U.S. Department of War Awards $43.4M to Alaska Range Resources to Secure Antimony Supply

Rhea-AI Summary

Nova Minerals' (NASDAQ: NVA) subsidiary Alaska Range Resources has secured a $43.4 million Defense Production Act Title III funding from the U.S. Department of War. The funding aims to develop domestic antimony trisulfide production at the Estelle Gold and Critical Minerals Project in Alaska.

The award will support the development of a fully integrated U.S. antimony supply chain, focusing on extraction, concentration, and refinement of stibnite to produce military-grade antimony trisulfide. This initiative will help meet U.S. defense industrial base demands and support various applications, including semiconductors and energy systems.

Positive

• Secured significant $43.4M government funding through Defense Production Act
• Strategic partnership with U.S. Department of War enhances project credibility
• Development of domestic antimony supply chain reduces U.S. dependency on foreign sources
• Strong support from Alaska's federal and state leaders

Negative

• Project still in early development phase
• Execution and timeline risks associated with establishing new mining operations

Insights

Defense Industry Analyst

Nova's $43.4M DoW funding for antimony production strengthens U.S. strategic minerals security while diversifying Nova's revenue beyond gold.

The $43.4 million Defense Production Act Title III funding awarded to Nova Minerals' subsidiary represents a significant strategic development for both the company and U.S. national security interests. Antimony trisulfide is a critical component in military munitions and explosives, with the U.S. currently almost entirely dependent on foreign imports, primarily from China and Russia.

This award addresses a critical vulnerability in the defense industrial base by establishing a domestic supply chain for antimony, which has been designated a strategic critical mineral. Beyond munitions, antimony compounds are essential in flame retardants, batteries, and semiconductor manufacturing – all crucial for defense and civilian applications.

The funding validation from the Department of War following their technical due diligence provides strong third-party confirmation of the viability and strategic value of Nova's antimony resources at the Estelle Project. This establishes Nova as a key player in the U.S. critical minerals security strategy.

For Nova, this represents a significant diversification beyond its gold focus, potentially transforming the company into a multi-commodity producer with a guaranteed government customer. The development of antimony production capabilities creates a new revenue stream backed by national security priorities, which typically offers more stable demand and potentially favorable contract terms compared to commodity markets.

The political support mentioned from Alaska's senators, congressman, and governor indicates strong bipartisan backing that should help streamline permitting and development processes, potentially accelerating the timeline to production and revenue generation.

Anchorage, Alaska, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce that its 100% owned U.S. subsidiary Alaska Range Resources, LLC (ARR), has been awarded US$43.4 million in Defense Production Act Title III funding by the U.S. Department of War (DoW) to produce antimony trisulfide at its Estelle Gold and Critical Minerals Project (Estelle Project) in Alaska.

The award will enable ARR to accelerate development of a fully integrated U.S. antimony supply chain to extract, concentrate, and refine stibnite to produce military grade antimony trisulfide to assist in meeting the U.S. defense industrial base demands.

Nova CEO, Mr Christopher Gerteisen commented: “We are proud to have ARR partner with the U.S. Department of War to help secure a fully domestic, redundant supply chain for the munitions and other defense products our troops need to keep our nation and allies safe, as well as future supply to the U.S. industrial base for a wide range of traditional and high-tech applications, including semiconductors and energy systems.

This award will fund the initial phase of the Company’s strategy to establish a full spectrum state of the art antimony mining and refining hub based in Alaska to supply refined antimony products to the U.S. industrial base and beyond. After conducting rigorous vetting and technical due diligence of the Estelle Project, ARR is proud to be the recipient of this award, which provides further confidence in the quality of antimony mineralization and highlights the potential scale and scope of future antimony production from the Estelle Project.

The Company appreciates the support and partnership of Alaska's federal and state leaders, particularly Senators Murkowski and Sullivan , Congressman Begich and Governor Dunleavy. The Estelle Project will play a central role in this effort where Alaska will be at the heart of the country’s supply of critical materials, and we look forward to working closely with our local partners from the University of Alaska Fairbanks (UAF) CORE-CM group, the Alaska Department of Natural Resources (ADNR), the Alaska Industrial Development and Export Authority (AIDEA), the Matanuska-Susitna Borough, and Alaska Tribes and Native Corporations to bring Estelle into production”.

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.

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.novaminerals.com.au

Forward Looking Statements

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

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

FAQ

How much funding did Nova Minerals (NVA) receive from the U.S. Department of War?

Nova Minerals' subsidiary Alaska Range Resources received $43.4 million in Defense Production Act Title III funding from the U.S. Department of War.

What is the purpose of the Department of War funding for Nova Minerals?

The funding will enable the development of a domestic antimony supply chain to produce military-grade antimony trisulfide for U.S. defense needs and industrial applications.

Where is Nova Minerals' Estelle Project located?

The Estelle Gold and Critical Minerals Project is located in Alaska, where it will serve as a mining and refining hub for antimony production.

What are the main applications for the antimony production from Nova Minerals' Estelle Project?

The antimony will be used for military munitions, defense products, semiconductors, and energy systems in the U.S. industrial base.

Which key partners is Nova Minerals working with in Alaska?

Nova is partnering with the University of Alaska Fairbanks, Alaska Department of Natural Resources, Alaska Industrial Development and Export Authority, Matanuska-Susitna Borough, and Alaska Tribes and Native Corporations.