Nova Minerals Limited provides an update on the RPM feasibility study and amendment of the Nebari Convertible Facility Page 1

Caufield, Australia, September 20, 2024 (GLOBE NEWSWIRE) — Nova Minerals Limited (“New” and the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3), a gold and critical minerals exploration stage company focused on the development of the Estelle Gold Project in Alaska, USA, is pleased to announce that the Company has entered into a variation agreement with its largest institutional shareholder and convertible noteholder Nebari Gold Fund 1, LP (Nebari) to reduce the month-end cash covenant required under the previously announced November 21, 2022 loan agreement from US$2 million to A$1 million, and with the option to extend the convertible facility for a further 12 months to November 29, 2026. In addition to the recent listing on the US NASDAQ, the release of this additional ~A$2 million gives the Company the ability to accelerate the RPM early start-up option towards a feasibility study (FS) for delivery in 2025 by conducting internal optimisation studies. which are aimed at exploring how it can potentially generate as much early cash flow as possible to organically fund the Company’s expansion plans for the Estelle project. It also allows the Company to continue advanced discussions with the U.S. Department of Defense (DoD) regarding the potential establishment of a starter antimony plant at Stibium, which is taking place in parallel.

Below you will find more information about the changes to the Nebari Convertible Credit Facility.

Nova CEO, Mr. Christopher Gerteisen, commented: “It is a pleasure to partner with Nebari, our largest institutional shareholder and noteholder, who has demonstrated strong support and an unwavering commitment to progress the project to production. We are certainly both aligned on the current fast track RPM FS completion strategy which is focused on achieving production as quickly as possible. Working together, we have now freed up over US$1.3 million in cash to strengthen our financial position and facilitate this effort to deliver a lower capex, high margin, scalable project initially focused on developing the RPM gold deposit to generate free cash flow as quickly as possible to enable future growth at the greater Estelle Project acreage. With the continued support of Nebari and all of our shareholders, we will work together to ensure the continued progress and success of the Company as we continue on our path to commercial production.”