Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) continued to advance its dual gold and antimony strategy during the September 2025 quarter, delivering substantial operational, financial, and strategic progress across its flagship Estelle Project in Alaska. The period was marked by the completion of the 2025 drilling and surface exploration programs, significant engagement with US and Alaskan government stakeholders, and the award of US$43.4 million (A$65.5 million) in funding from the US Department of War — one of the largest recent federal investments in domestic critical minerals. Backed by a strong cash position of A$17.5 million and no debt, Nova entered the next phase of development with growing momentum, advancing both its large-scale gold resources and plans for a fully integrated antimony supply chain to strengthen US mineral independence
Operational progress at Estelle
The quarter was marked by an active field season across the Estelle Gold Project in Alaska. Nova completed its 2025 drilling and surface exploration programs, with assays pending. Executive visits to Alaska, Washington DC, and New York built momentum with investors and policymakers, strengthening Nova’s government and community ties.
Key stakeholder engagement included meetings with Alaska Governor Mike Dunleavy, US Senator Lisa Murkowski, and representatives from Alaska’s congressional delegation and local tribes, all expressing strong support for Estelle and associated infrastructure like the West Susitna Access Road and Port MacKenzie upgrades.
The West Susitna Access Road achieved major permitting progress, with construction expected to start in 2025 and finish in 2026/27. The 100-kilometre transport link will reduce logistics costs and improve access to Estelle, enhancing project economics.
Gold exploration and test work
At RPM, drilling targeted extensions east and west of RPM North to connect with the RPM Valley zone, while shallow RC drilling tested glacial deposits containing 1.1 g/t Au material derived from RPM North.
2025 RPM drilling. Bottom left: Diamond rig at RPM North, Bottom right: Diamond rig at RPM Valley. Centre: RC rig at the RPM glaical lobe area.
Early geological observations indicate mineralisation consistent with previous high-grade intercepts, with assays due shortly. Hydrology wells were installed to improve understanding of groundwater systems, feeding into the project’s environmental baseline.
At Korbel, shallow RC drilling tested a potential higher-grade starter pit, with results also pending. Meanwhile, regional surface sampling expanded coverage across Korbel, Tomahawk, Portage Pass, Styx, and Train zones — areas offering significant potential for new discoveries.
Metallurgical test work advanced during the quarter, delivering strong results from RPM ore sorting and heap leach trials. A 1,000 kg bulk test upgraded ore from 1.32 g/t Au to 5.72 g/t Au using Steinert Mining technology — a 4.3-fold increase — while lower-grade material achieved 68.7% gold recovery in heap leach tests. The conceptual flowsheet (below) outlines an optimised dual-path process combining CIP/CIL treatment for high-grade ore and ore sorting with heap leach for lower-grade feed.
High-level conceptual flowsheet for Estelle RPM ore.
Antimony program gathers pace
The DoW award highlights the strategic significance of Nova’s dual-commodity approach — combining development of Estelle’s large gold resource with fast-tracked progress in antimony, a critical mineral essential to US defense and industrial supply chains. The grant will fund drilling, studies, mine and refinery equipment, and construction to establish a fully integrated US antimony supply chain by 2026–27.
Phase 2 proposed fully secured and integrated US domestic antimony supply chain in Alaska.
Following the DoW award, Nova initiated the first phase of its US Defense Production Act program, including drilling, ore stockpiling, and the securing of 42.81 acres of refinery land at Port MacKenzie — the only dedicated industrial-zoned site for US antimony refining. Over 30 tonnes of stibnite ore (10–30% Sb) have already been stockpiled for near-term processing.
Ore sorting tests at the Styx prospect demonstrated significant upgrading potential, improving feed from 15.2% to 35.2% Sb (a 2.3-fold increase) and confirming compatibility between antimony and gold circuits. Phase 2 discussions with U.S. agencies are underway to scale up production to include antimony oxide and metal products.
Ore sorted material from a single pass grading 49.1% antimony trisulfide (35.2% Sb).
Strong cash position
Nova Minerals entered the September 2025 quarter with robust financials, with over A$86.3 million in available funding comprising A$17.5 million in cash, a US$43.4 million (A$65.5 million) 24-month funding award from the US Department of War (DoW) to advance antimony production in Alaska, and approximately A$3.3 million in liquid investments and in-the-money warrants.
During the quarter, Nova raised US$12.1 million (A$18.4 million) via a US offering to fund drilling, feasibility work, and working capital. It also made a strategic 7.8% cornerstone investment in Adelong Gold Ltd (ASX: ADG), a high-grade gold-antimony explorer operating projects in Australia and Brazil. Notably, Adelong’s Lauriston Project near Fosterville has reported intercepts such as 8m @ 104 g/t Au including 2m @ 413 g/t Au from 95m.
Operating expenditures totalled A$6.1 million, mainly for exploration, feasibility, and camp operations. Administrative and corporate expenses reached A$617,000, while A$491,000 covered audit, tax, and legal fees. Payments to related parties totalled A$268,000. Net cash inflow from financing activities stood at A$17.2 million, bringing quarter-end cash to A$17.5 million.
Importantly, the company remained debt-free.
Outlook
Nova enters the December quarter with strong momentum and funding certainty. Key priorities include:
- Release of assay and metallurgical test results
- Updated Mineral Resource Estimate
- Progress on PFS and permitting
- Procurement of mining and processing equipment
- Advancements on the antimony refinery project and the West Susitna Access Road.
The company’s strengthened US partnerships, resource expansion drilling, and dual gold–antimony focus could position the company for substantial value creation in the months ahead.