Nova Minerals Limited (“Nova” and the “Company”) (NASDAQ: NVA)
(ASX: NVA), (FRA: QM3), a gold and critical minerals exploration
stage company focused on advancing the Estelle Gold and Critical
Minerals Project in Alaska, U.S.A.
Highlights
Estelle Project
- During the quarter Nova received
assay results from the 2024 exploration program for the RPM
drilling, and for surface samples taken from the Muddy Creek, Styx,
and Stibium prospects. Assay results still outstanding from the
Stoney, Wombat, and regional RPM surface sampling are expected back
shortly.
Gold Assets – Over 20 Prospects
Advancing Including 4 Large Gold Deposits
High-Grade Gold Continues at
RPM
- The 2024 drill program, which
comprised of 21 holes and used the Company owned Reverse
Circulation (RC) rig to keep costs to a minimum, was a highly
targeted program focused on Pre-Feasibility stage drilling at the
high-grade RPM deposit to continue to increase and prove-up
resources to the higher confidence Measured and Indicated
categories. The majority of the shallow drilling was allocated to
advance the high-grade RPM starter pit area (Figure 5).
- Results confirmed the continuity of
the near surface high-grade mineralization at RPM North with
multiple broad intersections grading > 5 g/t Au from surface and
sample interval grades up to 52.7 g/t Au. All holes ended in
mineralization with highlight results including (ASX Announcements:
9, 16 & 23 October 2024 and Figures 1 to 4):
- RPMRC-24005: 43m @ 4.4 g/t
Au from 2m, including 13m @ 10.7 g/t Au
from 2m, and 2m @ 39.2 g/t Au from 13m.
- RPMRC-24008: 45m @ 3.4 g/t
Au from surface, including 31m @ 4.7 g/t
Au from 3m and, 8m @ 10.5 g/t Au from
22m.
- RPMRC-24016: 39m @ 5.4 g/t
Au from surface, including 20m @ 10.2 g/t
Au from 5m, and 11m @ 16.4 g/t Au from
12m.
- RPMRC-24015: 26m @ 3.7 g/t
Au from surface, including 18m @ 4.8 g/t
Au from 8m, and 5m @ 14.0 g/t Au from
19m.
- RPMRC-24017: 29m @ 7.1 g/t
Au from surface, including 22m @ 9.4 g/t
Au from surface, and 2m @ 52.7 g/t Au
from 19m.
- RPMRC-24020: 28m @ 4.5 g/t
Au from surface, including 23m @ 5.3 g/t
Au from 5m, and 3m @ 25 g/t Au from
14m.
- Extensive surface exploration
sampling program was conducted around the wider RPM area to
potentially extend existing and delineate additional high-grade
mineralized zones, with results expected back shortly.
Muddy Creek Gold Anomaly Extended by
400m
- 2024 follow-up sampling at Muddy
Creek reveals further high-grade gold with 6 rock samples > 10
g/t Au, including a high of 128.5 g/t Au, and 8
soil samples > 2 g/t Au, including a high of 6.3 g/t Au (ASX
Announcement: 27 November 2024).
- The Muddy Creek high-grade zone now
measures 800m x 400m (Figure 6).
Stibium Gold Results up to 141 g/t
Au
- Follow-up rock sampling at Stibium
reveals high-grade gold over 800m long by 400m wide zone with 7
samples greater than 20 g/t Au, including 16 samples greater than 5
g/t Au, and a high of 141 g/t Au (ASX
Announcement: 11 December 2024 and Figure 7).
Antimony Assets – 7 Gold-Antimony Prospects with U.S.
Grant Applications Progressing
Stibium Antimony Results up to 56.7%
Sb
- Follow-up rock sampling at Stibium
revealed high-grade antimony (Sb) over 800m long by 400m wide zone
with 11 samples greater than 30 Sb, and a high of 56.7% Sb (ASX
Announcement: 5 December 2024 and Figure 8).
- Broad structurally controlled gold
and antimony zones identified at Stibium for a 2025 resource drill
program.
- Nova Minerals, through our 100%
owned subsidiary Alaska Range Resources LLC, is a member of the
Defense Industrial Base Consortium (DIBC), and as an early mover is
well advanced with the Dept of Defense (DoD) grant application
process.
