Northern exposure Getting ready to burst out of the blocks and face the forecast bull run head on is Nova Minerals, which is developing its Estelle gold and critical minerals project. Estelle lies within Alaska's Tintina Belt, a province with a documented gold endowment of more than 220 million ounces. Nova Minerals' (ASX:NVA) project has a global mineral resource estimate of 9.9Moz, making it one of the world's largest undeveloped gold projects in a tier-1 jurisdiction, and there's strong potential for it to join the exclusive 10Moz club. The company is focused on engineering and optimisation studies at Estelle's high-grade RPM deposit, which will go towards finalisation of the well underway pre-feasibility study. All the required metallurgical studies, environmental test work, infrastructure permitting are also in progress. Nova is also advancing a Korbel pit design which will be used to demonstrate the potential of an expanded project. Also about to get underway during the northern field season is exploration to upgrade the MRE. Estelle hosts more than 20 prospects, including four large and shallow IRGS (intrusion related gold system) deposits, giving the drillers plenty of scope. Nova is looking forward to seeing results following up on last year's program that produced 20 broad intercepts of more than 5 grams per tonne (g/t) gold from close to surface, including one of 2m averaging 52.7g/t gold. The team is also eagerly anticipating seeing the impact of a materially higher gold price in the upcoming studies. A Phase 2 Scoping Study completed in 2023 included a net present value of US$654 million (A$1.02 billion), but that was based on a gold price of only US$1,850 (A$2,880). The study's sensitivity analysis also showed that at a US$1,980 (A$3,082) gold price – less than the current spot price and much lower than forecasts – the NPV rises to just shy of US$1 billion, at US$942 million (A$1.46 billion). This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Business Upturn
30-05-2025
- Business
- Business Upturn
Nova Minerals Outlines Estelle 15,000m Exploration and Project Advancement Plan
Anchorage Alaska, May 30, 2025 (GLOBE NEWSWIRE) — Nova Minerals Limited ('Nova' or the 'Company') (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) ) is pleased to announce that preparations are now well underway for the upcoming field season at its over 500km2 flagship Estelle Project located in the Tintina Gold Belt in Alaska. A 15,000m drill program is set to commence shortly which will focus on key targets at RPM, Stibium, and Korbel. Highlights Helicopters, pad building crews, drillers, and geologists are now onsite to commence preparations for the 2025 field program, with drilling expected to commence in the coming weeks (Figures 1 and 2). The 2025 field campaign will concentrate on infill and expansion drilling at RPM and Korbel, supporting the advancement of feasibility studies and streamlining the permitting process (Figure 3, 4, 5 and 8). Initial drilling will also commence at the Stibium prospect, where surface sampling programs have identified an extensive 800m long by 400m wide gold-antimony rich zone with results up to 141 g/t Au and 60.5% Sb (ASX Announcement: 14 January 2025), aiming to establish a maiden mineral resource estimate for both gold and antimony (Figures 6 and 7). A comprehensive multi-element surface sampling exploration program will be carried out across the broader Estelle project area (Figure 9). Nova's application for potential U.S. Department of Defense funding—aimed at accelerating the establishment of a mineral resource estimate, as well as processing, refining, and eventual antimony production at Estelle—continues to advance. Pending a successful outcome of its funding application, the Company intends to deploy additional diamond drill rigs to expand the 2025 drilling program. This would allow for extended drilling at the Stibium prospect and the potential commencement of initial drill testing at the highly prospective Styx target. A majority of the drilling undertaken this year will be assayed for gold, antimony, and a suite of multi-elements, with results to be released to the market progressively as laboratory assays are received. Nova CEO, Mr Christopher Gerteisen commented: 'We are excited to commence the 2025 field season with a 15,000-metre drilling program aimed at unlocking further value across our Estelle Project. This campaign will focus on advancing the RPM and Korbel gold deposits toward feasibility and permitting, while also initiating a maiden resource at the Stibium prospect for both gold and antimony. With both metals trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's strong growth trajectory and long-term value proposition.' 2025 Field Program Preparations Preparations are now well underway for the upcoming field season at Nova's Estelle Project in Alaska. The Whiskey Bravo airstrip has been cleared, and over the past few weeks, fuel and supplies have been flown in, with deliveries still ongoing. Generators are up and running, the camp has been de-winterized, and pad construction and support crews, along with the geology team, have begun arriving on site. The first helicopter arrived this week, and initial drill teams have been mobilized, with more expected in the coming weeks. They will be preparing 2 diamond drill rigs and the company-owned reverse circulation (RC) rig, with drilling anticipated to begin, weather permitting, in the coming weeks. Over the winter, the RC rig was also fitted with a new compressor, to enable deeper drilling up to 100 meters. With both gold and antimony prices near all-time highs, Nova is set to significantly ramp up its operations this season. Up to 40 people will be housed at our fully operational camp, which will serve as the central hub for drill teams, providing logistical