A $ 12 million funding to propel the growth strategy

Melbourne, Sep 27, 2021 AEST (ABN Newswire) – Nova Minerals Limited (ASX: NVA) (FRA: QM3) (OTCMKTS: NVAAF) is pleased to announce that the Company has received firm commitments to raise up to $ 12 million (before fees) (“Offering”). Evolution Capital Advisors acted as lead investment manager.

The net proceeds of the offering will be used to accelerate resource development and growth as we continue our path towards gold production while further unlocking the Estelle Gold District.

– Strong interest from institutional and sophisticated investors at a price of 15.4% 30-day VWAP discount

– A reduced fundraising of $ 12 million will add liquidity and will be used to accelerate ongoing drilling programs with additional rigs to accelerate the 4.7 Moz Korbel deposit from Nova to PFS, to continue resource development at RPM, as well as generating drill targets to advance numerous other prospects through the Estelle gold district. Aggressive fill and extension drilling is underway at Korbel Main, which is currently focusing on the high-grade SE feeder zone with the goal of significantly increasing the resource by 4.7 Moz (ASX April 7, 2021, Table 1) and improve the size and confidence of the resource to accelerate Project Feasibility Studies.

– RPM remains on track for a pristine resource by the end of 2021 with the first results now in the fire assay stage in the laboratory

– 4.7Moz Korbel Main remains on track for resource update by end of 2021

– Status update of Snow Lake Resources (majority owned lithium company) soon

– Mineralization remains open along the northwest and southeast direction with an expected length of over 3 km of continuous gold mineralization

– Pending assay results for over 10,000m of drilling on both Korbel Main and RPM

– Investment proceeds to be financed:

o Extension and definition drilling in progress of the current main gold deposit of 4.7 Moz Korbel

o Continuous drilling to expand the global resource inventory at Korbel Main throughout 2021 in the Korbel Valley (block A and block B), southeast extension of block B, blocks C and D, Cathedral, You Beauty, Isabella and Sweet Jenny

o Continuation of resource development drilling at RPM with a first resource expected in 2021

o Regional exploration of advanced targets to unlock the wider Estelle gold district

o Completion of the re-optimized scoping study on the latest material drilling results and environmental risk reduction studies of the project at an early stage leading to accelerate the start of the PFS.

NVA CEO Mr. Christopher Gerteisen commented: “During 2021, Nova’s intention and strategy is to continue its aggressive and systematic approach to resource development by focusing on increasing the current resource of 4.7 Moz to Korbel, both in size and confidence, while simultaneously advancing studies on Korbel. to advance the project to the feasibility stage, while also unlocking the wider Estelle Gold District.In addition, the first phase of drilling at RPM is now complete and assays are pending with a Maiden resource to follow more late this year.

This capital increase was born out of the interest of institutional investors and the need to strike a delicate balance between finding the least dilutive financing option, while ensuring that the Company has sufficient capital to move on to the next one. stage of its development. The company has multiple mandates and funding offers and this one was the fastest and cleanest ever presented to us. As the market knows, exploration is capital intensive and we do not want to slow down our momentum on the Estelle gold district. We will be drilling all winter and we have intensified our testing work, conducting environmental and metallurgical studies at the PFS level, in line with our strategy to accelerate production from the Korbel Main deposit while unlocking the great gold district of Estelle. . We believe that a minor dilution effect is largely offset by the financial security this capital provides by ensuring continued exploration and development at Estelle relentlessly from a risk management perspective.

The fourth quarter should be a time of transformation for Nova and its shareholders. We are delighted to obtain this support from quality investors at this stage of the Company’s development. Our company’s strategy for the future also involves unlocking value in the world-class Thompson Brothers Lithium project in Canada.

Nova now holds sufficient cash and cash equivalents to bring the Company to feasibility studies with access to additional financing facilities to ultimately bring us to a mining and construction decision. This places the company in an extremely strong position to achieve our goal of advancing Korbel Main’s Tier 1 gold asset into production while simultaneously unlocking the great Estelle Gold District, as we demonstrated last week. .

