Quarterly Activities and Cashflow Report – 30 September 2025
Robust balance sheet with access to over A$86.3M in funding comprising of, A$17.5M in cash, US$43.4M (A$65.5M) 24 month award from the U.S. Department of War to support antimony production in Alaska, and approximately ~A$3.3M in liquid investments and in the money warrants
2025 drill and surface exploration programs completed with assay results pending
Melbourne, Australia, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” and the “Company”) (NASDAQ: NVA) (ASX: NVA), (FRA: QM3), a gold and critical minerals exploration and development stage company focused on advancing the Estelle Gold and Critical Minerals Project in Alaska, U.S.A. provides its quarterly activities and cashow report for the quarter ended September 30, 2025
Highlights
Estelle Project
A link to the official news release from the U.S. Department of War can found here https://www.war.gov/News/Releases/Release/Article/4319016/department-of-war-awards434-million-to-further-on-shore-antimony-trisulfide-pr/
Figure 1. Left: Alaska Governor Mike Dunleavy with Nova’s CEO Christopher Gerteisen. Top right: Port MacKenzie Loading Dock – Port Director Dave Griffin, Mayor Edna DeVries, Alaska Rep. Kevin McCabe, and others. Bottom Right: U.S. Senator Lisa Murkowski and Nova Minerals CEO Christopher Gerteisen at the Estelle site.
Figure 2. Proposed route for the West Susitna Access Road. Source AIDEA.
Drill Program
RPM
Figure 3. 2025 RPM drilling. Bottom left: Diamond rig at RPM North, Bottom right: Diamond rig at RPM Valley. Center: RC rig at the RPM glaical lobe area.
Korbel
Surface Sampling Program
A comprehensive regional surface exploration program was also conducted during the quarter aimed at identifying and advancing new high-priority prospects to drive future resource growth. This year’s field program focused on expanded coverage north of Korbel, denser sampling between Portage Pass and Tomahawk, and follow-up work at West Wing, Styx, and the greater Train area (Figure 4). These zones, particularly near the intrusive/hornfels contacts, offer strong potential for new mineralization, while infill sampling at RPM and Styx refined existing targets and support ongoing exploration success.
Figure 4. Map of the Estelle project highlighting areas where surface sampling work was conducted in 2025
Gold Feasibility Study Test Work Results – RPM Ore Sorting and Heap Leach
During the quarter, the Company received results from ore sorting and heap leach test work on RPM ore. The resulting conceptual flowsheet (Figure 5) outlines a strategy to maximize gold recovery by sending high-grade ore (>2 g/t Au) to the CIP/CIL circuit and processing lower-grade ore (<2 g/t Au) through an ore sorter. A 1,000 kg bulk test with Steinert Mining upgraded 1.32 g/t Au material to 5.72 g/t Au—a 4.3-fold increase—while rejected material achieved up to 68.7% recovery in heap leach tests. Advanced sorting is expected to boost high-grade feed and overall resource efficiency, with ongoing CIP/CIL and HPGR test work for the PFS focused on further flowsheet and power cost optimization.
Figure 5. High level conceptual flowsheet for Estelle RPM ore
US$43.4M Dept of War Award Highlights Strategic Importance of the Estelle Project
On October 1, 2025, Nova’s U.S. subsidiary, Alaska Range Resources LLC (ARR), was awarded US$43.4 million (A$65.5 million) in Defense Production Act Title III funding by the U.S. Department of War, one of the largest recent U.S. government awards, to accelerate development of a fully integrated U.S. antimony supply chain based in Alaska. The 24-month Phase 1 agreement which includes funding for all drilling, studies, mining and processing equipment CAPEX purchases, as well as construction, will support extraction, concentration, and refining of stibnite to produce military-grade antimony trisulfide, strengthening the U.S. defense industrial base.
Discussions are ongoing with U.S. government agencies for Phase 2 which will include scaled up operations to produce additional refined antimony products, including trisulfide, oxide, and metal for the U.S. industrial base (Figure 6).