support and ensuring all necessary resources are in place for the season ahead. Figure 1. Camp and pad building crew on site Figure 2. Preparations for the 2025 field season are well underway 2025 Program Plans To ensure cost efficiency, the 2025 drilling campaign will utilize two diamond drill rigs alongside the Company-owned reverse circulation (RC) rig. The program is scheduled to run for a minimum of three months during the Alaskan summer, taking advantage of near 24-hour daylight to enable continuous, round-the-clock drilling on a rotational basis, seven days a week. While the 2025 program is primarily focused at RPM, Korbel, and Stibium, the drilling strategy remains dynamic and will be continuously evaluated. Adjustments will be made as needed based on initial drill core observations as the campaign advances, and additional diamond drill rigs will be added if the Company is successful in its application for U.S. Department of Defense funding to fast track its antimony assets. A majority of the drilling undertaken this year will be assayed for gold, antimony, and a suite of multi-elements, with results to be released to the market progressively as laboratory assays are received. Figure 3. Map of the Estelle project property showing the areas targeted for drilling in 2025 RPM Approximately 10,000m of drilling is planned at RPM, with four primary objectives: 1. Further definition of the RPM Deposit (Figure 4). a. Test strike extensions to the east to test below a heavily fractured zone (160m @ 0.6 g/t Au) from hole RPM-004 (ASX Announcement: 18 October 2021). This interval was hosted in hornfels and drilling plans to intercept the hornfels/intrusive contact as intrusive was observed below in RPM-003. The hornfels/intrusive contact hosts a bulk of the high-grade mineralization encountered at RPM, and testing this eastern extent will follow an observed fault zone that appears to be the primary pathway for late-stage mineralization at RPM. b. Upgrade the measured and indicated resources at the main RPM deposit and test intrusive dikes to the south. c. Continue to expand the RPM resource in the valley to the west, by targeting the hornfels/intrusive contact. 2. Exploration drilling to the north of the current RPM North deposit targeting geochemical anomalies along the ridge line (Figure 5). 3. Reverse-circulation (RC) drilling in the RPM glacial debris lobe area, where surface sampling in 2024 identified rock samples up to 52.3 g/t Au and till samples averaging 1.1 g/t Au over a 1.7 km strike length (ASX Announcement: 3 February 2025 and Figure 5). 4. Hydrology wells to improve knowledge of surface and groundwater hydrology around the deposit, and to expand environmental baseline surveying to advance feasibility studies while also positioning the project for future permitting. Figure 4. 2025 drill target areas at/near the RPM deposit Figure 5. 2025 exploration drill targets outside the main RPM deposit zone Stibium Approximately 3,000m of drilling is planned at the Stibium prospect, targeting the establishment of a maiden mineral resource estimate for both gold and antimony (Figures 6 and 7). Surface sampling has defined a substantial mineralised zone, approximately 800m long and 400m wide, with high-impact results including (ASX Announcement: 14 January 2025): 12 rock samples > 30% Sb with a high of 60.5% Sb 10 soil samples > 0.1% Sb with a high of 2.8% Sb 16 rock samples > 5 g/t Au with a high of 141 g/t Au 35 soil samples > 1 g/t Au with a high of 25.6 g/t Au This target will be expanded to include further diamond drill rigs if the Company is successful in its application for U.S. Department of Defense funding to fast track its antimony assets. Figure 6. Antimony soils heat map with rock samples highlighting resource drill targets Figure 7. Gold soils heat map with rock samples highlighting resource drill targets Korbel Approximately 2,000m of drilling is planned at Korbel, where Nova has already defined a multi-million-ounce, bulk-tonnage gold resource. This campaign will primarily focus on evaluating a potential higher-grade starter pit at Korbel Main, with the flexibility to extend the drilling to additional high-priority targets across the broader valley. Figure 8. Map of the Korbel Valley area showing potential 2025 drill targets Surface Exploration Sampling and Mapping Program An extensive regional surface exploration program will run in parallel with drilling, with field teams conducting geological mapping, geochemical sampling, and target delineation across the broader Estelle Project area. This work will specifically focus on identifying and advancing new high-priority prospects to support future resource growth. High-priority areas will include adding coverage north of Korbel, increasing sample density between Portage Pass and Tomahawk, and follow-up mapping and sampling at West Wing, Styx, and the greater Train area (Figure 9). Korbel, West Wing, and Styx all offer a good opportunity to discover increased mineralization near the intrusive/hornfels (Kahiltna Flysch) contacts. In addition, infill sampling will be conducted at RPM and Styx. Figure 9. Map of the Estelle project highlighting areas for surface sampling work in 2025 Feasibility Study Test-Work Alongside its ongoing exploration and drilling programs, Nova is making significant progress in its metallurgical, environmental, and process engineering test work. These efforts are advancing the current feasibility study and are aimed at streamlining the permitting process. 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 Project is available through the interactive Vrify 3D animations, presentations, and videos, all available on the Company's website. 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: [email protected] M: +61 414 714 196 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
