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

Explicit Guidance:

• Antimony Production Timeline: Targeting commissioning of the Port McKenzie refinery in "mid-year to early fall" of next year (2026), with first production of military-grade antimony trisulfide targeted for September 2027.
• Phase 1 Capacity: Refinery designed for a capacity of 700 tons of antimony metal ingot (>99.65% purity) annually in Phase 1, with a portion converted to 100 tons of antimony trisulfide.
• Gold PFS Completion: Targeting completion of the Gold Pre-Feasibility Study (PFS) in 2028.
• Investment Decision (FID): Aiming to have the project construction-ready and reach a Financial Investment Decision by 2028–2029, pending infrastructure permitting.
• Funding Milestones: Expecting to receive approximately $12 million of the remaining $21 million Department of Defense (DoD) award by the end of the current year based on milestone completion.
• Cash Position: Maintaining $27 million in cash, half allocated to the antimony project and half to the gold project.

Business-Segment Outlook:

• Antimony (Phase 1): Transitioning from exploration/development to a producing company starting in 2026/2027. Focus is on processing surficial ore from the Styx (massive vein) and Stibium (swarm of stringers) prospects, with ore stockpiled at the Whiskey Bravo site.
• Antimony (Phase 2): Planning to scale operations beyond 2028 to produce additional antimony metal and antimony trioxide, leveraging the modular nature of the Port McKenzie plant.
• Gold (RPM Deposit): Focusing on converting inferred resources to measured and indicated resources via infill drilling to support the 2028 PFS. The "starter pit" targets ~500,000 ounces at 2 g/t; internal zones show 250,000 ounces at 5 g/t.
• Gold (Corbell Deposit): Utilizing ore sorting to economically process a bulk tonnage system (800 million tons at 0.3 g/t) containing a higher-grade feeder core; expecting to upgrade 0.4–0.5 g/t ore to 4–5 g/t concentrate.
• New Product/Revenue Streams: Potential monetization of the "reject" material from the ore sorter (high gold, low antimony) stockpiled on-site.

Market and Competitive Outlook:

• Strategic Positioning: Positioned as a primary U.S. domestic source for military-grade antimony trisulfide for munitions, addressing critical supply chain gaps highlighted by the current administration.
• Infrastructure Synergy: Benefiting from the West Susitna Access Road (economic corridor), where the first 20 miles are already funded, with 80 miles under permitting; the road's best-case opening is 2028, which is critical for future large-scale mining logistics.
• Regional Confidence: Noted increased activity from majors like BHP, which has recently staked claims in the district, signaling confidence in the region's metal potential.
• Technology Edge: Leveraging ore sorting technology (3–5x upgrade for high-grade zones, 10x for bulk tonnage) to reduce energy costs and processing complexity compared to conventional flotation.

Macro / Industry Outlook:

• Geopolitical Drivers: Antimony production deemed "life and death" for the U.S. military due to global conflicts; government support is expedited via executive orders (e.g., "Unleashing Alaska's Extraordinary Mineral Resource Potential").
• Regulatory Environment: Operating on state land in Alaska (no federal or Native corporation land) to streamline permitting; the West Susitna Road permitting has been accepted as "complete" by the Army Corps of Engineers.
• Critical Minerals Ecosystem: Collaborating with the University of Alaska Fairbanks and the DoD to potentially extract other critical elements (e.g., bismuth, tellurium) from waste streams using a proposed campus facility at Port McKenzie.
• Alaska Mining Climate: Remains a top-tier jurisdiction (Fraser Institute ranking), with a supportive business culture and existing operating mines (Red Dog, Fort Knox).

Strategic Initiatives:

• Plant Construction: Procurement of >500 tons of processing equipment (crushers, mills, flotation plants) is complete; equipment is on-site in Alaska. Construction of the Port McKenzie refinery is commencing.
• Infrastructure Build-out: Actively constructing the Corbell-Stibium access road (3 miles completed, 6 miles aligned); expanding the Whiskey Bravo airstrip from a C-130 capable strip (7,000 lb payload) to a Hercules strip (42,000 lb payload).
• Supply Chain Optimization: Secured a "favorable deal" to acquire a pilot plant (2017–2020 vintage) from Agnico Eagle's Hope Bay mine to accelerate the Antimony flow sheet implementation.
• Funding Strategy: Relying on DoD cost reimbursables and milestone payments (received ~$22M of $43M total) for non-dilutive funding of Phase 1; anticipating potential future non-dilutive funding for Phase 2 expansion.
• Exploration: Completed ~9,000 meters of drilling in the 2025 season (focused on RPM) and flown a ZTEM geophysical survey across the entire property.

Risks and Headwinds to Outlook:

• Resource Definition: Gold project PFS (2028) is contingent on successfully converting large volumes of inferred resources at RPM to measured/indicated stages; current PFS scope cannot include inferred resources.
• Infrastructure Dependency: Future large-scale gold/antimony development is heavily dependent on the West Susitna Access Road being open by 2028; delays in road permitting or construction could impact long-term timelines.
• Operational Complexity: While Phase 1 is "on track," producing metal and trisulfide is a complex hydrometallurgical process; final validation of lab-produced samples is ongoing before full-scale commercial certification.
• Market/Off-take: No commercial off-take agreements are currently in place; sales are anticipated to go to entities like the Defense Logistics Agency (DLA) or munitions contractors, subject to certification and market demand.

Management Tone on the Future:

• Confidence Level: Highly confident in the antimony timeline, citing "on track, on schedule, on budget" status. Management describes the antimony project as the "centerpiece" and a definitive path to production.
• Strategic Patience: Takes a pragmatic, long-term view on the gold project, prioritizing resource certainty over speed to avoid dilutive financing for the PFS.
• Operational Presence: Emphasizes the "in the trenches" local management team (CEO and GM based in Alaska) as a key differentiator for execution speed and regulatory navigation.

Miscellaneous:

• Stock Status: Trading on NYSE American (corrected from erroneous NASDAQ mention).
• Debt Profile: Company maintains zero debt.
• Share Count: No specific changes to share count, buybacks, or dividends mentioned in the guidance.
• Environmental: Hydrometallurgical process selected to avoid emissions associated with roasting/smelting, aiding in permitting.