Styx Antimony Results up to 54.1%
Sb
- Follow-up sampling at Styx revealed
high-grade antimony in outcrop with 4 samples greater than 20% Sb,
and a high of 54.1% Sb (ASX Announcement: 20 November 2024 and
Figure 9)
- The main Styx occurrence is a ~1m
thick quartz-stibnite vein (50% stibnite) with excellent outcrop
exposure over 20m. Samples from the main vein occurrence in 2023
measured 19% and 21.7% Sb (ASX Announcement 10 October 2023).
- Additional sampling of splays
around this occurrence show the anomaly likely extends over a 150m
strike length.
Estelle Staged Development Optionality
- Estelle is a major mineralized
trend, hosting gold, antimony, silver, copper, and other critical
elements and Nova is working to begin production as early as
possible with the potential to operate for decades supplying the
minerals the world needs.
- The Pre-Feasibility Study (PFS)
currently underway is considering a strategy to achieve production
as soon as possible with a scalable operation, subject to market
conditions and strategic partners (Figure 10), by;
- Establishing an initial lower capex
smaller scale operation at the high-grade RPM deposit for potential
near term cashflow at high margins to self-fund expansion plans;
and/or
- Develop the higher capex larger
mining operation with increased gold production, cash flow, and
mine life, which is of interest to potential future large gold
company strategic partners.
- With China announcing export
restrictions on antimony, the Company is also investigating the
possibility to fast track the Stibium gold-antimony prospect
development option with potential U.S. Dept. of Defense (DoD)
support.
Snow Lake Resources
- At the end of the quarter Nova sold
its entire 6.6 million shares in non-core investment Snow Lake
Resources for US$6.73 million (A$10.85 million) gross proceeds. The
proceeds from this sale were received a few days into the new year
and so have been shown as a subsequent event in the December 2024
cashflow report.
Corporate
- At the end of the December 2024
quarter, Nova had $A4.085 million in cash. Following the sale of
the Snow Lake shares as noted above, and further proceeds from the
exercise of NASDAQ warrants in early January 2025, Nova currently
has ~ A$16 million (~US$10 million) in cash.
- Following the quarter end on 8
January 2025 the Company advised that it has reached an agreement
with Nebari Gold Fund 1, LLP for the elimination of its existing
convertible debt-facility, by way of a conversion of the full
outstanding balance of US$5.42 million into ordinary shares, making
the Company now debt free.
- In October, Nova engaged Whittle
Consulting to begin project wide optimization for the upcoming
economic studies and RPM starter mine Pre-Feasibility Study. This
consulting was partially paid in shares in support of the
project.
- The Company held its Annual General
Meeting (AGM) on Thursday, 14 November 2024.
- Non-executive director Rodrigo
Pasqua resigned from the Company on 12 November 2024 and the
Company has commenced a search for a high calibre independent
director based in the U.S. with experience in funding and building
projects.
- Notable investing and operating
cash flow items during the quarter included: Exploration and
evaluation costs of $1.9m principally related to the 2024 drilling
and surface exploration program, $610k administration and corporate
expenses, the majority of which are related to marketing, software
subscriptions, and share registry costs, and $338k for audit, tax
and legal fees.
- Payments to related parties in Q2 FY25 were $364K and included
CEO and Executive remuneration and non-executive director
fees.
Next Steps
- Surface sample assay results for
Stoney, Wombat, and regional RPM areas
- Updated Mineral Resource Estimate
(MRE) to both JORC and S-K 1300
- Potentially secure U.S. Department
of Defense funding for antimony supply
- Material PFS test work results and
trade-off studies as they become available
- Metallurgical test work
ongoing
- Environmental test work
ongoing
- West Susitna Access Road
updates
- Infrastructure permitting
- 2025 exploration program plan
2024 RPM Drill Program
Results
Figure 1. RPM North Section
A-A’_070azi showing continuity of mineralization
Figure 2. RPM North Section
B-B’_250azi showing continuity of mineralization
Figure 3. RPM North Section
C-C’_280azi showing continuity of mineralization
Figure 4. RPM North plan view
with all drill holes to date, including the 2024 drilling and
section view lines for figures 1 to 3.
