December 2024: Nova Minerals Limited (ASX: NVA, NASDAQ: NVA, FRA: QM3) has completed the sale of its 6.6 million shares in Snow Lake Resources Ltd., resulting in gross proceeds of USD$6.73 million (AUD$10.85 million). This strategic divestment is aimed at optimizing the company’s asset portfolio and advancing its gold and antimony assets within the Estelle Gold and Critical Minerals Project.
Key Highlights:
- Sale of Non-Core Investment:
- The sale of Snow Lake Resources shares brings in significant cash, which will be used to strengthen the balance sheet and support the development of Nova Minerals’ gold and antimony projects.
- Partial Repayment of Debt:
- USD$4 million of the proceeds have been allocated to reduce the Nebari loan, bringing the remaining loan balance to USD$1.42 million. This partial repayment significantly reduces the Company’s debt and improves its financial flexibility.
- Focus on Exploration and Development:
- The remaining proceeds will be directed towards advancing exploration and development at Estelle Gold and Critical Minerals Project in Alaska, with particular emphasis on RPM and antimony prospects. The growing demand for antimony in critical industries, including defense, positions Nova to become a leader in the space.
- NASDAQ Warrant Conversion Proceeds:
- Nova has further bolstered its financial position with the exercise of US NASDAQ warrants, raising USD$0.79 million (AUD$1.28 million) over recent months.
CEO Remarks:
CEO Christopher Gerteisen highlighted that the sale of Snow Lake shares and the proceeds from the warrants exercise significantly strengthen Nova’s financial position and provide the flexibility needed to accelerate exploration and development efforts at Estelle. The focus will be on gold and antimony, both of which are critical to emerging industries and market demand. With exploration results from 2024 expected soon, Nova is poised for exciting developments in 2025.
Outlook:
Nova Minerals is well-positioned to take advantage of macro-economic trends impacting both gold and antimony. The company aims to create long-term shareholder value through active portfolio management, debt reduction, and investments in high-potential projects. Further updates on the 2025 exploration program and key initiatives will follow in due course.
