Nova Minerals has secured US$43.4 million in non-dilutive funding from the U.S. Department of War to fully fund its domestic antimony supply chain development in Alaska, while also progressing its vast Estelle gold project with promising drilling results.
- US$43.4 million non-dilutive funding awarded by U.S. Department of War
- Procurement of mining and processing equipment underway for antimony operations
- Land secured and permitting advanced for Port Mackenzie antimony refinery
- 2025 drilling results support resource upgrades at Estelle gold deposits
- Strong balance sheet with over A$106 million in funding and no debt
Strategic Funding Boost for Antimony Supply Chain
Nova Minerals Limited has taken a significant leap forward in its ambition to become a fully integrated U.S. producer of critical minerals, securing US$43.4 million (A$65.5 million) in non-dilutive funding from the U.S. Department of War. This funding fully underwrites the establishment of a domestic antimony supply chain at the Estelle Project in Alaska, a move that materially strengthens the company's financial position and strategic outlook.
The award reflects the growing strategic importance of domestic critical mineral supply chains for the U.S. defense sector, with Nova positioned to supply military-grade antimony trisulphide. The company has already commenced procurement of essential mining and processing equipment, with deliveries expected early in 2026 and first production targeted for late 2026 to early 2027.
Infrastructure and Permitting Progress
Nova has secured industrial-zoned land at Port Mackenzie, Alaska, and advanced permitting for a proposed antimony refinery. The refinery site benefits from proximity to deep-water port infrastructure and regional development projects such as the West Susitna Access Road, facilitating rapid project advancement. Equipment shipments are underway, including mining fleets, crushers, ore sorters, and processing circuits, all critical to establishing a fully integrated supply chain from extraction to refining.
Advancing One of the World's Largest Undeveloped Gold Deposits
Alongside its antimony initiatives, Nova continues to develop its Estelle Gold Project, one of the largest undeveloped gold systems globally. The 2025 drilling program at RPM North and RPM Valley has been completed, with results announced in January 2026 indicating potential increases in Measured and Indicated Mineral Resources. Notably, drilling confirmed mineralisation remains open at depth and beyond current pit shells, underscoring the project's upside potential.
Pre-feasibility studies are ongoing, supported by metallurgical test work, mine planning, and optimisation studies conducted by METS Engineering, Rough Stock Mining, and Whittle Consulting. These efforts aim to refine development pathways and validate the scale and quality of Nova's gold assets within a tier-one mining jurisdiction.
Robust Financial Position and Corporate Developments
At the close of the December 2025 quarter, Nova held over A$106 million in funding, including cash reserves, remaining Department of War funds, liquid investments, and in-the-money warrants, with zero debt. The company also completed a 5-for-1 forward split of its Nasdaq-listed American Depository Shares to enhance trading liquidity and raised approximately US$20 million through a Nasdaq capital raise to support ongoing exploration and development activities.
Nova's strategic importance was further highlighted by an invitation to brief the Australian Ambassador to the U.S. ahead of a meeting between the Australian Prime Minister and the U.S. President, signalling high-level recognition of the Estelle Project's role in securing critical mineral supply chains.
Looking Ahead
Key upcoming milestones include the release of further drilling results, updated Mineral Resource Estimates, ongoing pre-feasibility study outcomes, and the mobilization of heavy equipment for winter trail access. Environmental and metallurgical test work continues, alongside infrastructure developments such as the West Susitna access road, all critical to advancing both the antimony and gold projects toward production.
Bottom Line?
With substantial government backing and strong operational momentum, Nova Minerals is poised to become a cornerstone of U.S. critical mineral supply while unlocking significant value from its gold assets.
Questions in the middle?
- How will Nova manage operational risks related to weather and permitting in Alaska?
- What are the detailed timelines and capital requirements for scaling antimony production beyond stage 1?
- How might fluctuating gold and antimony prices impact Nova's project economics and funding needs?