Figure 5. RPM area showing
potential RPM starter pit
2024 Surface Exploration Program
Results
Figure 6. Muddy Creek gold
results (2023 sampling shown as transparent)
Figure 7. Stibium gold rock
sample results (2023 sampling shown as transparent)
Figure 8. Stibium antimony rock
sample results (2023 sampling shown as transparent)
Figure 9. Styx Antimony
Results
Figure 10. Estelle development
optionality
New Videos Released on the Company’s
Website During the December 2024 Quarter
-
Redchip Small Stocks, Big Money TV Interview
-
Nova Minerals CEO, Chrisopher Gerteisen Talks about the 2024 RPM
Drill Results
-
Nova Minerals Redchip Advert on Fox Business and CBNC
Major ASX Announcements During the
December 2024 Quarter
-
2 October 2024 - Whittle Consulting Engaged for Estelle
Optimization
-
9 October 2024 - RPM Continues to Deliver with 43m @ 4.4 g/t
Au from Surface
-
16 October 2024 - Nova Drills 39m @ 5.4 g/t Au from Surface at
RPM
-
23 October 2024 - Nova Drills 29m @ 7.1 g/t Au from Surface at
RPM
-
22 November 2024 - 2024 Sampling Finds up to 54.1% Antimony at
Styx
-
27 November 2024 - Muddy Creek Gold Anomaly Extended 400m with
up to 128.5 g/t Au
-
5 December 2024 - Antimony up to 56.7% from Latest Rock
Samples at Stibium
-
11 December 2024 - Stibium Antimony-Gold Prospect Results up
to 141 g/t Au
Top 20 Shareholders as at 14 January
2025
NOVA |
Top 20 Holders |
|
|
|
MINERALS |
As
at 14 January 2025 |
|
|
|
|
|
|
|
|
Rank |
Name |
A/C designation |
1/14/2025 |
%IC |
1 |
HSBC CUSTODY NOMINEES
(AUSTRALIA) LIMITED1 |
|
53,605,623 |
16.65% |
2 |
NEBARI GOLD FUND 1
LP |
|
38,205,938 |
11.87% |
3 |
BNP PARIBAS NOMS PTY
LTD |
|
15,906,546 |
4.94% |
4 |
BNP PARIBAS NOMINEES
PTY LTD |
<CLEARSTREAM> |
8,360,196 |
2.60% |
5 |
SL INVESTORS PTY
LTD |
<SL SUPERFUND
A/C> |
6,441,393 |
2.00% |
6 |
CITICORP NOMINEES PTY
LIMITED |
|
6,239,541 |
1.94% |
7 |
BNP PARIBAS NOMINEES
PTY LTD |
<IB AU NOMS
RETAILCLIENT> |
5,839,819 |
1.81% |
8 |
SWIFT GLOBAL LTD |
<ALEXANDRA
DISCRETIONARY A/C> |
5,669,833 |
1.76% |
9 |
KUSHKUSH INVESTMENTS
PTY LTD |
<ALEXANDRA
DISCRETIONARY A/C> |
5,300,000 |
1.65% |
10 |
MR JAGDISH MANJI
VARSANI |
<PINDORIA FAMILY AC
A/C> |
4,100,000 |
1.27% |
11 |
KAOS INVESTMENTS PTY
LIMITED |
|
3,252,692 |
1.01% |
12 |
MR MAHMOUD EL
HORR |
|
2,600,000 |
0.81% |
13 |
KREN ENTERPRISE PTY
LTD |
<KREN INVESTMENT
A/C> |
2,450,000 |
0.76% |
14 |
MURTAGH BROS VINEYARDS
PTY LTD |
|
2,440,000 |
0.76% |
15 |
MR JUSTIN BRUCE GARE
& MRS KRISTIN DENISE PHILLIPS |
<TINTIN INVESTMENT
A/C> |
2,325,568 |
0.72% |
16 |
MR CRAIG EDWIN
BENTLEY |
|
2,259,669 |
0.70% |
17 |
MURTAGH BROS VINEYARDS
PTY LTD |
<MURTAGH BROS
VINEYARDS S/F> |
2,167,380 |
0.67% |
18 |
LETTERED MANAGEMENT
PTY LTD |
<BALMORAL FAMILY
A/C> |
2,050,000 |
0.64% |
19 |
KIKCETO PTY LTD |
<BENJAMIN
DISCRETIONARY A/C> |
2,028,924 |
0.63% |
20 |
PATRON PARTNERS PTY
LTD |
<AP & RL
MURTAGH FAMILY A/C> |
1,983,214 |
0.62% |
|
Total - Top
20 |
|
173,226,336 |
53.80% |
|
Balance of Register (5,516 holders) |
|
148,751,081 |
46.20% |
|
Grand Total |
|
321,977,417 |
100.00% |
|
|
|
|
|
1 HSBC Custody
Nominees (Australia) Limited includes the fully paid shares issued
to the depositary agent, which underlie the NASDAQ listed
ADS’s.
