How Nova Minerals Pushes Back Against Short Seller Doubts
Nova Minerals has issued a detailed rebuttal to a recent short seller report, reaffirming its project progress, funding, and personnel qualifications at its Alaska-based Estelle Gold and Critical Minerals Project.
- Nova rebuts Spruce Point's short seller report claims
- Confirms strong government and community support for Alaska infrastructure
- Highlights US$43.4 million Department of War grant for antimony supply
- Defends credentials of consulting geologist amid allegations
- Reports solid investment returns and ongoing project development
Context of the Short Seller Report
Nova Minerals Limited (ASX: NVA) has publicly responded to a report published by Spruce Point Capital Management that questioned various aspects of the company’s operations, investment track record, and personnel credentials. The short seller report, released on 20 February 2026, raised concerns that could potentially impact investor confidence. Nova’s response, issued on 23 February, aims to clarify these points and reassure shareholders with accurate and comprehensive information.
Addressing Operational and Environmental Concerns
Spruce Point’s report highlighted challenges related to Alaska’s harsh climate, limited infrastructure, and community opposition to mining development. Nova acknowledges these realities but emphasises that such conditions are well-known and have long been part of resource development in the region. The company points out that all major gold mines in Alaska operate under similar circumstances. Importantly, Nova notes significant progress on infrastructure, including the West Susitna Access Road, which has received broad support from Alaska’s Governor Mike Dunleavy and local officials, with construction scheduled to begin in 2026.
Investment Track Record and Project Funding
The report also criticised Nova’s strategic pivots and investment outcomes. Nova counters this by presenting solid returns from past investments, including a roughly 600% return on Snow Lake Resources and strong unrealised gains on other holdings. The company contrasts this with Spruce Point’s own track record, noting that many of Spruce Point’s targeted companies have since appreciated in value. Furthermore, Nova highlights its robust financial position, with over A$106 million in available resources, including a US$43.4 million grant from the U.S. Department of War to support domestic antimony production, underlining the strategic importance and validation of the Estelle project.
Personnel Credentials Under Scrutiny
One notable allegation from the short seller report concerned the qualifications of Nova’s consulting geologist, Mr Vannu Khounphakdy. Spruce Point questioned the authenticity of his Master of Science degree from Krivoy Rog National University. Nova firmly refutes this claim, confirming possession of Mr Khounphakdy’s diploma and other certificates. The company also emphasises that Mr Khounphakdy is a highly experienced professional with over 30 years in the mining sector and is a member of the Australian Institute of Geoscientists, a recognised professional organisation. Nova stresses that multiple other qualified personnel oversee critical aspects of the project.
Looking Ahead
Nova Minerals remains focused on advancing the Estelle Gold and Critical Minerals Project, targeting first production of antimony by late 2026 or early 2027. The company is also progressing a Pre-Feasibility Study on one of the world’s largest undeveloped gold deposits. With strong government backing, solid funding, and a clear development pathway, Nova aims to solidify its position in the critical minerals and gold sectors despite the challenges highlighted by short sellers.
Bottom Line?
Nova’s detailed rebuttal sets the stage for close scrutiny of its project milestones and personnel credentials in the months ahead.
Questions in the middle?
- Will Nova secure Phase 2 funding from the U.S. government for its antimony refinery?
- How will community opposition and infrastructure development impact project timelines?
- Can independent verification confirm the credentials of key technical personnel?
