Nova Minerals Confirms 216,000 tpa Processing Capacity, Advancing Alaska’s Critical Minerals Hub

Modelled commercial expansion would require additional downstream refining capacity rather than additional primary crushing, sorting or grinding equipment.

Rhea-AI Summary

Nova Minerals (NVA) confirmed approximately 216,000 tonnes per annum of front-end processing capacity at its planned Port MacKenzie facility in Alaska. The acquired plant has been delivered to the site and includes two parallel grinding circuits, each rated at approximately 108,000 tonnes annually.

Nova is advancing a fully funded $43.4 million Department of War-supported project, targeting military-grade antimony trisulphide production in 2027. Its initial refinery is designed for up to approximately 600 tonnes of refined antimony annually, constrained principally by electrowinning capacity. Modelling indicates potential annual refined output of approximately 9,400 tonnes at 5% antimony feed grade or 20,000 tonnes at 10%. Expansion depends on successful Phase 1 completion, additional downstream refining equipment and other operating requirements; these figures are not current production.

7 points · 1 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$43.4 million Department of War-supported project fully funds initial antimony supply-chain development. 26% of market cap
• Moderate pointApproximately 216,000 tpa front-end capacity confirmed for the acquired plant delivered to Port MacKenzie.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Phase 1 refinery targets military-grade antimony trisulphide production in 2027, with up to approximately 600 tpa refined-antimony capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modelled refined output reaches approximately 9,400 tpa at 5% antimony feed grade or 20,000 tpa at 10%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Two approximately 108,000 tpa mill trains provide operational flexibility and staged expansion opportunities.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Modelled expansion scenarios require no additional primary crushing, sorting or grinding equipment.
• Minor point. Forward-looking: it has not happened yet and may not happen.Third-party toll processing offers potential additional revenue streams, in Nova's assessment.

Negative

• Moderate pointAdditional funding applications for Estelle and Port MacKenzie development remain under review.
• Minor point. Forward-looking: it has not happened yet and may not happen.Commercial expansion depends on successful Phase 1 completion, feed grade, additional downstream refinery equipment and other operating requirements.
• Minor pointElectrowinning capacity is the principal production constraint for the initial refinery.

Key Figures

Front-end processing capacity: Approximately 216,000 tonnes per annum Mill train capacity: Approximately 108,000 tpa each Phase 1 refinery capacity: Up to 600 tpa +5 more

Front-end processing capacity

Approximately 216,000 tonnes per annum

Confirmed for crushing, grinding and concentration

Mill train capacity

Approximately 108,000 tpa each

Two parallel grinding circuits

Phase 1 refinery capacity

Up to 600 tpa

Pilot-scale refined antimony production

Department of War project support

$43.4 million

Fully funded Phase 1 project

Commercial production scenario

9,400 tpa

Modelled at 5% antimony feed grade

Commercial production scenario

20,000 tpa

Modelled at 10% antimony feed grade

Antimony metal purity

Greater than 99.65%

Standard Grade II metal; intermediate co-product

Targeted production

2027

Domestic production of military-grade antimony trisulphide

Historical Context

2 past events · Latest: Oct 27

2 events

1. Oct 27

   Project permits

   24h Move

   +6.7%

   Final Alaska approvals authorized construction and operating activities for the antimony project.

2. Oct 08

   Plant construction

   24h Move

   -2.5%

   Key processing equipment arrived at Port MacKenzie; early earthworks were underway.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

hydrometallurgical, electrowinning, flotation, leaching, +1 more

5 terms

hydrometallurgical technical

"developed a hydrometallurgical flowsheet incorporating leaching"

Hydrometallurgical describes methods that use water-based chemistry to dissolve, separate and recover metals from ores, concentrates or recycled materials, much like dissolving sugar to separate it from tea and then collecting the sugar back out. It matters to investors because these processes determine how much metal a project can realistically produce, the operating cost and environmental footprint, and therefore influence revenue potential, capital needs and regulatory risk.

electrowinning technical

"with electrowinning capacity representing the principal production constraint"

Electrowinning is an industrial process that uses an electric current to pull dissolved metal from a liquid and plate it as solid metal onto an electrode, similar to drawing metal out of a soup and letting it form a clean chunk on a spoon. For investors, it matters because it determines how efficiently and cheaply metals like copper, nickel or lithium can be produced, affecting a mine or plant’s margins, output speed, environmental footprint and the reliability of metal supply.

flotation technical

"gravity, flotation and leaching circuits"

Flotation is the process where a privately held business makes its shares available to the public by listing them on a stock exchange, commonly called an initial public offering (IPO). For investors it matters because flotation creates a market price and trading chance for those shares, signals a company's growth plans and need for capital, and changes how the business is governed — like a small shop selling ownership stakes to many new customers to raise money and spread risk.

leaching technical

"incorporating leaching, electrowinning, melting and sulphurization"

Leaching is the process by which chemicals or contaminants are washed or seep out of a material—like heavy metals leaching from old pipes or additives bleeding from plastic—into surrounding water, soil, or products. Investors should care because leaching can trigger regulatory fines, costly cleanup, product recalls or liability claims and damage a company’s reputation, much like a slow leak can silently flood a house and force expensive repairs.

sulphurization technical

"incorporating leaching, electrowinning, melting and sulphurization"

A chemical or metallurgical process that introduces sulfur into a material or chemical compound, typically by reacting the material with elemental sulfur or sulfur-containing gases or reagents. The purpose is usually to convert oxides or metals into sulfides, alter surface or material properties (for example to improve corrosion resistance or catalytic behavior), or to produce sulfur-containing chemicals; the term is sometimes used interchangeably with 'sulfurization' or 'sulfidation' but may have specific technical meanings in different industrial contexts.

