NOVA MINERALS Stock Price, News & Analysis

Nova Minerals Limited (NVA) is a gold, antimony and critical minerals exploration and development company focused on advancing the Estelle Gold and Critical Minerals Project in Alaska, U.S.A. Nova is listed on the Nasdaq Capital Market under the symbol NVA, on the Australian Securities Exchange (ASX: NVA), and on the Frankfurt Stock Exchange (FRA: QM3). The company describes itself as an exploration and development stage business, with activities centered on large-scale gold and antimony systems in the Tintina Gold Belt.

The Estelle Project is comprised of approximately 514 km² of State of Alaska mining claims. According to Nova, this land package contains multiple mining complexes along a roughly 35 km long mineralized corridor with over 20 advanced gold and antimony prospects. Within this corridor, the company reports two already defined multi-million ounce gold resources and several drill-ready antimony prospects where massive outcropping stibnite vein systems are observed at surface. Nova states that it holds an 85% interest in the Estelle Project.

Estelle Gold and Critical Minerals Project

The Estelle Project is located about 150 km northwest of Anchorage, Alaska, in the Tintina Gold Belt. This belt is described by Nova as a province with a documented gold endowment of more than 220 million ounces and hosting some of the world’s largest gold mines and discoveries, including the Fort Knox Gold Mine and the Donlin Creek Gold Project. The belt also hosts significant antimony deposits and has been a historical North American antimony producer.

Within Estelle, Nova highlights multiple mining complexes and prospects. Key gold deposits include RPM North, RPM Valley and the Korbel area, while key antimony-gold prospects include Stibium and Styx. The company’s disclosures emphasize that over 20 advanced gold and antimony prospects have been identified along the 35 km corridor, with four already defined multi-million ounce gold deposits mentioned in its quarterly reporting. Nova’s exploration work includes diamond core drilling, reverse circulation drilling, surface soil and rock chip sampling, and geophysical and structural studies.

Gold Exploration and Development Focus

Nova describes Estelle as one of North America’s largest undeveloped gold assets with a multi-million-ounce resource and significant growth potential. At RPM North, drilling has outlined a high-grade core surrounded by broader halos of moderate-grade mineralization. Recent results from the 2025 drill program at RPM North include broad, near-surface intercepts such as 180 m at 0.7 g/t gold from 4 m and 162 m at 1.0 g/t gold from 3 m, with higher-grade internal zones. These results are reported to extend mineralization to the east and support the continuity of the deposit.

At RPM Valley, drilling has confirmed continuity of mineralization and identified high-grade zones within a larger intrusive body. Nova reports what it describes as the highest-grade intercept drilled at RPM and across the greater Estelle Project to date: 0.5 m at 364 g/t gold within a broader interval of 65 m at 3.6 g/t gold. The company notes that mineralization at RPM Valley remains open in multiple directions and at depth, and that infill drilling is expected to support a maiden Measured and Indicated Mineral Resource at the valley deposit in support of a Pre-Feasibility Study (PFS).

Nova’s technical work on the gold assets includes ore sorting and heap leach test work on RPM ore. In its quarterly activities report, the company describes a conceptual flowsheet where high-grade ore above a gold cut-off is directed to a conventional CIP/CIL circuit, while lower-grade ore is upgraded using ore sorting and heap leaching. Test work cited by Nova includes a bulk sample upgraded from about 1.32 g/t gold to 5.72 g/t gold through ore sorting, and heap leach recoveries on rejected material, which inform ongoing PFS-level studies.

Antimony and Critical Minerals Strategy

In addition to gold, Nova positions Estelle as a critical minerals project with a focus on antimony. The company describes seven gold-antimony prospects and notes that several antimony prospects are drill-ready with massive stibnite veins exposed at surface. Nova reports that it is working to establish what it describes as a fully domestic, integrated antimony supply chain in Alaska, centered on stibnite extraction and downstream refining to produce military-grade antimony trisulfide.

Nova’s disclosures highlight a 24‑month Defense Production Act Title III award of US$43.4 million from the U.S. Department of War to its wholly owned U.S. subsidiary, Alaska Range Resources LLC. According to the company, this funding is intended to support extraction, concentration and refining of stibnite to produce military-grade antimony trisulfide and to accelerate development of a domestic antimony supply chain. Nova reports that Phase 1 funding covers drilling, studies, mining and processing equipment purchases, and construction related to antimony production.

The company has commenced procurement of mining and processing equipment for starter antimony mining operations at Estelle and an associated downstream antimony refinery at Port MacKenzie, Alaska. Equipment described includes a mining fleet, crusher and screening plant, ore sorters, and processing infrastructure such as a mill, flotation and gravity circuits. Nova indicates that ore sorters will be used both at the Estelle camp and at the proposed refinery site to process stibnite stockpiles and potential third-party offtake material.

Project Infrastructure and Support

Nova’s quarterly reporting outlines strong engagement with federal, state and local stakeholders in Alaska. The company references meetings with state officials and members of Alaska’s congressional delegation, as well as interactions with local communities and industry groups. These engagements are described in the context of infrastructure initiatives such as the proposed West Susitna Access Road and logistics upgrades at Port MacKenzie, which Nova views as important to reducing mining costs and improving access to the Estelle Project.