In addition, our Snow Lake Resources majority-owned resources are growing rapidly and we will provide further information when appropriate. In addition, our RotorX investment promises to be significant added value for Nova. RotorX is currently a cash-generating company with a strong team of engineers to accelerate the deployment of their eVTOL.

We are really just starting out at Nova and exciting times lie ahead for our shareholders. ”

Use of funds and financing

The Company currently has three diamond rigs and one RC rig on site at Korbel and RPM. The new funds will accelerate extension and definition drilling on the 4.7 Moz Korbel main prospect with additional drilling to be added shortly.

The main Korbel system remains open along strike and at depth (Figure 1), with several platforms currently testing extension targets running northwest to Isabella and the South Extension Power System. is, as well as infill for data density for a higher category resource upgrade. As recent fieldwork shows at Korbel Main (Block A and Block B), Southeast Extension of Block B, Blocks C and D, Cathedral, You Beauty, Isabella and Sweet Jenny, considerable reach exists within the boundaries. from the Korbel perspective. to further add to the deposit and footprint of short-term mineralization.

The timeliness of the Estelle gold project continues to be an important objective for the Company. Nova will allocate more resources to continue advancing resource development at the RPM deposit, as well as the recently discovered one. Beyond Korbel Main, the Greater Korbel Valley region and RPM, there are several additional finds throughout our 324 km2 of contiguous land, for example. The Stoney Au-Ag-Cu prospect and the Train Au prospect, delineating a mineralized direction of 30 km that we have not yet tested by drilling (Figure 2). There are other large areas with great promise and anomalous areas that also require additional reconnaissance exploration work to progress.

Funding will be allocated to a range of additional areas, including:

– Resource expansion and definition drilling on the main 4.7 Moz Korbel gold deposit (Table 1 *) to increase tonnages and resource categories.

– Drilling testing the rest of the Korbel valley (block A and block B), south-eastern extension of block B, blocks C and D, Cathedral, You Beauty, Isabella and Sweet Jenny

– Additional RPM drilling and regional exploration of advanced targets to unlock the wider Estelle gold district;

– Scoping study, to be completed after the main Korbel gold deposit of 4.7 Moz to increase tonnages and resource categories and the PFS to start for Korbel Main immediately after;

– Further risk reduction studies of the project at an early stage to expedite permits and approvals, which includes, but is not limited to, environmental, social and economic assessments;

– Site infrastructure improvements, including sample processing, hosting, access and communications to further reduce exploration costs;

– General working capital.

Continuous resource growth and discovery drilling, metallurgical testing, updated resource estimate and PFS and ESG studies – $ 10 million.
General Working Capital and Offering Costs – $ 2.0 million.
TOTAL $ 12.0 million

A total of A $ 12 million before fees was raised through the issuance of 109,090,910 common shares at an issue price of $ 0.11 per share. The placement was valued at 15.4% off the 30-day VWAP.

Evolution Capital Advisors acted as lead investment manager.

The new shares issued within the framework of the Placement will rank pari passu with the existing ordinary shares of the Company at the time of issue. The Placement will be carried out in a single tranche and will be carried out using the capacity available to the Company under Listing Rule 7.1 and will not require shareholder approval.

Settlement of the Placement’s shares is expected to take place on or around Wednesday October 6, 2021 and listing on ASX on Thursday October 7, 2021.

* To view tables and figures, please visit:

About Nova Minerals Limited

Nova Minerals Ltd.Nova Minerals Limited (ASX: NVA) (FRA: QM3) (OTCMKTS: NVAAF) is a dynamic explorer and developer of its flagship Estelle gold district in the Tintina gold belt. Nova’s strategy is to substantially increase the current resource of 4.7 Moz on the Korbel prospect. Subsequently, continue to lock in value by moving Korbel to production while increasing the resource base through the target pipeline in the Estelle Gold District. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX: TNR) and RotorX Aircraft Manufacturing Co.

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