Nova Minerals Ltd has delivered a strong March 2025 quarter, advancing its Estelle Gold and Critical Minerals Project in Alaska through new high-grade gold discoveries, expanding surface mineralisation, and progressing pre-feasibility study (PFS) activities.
The quarter also saw significant corporate developments, with the company securing a debt-free balance sheet and pursuing strategic US defence sector engagement around its critical antimony assets.
High-grade surface assays of up to 360 grams per tonne (g/t) gold at Wombat, and up to 56.7% antimony at Stibium, continue to confirm the scale and multi-element potential of Nova’s portfolio.
In parallel, gallium results at Wombat and antimony mineralisation at Stibium strengthen the company’s positioning in the United States’ critical minerals supply chain.
High-grade discoveries at Wombat and RPM
The March quarter saw the final assay results from the 2024 surface sampling campaign across the Wombat, RPM Regional, and Stoney prospects.
At Wombat, Nova reported exceptionally high-grade gold from follow-up rock sampling along a 1-kilometre strike, with up to 360 grams per tonne (g/t) gold (Au), and seven samples grading above 2 g/t Au.
Importantly, multi-element analysis also revealed critical gallium concentrations, with 10 samples exceeding 30 parts per million (ppm) gallium (Ga), and one reaching 74.5 ppm Ga.
Gallium has been identified as a strategic metal by the US following China’s export ban.
In the RPM Regional area, Nova reported further RPM-style gold mineralisation, with 20 rock samples grading above 1 g/t Au and a peak of 52.3 g/t Au.
Soil samples also returned strong results, including a high of 4.8 g/t Au. Additionally, glacial till sampling across a 1.7 kilometre transect revealed consistent mineralisation averaging 1.1 g/t Au, confirming the scale of dispersion in the region.
Stoney and Stibium highlight antimony potential
Sampling at the Stoney prospect outlined a broad polymetallic anomaly containing gold, silver, copper, and antimony. The mineralised structure is exposed over a 10 metre width, 300 metre vertical relief, and 1 kilometre strike.
At the Stibium prospect, assay results defined an 800 metre by 400 metre zone rich in gold and antimony, earmarked for resource drilling. Highlights include:
- 16 rock samples over 5 g/t Au, including seven over 20 g/t Au and a maximum of 141 g/t Au;
- 35 high-grade soil samples over 1 g/t Au (peak: 25.6 g/t Au);
- 11 rock samples exceeding 30% antimony (Sb), with a maximum of 56.7% Sb;
- 10 soil samples exceeding 0.1% Sb (peak: 2.8% Sb)
Strategic engagement and PFS progress
Nova’s CEO, Christopher Gerteisen, attended multiple US defence contractor conferences and held meetings in Washington D.C. as the company advances its applications for grant funding to support domestic antimony supply.
During the quarter, pre-feasibility activities continued across metallurgical, environmental, and trade-off study workstreams. These efforts support the company’s near-term objective of advancing Estelle’s multiple deposits toward development readiness.
Corporate update and financial position
As at 31 March 2025, Nova held A$13.08 million in cash and was debt-free following the full conversion of its convertible loan by Nebari Gold Fund 1, LLP in January. Key cashflow movements during the quarter included:
- A$10.5 million from the sale of Snow Lake shares
- A$1.5 million from the exercise of Nasdaq-listed warrants
- A$1.1 million in exploration and evaluation expenditure
- A$403,000 in administration and corporate costs
- A$301,000 toward antimony grant consulting, audit, tax, and legal expenses
- A$264,000 in related party payments covering director and executive remuneration
Outlook and next steps
Looking ahead, Nova Minerals will focus on:
- Progressing potential US Department of Defense grant funding for antimony development
- Continuing metallurgical and environmental test work
- Releasing material PFS trade-off study outcomes
- Advancing infrastructure permitting, including updates on the West Susitna Access Road
- Finalising drilling and surface exploration plans for 2025
- Delivering updated Mineral Resource Estimates (MREs) to both JORC and S-K 1300 standards for gold and antimony
With a pipeline of over 20 prospects and increasing government interest in critical minerals, Nova remains well-positioned to build a globally significant gold and antimony project in Alaska.