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Investing.com -- Nova Minerals Limited (NASDAQ:NVA) stock surged 21.2% on Wednesday after the company announced its U.S. subsidiary received $43.4 million in Defense Production Act funding to produce antimony trisulfide at its Estelle Gold and Critical Minerals Project in Alaska.
The funding, awarded by the U.S. Department of War, will allow Alaska Range Resources, LLC to accelerate development of a fully integrated domestic antimony supply chain. The company plans to extract, concentrate, and refine stibnite to produce military-grade antimony trisulfide for U.S. defense needs.
"We are proud to have ARR partner with the U.S. Department of War to help secure a fully domestic, redundant supply chain for the munitions and other defense products our troops need to keep our nation and allies safe," said Nova CEO Christopher Gerteisen.
The award will fund the initial phase of Nova’s strategy to establish an antimony mining and refining hub in Alaska. The company noted that the funding came after "rigorous vetting and technical due diligence" of the Estelle Project, which it says provides further confidence in the quality and potential scale of antimony production from the site.
Nova Minerals highlighted support from Alaska’s federal and state leaders, including Senators Murkowski and Sullivan, Congressman Begich, and Governor Dunleavy. The company plans to work with local partners including the University of Alaska Fairbanks, Alaska Department of Natural Resources, and Alaska Native Corporations to bring the Estelle Project into production.
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