Nova Minerals Limited priced a $20 million public offering of 2,928,300 American Depositary Shares (ADS) at $6.83 per ADS, equivalent to 35,139,600 ordinary shares. The offering is expected to close on December 22 2025, providing the company with a clean‑cash injection to advance its Estelle Gold and Critical Minerals Project in Alaska.
The proceeds will be directed toward exploration and development activities at the Estelle site, including additional drilling, feasibility and environmental studies, camp expansion, permits, and the construction of an antimony refinery at Port MacKenzie. The Estelle Project sits in the Tintina Gold Belt and contains both gold and antimony resources; antimony is classified as a critical mineral by the U.S. and Australian governments, positioning Nova Minerals to meet growing demand for defense‑grade materials.
Nova Minerals has historically reported unprofitable results, with losses increasing and revenue declining over the past five years. The capital raise is therefore a strategic response to the company’s need for liquidity to fund the long‑term development of the Estelle Project. Investor concerns about dilution and the extended timeline to production were reflected in the market’s reaction to the announcement, underscoring the perceived risk of the project’s capital intensity.
Management emphasized that the funding will accelerate the project’s de‑risking milestones, including the completion of a JORC‑compliant resource estimate and the securing of key permits. The company’s leadership views the offering as a necessary step to position Nova Minerals for eventual production and to capitalize on the strategic importance of antimony in defense and energy applications.
The successful close of the offering will enable Nova Minerals to pursue the next phases of the Estelle Project, including the construction of a processing facility and the initiation of pilot‑scale antimony production. The company’s ability to secure additional financing and maintain a disciplined capital allocation strategy will be critical to translating the project’s resource potential into commercial production.
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