Quarterly Activities and Cashflow Report - December 2025
Quarter Marked by Execution of DoW-Funded Antimony Initiatives to Secure U.S. Domestic Antimony Supply Chain
Melbourne, Australia, Jan. 27, 2026 (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 cashflow report for the quarter ended December 31, 2025
Highlights
On the quarter, Nova CEO, Mr Christopher Gerteisen, commented:
“The December quarter was marked by the award of US$43.4 million in non-dilutive funding from the U.S. Department of War, which fully funds the development of stage 1 antimony production at Estelle, which will feed into the U.S. supply chain. This support enables us to accelerate our strategy to become a fully integrated U.S. producer of military-grade antimony.
“Fuelled by this funding, the Company progressed the procurement of antimony key mining and processing equipment - with delivery expected in early 2026 - and continued planning and permitting for infrastructure planning at the proposed Port Mackenzie refinery site. With industrial-zoned land secured, strong federal, state and local government support, and established infrastructure in place, Nova is well-positioned to advance toward first antimony production targeted for late 2026 to early 2027.
“In parallel, our team continued to progress development activities across the Estelle gold assets. The 2025 drilling and surface sampling programs were completed during the quarter, and these results are expected to support an updated Mineral Resource Estimate and ongoing pre-feasibility work, which we expect will further demonstrate the scale and quality of Nova’s gold and antimony assets in a tier-one jurisdiction.”
Gold Assets
Nova is rapidly advancing one of the largest undeveloped gold deposits in the world, consisting of over 20 prospects, including four already defined multi-million-ounce gold deposits.
2025 Drill Program
Post-period, in January 2026, the Company announced the results of its 2025 drilling program at RPM North and RPM Valley. The 2025 drill program was centred on the RPM North area and focused on testing extensions to the east and west with the objective of linking to the RPM Valley zone. A second rig operated at RPM Valley was also dedicated to resource expansion and definition drilling.
Both sets of results are expected to contribute to Measured and Indicated Mineral Resources at the deposits, in support of the PFS.
At RPM North, broad near-surface gold intersections continued, with drilling extending the halo around the high-grade core zone and a new eastern discovery. The strong results followed previous drilling, and support continuity of mineralization to the east, highlighting potential resource upside where earlier drilling intersected 259m @ 0.5 g/t Au from surface.
Closely spaced infill results at RPM Valley returned multiple broad intercepts >1 g/t Au, with visible gold observed, and a project record intercept of 0.5 m @ 364 g/t Au. The results confirmed continuity of mineralization at RPM Valley, with the system remaining open at depth and below current pit shells.
Additional drill results will be released once received and reviewed under Nova’s QA/QC procedures, after which an updated Mineral Resource Estimate (MRE) will incorporate results from the 2023-2025 drill programs.
Surface Sampling Program
Results from the extensive soil and rock chip surface samples taken from across the project area in 2025 will be reported once received and processed.
Feasibility Studies
PFS-level studies are ongoing, with METS Engineering undertaking additional metallurgical test work to build on the high gold recoveries achieved at RPM to date (ASX Announcement: 5 August 2025), Rough Stock Mining is conducting mining studies, and Whittle Consulting is completing optimization studies.
Antimony Assets
Following the award of US$43.4 million from the U.S. Department of War (DoW), Nova initiated its plan to develop antimony production in Alaska. The company is fully funded to establish a U.S. domestic antimony supply chain that would support U.S. military and consumer markets from late 2026 to early 2027. With seven antimony prospects identified across the Estelle Project to date, permitted industrial land, government support, and plans for critical infrastructure in place, Nova is positioned to become a key supplier to the U.S. antimony market.
2025 Drill Program
Drilling briefly resumed at Stibium in October; however, deteriorating weather conditions required the rig to be shut down for the winter. The rig has been winterised on the pad, and drilling is scheduled to recommence in the Alaskan spring of 2026.
Infrastructure Development
In October 2025, Nova secured a land use permit for an antimony refinery at Port MacKenzie, supporting the development of a U.S. critical minerals hub and enabling the establishment of downstream antimony processing and refining operations in Alaska’s Matanuska-Susitna Borough, a region with established infrastructure and capacity for rapid development.
The permit covers 42.81 acres of commercial-industrial zoned land near the critical Port MacKenzie infrastructure for a proposed antimony refinery, The proposed refinery site at Port MacKenzie is strategically aligned with the fast-progressing West Susitna Access Road and other regional development projects currently underway.
Figure 1. Photo of the proposed Port MacKenzie refinery site land area, where Nova has obtained land use rights\
Figure 2. Nova’s proposed fully secured and integrated U.S. domestic antimony supply chain plan
Equipment Procurement
During the quarter, Nova commenced the procurement of critical mining and processing equipment for its Estelle starter antimony mining operations and associated downstream antimony refinery at the deepwater Port Mackenzie, Alaska.
Key equipment purchases included a mining fleet for onsite operations, a crusher and screening plant, and ore sorters to be installed at both the Whiskey Bravo camp and Port Mackenzie refinery sites. As at the end of the quarter, this equipment was being shipped to the staging site and is expected to be received and mobilised to camp on the winter road during Q3 2026.
Additional processing infrastructure, including a mill, and flotation and gravity circuits, was also being procured for transport to the site via the snow road in early 2026.
Onsite ore sorters and concentration circuits will be utilized to process the stibnite stockpiles already collected at site for near term antimony production.
Figure 3. CAT front end loader purchased as part of the mining fleet for onsite operations
Figure 4. CAT excavator purchased as part of the mining fleet for onsite operations
Corporate
Next Steps
New videos released during the December 2025 quarter
Major ASX Announcements during the December 2025 quarter
Top 20 Shareholders
To access an up-to-date list of the Company’s top 20 shareholders, please visit the investor centre on Nova’s website or click the link here.
Estelle Gold Project Discussion and Analysis
Further discussion and analysis of the Estelle Gold 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 advancing one of the world’s largest undeveloped gold deposits into production and securing a US domestic supply of the critical mineral antimony. The company is focused on the exploration and development of the Estelle Gold and Critical Minerals Project, located in Alaska, a tier-one mining jurisdiction.
Estelle hosts two defined multi-million-ounce gold resources, and more than 20 prospects distributed along a 35-kilometre mineralised trend, 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, Kinross Gold Corporation's Fort Knox Gold Mine. In parallel, Nova is advancing its critical minerals strategy, fully-funded by a US$43.4 million U.S. Department of War award to develop a domestic antimony supply chain, targeted for production in late 2026/2027.
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 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. 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.
Cautionary Note Regarding Forward-Looking Statements
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 labor 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 labor 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, capitalization 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 which is included herein, except in accordance with applicable securities laws. All drilling and exploration activities is subject to no unforeseen circumstances.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 27 January 2026
Authorised by: Board of Directors
(Name of body or officer authorising release – see note 4)
Notes