Qualified Persons
Vannu Khounphakdee, Professional Geologist
and member of Australian Institute of Geoscientists contracted by
Nova Minerals to provide geologic consulting services. Mr.
Khounphakdee holds a Master of Science in Mine Geology and
Engineering. He is a qualified person with at least 5 years
experience with this type of project. By reason of education,
affiliation with a professional association, and past relevant work
experience, Mr. Khounphakdee fulfills the requirements of Qualified
Person (QP) for the purposes of SEC Regulation SK-1300 for data
QA/QC checks relevant to this announcement.
Hans Hoffman is a State of Alaska Certified
Professional Geologist contracted by Nova Minerals to provide
geologic consulting services. Mr. Hoffman is a member of the
American Institute of Professional Geologists and holds a Bachelor
of Science degree in Geological Engineering with a double major in
Geology and Geophysics. He is a qualified person with at least 5
years of experience with these types of projects. By reason of
education, affiliation with a professional association, and past
relevant work experience, Mr. Hoffman fulfills the requirements of
Qualified Person (QP) for the purposes of SEC Regulation SK-1300
for the technical information presented in this announcement.
Christopher Gerteisen, Chief Executive Officer
of Nova Minerals, is a Professional Geologist and member of
Australian Institute of Geoscientists, and has supervised the
preparation of this news release and has reviewed and approved the
scientific and technical information contained herein. Mr.
Gerteisen is a "qualified person" for the purposes of SEC
Regulation S-K 1300.
About Nova Minerals Limited
Nova Minerals Limited is a Gold, Antimony
and Critical Minerals exploration and development company
focused on advancing the Estelle Project, comprised of
514 km2 of State of Alaska mining claims, which contains multiple
mining complexes across a 35 km long mineralized corridor of over
20 advanced Gold and Antimony prospects, including two already
defined multi-million ounce resources, and several drill ready
Antimony prospects with massive outcropping stibnite vein systems
observed at surface. The 85% owned project is located 150 km
northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold
Belt, a province which hosts a >220 million ounce (Moz)
documented gold endowment and some of the world's largest gold
mines and discoveries including, Barrick's Donlin Creek Gold
Project and Kinross Gold Corporation's Fort Knox Gold Mine. The
belt also hosts significant Antimony deposits and was a historical
North American Antimony producer.
Further discussion and analysis of the Estelle
Gold Project is available through the interactive Vrify 3D
animations, presentations, and videos, all available on the
Company’s website. www.novaminerals.com.au
Forward Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on Nova Minerals Limited’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully in the section titled “Risk
Factors” in the final prospectus related to the public offering
filed with the Securities and Exchange Commission. Forward-looking
statements contained in this announcement are made as of this date,
and Nova Minerals Limited undertakes no duty to update such
information except as required under applicable law.
For Additional Information Please ContactCraig
BentleyDirector of Finance & Compliance & Investor
RelationsE: craig@novaminerals.com.auM: +61 414 714 196
Tenement Holdings as at 31 December
2024
A list of Nova’s Tenement Holdings, as at the
end of the Quarter, is presented in the schedules below, with
additional notes.
