Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) will complete a forward split of its American Depositary Shares (ADSs) to better align its US trading price with peers and improve liquidity, while leaving its ASX-listed ordinary shares and total issued capital unchanged.
Nova has cemented its first-mover advantage as a strategic supplier of military-spec antimony for the United States, targeting production in 2026-27. Hot on the heels of securing a US$43.4 million (A$65.5 million) Department of War funding win, Nova has now acquired prime industrial land adjacent to Alaska’s deep-water Port MacKenzie for a state-of-the-art antimony refinery. This strategic location gives Nova a commanding lead over peers in the race to establish domestic antimony production, ensuring rapid development of commercial opportunities tied to its 9.9Moz gold and critical minerals Estelle Project in Alaska. The company is also in active discussions with the US Government for additional funding to accelerate its antimony hub, further strengthening its role in securing a robust domestic critical minerals supply chain.
Read more: Nova Minerals tapped to brief US talks on critical minerals as Estelle targets 2026/27 antimony
The timing is excellent, with Nova’s pipeline brimming with catalysts: imminent resource updates for antimony and gold that promise to elevate its profile as a top-tier supplier, bolstered by the Department of War grant and prime real estate at Port MacKenzie for downstream processing of military-grade antimony. Coupled with gold drilling results that underscore Estelle’s multi-million-ounce potential, these developments propel Nova into direct alignment with sector peers like Perpetua Resources Corp. (NASDAQ: PPTA), currently trading at US$27 per share with a market capitalization of A$4.6 billion, and U.S. Antimony Corporation (NYSE American: UAMY), commanding US$13.76 per share and a A$2.60 billion market cap. As Nova’s fundamentally is in line with its peers, the Company is poised to command comparable valuations, reflecting the immense leverage embedded in its portfolio.
The split changes the ADS ratio from 1 ADS representing 60 ordinary shares to 1 ADS representing 12 ordinary shares — effectively a 5-for-1 split of the NASDAQ security. The ADR record date is October 27, 2025, with payment and effective dates on October 28, 2025. The first day of trading under the new ratio is expected to be October 29, 2025 (US time). Holders on the record date will receive four additional ADSs for every one ADS held. Existing ADSs remain valid and do not need to be exchanged.
The Bank of New York Mellon, Nova’s depositary, will temporarily close the ADR register for issuances and cancellations from the close of business on October 24, 2025, with reopening anticipated on October 30, 2025. The ADSs continue to trade on NASDAQ under the ticker NVA.
Chief executive Christopher Gerteisen said the move is aimed at broadening access for North American investors as Nova advances its gold and antimony assets toward production: the split “is designed to better align our US trading price with that of our peers, enhance liquidity, and attract a broader base of institutional and retail investors.”
Warrant terms adjusted
In line with the split, Nova’s listed NASDAQ warrants (NVAWW) will be adjusted under the company’s warrant agreements. The exercise price will decrease from US$7.266 per ADS to US$1.4532 per ADS, and the exercise ratio will adjust from one warrant for one ADS to one warrant for five ADSs — keeping the aggregate exercise consideration per warrant unchanged. Private warrants will be adjusted on the same basis.
No impact on underlying ordinary shares
Nova emphasised the corporate action does not affect the number or nominal value of its underlying ordinary shares on the ASX, nor the company’s total shares on issue. The action solely increases the number of NASDAQ-traded ADSs by altering the ADS-to-ordinary share ratio.
Nova is developing the Estelle Project in Alaska’s Tintina Gold Belt, holding 514 km² of state mining claims across a 35-kilometre mineralised corridor with multiple gold and antimony prospects, including two defined multi-million-ounce resources.