Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF, FRA:QM3) has highlighted December 2025 quarterly progress led by its securing of US$43.4 million (A$65.5 million) in non-dilutive funding from the US Department of War (DoW), fully funding stage one development of a domestic antimony supply chain at its Estelle Project in Alaska.
The company said the Defense Production Act Title III award materially strengthened Nova’s balance sheet and supports its strategy to become a fully integrated US-based producer of military-grade antimony, with first production targeted for late 2026 to early 2027.
Nova’s proposed fully secured and integrated US domestic antimony supply chain plan
Antimony development and execution
Following receipt of the DoW funding, Nova progressed a number of execution milestones during the quarter aimed at accelerating antimony development at Estelle.
The company commenced procurement of critical mining and processing equipment for a starter antimony mining operation and a downstream refinery at the deepwater Port Mackenzie site. Industrial-zoned land was secured for the proposed refinery, and permitting activities advanced with support from federal, state and local authorities.
Photo of the proposed Port MacKenzie refinery site land area, where Nova has obtained land use rights
Equipment shipments were under way at quarter end, with delivery expected in early 2026. Nova said the early procurement and infrastructure planning positions it to move quickly towards first production once on-site construction and commissioning activities begin.
Nova has identified seven antimony prospects across the Estelle Project to date and is targeting establishment of a fully domestic supply chain to support US defence and industrial markets.
CAT front end loader purchased as part of the mining fleet for onsite operations
Gold asset progress at Estelle
Alongside antimony execution, Nova continued to advance its gold portfolio at Estelle, one of the world’s largest undeveloped gold systems, comprising more than 20 prospects and several defined multi-million-ounce deposits.
The company completed its 2025 drilling program at RPM North and RPM Valley during the quarter, with results released post-period in January 2026. Those results confirmed that mineralisation remains open at depth and below current pit shells and are expected to support an increase in measured and indicated mineral resources.
Pre-feasibility study work also continued, including metallurgical test work, mine planning and optimisation studies to support potential development pathways for Estelle’s gold assets.
Funding and corporate position
At the end of the December quarter, Nova reported access to more than A$106 million in funding, comprising A$59.2 million in cash, the remaining US$30.4 million of DoW funding, liquid investments and in-the-money warrants. The company reported no debt.
In December, Nova also completed an underwritten Nasdaq capital raising of about US$20 million to support ongoing exploration, feasibility work, permitting and working capital requirements.
During the quarter, Nova was also invited to brief Australian Ambassador to the United States Kevin Rudd following the DoW funding award, highlighting the strategic importance of the Estelle Project in securing a domestic US antimony supply chain.