Quarterly Activities and Cashflow Report – 30 September 2025

Core Insights - Nova Minerals Limited has secured a significant funding of US$43.4 million (A$65.5 million) from the U.S. Department of War to support the development of an integrated antimony supply chain in Alaska, highlighting the strategic importance of its Estelle Project [2][16][30] - The company is actively advancing its dual-commodity strategy, focusing on both gold and antimony assets, with ongoing drilling and exploration programs [5][12][19] Financial Position - As of the end of September 2025, the company has access to over A$86.3 million in funding, including A$17.5 million in cash and approximately A$3.3 million in liquid investments [30] - The company raised US$12.1 million (A$18.4 million) in July 2025 through a U.S. offering to fund drilling and exploration programs [30] Estelle Project Developments - The Estelle Project has seen active drilling and surface exploration programs in 2025, with assay results pending [2][12] - The West Susitna Access Road project is progressing, aimed at improving access and reducing mining costs, with construction planned to commence in 2025 [4][5] Antimony Assets - The U.S. Department of War's funding will support the extraction, concentration, and refining of stibnite to produce military-grade antimony trisulfide, enhancing U.S. defense capabilities [16][18] - Nova has commenced resource drilling and stockpiling surface antimony ore, with plans to begin production of antimony trisulfide by 2026 [19][22] Gold Assets - The company is advancing over 20 gold prospects, including four defined multi-million ounce deposits, with ongoing drilling at the RPM North area [8][12] - Recent drilling at the Korbel site targeted a potential higher-grade starter pit, with assay results expected soon [10][12] Strategic Partnerships and Support - Strong backing for the Estelle Project has been demonstrated through engagements with federal, state, and local stakeholders, including visits from U.S. Senator Lisa Murkowski and Alaska Governor Mike Dunleavy [5][19] - The company made a strategic investment of 7.8% in Adelong Gold Limited, enhancing its position in the gold-antimony sector [30]