The West Susitna Access Road is described as a proposed 78.5‑mile route being advanced by the Alaska Industrial Development and Export Authority, with a connecting segment and major bridge led by the Alaska Department of Transportation. Nova’s disclosures state that this road is intended to support Estelle and broader regional development by improving transportation to the project area.

Corporate Structure and Capital Markets

Nova Minerals Limited is incorporated in Australia and reports its principal executive offices in Victoria, Australia, in its SEC filings. The company files as a foreign private issuer on Form 20‑F and furnishes current reports on Form 6‑K. Nova’s securities include ordinary shares listed on the ASX and American Depositary Shares (ADSs) listed on Nasdaq. In October 2025, the company announced a change to its ADS ratio, adjusting from 60 ordinary shares per ADS to 12 ordinary shares per ADS, which it characterizes as a 5‑for‑1 forward split for its Nasdaq listing.

In December 2025, Nova completed an underwritten public offering of ADSs on Nasdaq, with stated gross proceeds of approximately US$20 million before expenses. The company has indicated that it intends to use these proceeds for exploration and development activities at Estelle, including drilling, feasibility and environmental studies, camp expansion, permitting and initial development activities, as well as for general corporate purposes and working capital.

Exploration Stage and Risk Profile

Across its news releases and SEC filings, Nova consistently describes itself as an exploration and development stage company. The Estelle Project is characterized as containing multiple advanced prospects and defined resources, but Nova’s own disclosures emphasize that technical studies, feasibility work, permitting and infrastructure development are ongoing. The company’s forward-looking statements highlight risks typical of early-stage mining projects, including commodity price volatility, permitting and regulatory risks, technical and operational uncertainties, financing needs and environmental considerations.

Investors researching NVA stock are therefore looking at a basic materials issuer whose value is closely tied to the exploration, evaluation and potential development of large-scale gold and antimony deposits in Alaska, supported by government funding initiatives and infrastructure planning, but still subject to the uncertainties inherent in bringing such projects into production.

Frequently Asked Questions about Nova Minerals Limited

• What does Nova Minerals Limited do?
  Nova Minerals Limited is a gold, antimony and critical minerals exploration and development company. Its primary focus is the Estelle Gold and Critical Minerals Project in Alaska, where it is advancing multiple gold and antimony prospects along a 35 km mineralized corridor.
• Where is the Estelle Project located?
  The Estelle Project is located approximately 150 km northwest of Anchorage, Alaska, within the Tintina Gold Belt. The project consists of about 514 km² of State of Alaska mining claims that host multiple mining complexes and over 20 advanced gold and antimony prospects.
• What commodities is Nova targeting?
  Nova’s disclosures emphasize gold and antimony as its key commodities, along with broader critical minerals potential. The company reports two defined multi-million ounce gold resources at Estelle and several drill-ready antimony prospects with massive stibnite veins at surface.
• What is the significance of the Tintina Gold Belt for Nova?
  Nova notes that the Tintina Gold Belt has a documented gold endowment of more than 220 million ounces and hosts major operations such as the Fort Knox Gold Mine and the Donlin Creek Gold Project. Estelle sits within this belt, and Nova views this setting as important context for the scale and style of mineralization it is exploring.
• How is Nova involved in antimony and critical minerals?
  Nova is advancing gold-antimony prospects at Estelle and aims to develop an integrated supply chain for antimony in Alaska. The company has received a US$43.4 million Defense Production Act Title III award from the U.S. Department of War to support extraction, concentration and refining of stibnite into military-grade antimony trisulfide.
• What are RPM North and RPM Valley?
  RPM North and RPM Valley are gold deposits within the Estelle Project. Nova’s drilling at RPM North has outlined broad, near-surface gold mineralization with higher-grade zones, while RPM Valley drilling has confirmed a larger intrusive body with high-grade intercepts, including 0.5 m at 364 g/t gold within a broader mineralized interval.
• On which exchanges does Nova trade and under what symbols?
  Nova’s ordinary shares trade on the Australian Securities Exchange under the code NVA. Its American Depositary Shares trade on the Nasdaq Capital Market under the symbol NVA, and it is also quoted on the Frankfurt Stock Exchange under the symbol QM3. Public warrants related to its Nasdaq listing trade under the symbol NVAWW.
• What is the status of Nova’s projects?
  Nova characterizes Estelle as an exploration and development stage project. The company reports defined multi-million ounce gold resources, ongoing drilling programs, PFS- and FS-level technical studies, and early-stage work on antimony mining and refining, but it also notes that further studies, permitting and development decisions are required before commercial production can be achieved.
• How is Nova funded for its planned activities?
  Nova’s quarterly report and news releases reference cash on hand, liquid investments, equity offerings on Nasdaq and a US$43.4 million award from the U.S. Department of War. The company states that these resources are intended to support exploration, feasibility work, equipment procurement and initial development activities at Estelle.
• What are the main risks associated with investing in Nova Minerals?
  In its forward-looking statements, Nova highlights risks related to changes in gold prices, technical and geological uncertainties, permitting and regulatory processes, environmental factors, access to infrastructure, competition for skilled personnel and the availability of financing. As an exploration and development stage company, its projects are subject to the uncertainties of resource estimation and project development.