Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has moved to broaden its US capital markets presence, filing a registration statement with the US Securities and Exchange Commission (SEC) for a proposed secondary public offering of its American Depositary Shares (ADSs).
Each ADS represents 60 of the company’s ordinary shares. All ADSs in the offering will be issued by Nova itself, with the net proceeds earmarked for exploration and development activities at its flagship Estelle Gold and Critical Minerals Project in Alaska.
While the filing includes an assumed ADS price of US$12.56 — based on the Nasdaq closing price on June 30 — the company stressed that the final terms of the offering, including pricing and size, remain undetermined and are subject to market conditions. It also noted that the offering will proceed only once the registration is declared effective, and in accordance with US securities laws.
Funds to accelerate resource growth and feasibility work
Nova plans to direct proceeds from the offering towards a broad scope of work at Estelle, including additional drilling, exploration campaigns, feasibility studies and general working capital.
The offering will be conducted under the company’s existing placement capacity in line with ASX Listing Rules 7.1 and 7.1A, with ThinkEquity appointed as the sole book-running manager.
Nova’s ordinary shares will continue trading on the ASX under the ticker NVA, while its ADSs and public warrants will remain listed on the Nasdaq Capital Market under NVA and NVAWW, respectively. Its shares also trade on the Frankfurt Stock Exchange (QM3) and OTC Pink market in the US (NVAAF).
Expanding presence in North America’s critical minerals sector
Nova’s Estelle Project, about 150 kilometres northwest of Anchorage in Alaska’s prolific Tintina Gold Belt, spans more than 500 square kilometres of mineral-rich ground. The company holds an 85% interest in the project, which includes more than 20 gold and antimony prospects along a 35-kilometre mineralised corridor.
Nova has already defined multi-million-ounce gold resources at Estelle and is advancing several antimony targets, where outcropping stibnite vein systems suggest strong critical minerals potential. Earlier this year, the company reported rock chip samples grading up to 52.3 g/t gold at the Stibium zone.
The company is also pursuing potential US government grant support to develop Estelle’s antimony assets, aligning with broader efforts to secure domestic supplies of critical minerals. The United States Geological Survey (USGS) has recognised antimony as a mineral essential to national security, used in defence, energy storage, and semiconductor applications.
Read more: Nova Minerals advances US grant applications ahead of Stibium gold-antimony drilling at Estelle
In parallel with its exploration and development push, Nova has taken steps this year to strengthen its balance sheet through debt reduction and the divestment of non-core assets.