Tenement/Claim/ADL Number |
Location |
Beneficial % Held |
725940 - 725966 |
Alaska, USA |
85 |
% |
726071 - 726216 |
Alaska, USA |
85 |
% |
727286 - 727289 |
Alaska, USA |
85 |
% |
728676 - 728684 |
Alaska, USA |
85 |
% |
730362 - 730521 |
Alaska, USA |
85 |
% |
737162 - 737357 |
Alaska, USA |
85 |
% |
740524 - 740621 |
Alaska, USA |
85 |
% |
733438 - 733598 |
Alaska, USA |
85 |
% |
741364 - 741366 |
Alaska, USA |
85 |
% |
Appendix 5B
Mining exploration entity or oil and gas
exploration entityquarterly cash flow
report
Name of entity |
|
|
Nova Minerals Limited
(ASX: NVA) |
|
|
ABN |
|
Quarter ended (“current
quarter”) |
84 006 690 348 |
|
31 December
2024 |
Consolidated statement of cash flows |
|
Current quarter $A’000 |
|
|
Year to date (3 months) $A’000 |
|
1. Cash flows from
operating activities |
|
|
|
|
|
|
1.1 Receipts from
customers |
|
|
|
|
|
|
1.2 Payments
for |
|
|
|
|
|
|
|
|
(a) exploration & evaluation |
|
|
(217 |
) |
|
|
(470 |
) |
(b) development |
|
|
|
|
|
|
|
|
(c) production |
|
|
|
|
|
|
|
|
(d) staff costs (directors/consultants) |
|
|
(424 |
) |
|
|
(677 |
) |
(e) administration and corporate costs |
|
|
(610 |
) |
|
|
(977 |
) |
(f) audit, tax, and legal fees |
|
|
(338 |
) |
|
|
(1,211 |
) |
(g) other professional fees |
|
|
(255 |
) |
|
|
(450 |
) |
(h) US listing fees |
|
|
(15 |
) |
|
|
(255 |
) |
1.3 Dividends received (see
note 3) |
|
|
|
|
|
|
|
|
1.4 Interest received |
|
|
2 |
|
|
|
22 |
|
1.5 Interest and other costs
of finance paid |
|
|
(161 |
) |
|
|
(327 |
) |
1.6 Income taxes paid |
|
|
|
|
|
|
|
|
1.7 Government grants and tax
incentives |
|
|
|
|
|
|
|
|
1.8 Other (provide details if
material) |
|
|
|
|
|
|
|
|
(a) GST, Withholding tax & Payroll tax |
|
|
54 |
|
|
|
18 |
|
1.9 Net cash from /
(used in) operating activities |
|
|
(1,964 |
) |
|
|
(4,327 |
) |
Consolidated statement of cash flows |
|
Current quarter $A’000 |
|
|
Year to date (3months) $A’000 |
|
2. Cash flows from
investing activities |
|
|
|
|
|
|
|
|
2.1 Payments to acquire or
for: |
|
|
|
|
|
|
|
|
(a) Entities |
|
|
|
|
|
|
|
|
(b) Tenements |
|
|
|
|
|
|
|
|
(c) property, plant and equipment |
|
|
- |
|
|
|
(51 |
) |
(d) exploration & evaluation |
|
|
(1,893 |
) |
|
|
(3,424 |
) |
(e) investments |
|
|
|
|
|
|
|
|
(f) other non-current assets |
|
|
|
|
|
|
|
|
2.2 Proceeds from the disposal
of: |
|
|
|
|
|
|
|
|
(a) entities |
|
|
|
|
|
|
|
|
(b) tenements |
|
|
|
|
|
|
|
|
(c) property, plant and equipment |
|
|
|
|
|
|
|
|
(d) investments |
|
|
|
|
|
|
|
|
(e) other non-current assets |
|
|
|
|
|
|
|
|
2.3 Cash flows from loans to
other entities |
|
|
100 |
|
|
|
100 |
|
2.4 Dividends received (see
note 3) |
|
|
|
|
|
|
|
|
2.5 Other (provide details if
material) |
|
|
|
|
|
|
|
|
2.6 Net cash from /
(used in) investing activities |
|
|
(1,793 |
) |
|
|
(3,375 |
) |
|
|
|
|
|
|
|
|
|
73. Cash
flows from financing activities |
|
|
|
|
|
|
|
|
3.1 Proceeds from issues of
equity securities (excluding convertible debt securities) |
|
|
- |
|
|
|
8,473 |
|
3.2 Proceeds from issue of
convertible debt securities |
|
|
|
|
|
|
|
|
3.3 Proceeds from exercise of
options and warrants |
|
|
1,214 |
|
|
|
1,214 |
|
3.4 Transaction costs related
to issues of equity securities or convertible debt securities |
|
|
(15 |
) |
|
|
(1,338 |
) |
3.5 Proceeds from
borrowings |
|
|
|
|
|
|
|
|
3.6 Repayment of
borrowings |
|
|
|
|
|
|
|
|
3.7 Transaction costs related
to loans and borrowings |
|
|
|
|
|
|
|
|
3.8 Dividends paid |
|
|
|
|
|
|
|
|
3.9 Corporate advisory
costs |
|
|
|
|
|
|
|
|
3.10 Net cash from /
(used in) financing activities |
|
|
1,199 |
|
|
|
8,349 |
|
Consolidated statement of cash flows |
|
Current quarter $A’000 |
|
|
Year to date (3 months) $A’000 |
|
4. Net increase /
(decrease) in cash and cash equivalents for the
period |
|
|
|
|
|
|
|
|
4.1 Cash and cash
equivalents at beginning of period |
|
|
6,123 |
|
|
|
3,150 |
|