In addition to the DoW award, Nova has achieved several key milestones toward producing military-grade antimony by 2026/27. These include commencing resource drilling, stockpiling surface antimony ore for refining, securing 42.81 acres of refinery land permits at Port MacKenzie (sole emerging fully integrated antimony producer with land secured in an industrial zone), and initiating technical studies and flowsheet design.
Figure 6. Phase 2 proposed fully secured and integrated U.S domestic antimony supply chain in Alaska
Stibium Antimony-Gold Drill Program
Drilling at Stibium was briefly initiated but paused pending the DoW award. While awaiting DoW funding, efforts were redirected to RPM gold resource drilling. With the DoW award now secured, limited drilling has cautiously resumed at Stibium, with comprehensive plans being developed for potential continuation as conditions permit and as soon as practical.
As resource definition drilling progresss, Stibium, vein ore material readily available at surface in outcrop is being extracted concurrently and stockpiled for near term production. Extraction and stockpiling of near surface ore is ongoing with over 30 tons of high-grade stibnite (10-30%) having been collected to date in preparation for antimony trisulfide production to commence in 2026.
Antimony Ore Sorting
Ore sorting test work at the Estelle Project demonstrated strong potential for onsite recovery and upgrading of antimony ore, with a 500 kg Styx sample achieving 60.3% antimony recovery in 26.1% of the mass from a single pass, upgrading the feed grade from 15.2% to 35.2% Sb—a 2.3-fold increase (Figure 7). Gold was beneficially rejected to the sorter tails, achieving a 52.5% recovery and a 57% grade increase to 2.99 g/t Au, highlighting synergies between antimony and gold processing. The results confirm the potential to produce a saleable antimony concentrate, supporting Nova’s goal of establishing a U.S. domestic antimony supply chain, with additional beneficiation, purification, and Stibium ore test work ongoing.
Figure 7. Ore sorted material from a single pass grading 49.1% antimony trisulfide (35.2% Sb)
Figure 8. High level conceptual antimony flowsheet
Corporate
Next Steps
New Videos Released on the Company’s Website During the September 2025 Quarter
Major ASX Announcements During the September 2025 Quarter
Top 20 Shareholders as at 24 October 2025
1 HSBC Custody Nominees (Australia) Limited includes the fully paid shares issued to the depositary agent, which underlie the NASDAQ listed ADS’s. As at 24 October 2025 there were ~2.96M ADS’s where 1 ADS = 60 shares.
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
This announcement has been authorized for release by the Executive Directors.
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 km 2 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.
Competent Person Statements
Mr Vannu Khounphakdee P.Geo., who is an independent consulting geologist of a number of mineral exploration and development companies, reviewed and approves the technical information in this release and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdee has sufficient experience relevant to the gold deposits under evaluation to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Vannu Khounphakdee is also a Qualified Person as defined by S-K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdee consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
The information in the announcement dated today that relates to exploration results and exploration targets is based on information compiled by Mr. Hans Hoffman. Mr. Hoffman, Owner of First Tracks Exploration, LLC, who is providing geologic consulting services to Nova Minerals, compiled the technical information in this release and is a member of the American Institute of Professional Geologists (AIPG), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr. Hoffman has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to 9qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hoffman consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
The Exploration results were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).
The Company is also listed on the NASDAQ in the United States and, as a result, is required in respect of its exploration and resource reporting to comply with the US Securities and Exchange Commission (SEC) requirements in respect of resource reporting in the USA. This requires compliance with the SEC’s S-K 1300 resource regulations. Investors accessing the Company’s NASDAQ press releases should be aware that S-K 1300 statements made in those releases are not JORC Code compliant statements.
Nova Minerals confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed.
Forward-looking Statements and Disclaimers
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein. apparent inconsistencies in the figures shown in the MRE are due to rounding
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
Tenement Holdings as at 30 September 2025
A list of Nova’s Tenement Holdings, as at the end of the Quarter, is presented in the schedules below, with additional notes.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement
Notes