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MELBOURNE - Nova Minerals Limited (NASDAQ:NVA) (ASX:NVA), a $67.85 million market cap mining company, announced Thursday that its board of directors recently completed a visit to the company’s Estelle Gold and Critical Minerals Project in Alaska, where they met with state leaders, federal representatives, and tribal organizations. According to InvestingPro data, the company’s stock has seen significant volatility this year, with a -29.5% year-to-date return.
During the visit, directors toured active drilling operations across multiple prospects that are advancing resource definition of gold, silver, and antimony, which the company describes as a key material for national defense. While InvestingPro analysis shows the company maintains a healthy current ratio of 1.94 and operates with moderate debt levels, it has yet to achieve profitability in the last twelve months.
The board held meetings with State Directors representing Alaska’s Congressional Delegation, including the offices of U.S. Senators Lisa Murkowski, Dan Sullivan, and U.S. Representative Nick Begich. They also attended a reception at Port MacKenzie with over 25 Alaskan leaders, including Borough Mayor Edna DeVries and representatives from the Knik Tribe.
"It’s encouraging to see such broad support from all levels of government," said Nova CEO Chris Gerteisen, according to the press release.
The company stated that its Estelle Project has defined almost 10 million ounces of gold to date and has detected elevated concentrations of antimony. Nova is currently engaged with the U.S. Department of Defense following what it described as a positive technical site assessment.
The Alaska Industrial Development and Export Authority (AIDEA) provided updates on the West Susitna Access Road, an infrastructure project that would serve the Estelle site.
Representative Kevin McCabe, who attended the meetings, stated, "I am encouraged by the significant discoveries of gold, silver, and antimony at the Estelle Project, located within the Matanuska-Susitna Borough."
Following the Alaska visit, Nova’s board departed for stakeholder meetings in New York City and Florida before returning to Australia. Analysts tracked by InvestingPro maintain a bullish outlook on the stock with a $25 price target, suggesting significant potential upside. Subscribers can access 6 additional ProTips and a comprehensive analysis of Nova Minerals’ financial health and growth prospects through InvestingPro’s detailed research reports.
The company noted that while it has been engaged with the Department of Defense regarding potential support for developing its antimony resource, no grant, funding, or binding agreement has been finalized at this stage.
In other recent news, Nova Minerals Limited has filed a registration statement with the U.S. Securities and Exchange Commission for a secondary public offering of American Depositary Shares (ADSs). Each ADS will represent 60 ordinary shares, and the proceeds from this offering are intended to fund resource and exploration programs, feasibility studies, and general working capital. Additionally, Nova Minerals has announced the appointment of Chaim "Dovi" Berger as an Independent Non-Executive Director, effective July 1, 2025. Berger brings over a decade of experience in finance and legal sectors, with expertise in structuring complex transactions. In further developments, Nova Minerals has begun drilling at its Stibium prospect in Alaska. The 3,000-meter diamond drill program is targeting gold and antimony mineralization. The initial drill hole is focused on a potential high-grade gold-antimony zone identified through surface sampling. These activities mark significant steps in Nova Minerals’ ongoing exploration and development efforts.
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