4.2 Net cash from / (used in)
operating activities (item 1.9 above) |
|
|
(1,964 |
) |
|
|
(4,327 |
) |
4.3 Net cash from / (used in)
investing activities (item 2.6 above) |
|
|
(1,793 |
) |
|
|
(3,375 |
) |
4.4 Net cash from / (used in)
financing activities (item 3.10 above) |
|
|
1,199 |
|
|
|
8,349 |
|
4.5 Effect of movement in
exchange rates on cash held |
|
|
520 |
|
|
|
288 |
|
4.6 Cash and cash
equivalents at end of period |
|
|
4,085 |
* |
|
|
4,085 |
|
5. Reconciliation of cash and cash equivalents at
the end of the quarter (as shown in the consolidated statement of
cash flows) to the related items in the accounts |
|
Current quarter$A’000 |
|
|
Previous quarter$A’000 |
|
5.1 Bank
balances |
|
|
4,085 |
* |
|
|
6,123 |
|
5.2 Call deposits |
|
|
|
|
|
|
|
|
5.3 Bank overdrafts |
|
|
|
|
|
|
|
|
5.4 Other (provide
details) |
|
|
|
|
|
|
|
|
5.5 Cash and cash
equivalents at end of quarter (should equal item 4.6
above) |
|
|
4,085 |
* |
|
|
6,123 |
|
6. Payments to related parties of the entity and their
associates |
|
Current quarter$A’000 |
|
6.1 Aggregate
amount of payments to related parties and their associates included
in item 1 |
|
|
364 |
|
6.2 Aggregate amount of
payments to related parties and their associates included in item
2 |
|
|
- |
|
Note: if any amounts are shown in items 6.1 or
6.2, your quarterly activity report must include a description of,
and an explanation for, such payments.
* Following the sale of the shares in Snow Lake
Resources Ltd. as announced to the ASX on 8 January 2025, and
further proceeds from the exercise of NASDAQ warrants in early
January 2025, Nova currently has ~ A$16 million (~US$10 million) in
cash.
7. Financing facilities Note: the term “facility’
includes all forms of financing arrangements available to the
entity. Add notes as necessary for an understanding of the sources
of finance available to the entity. |
|
Total facilityamount at quarter end $A’000 |
|
|
Amount drawn at quarterend $A’000 |
|
7.1 Convertible
facilities(1) |
|
Up to US$ |
7,000,000 |
* |
|
US$ |
5,000,000 |
* |
7.2 Credit standby
arrangements |
|
|
|
|
|
|
|
|
7.3 Other (please
specify) |
|
|
|
|
|
|
|
|
7.4 Total financing
facilities |
|
Up to US$ |
7,000,000 |
* |
|
US$ |
5,000,000 |
* |
7.5 |
Unused financing facilities available at quarter
end |
|
|
7.6 |
Include in the box below a description of each facility above,
including the lender, interest rate, maturity date and whether it
is secured or unsecured. If any additional financing facilities
have been entered into or are proposed to be entered into after
quarter end, include a note providing details of those facilities
as well. |
|
|
|
* Following the quarter end on 8 January 2025 the Company announced
to the ASX, that it has reached an agreement with Nebari Gold Fund
1, LLP (Nebari) for the elimination of its
existing convertible debt-facility, by way of a conversion of the
full outstanding balance of US$5.42 million into ordinary shares,
making the Company now debt free. Consequently, from that date the
Company no longer has access to the Nebari convertible facility for
financing. |
(1) - Convertible Facility |
|
● |
Nebari Convertible Note Terms: The terms of the Nebari Convertible
Facility were agreed by shareholders at the Company’s annual
general meeting held on 14 November 2024. The Varied terms of the
Nebari facility are set out in the Notice of Meeting - ASX
announcement on 14 October 2024 for details. |
● |
Repayment of Convertible Facility: Post 31 December 2025, the
Company announced to the ASX on 8 January 2025, that it has reached
an agreement with Nebari Gold Fund 1, LLP for the elimination of
its existing convertible debt-facility, by way of a conversion of
the full outstanding balance of US$5.42 million into ordinary
shares, making the Company now debt free. |
8. Estimated cash available for future operating
activities |
|
$A’000 |
|
8.1 Net cash from /
