NOVA MINERALS REDCHIP INVESTOR UPDATE - OCTOBER 2026 - NOVA MINERALS CORP

Financial Performance:

• Market capitalization is currently just over $200 million, with the stock price hovering around $6.
• The company holds $27 million in cash reserves: approximately $14 million is dedicated to the gold project, and $13 million is "Nova money" for gold, alongside $14 million in Department of Defense (DoD) funds for the antimony project.
• A $43.4 million DoD award has been received to establish U.S. domestic antimony production; roughly $22 million has already been disbursed via cost reimbursements and milestone payments, leaving $21 million available for future milestones.
• The company reports zero debt on its balance sheet.
• No specific revenue figures are yet reported as the company is in the pre-production construction phase.

Guidance and Future Outlook:

• Antimony Production: Targeting commissioning and initial production of military-grade antimony trisulfide in late 2027 (specifically September 2027).
• Antimony Scale-up: Phase 2 is scheduled for 2028 and beyond, aiming to expand production to include antimony metal and antimony trioxide.
• Gold Project: The Pre-Feasibility Study (PFS) is targeted for completion in 2028 to meet JORC/NI 43-101 standards for converting inferred resources to reserves.
• Investment Decision: The company aims to reach a Financial Investment Decision (FID) for the gold project by 2028–2029, contingent on infrastructure development and resource definition.
• Catalysts: Key upcoming milestones include construction progress, plant commissioning in 2027, and potential Phase 2 DoD funding.

Business Segments and Product Lines:

• Antimony: Focused on the "Estelle" project with two primary prospects (Stibium and Styx) featuring massive surface stibnite veins (up to 60% grade). The company is utilizing ore sorting to upgrade low-grade feed (15-20%) and downstream processing at the Port McKenzie refinery to produce antimony metal and trisulfide.
• Gold: Centered on the RPM deposit (5.2 million ounces of economic resources) and the Corbell bulk tonnage deposit (2.5 km strike length). The company is employing coarse particle flotation to reduce energy costs and is exploring multi-element extraction from tailings.
• Infrastructure: Construction is underway on the Corbell/Stibium access road, airstrip expansion (upgrading from DC-3 to C-130 Hercules capacity), and the Port McKenzie refinery site.
• Technology: Utilization of a scalable, modular plant design featuring a repurposed pilot plant from Agnico Eagle and a hydrometallurgical flow sheet to avoid emission-heavy roasting/smelting.

Market and Competitive Landscape:

• Strategic Location: The project is located in Alaska, a top-tier mining jurisdiction with favorable geological prospectivity and government support.
• National Security Context: The project aligns with the U.S. administration's "Unleashing Alaska's Extraordinary Mineral Resource Potential" executive orders, positioning it as a critical domestic source for munitions-grade antimony.
• Regional Activity: BHP Group has recently staked claims in the region, signaling confidence in the district's mineral potential, particularly for porphyry copper.
• Competition: The company highlights the scarcity of large-scale, fully permitted, district-scale projects globally, noting that the project sits on state land rather than federal or Native corporation land, streamlining development.

Risks and Challenges:

• Resource Definition: The RPM gold deposit currently contains a high proportion of inferred resources; further drilling is required to convert these to measured/indicated categories for a robust PFS.
• Timeline Dependencies: The gold project's timeline is tied to the construction of the West Susitna Access Road, a regional infrastructure project with a best-case opening estimated for 2028.
• Permitting: While the project is permitted for exploration, full commercial permitting for the gold mine is expected to take 12-18 months post-PFS submission in 2028.
• Operational Execution: Success relies on the timely commissioning of the Port McKenzie refinery and the validation of lab-tested antimony products to military specifications.

Management Commentary and Tone:

• Confidence: Management (CEO Christopher Gertizen and General Manager Hans Hoffman) expressed high confidence, emphasizing their on-site presence in Alaska and the "deep bench" of technical expertise.
• Strategic Focus: The tone is distinctly bullish on the immediate antimony opportunity as a revenue driver to self-fund the long-term gold development, describing the antimony project as "life and death" for national security.
• Transparency: Management acknowledged the unique nature of producing ore before a formal resource estimate is released, driven by the urgency of the DoD award.

Analyst Questions and Answers:

• Gold Project Timeline: Management reiterated the 2028 target for PFS completion, explaining that additional drilling is necessary to elevate inferred resources to reserves under SK-1300 standards before economics can be modeled.
• Key Catalysts: Analysts asked about near-term catalysts; management identified the commencement of antimony plant construction, commissioning in 2027, and the transition from an explorer to a producer as the primary drivers.
• Funding Strategy: Management confirmed that revenue from the antimony project is expected to fund future gold exploration and development, minimizing the need for dilutive financing.

Other Key Points:

• Multi-Element Potential: The project area contains elevated concentrations of 15 critical elements (including bismuth, tungsten, and tellurium), with plans to collaborate with the University of Alaska Fairbanks to extract these from waste streams.
• Logistics: The Port McKenzie site is being developed as a multimodal hub (road, rail, tide-water, air) to serve not only Nova Minerals but potentially other regional critical mineral projects.
• Metallurgy: Test work shows a 10x upgrade potential via ore sorting for gold and the ability to produce high-purity antimony metal (>99.65%) via electro-winning and induction furnaces.
• Correction: The company trades on the NYSE American (NVA), not NASDAQ as initially misstated by the moderator.