Nova Minerals Begins Drilling at Estelle Gold Project: A Major Step Towards Production

Project Overview

Nova Minerals Limited has initiated a significant phase of resource definition drilling and exploration at its Estelle Gold Project, located in the Tintina Gold Belt in Alaska. The project spans over 500 km² and is seen as North America's next major gold project. The company aims to increase and prove-up resources to the higher confidence Measured and Indicated categories through its Pre-Feasibility stage drilling at the high-grade RPM deposit.

With an already defined JORC-compliant global resource of 9.9 Moz Au across four deposits, the Estelle Gold Project offers development optionality in terms of initial project size and scale. The Pre-Feasibility Study (PFS) currently underway is considering strategies to achieve production through scalable operations.

Key Strategies

Nova Minerals is exploring two main strategies to achieve production:

• Establishing an initial low capex smaller scale operation at the high-grade RPM deposit, which requires less infrastructure and is expected to generate early cashflow and high margins to potentially self-fund expansion plans.
• Developing a higher capex larger mining operation for increased gold production, cash flow, and mine life, which has attracted interest from potential future large gold company strategic partners.

Work Plan and PFS Highlights

The work plan includes several key components:

• Resource Drilling: Focused at RPM to increase and prove-up resources as part of the PFS, utilizing the company-owned drill rig for cost efficiency.
• Mineral Resource Estimate (MRE): Update to include 2023 and 2024 drilling data and incorporate higher gold prices.
• LIDAR Survey: Detailed survey across the property for infrastructure design, mineral reserve classification, and exploration.
• Heap Leach: Metallurgical test work for a low-cost gold recovery method to potentially reduce capex and increase gold production.
• Geotechnical Studies: Aimed at potentially increasing pit slope angles, with early indications showing competent geology.
• Ore Sorting: PFS level test work to improve resource extraction and reduce processing costs, increasing total gold production and mine life.
• Critical Elements: Discovery of highly elevated concentrations of antimony and other critical elements, which could provide significant by-product credits.

CEO's Statement

Nova CEO, Mr. Christopher Gerteisen, commented: 'In less than 5 years, we have taken the project from green fields to 9.9 Moz Au with a PFS now in progress. We have focused on defining high-confidence resources for conversion to reserves at two deposits, RPM and Korbel, from over 20 prospects across the Estelle Gold Project on our path towards production.'

'Now in the PFS stage, the asset is progressing towards development with our strategy reflecting the flexibility of the project to current market conditions and our commitment to balance sheet management. We aim for a low-capex, high-margin, scalable start-up operation with self-funded expansion and/or a strategic partner to advance the full-scale production scenario.'