Nova Minerals Secures $20M to Fuel Alaskan Critical Mineral Ambitions

MELBOURNE, Australia – December 18, 2025 – Nova Minerals Limited has announced the pricing of a public offering expected to raise approximately $20 million, a strategic capital injection aimed squarely at accelerating development of its flagship Estelle Gold and Critical Minerals Project in Alaska. The move underscores a critical juncture for the exploration company as it navigates volatile markets to fund a project of increasing national importance.

The offering of 2,928,300 American Depositary Shares (ADS) was priced at $6.83 per share. While the infusion of capital is essential for the company's ambitious plans, the announcement was met with a predictable market dip, as Nova's shares on the Australian Securities Exchange (ASX: NVA) fell 12% upon resuming trade, reflecting typical investor concerns about shareholder dilution.

The Financial Blueprint for Expansion

The underwritten offering, managed solely by ThinkEquity, provides Nova Minerals with the financial firepower to aggressively advance the Estelle Project. The proceeds are earmarked for a comprehensive suite of activities, including further drilling and exploration, extensive feasibility and environmental studies, expansion of the on-site camp, and securing necessary permits for initial development.

This funding arrives at a crucial time for the exploration-stage company, which, like many of its peers, is not yet profitable and has reported recent losses. The capital raise is designed to bridge the gap from exploration to potential production, de-risking the project and moving it closer to generating revenue. The offering also includes a 45-day option for underwriters to purchase up to 439,245 additional ADSs, potentially increasing the total funds raised.

This public offering is part of a broader capital-raising strategy, which also includes a recently proposed placement of over 40 million new ordinary shares. Together, these efforts are intended to fully fund the company's operational roadmap for 2025, a year poised to be transformative for the Estelle Project.

Alaska's Role in Bolstering US Resource Security

The significance of the Estelle Project extends far beyond its balance sheet impact for Nova Minerals. Located in the prolific Tintina Gold Belt, the project is a key potential source of antimony, a mineral designated by the U.S. government as critical to both economic and national security.

Antimony is an essential component in a vast array of defense applications, including hardening lead in bullets, primers, armor-piercing technology, night vision goggles, and infrared sensors. Its properties also make it a crucial flame retardant and a key ingredient in the lead-acid batteries used for energy storage and electric vehicles.

The United States is currently in a precarious position, importing between 85% and 90% of its antimony, primarily from geopolitical rivals China and Russia. This dependency has become more acute as China, the world's dominant producer, has imposed export restrictions. The resulting supply squeeze has sent prices skyrocketing, with antimony surging an astonishing 54% in 2024 and reaching a record US$51,500 per tonne in 2025.

This geopolitical and market volatility has cast a bright spotlight on potential domestic sources. The U.S. Department of War has already validated the strategic importance of Estelle, awarding Nova Minerals a $43.4 million grant to fast-track the development of a fully integrated antimony supply chain. The explicit goal is to target military-grade antimony production as early as 2026, a clear signal of the project's alignment with national security objectives.

Beyond Gold: Unlocking a Multi-Metal Alaskan Trove

While the Tintina Gold Belt is famous for its vast gold deposits, Nova Minerals' Estelle Project is a compelling multi-metal play. The 514-square-kilometer site already boasts a defined resource of 9.9 million ounces of gold, but its potential as a major antimony producer is becoming a central part of its value proposition.

Geological assessments of the project, which spans a 35-kilometer-long mineralized corridor, indicate the presence of over 200,000 tons of antimony. Prospectors have identified several drill-ready antimony prospects with massive, outcropping stibnite vein systems visible at the surface, suggesting significant untapped potential.

The new funding will directly support a large-scale, 15,000-meter drill program planned for 2025. This program is designed to both expand the existing gold resources and, critically, to delineate the extent and grade of the antimony deposits. It will also fuel the completion of a pre-feasibility study for the project's RPM deposit, a key milestone expected in the coming year.

With the financial runway secured through its latest offering, Nova Minerals is positioned to aggressively pursue its dual objectives at Estelle. The successful execution of its 2025 work program will be a critical test, with drill results and development milestones serving as the primary measures of success. The progress at Estelle will be watched closely not only by investors but also by policymakers looking to Alaska to help secure America's critical mineral independence.