Estelle Project Faces Funding Uncertainty as US Defense Grant Decision Looms

Drilling Campaign Kicks Off at Estelle

Nova Minerals Limited has commenced a significant 15,000-meter drilling program at its Estelle Project in Alaska, aiming to advance multiple gold and antimony prospects. The program, which began in June 2025, prioritizes the RPM and Korbel gold deposits, with a parallel maiden resource drilling initiative at the Stibium prospect targeting both gold and antimony mineralization.

The RPM deposit is the centerpiece of this campaign, with a 10,000-meter drill program designed to enhance resource definition and explore extensions of high-grade zones. Notably, drilling will test the eastern strike extension beneath a fractured zone identified in historical drilling, focusing on the hornfels/intrusive contact known to host significant gold mineralization. Additional exploration targets include the RPM North deposit and a glacial debris lobe exhibiting surface samples with gold grades as high as 52.3 grams per tonne.

Expanding Gold and Antimony Potential

At Korbel, approximately 2,000 meters of drilling is planned to evaluate a potential higher-grade starter pit, with flexibility to expand into other promising targets within the valley. Complementing the drilling, a comprehensive surface sampling program is underway to identify new high-priority prospects across the Estelle Project, including expanded coverage north of Korbel and denser sampling between Portage Pass and Tomahawk.

Meanwhile, the Stibium prospect is the focus of a 3,000-meter drilling campaign initiated in June 2025 to establish a maiden mineral resource estimate for both gold and antimony. Surface sampling has revealed a substantial mineralized zone with impressive assay results, including rock samples exceeding 60% antimony and gold grades up to 141 grams per tonne.

Strategic US Department of Defense Grant Application

Nova Minerals is advancing an application for funding from the US Department of Defense (DoD) aimed at fast-tracking the development of its antimony project. This grant, now in its final stages, would support mineral resource estimation, processing, refining, and eventual production of antimony; a critical mineral for defense supply chains. A successful grant would enable the company to expand its drilling program with additional rigs, including extended drilling at Stibium and initial testing at the Styx target.

The strategic importance of this funding is underscored by the fact that peer companies such as MP Materials and Perpetua Resources have already secured DoD support, highlighting the growing focus on domestic critical mineral supply.

Financial Position and Corporate Developments

At the end of the June 2025 quarter, Nova Minerals held A$9.08 million in cash with no debt. In July 2025, the company completed a US$12.1 million capital raise to fund ongoing drilling, exploration, feasibility studies, and general working capital. Corporate governance was strengthened with the appointment of Chaim (Dovi) Berger, a US-based attorney and CPA with extensive experience in corporate law and finance, as an independent non-executive director.

Ongoing work includes metallurgical and environmental test programs, infrastructure permitting, and preparation for updated mineral resource estimates compliant with both JORC and US SEC S-K 1300 standards. These efforts position Nova Minerals to unlock the full potential of its Estelle Project amid favourable market conditions for gold and antimony.