- Dual-commodity focus with flagship Estelle project in Alaska. Nova Minerals is a gold and antimony company aiming to unlock the full potential of its flagship Estelle Project in Alaska, where it holds an 85% interest. Both commodities are trading at all-time highs, which strengthens project economics and supports a balanced, multi-metal strategy.
- Tier-1 position in the Tintina Gold Belt with straightforward permitting. Estelle sits in Alaska’s Tintina Gold Belt and covers 514 km² of state land. The project has no federal or tribal overlap, which simplifies permitting. Operations are supported year-round by existing infrastructure, including the Whiskey Bravo airstrip, winter road access, and proximity to the proposed West Susitna Access Road.
- Large and expandable gold resource. Estelle hosts a JORC-compliant Mineral Resource Estimate of 9.9 million ounces of gold, with less than 3% of the project area explored so far. More than 20 gold and antimony prospects have been identified, and current resource drilling represents only a small portion of the overall footprint. The 2025 drill program targeted RPM, Korbel, and Stibium to grow resources and move the project along the development path. RPM with a high-grade core at roughly 5 g/t Au and bulk-tonnage Korbel at roughly 0.3 g/t Au provide the foundation for a phased approach.
- Positive metallurgy and a practical flowsheet. Test work from both RPM and Korbel shows favorable gold recoveries above 90% using ore sorting, and flotation and leach circuits. Additional work is assessing ore sorting to upgrade low-grade material, with the goal of improving recovery and capital efficiency.
- Compelling economics with clear upside. A May 2023 JORC compliant Scoping Study outlined strong project metrics at a gold price of US$1,850/oz, including a pre-tax NPV of US$654 million, an IRR of about 53%, an 11-month payback, and pre-production capex of US$385 million. The study considered only three gold areas and did not include antimony operations. With more resources to bring in, the potential addition of antimony, and gold recently moving above US$4,000/oz in October 2025, the project outlook has improved meaningfully.
- Phased development designed to limit dilution and build scale. Nova is advancing a phased development strategy aimed at minimizing upfront capital risk, accelerating time to first production, generating early cash flow, and unlocking the long-term value of its district-scale Estelle Project. The approach for its gold assets, currently being refined through a Pre-Feasibility Study, focuses on leveraging the high-grade RPM deposit as a near-term cash-flowing starter mine, while scaling into a much larger operation centered on the Korbel deposit and over 20 regional targets. Simultaneously, Nova is fast-tracking its antimony initiatives in response to rising demand for critical minerals, enhanced by strong U.S. government engagement and supported by the recent US$43.4 million U.S. Department of War grant, with military grade production targeted for 2026/27 as phase 1. An expanded phase 2 development envisages scaled up operations to produce additional refined antimony products including trisulfide, oxide, and metal for the U.S. industrial base. Nova is in ongoing discussions with U.S. govt agencies for phase 2.
- Strategic leverage to antimony, a U.S. critical mineral. Estelle includes exceptionally high antimony grades, reaching up to 60.5% Sb at Stibium and Styx. It is one of only two U.S. projects with near-term potential to produce antimony. Nova is advancing a direct-shipping ore pathway to refining and has secured industrial land for a potential downstream processing site.
- U.S. Department of War award accelerates antimony supply chain. Nova has secured a US$43.4 million award under the Defense Production Act to help fast-track a domestic antimony supply chain. This funding aligns with U.S. efforts to secure critical minerals and positions Nova as a potential supplier to defense and energy markets at a time of growing geopolitical urgency.
- Dual listing supports capital access. A listing on both NASDAQ and the ASX broadens visibility and access to capital across U.S. and Australian investor bases. The dual platform also supports engagement with institutional and strategic investors.
- Experienced, aligned team. Management has experience advancing projects from greenfields to production. Leadership and insiders have collectively invested more than US$5 million in the Company, aligning interests with shareholders.
- Solid balance sheet. Nova maintains a robust balance sheet with access to over A$86.3 million in funding comprising of, A$17.5 million in cash, US$43.4 million (A$65.5 million) 24-month award from the U.S. Department of War to support antimony production in Alaska, and approximately A$3.3 million in liquid investments and in the money warrants as of September 30, 2025. With no debt, this provides a solid foundation for Nova to advance its strategic objectives, supporting ongoing drilling, studies and early development work.
Updated on November 18, 2025.
*******************************************
Listen to our podcast:
Nova Minerals: Inside Alaska’s Gold and Antimony Strategy
*******************************************