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Highlights

  • Nova Minerals completed an underwritten public offering of 1.2 million ADS at USD 9.25 each, raising USD 11.1 million.

  • Proceeds will fund exploration and drilling activities at the Estelle Gold and Critical Minerals Project in Alaska.

  • Nova shares rose 12.58% to 26.5 cents on 17 July 2025 following the announcement.

Nova Minerals Limited (ASX:NVA; NASDAQ:NVA, NVAWW; OTC:NVAAF; FSE:QM3) has announced the successful closing of an underwritten public offering of American Depository Shares (ADS), securing gross proceeds of approximately USD 11.1 million. The proceeds will be directed toward resource expansion and exploration initiatives at the company’s flagship Estelle Gold and Critical Minerals Project in Alaska.

The offering involved the issuance of 1,200,000 ADS, each representing 60 ordinary shares, at a price of USD 9.25 per ADS. The total 72,000,000 ordinary shares represented by the ADS (equivalent to approximately AUD 16.91 million) were issued using Nova’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Specifically, 39.7 million shares were allocated under LR7.1 and 32.3 million under LR7.1A.

ThinkEquity acted as the sole book-running manager for the offering. Subject to shareholder approval, Nova will also issue warrants to the underwriters to subscribe for an additional 60,000 ADS, representing 3.6 million ordinary shares. If the overallotment option is fully exercised, the warrants could rise to 66,000 ADS or 3.96 million ordinary shares.

The company intends to deploy the capital raised toward further drilling, feasibility studies, and general working capital requirements. These efforts are aimed at accelerating progress across its 514 km² Estelle Project, located approximately 150 km northwest of Anchorage in Alaska’s prolific Tintina Gold Belt.

Nova’s Estelle Project hosts over 20 advanced gold and antimony prospects along a 35 km mineralised corridor. The project already includes two defined multi-million-ounce gold resources and several drill-ready antimony targets, with surface outcroppings of stibnite vein systems.

In connection with the offering, a registration statement was filed with the U.S. Securities and Exchange Commission and became effective on 14 July 2025. The final prospectus can be obtained from ThinkEquity’s New York office.

On the ASX, Nova shares responded positively to the capital raising news, climbing 12.58% to close at AUD 0.265 on 17 July 2025.

The Estelle Project continues to be a key development for Nova Minerals, situated in a region known for hosting significant gold and antimony deposits, including Barrick’s Donlin Creek and Kinross’s Fort Knox operations.