How Nova Minerals’ US$43.4M War Department Boost Could Reshape Alaska Mining

Strategic Funding Boosts Estelle Project

Nova Minerals Limited has marked a pivotal quarter by securing US$43.4 million from the U.S. Department of War to support the development of a fully domestic antimony supply chain in Alaska. This funding, awarded to its U.S. subsidiary Alaska Range Resources LLC, underscores the strategic importance of Nova’s Estelle Project within the U.S. defense industrial base and critical minerals landscape.

The 24-month Phase 1 agreement covers drilling, studies, mining and processing equipment, and construction, aiming to produce military-grade antimony trisulfide. Discussions for a Phase 2 expansion to scale up refined antimony products are underway, positioning Nova as a key player in U.S. critical mineral independence.

Exploration and Infrastructure Progress

During the September quarter, Nova completed its 2025 drilling and surface exploration programs across multiple prospects within the Estelle Project, including RPM North, RPM Valley, Korbel, and Stibium. While assay results are pending, initial geological observations are promising, with ongoing efforts to expand and define gold and antimony resources.

Infrastructure development is advancing in tandem, notably the West Susitna Access Road permitting process, a critical 78.5-mile route designed to reduce mining costs and improve access. The project has garnered strong support from Alaska’s Governor Mike Dunleavy, U.S. Senator Lisa Murkowski, and other federal and local stakeholders, reflecting alignment with broader national priorities on energy security and critical minerals supply chains.

Innovative Processing and Strategic Partnerships

Test work on gold ore sorting and heap leach processes at the RPM deposit has demonstrated significant potential to enhance gold recovery and resource efficiency. Similarly, antimony ore sorting tests have shown strong upgrading capabilities, reinforcing Nova’s integrated approach to resource development.

On the corporate front, Nova raised US$18.4 million in July 2025 to fund exploration and feasibility studies and made a strategic 7.8% investment in Adelong Gold Limited, an emerging gold-antimony explorer with high-grade projects in Australia and Brazil. This move complements Nova’s growth strategy and exposure to strong gold market conditions.

Financial Health and Next Steps

Nova maintains a robust balance sheet with over A$86.3 million in available funding, including cash, government awards, and liquid investments, and carries no debt. The company’s next milestones include releasing assay results, advancing feasibility studies, progressing environmental and permitting work, and continuing infrastructure development.

With strong governmental backing, strategic funding, and ongoing exploration success, Nova Minerals is well-positioned to advance Estelle as a Tier 1 gold and critical minerals project, contributing to U.S. and global supply chain resilience.