(used in) operating activities (item 1.9) |
|
|
(1,964 |
) |
8.2 (Payments for exploration
& evaluation classified as investing activities) (item
2.1(d)) |
|
|
(1,893 |
) |
8.3 Total relevant outgoings
(item 8.1 + item 8.2) |
|
|
(3,857 |
) |
8.4 Cash and cash equivalents
at quarter end (item 4.6) |
|
|
4,085 |
|
8.5 Unused finance facilities
available at quarter end (item 7.5) |
|
|
- |
|
8.6 Total available funding
(item 8.4 + item 8.5) |
|
|
4,085 |
|
|
|
|
|
|
8.7 Estimated quarters
of funding available (item 8.6 divided by item 8.3) |
|
|
1.06 |
|
|
|
|
|
|
Note: if the entity has reported positive
relevant outgoings (ie a net cash inflow) in item 8.3, answer item
8.7 as “N/A”. Otherwise, a figure for the estimated quarters of
funding available must be included in item 8.7.
8.8 |
If item 8.7 is less than 2 quarters, please provide answers to the
following questions: |
|
|
|
8.8.1 |
Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not,
why not? |
|
|
|
|
Answer: |
The Company does not expect the next quarter to be of similar
expenditure as was incurred in the December 2024 quarter as all the
costs associated with the 2024 drilling and surface exploration
program have now been paid. Accordingly exploration expenses will
be a lot lower in the March 25 quarter. |
|
|
|
|
8.8.2 |
Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so,
what are those steps and how likely does it believe that they will
be successful? |
|
|
|
|
Answer: |
As noted in the activities report, following the sale of the Snow
Lake shares at the end of the quarter, the proceeds from which were
not received until early January 2025, and further proceeds from
the exercise of NASDAQ warrants in early January 2025, Nova
currently has ~A$16 million (~US$10 million) in cash. |
|
|
|
|
8.8.3 |
Does the entity expect to be able to continue its operations and to
meet its business objectives and, if so, on what basis? |
|
|
|
|
Answer: |
Based on the responses above and a history of the Company being
able to raise equity, the Company expects to be able to continue
its operations and meet its business objectives on a going concern
basis. |
|
|
|
|
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered. |
Compliance statement
1 |
This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A. |
|
|
2 |
This statement gives a true and fair view of the matters
disclosed. |
Date: |
16 January 2025 |
|
|
|
|
Authorised by: |
Board of Directors |
|
|
(Name of body or officer authorising release – see note 4) |
|
Notes
1. |
This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity’s
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so. |
|
|
2. |
If this quarterly cash flow report has been prepared in accordance
with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this
report. If this quarterly cash flow report has been prepared in
accordance with other accounting standards agreed by ASX pursuant
to Listing Rule 19.11A, the corresponding equivalent standards
apply to this report. |
|
|
3. |
Dividends received may be classified either as cash flows from
operating activities or cash flows from investing activities,
depending on the accounting policy of the entity. |
|
|
4. |
If this report has been authorised for release to the market by
your board of directors, you can insert here: “By the board”. If it
has been authorised for release to the market by a committee of
your board of directors, you can insert here: “By the [name of
board committee – eg Audit and Risk Committee]”. If it has been
authorised for release to the market by a disclosure committee, you
can insert here: “By the Disclosure Committee”. |
|
|
5. |
If this report has been authorised for release to the market by
your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council’s Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively. |
Nova Minerals (TG:QM3)
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