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Anchorage, Alaska, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Nova Minerals Corp (“Nova” or the “Company”) (NYSE American: NVA | ASX: NVA) is pleased to announce that an engineering and processing capacity assessment of its newly acquired processing plant, which is to be constructed at Port MacKenzie, Alaska, has confirmed front-end crushing, grinding and concentration capacity of approximately 216,000 tonnes per annum (tpa). This substantial processing capacity provides a scalable platform for future commercial antimony production, with capacity modelling indicating potential refined antimony production of up to approximately 20,000 tpa, subject to feed grade, additional downstream refinery equipment and other operating requirements.

The processing infrastructure provides a strong foundation for Nova's strategy to establish a fully integrated U.S. domestic antimony and critical minerals processing and refining hub in Alaska, with the capability to produce both antimony metal and antimony trisulphide. The facility is also intended to support processing of feedstock from Nova's Estelle Project and potentially suitable third-party mineral sources, creating opportunities to expand domestic processing capacity and strengthen U.S. critical minerals supply chains.

Highlights

• 216,000 tpa processing capacity: Plant crushing, sorting, grinding and concentration infrastructure provides significant capacity for future commercial operations.
• Two parallel grinding circuits: Two mill trains, each with approximately 108,000 tpa capacity, provide operational flexibility, staged expansion opportunities, and capacity for additional suitable mineral feedstocks.
• Phase 1 pilot-scale refinery up to 600 tpa: Initial production of military-grade antimony trisulphide and >99.65% antimony metal is being advanced under the fully funded $43.4 million Department of War (DoW) supported project.
• Significant full-scale commercial expansion potential: Capacity modelling indicates potential refined antimony production of approximately 9,400 – 20,000 tpa, with 5 – 10% Sb feed grade, subject to additional downstream refinery equipment and other operating requirements.
• Multi-commodity processing opportunity: Plant infrastructure could also support processing of tungsten, gallium, bismuth, tellurium, arsenic, and other suitable critical mineral feedstocks.
• Potential regional toll-processing hub: Port MacKenzie provides a strategic processing destination for Nova's Estelle Project and potentially other third-party mineral producers.
  
  

Nova Minerals CEO, Mr. Christopher Gerteisen, commented:

"The confirmation of 216,000 tonnes per annum of front-end processing capacity is a significant milestone for Nova and highlights the strategic value of the infrastructure we have secured at Port MacKenzie.

"While our initial $43.4 million Department of War supported project is focused on establishing production of up to 600 tonnes per annum of refined antimony, the processing infrastructure acquired provides a clear pathway to a substantially larger commercial operation, with additional downstream refining equipment representing the principal requirement for expansion.

"Importantly, this infrastructure also creates opportunities beyond antimony, with the potential to establish Port MacKenzie as a multi-commodity critical minerals processing and refining hub serving Nova's Estelle Project and other mineral producers throughout Alaska and the broader region.

"Our vision is to develop strategically important domestic processing infrastructure that supports US critical minerals independence, strengthens secure domestic supply chains and positions Alaska as a major participant in the US critical minerals industry."

216,000 tpa – A Significant Processing Infrastructure Advantage

The modern turnkey processing plant, previously owned and operated by Agnico-Eagle at the Hope Bay Gold Project, has been procured and delivered to Nova's Port MacKenzie site. The plant incorporates crushing, grinding, gravity, flotation and leaching circuits, together with associated equipment and engineering plans. A Steinert ore sorter has also been separately procured.

The grinding circuit establishes overall processing capacity of approximately 216,000 tpa, comprising two parallel mill trains, each capable of processing approximately 108,000 tpa.

This substantial front-end capacity provides operational flexibility and the ability to progressively expand production without requiring replacement of the major existing processing infrastructure. It also provides a potential capital advantage compared with developing an entirely new processing facility.

Phase 1 Pilot-Scale 600 tpa Refinery – Foundation for Larger Commercial Expansion

Nova is currently advancing its Phase 1 refinery under the $43.4 million DoW supported project, targeting domestic production of military-grade antimony trisulphide in 2027.

Based on extensive metallurgical test-work, Nova has developed a hydrometallurgical flowsheet incorporating leaching, electrowinning, melting and sulphurization to produce military-grade antimony trisulphide, with standard Grade II antimony metal (greater than 99.65% purity) as an intermediate co-product.

