Nova Minerals Quarterly Activities and Cashflow Report – 31 December 2024

Core Insights - Nova Minerals Limited has reported high-grade gold drill results from its 2024 exploration program, including significant intersections such as 29m at 7.1 g/t Au from surface and rock samples showing up to 141 g/t Au [1][6][11] - The company is advancing its Estelle Gold and Critical Minerals Project in Alaska, focusing on both gold and antimony resources, with ongoing U.S. grant applications for antimony development [1][7][12] - The recent sale of Snow Lake Resources shares and the extinguishment of the Nebari loan have strengthened the company's balance sheet, making it debt-free and increasing cash reserves to approximately A$16 million (US$10 million) [13][17][44] Estelle Project Developments - The 2024 exploration program included 21 drill holes targeting the high-grade RPM deposit, confirming continuity of near-surface high-grade mineralization with multiple intersections grading over 5 g/t Au [5][16] - Assay results from the RPM drilling and surface samples from various prospects, including Muddy Creek, Styx, and Stibium, have shown promising high-grade gold and antimony results [2][3][4] Gold and Antimony Assets - The Stibium prospect has revealed high-grade gold results with samples up to 141 g/t Au and antimony results reaching 56.7% Sb, indicating a significant mineralized zone [6][12] - The Styx prospect has also shown high-grade antimony results, with samples up to 54.1% Sb, suggesting potential for further exploration and development [8][12] Financial Position and Corporate Actions - Following the sale of Snow Lake shares for US$6.73 million (A$10.85 million), the company has improved its cash position significantly [13][44] - The company has eliminated its existing convertible debt facility with Nebari Gold Fund, resulting in a debt-free status and a stronger financial outlook [17][46] Future Plans and Strategic Direction - Nova is working on a Pre-Feasibility Study (PFS) to establish a scalable operation at the RPM deposit, aiming for near-term cash flow and potential partnerships with larger gold companies [12][36] - The company is also exploring options to fast-track the development of the Stibium gold-antimony prospect, especially in light of China's export restrictions on antimony [12][36]