Nova Minerals Corp

Nova Minerals Corp

Company status

• Nevada corporation, formed February 17, 2026.
• Redomiciled from Australia to the United States on June 16, 2026 under a Scheme of Arrangement; Nova Minerals Limited became a wholly owned subsidiary.
• Parent company after redomiciliation. Common stock and warrants trade on NYSE American (NVA, NVAWS). CDIs trade on the ASX under NVA.

Core business

• Exploration and development company focused on the Estelle Gold and Critical Minerals Project in Alaska (the Estelle Project).
• Ownership: Nova Minerals Corp owns 85% of the Estelle Project through its Alaska JV vehicle (AK Custom Mining LLC); AK Minerals Pty Ltd owns 15% and holds a 2% net smelter royalty.

Estelle Gold and Critical Minerals Project (Alaska)

Location and land position

• Approximately 150 km northwest of Anchorage, Alaska, in the Tintina Gold Belt.
• 803 Alaska State mining claims totaling about 127,102 acres (514 km²).

Ownership and royalty

• Nova Minerals Corp (via AK Custom Mining LLC) — 85% interest.
• AK Minerals Pty Ltd — 15% interest plus a 2% NSR.

Gold resources (S-K 1300 compliant)

• Total mineral resource: approximately 5.17 million ounces (Moz) gold
  • Measured: 0.18 Moz
  • Indicated: 2.54 Moz
  • Inferred: 2.45 Moz
• Nova’s attributable share (85%): ~4.41 Moz gold
  • Measured: ~0.16 Moz
  • Indicated: ~2.22 Moz
  • Inferred: ~2.03 Moz

Critical minerals

• Antimony and other critical minerals have been identified at the project.

Drilling and exploration activity

• More than 20 advanced-stage gold prospects identified within the corridor.
• 2026 program included approximately 9,000 meters of drilling. Prior to 2026, roughly 14,500 meters of drilling occurred across multiple deposits (RPM North, RPM South, Korbel Main, Cathedral, etc.).

Notable deposits

• Korbel Main, RPM North, RPM South, Cathedral (gold IRGS system).

Processing and production status

• The Estelle Project is in the exploration and development phase and has not reached commercial production.

Metallurgical work

• Extensive metallurgical testing supports preliminary processing concepts, including ore sorting and multiple gold recovery methods. Anticipated processing routes are described in project documentation.

Antimony and U.S. domestic supply chain

DPA Title III award

• October 2025: Alaska Range Resources, LLC (Nova’s U.S. subsidiary) received US$43.4 million under the Department of Defense Defense Production Act Title III to develop a pilot-scale antimony processing facility in Alaska to produce military-grade antimony trisulfide.
• The program targets a vertically integrated U.S. domestic antimony supply chain, from ore sourced at Estelle to refining at Port MacKenzie, Alaska.

Pilot plant progress and facilities

• Approximately 500 tons of equipment delivered to Port MacKenzie.
• More than 100 tons of antimony-bearing material stockpiled.
• Protected land secured for downstream facilities.
• First antimony production targeted for 2027.

Downstream locations

• Whiskey Bravo site (front-end processing).
• Port MacKenzie Processing Facility (concentration, refining, and product recovery for antimony trisulfide).

Infrastructure and government support

• West Susitna Access Road study and geotechnical drilling funded in part by Alaska authorities.
• Alaska Industrial Development and Export Authority (AIDEA) approved an additional US$25 million for studies and drilling (2026/2027).

Corporate developments and financing

• December 2025: Nova Minerals Limited completed an underwritten public offering of ~2.93 million ADSs at US$6.83 per ADS; gross proceeds were approximately US$20.0 million, increasing to ~US$22.3 million after partial over-allotment.
• Proceeds allocated to exploration and development at Estelle, pre-feasibility and environmental studies, permitting, and general corporate purposes.
• Ongoing DoD antimony program and potential for additional U.S. government funding to support antimony development.

Operations and personnel

• Employees and contractors (as of June 30, 2026):
  • 2 employees
  • Approximately 65 contractors and consultants

Financial position (as of June 30, 2026)

• Net loss: 2025 — $12.6 million; 2026 — $24.7 million.
• Cash and cash equivalents: $26.8 million.
• Accumulated deficit: $136.0 million.
• The auditors’ report includes substantial doubt about the company’s ability to continue as a going concern; management plans include raising additional financing and implementing cost reductions.

Revenue and commercial status

• The company is not currently generating sales. There was no production or revenue reported for fiscal years 2025 and 2026.

Outlook and risks

• The Estelle Project remains in the exploration stage with no established mineral reserves.
• Development depends on permitting, financing, and project economics; substantial capital will be required to advance to production.
• The antimony initiative depends on government funding and a commercially viable downstream processing facility; progress is subject to approvals, funding, and logistics.
• The company faces typical exploration-stage risks, including commodity price volatility, exploration results, permitting outcomes, and access to capital.
• The company has engaged external resources to address internal control weaknesses identified in 2026.

Sources

• Information summarized from the company’s annual report materials dated around June 30, 2026, including S-K 1300 disclosures, corporate governance statements, and risk factor disclosures.