The initial refinery is designed to produce up to approximately 600 tpa of refined antimony, with electrowinning capacity representing the principal production constraint. This deliberately staged, pilot-scale development reflects the scope of the DoW funded project and is not representative of the substantially larger processing capacity which will be available through the already acquired front-end plant.

Commercial Expansion - Potential Production of up to 20,000 tpa Refined Antimony

Following successful completion of Phase 1, Nova sees a clear pathway to substantially increasing commercial antimony production by leveraging the existing 216,000 tpa front-end processing infrastructure and installing additional downstream refinery equipment, principally electrowinning and melting capacity.

Depending on feed grade and assuming sufficient downstream refinery capacity, modelling indicates potential refined antimony production of approximately:

• 9,400 tpa based on a 5% antimony feed grade; and
• 20,000 tpa based on a 10% antimony feed grade.
  
  

The capacity assessment indicates that additional primary crushing, sorting and grinding equipment would not be required under the modelled production scenarios. The principal expansion requirement would be additional downstream refining capacity.

These scenarios highlight the significant potential of the acquired infrastructure to support a much larger commercial antimony operation as Nova progresses beyond the initial Phase 1 project.

Beyond Antimony – Building America’s Critical Minerals Hub in Alaska

The 216,000 tpa processing platform also creates opportunities beyond antimony, with the potential to process suitable third-party ores and concentrates and evaluate additional critical mineral commodities, including tungsten, gallium, bismuth, tellurium, arsenic, and other strategic elements.

Nova sees the potential for Port MacKenzie to become a regional toll-processing destination, providing third-party mineral producers with access to established processing infrastructure while creating potential additional revenue streams for the Company.

Nova is actively engaged in collaborations with the University of Alaska Fairbanks CORE-CM, the National Science Foundation Critical Mineral Accelerator Engine in Alaska and other US Government programs. The Company is also pursuing additional funding opportunities, with applications submitted and under review, to support development of the Estelle Critical Minerals Project and Port MacKenzie Processing and Refining Hub.

Qualified Persons

The information contained in this report, relating to the process plant modelling, is based on, and fairly and accurately represent the information and supporting documentation prepared by Mr Damian Connelly. Mr Connelly is a full-time employee of METS Engineering who are a Contractor to Nova Minerals Corp, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Connelly has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on the results in the form and context in which they appear.

About Nova Minerals Corp

Nova Minerals Corp is advancing one of the world’s largest undeveloped gold deposits into production and securing a US domestic supply of the critical mineral antimony. The Company is focused on the exploration and development of the Estelle Gold and Critical Minerals Project, located in Alaska, a tier-one mining jurisdiction.

Estelle hosts two defined multi-million-ounce gold resources, and more than 20 prospects distributed along a 35-kilometre mineralized trend, 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 Kinross Gold Corporation’s Fort Knox Gold Mine. In parallel, Nova is advancing its critical minerals strategy, fully-funded by a $43.4 million U.S. Department of War award to develop a domestic antimony supply chain, targeted for production in 2027.

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 www.novamineralscorp.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical fact, contained in this press release are forward-looking statements and that are subject to substantial risks and uncertainties. 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.

In particular, forward-looking statements contained in this press release refer to the engineering and processing capacity assessment for its planned antimony processing and refining facility at Port MacKenzie, Alaska, including production and processing capacity potential, milling capacity, crushing, sorting, grinding and concentration capacity, modelling results, future commercial antimony production and antimony recovery. Such forward-looking statements are based on engineering assessments and modelling using specified assumptions and are not actual production results or guarantees of future performance. Actual results may differ materially due to a range of risks and uncertainties.

Forward-looking statements are based on Nova Minerals Corp’s current expectations. are subject to inherent uncertainties, risks and assumptions that are difficult to predict and involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements. Although the forward-looking statements included in this press release were based on assumptions that Nova Minerals Corp believes are reasonable when made, readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statements made in this press release speak only as of the date of those statements, and Nova Minerals Corp undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments except as required under applicable law.

For further information:

Nova Minerals:	Media:	Investor Relations:
Craig Bentley	Jenna Shinderman	Dave Gentry, CEO
Executive Director	Sodali & Co	RedChip Companies, Inc.
Ph: 1-720-550-4223	Ph: 1-631-918-4047	Ph: 1-407-644-4256
E: craig@novamineralscorp.com	E: jenna.shinderman@sodali.com	E: NVA@redchip.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What processing capacity has Nova Minerals confirmed at Port MacKenzie?

Nova confirmed approximately 216,000 tonnes per annum of front-end crushing, grinding and concentration capacity. This is feed-processing capacity, not refined antimony output. Modelling indicates potential refined production of approximately 9,400 tpa at 5% antimony feed grade or 20,000 tpa at 10%, subject to additional downstream refinery equipment and other operating requirements.

When does Nova Minerals target initial antimony production in Alaska?

Nova targets 2027 for domestic production of military-grade antimony trisulphide under its $43.4 million Department of War-supported project. The initial refinery is designed to produce up to approximately 600 tpa of refined antimony, with electrowinning capacity representing the principal production constraint.