Nova Minerals Secures $20M to Boost Alaskan Critical Minerals Project

MELBOURNE, AU – December 18, 2025 – Nova Minerals Limited has announced the pricing of a public offering expected to raise approximately $20 million in gross proceeds, a strategic capital injection aimed squarely at accelerating its flagship Estelle Gold and Critical Minerals Project in Alaska. The move comes as global supply chains for essential minerals face increasing strain and the U.S. government actively supports the development of domestic resources.

The Australian-based exploration company (Nasdaq: NVA, ASX: NVA) priced its underwritten public offering of 2,928,300 American Depositary Shares (ADS) at $6.83 per ADS. The funds are earmarked for a comprehensive suite of activities designed to push the Estelle Project from exploration toward development, underscoring a pivotal moment for the company and for Alaska’s growing role in U.S. resource security.

Financial Fuel for Alaskan Ambitions

The offering, managed by sole book-runner ThinkEquity and expected to close around December 22, 2025, provides Nova Minerals with vital capital. The proceeds will be funneled directly into advancing the Estelle Project, funding crucial next steps including expanded drilling programs, comprehensive feasibility and environmental studies, camp expansion to support larger operations, and navigating the complex permitting process for initial development.

Market reaction to the announcement was swift, reflecting the typical dynamics of capital raises in the junior mining sector. The company’s Australian-listed shares saw a 12% decline upon resuming trade. The offering price of $6.83 per ADS represents a discount from the stock's recent closing price of $8.14 on the Nasdaq earlier in the month, a common strategy to attract investors for a significant capital infusion. While such offerings can lead to shareholder dilution, for an exploration-stage company like Nova Minerals, which is not yet profitable, securing this level of funding is a critical lifeline that enables it to execute on its long-term strategy and unlock the value of its assets.

The financing is part of a broader capital strategy that recently included a proposed placement of new ordinary shares. This multi-pronged approach to funding highlights the company's determination to maintain momentum at a time when the strategic value of its project has never been higher.

Beyond Gold: Tapping a Multi-Metal Trove

While gold remains a major component of the Estelle Project, the site's potential extends far beyond the precious metal. Located in the prolific Tintina Gold Belt—a region that hosts world-class deposits like Kinross Gold's Fort Knox mine—the 514-square-kilometer project is a true multi-metal play. Nova has already defined a substantial resource of 9.9 million ounces of gold across four deposits, with ongoing infill drilling at its RPM prospect confirming the continuity of high-grade mineralization near the surface.

However, it is the project’s significant endowment of antimony and other critical minerals that is drawing increasing attention. The Estelle corridor contains over 20 advanced prospects, including several drill-ready antimony targets with massive stibnite vein systems visible at the surface. Geological estimates point to over 200,000 tons of antimony within the project area, a resource large enough to support mining operations for two decades or more.

Nova Minerals is actively working to advance a pre-feasibility study for the RPM deposit, with plans for a large-scale 15,000-meter drill program in 2025 to further delineate these vast resources and unlock the project's full strategic value.

Antimony: The Geopolitical Linchpin

The strategic importance of the Estelle Project is magnified by the global market dynamics for antimony. Designated a critical mineral by the U.S. government, antimony is indispensable for national security and key economic sectors. It is a crucial component in hardening lead for bullets and is used in armor-piercing technology, night vision goggles, and infrared sensors. The U.S. Department of Defense reportedly uses the mineral in over 200 ammunition types. Beyond defense, it is essential for manufacturing flame retardants, high-performance batteries for electric vehicles, and solar panels.

This broad utility is set against a backdrop of extreme supply chain vulnerability. The United States currently imports between 85% and 90% of its antimony, primarily from China and Russia. With China, the world's dominant producer, recently imposing export restrictions, the strategic risk has become acute. This geopolitical pressure has sent prices soaring. After jumping 54% in 2024, antimony prices skyrocketed in 2025, reaching an astonishing US$51,500 per tonne, up from just over $17,500 a year earlier. This price surge reflects a market scrambling for secure, reliable sources outside of geopolitical rivals.

A Strategic Partnership for National Security

Washington has taken notice. In a powerful endorsement of the Estelle Project's strategic value, the U.S. Department of War recently granted Nova Minerals $43.4 million in funding. This non-dilutive federal investment is specifically targeted to fast-track the development of a fully integrated, domestic antimony supply chain at Estelle.

The goal is ambitious and clear: to begin producing military-grade antimony as early as 2026 or 2027. This initiative is not just about mining ore; it includes plans for a dedicated antimony refinery at Port MacKenzie, for which the company has already secured a land use permit. This vertical integration is key to establishing a secure