Core Viewpoint - Nova Minerals Limited has secured US$43.4 million in non-dilutive funding from the U.S. Department of War to develop a domestic antimony supply chain, which will enhance its position as a U.S. producer of military-grade antimony and support its gold exploration activities in Alaska [3][10][29]. Funding and Financial Position - The US$43.4 million funding will fully finance the establishment of antimony production at the Estelle Project, significantly strengthening the company's balance sheet [10]. - As of the end of December 2025, the company had access to over A$106 million in funding, including A$59.2 million in cash and US$30.4 million remaining from the Department of War award [25]. Antimony Production Initiatives - The company is progressing with the procurement of key mining and processing equipment for antimony production, with delivery expected in early 2026 [4][17]. - Nova has secured industrial-zoned land and is advancing permitting for a proposed antimony refinery at Port Mackenzie, targeting first production by late 2026 to early 2027 [4][13]. Gold Asset Development - Nova is advancing one of the largest undeveloped gold deposits globally, with over 20 prospects and four defined multi-million-ounce gold deposits [5][29]. - The 2025 drilling program at RPM North and RPM Valley has been completed, with results expected to support an updated Mineral Resource Estimate [6][7]. Drilling Results - Drilling at RPM North revealed broad near-surface gold intersections, including a significant new eastern discovery, while RPM Valley returned multiple intercepts greater than 1 g/t Au, confirming continuity of mineralization [7][8]. - Additional drill results will be incorporated into an updated Mineral Resource Estimate following quality assurance and control procedures [9]. Infrastructure Development - Nova secured a land use permit for an antimony refinery at Port MacKenzie, which supports the development of a U.S. critical minerals hub [15][16]. - The proposed refinery site is strategically aligned with ongoing regional development projects, enhancing the potential for rapid development [16]. Corporate Actions - In October 2025, the company completed a 5-for-1 forward split of its Nasdaq-listed American Depository Shares to enhance trading liquidity [25]. - A capital raise in December 2025 generated approximately US$20 million to support exploration and feasibility work [25].

Core Insights - Resolution Minerals Ltd has released promising assay results from its initial drilling program at the Horse Heaven project in Idaho, confirming extensive gold mineralization and planning for an expanded drilling campaign in 2026 [1][6] Drilling Results - The latest results are from six diamond drill holes totaling 1,600 meters at the Golden Gate target, which spans approximately 3 kilometers, with only 20% of its strike length tested [1][12] - Drilling has identified 600 meters of strike, 200 meters in width, and 300 meters in vertical extent, all mineralized, indicating an intrusive-related gold system [2][12] Project Comparison - The Golden Gate structure is geologically similar to the nearby Stibnite gold project, which is being developed by Perpetua Resources and is expected to become a major U.S. gold producer [2][3] Infrastructure and Location - The Horse Heaven project benefits from infrastructure upgrades related to the Stibnite project, including a new access road and power transmission line that cross its tenements [3][16] - Resolution Minerals has a 100% interest in the Horse Heaven project, which spans 15,000 acres and is strategically located next to the Stibnite project [8][9] Future Plans - The company has completed 10 core holes in 2025, with results from four holes pending, and plans to drill an additional 45 holes in 2026, with funding secured from recent capital raises [4][14] - The Antimony Ridge target, a past-producing mine, is also being advanced, with samples sent to a Canadian laboratory for military-grade antimony trisulfide production [4][15] Government Support and Strategic Position - Resolution is in discussions with the U.S. Department of Defense regarding potential funding to meet strategic stockpile targets, with reported antimony grades up to 50% [5][18] - The current market conditions for gold and antimony are favorable, positioning the company well for future developments [19]