Highlights

  • Alaska regulators approved Nova's Plan of Operations and Reclamation Plan, completing permitting for its antimony project in October.
  • A US$43.4 million Department of War award fully funds Phase 1 of the planned antimony Supply chain.
  • All key processing equipment reached Port MacKenzie by 6 October 2026, and early earthworks are underway there.
  • The 2026 Estelle field season ended with about 8,000 meters of diamond drilling, with assay results still pending.

Final state approvals announced on 27 October 2026 have cleared the regulatory path for the Alaska antimony project of Nova Minerals Corp (NYSE American:NVA), shifting the company's focus from permitting to execution. The Alaska Department of Natural Resources approved its Plan of Operations and Reclamation Plan about three months after submission, completing the permits required for the project for an initial three-year term.

The approvals cover stibnite Mining at the Styx and Stibium prospects, ore sorting and processing at the Whiskey Bravo site within the Estelle Project, and Downstream processing and refining at Port MacKenzie. Chief Executive Christopher Gerteisen described the permits as a major milestone.

From Equipment Delivery to Construction at Port MacKenzie

Phase 1 is fully funded by a US$43.4 million Defense Production Act Title III award that Subsidiary Alaska Range Resources received from the US Department of War in October 2025. The 24-month firm fixed-price arrangement supports a pilot-scale Facility to produce military-grade antimony trisulfide, and the department may modify or terminate the award.

All key equipment for the planned processing plant and refinery arrived at Port MacKenzie on 6 October 2026, following a barge shipment of more than 40 containers in September. The final delivery included two ball mills, a jaw crusher and hydraulic filter presses obtained from a decommissioned North American site. Engineering and metallurgical test work is complete, with a flowsheet designed to produce antimony trisulfide and grade II antimony metal above 99.65% purity.

Rail Link and Estelle Field Program Advance

On 19 October 2026, a US$249 million federal grant was announced to complete the final stages of the 32-mile Port MacKenzie Rail Extension, a US$311 million project linking the port to the Alaska Railroad main line. Nova plans a direct rail siding at Port MacKenzie to move antimony and other critical minerals to its processing hub.

At Estelle, three rigs completed about 8,000 meters of diamond drilling between June and September, including about 4,200 meters of infill and expansion drilling at the RPM gold deposit. The company also extracted 100 tons of antimony ore at Styx for initial downstream feed. The project hosts a gold resource of about 5.17 million ounces across all categories, about 4.41 million ounces attributable to Nova's 85% interest, with no reserves established.

Production Target, Redomiciliation and Funding Risk

Nova is targeting first antimony production in 2027. Planned work includes building the Port MacKenzie facility, the Whiskey Bravo crushing and ore-sorting plant, the Korbel-Stibium access road and an airstrip expansion for C-130 aircraft, alongside continued gold pre-feasibility studies.

The group redomiciled from Australia to the United States through a scheme of arrangement effective 16 June 2026, with Nevada-incorporated Nova Minerals Corp becoming the parent. Its common stock began trading on NYSE American on 17 June 2026, while CHESS depositary interests trade on the ASX. Its Annual Report for fiscal 2026 ended 30 June disclosed substantial doubt about its ability to continue as a going concern. Shares closed at US$3.81 on 30 October 2026, up 8.86% on the day, giving a market Capitalization of about US$145.52 million.