Nova Minerals Limited (ASX:NVA) Releases US Half-Year Report
Financial Performance
Nova Minerals Limited (ASX:NVA) reported a comprehensive income of A$1.28 million for the six months ended December 31, 2024, a significant improvement from a comprehensive loss of A$10.74 million in the previous period. The company achieved net proceeds of A$10.5 million from the sale of Snow Lake shares and A$1.25 million from warrant exercises, bolstering its cash reserves to A$4.09 million.
Capital Raising
In 2024, Nova Minerals closed two public offerings, raising approximately A$3.287 million in July and A$2.365 million in September. Additionally, the company sold 6.6 million Snow Lake shares on December 31, 2024, and received proceeds from warrant exercises, enhancing its financial position.
Exploration Advancements
The Estelle Project in Alaska continues to show promising results with the discovery of high-grade antimony and gold across multiple prospects. Surface sampling programs in early 2025 revealed significant gold and antimony grades, supporting the company’s goal to secure a U.S. domestic supply chain for these critical minerals.
Liquidity and Future Outlook
With a strengthened balance sheet and the conversion of the Nebari Convertible Loan into shares, Nova Minerals anticipates sufficient funds to support operations for over 12 months. The company plans to advance its exploration programs in 2025, focusing on expanding its gold and antimony resources.
Strategic Initiatives
Nova Minerals is actively seeking grants from the U.S. Department of Defense to develop its antimony assets. The company aims to become a significant supplier of both gold and antimony in the near to medium term, leveraging its strategic position in the prolific Tintina Gold Belt.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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