Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has secured a 9.4% interest in Adelong Gold Limited (ASX: ADG), an Australian gold–antimony explorer and near-term producer. The investment aligns with Nova’s strategy to back undervalued, high-growth resource companies, while continuing to progress its flagship Estelle Gold and Critical Minerals Project in Alaska.
Chief executive Christopher Gerteisen said Adelong represented “a unique investment opportunity, combining near-term gold production potential with significant high-grade exploration upside and future antimony prospects.
“With drilling now underway at the high-priority Apollo and Lauriston prospects — strategically located near Agnico Eagle’s world-class Fosterville Mine — Adelong is ideally positioned to potentially leverage strong gold market conditions and multiple exploration catalysts.
“Lauriston’s historical production of approximately 233,000 ounces at an average grade of 20.7 g/t gold from shallow depths highlights the strength of the system, while recent drilling has delivered exceptional results, including 8m @ 104 g/t Au, with 2m @ 413 g/t Au from 95m.”
Strategic rationale
Nova stated that its strong balance sheet allows it to pursue growth investments without slowing development at Estelle.
Adelong provides exposure to near-term production, exploration catalysts, and diversification across Australia and Brazil.
Current drilling at Apollo and Lauriston in Victoria has already returned high-grade results, including 8 metres at 104 grams per tonne gold with 2 metres at 413 grams per tonne from 95 metres. Historical production at Lauriston totalled about 233,000 ounces at an average grade of 20.7 grams per tonne gold.
Investment terms
Nova will subscribe for 200 million fully paid shares in Adelong at A$0.005 each, totalling A$1 million.
The deal includes 200 million ADGOA options exercisable at A$0.008 until 2029, and a First Right of Refusal over any future antimony offtake agreements. Nova will also receive 50 million options if it introduces a qualifying North American antimony project.
Louie Simens will join the Adelong board as Nova’s nominee. Shares will be escrowed for 12 months, with Nova eligible to participate in future raises on a FROR basis.
Estelle Project focus
While investing in Adelong, Nova confirmed that Estelle remains its main focus.
The drilling season is nearing completion, with samples submitted for assay. Upcoming catalysts include surface exploration results, metallurgical test work, and an updated Mineral Resource Estimate.
The company is also advancing an application for US Department of Defense grants to support its antimony project. Estelle, located in Alaska’s Tintina Gold Belt, hosts multiple multimillion-ounce gold resources and several antimony prospects.
About Adelong Gold
Adelong is progressing the Adelong Goldfield Project in New South Wales, which contains a 188,000-ounce resource with near-term production potential.
In Victoria, it is drilling the Apollo and Lauriston projects, the latter adjacent to Agnico Eagle’s Fosterville Mine. Both assets carry significant gold and antimony potential.
Beyond gold, Adelong holds early-stage lithium tenements in Brazil’s “Lithium Valley” and Borborema regions, providing exposure to battery metals. With its diversified portfolio, Adelong is positioned to transition from exploration to production while maintaining leverage to high-grade exploration success.