Nova Minerals Charging Ahead with Ambitious Gold Project in Alaska

• Nova Minerals has 4.7Moz of gold resources at the Estelle Project in Alaska, with the goal of reaching 10Moz. Much of it is currently inferred, so a key focus is upgrading to indicated resources.
• There are currently 4 drill rigs (3 diamond, 1 RC) operating on the project. The plan is to drill over 50,000 meters in 2021, with a focus on infill drilling to upgrade resources.
• The upcoming Scoping Study will outline a potential production scenario, including the use of ore sorting technology. The goal is to move quickly to a PFS and feasibility study.
• Environmental baseline studies have commenced already, with the aim of potentially permitting the project with just an Environmental Assessment rather than a full EIS.
• The company believes it has strong financial backing to move quickly through studies and permitting, with over $20M currently in the bank and plans for aggressive, continual drilling.

About Nova Minerals

Nova Minerals is an exploration company focused on advancing its district-scale Estelle Gold Project located in Alaska's prolific Tintina Gold Belt. With a massive 324km2 land package, Nova Minerals believes Estelle has the potential to host over 10 million ounces of gold resources. The company's main focus is expanding and upgrading resources at its Korbel Main deposit, while also testing high-grade targets across the property.

Interview with Christopher Gerteisen, Exec. Director & CEO of Nova Minerals Ltd

Rapid Resource Growth at Korbel Main

The Korbel Main deposit currently contains an inferred resource of 4.7 million ounces of gold. This resource has seen phenomenal growth over the past 18 months, increasing by over 2 million ounces in that time. Nova Minerals expects to continue this rapid pace, targeting total resources of 10 million ounces at Korbel Main.

The deposit remains wide open, particularly along strike to the northwest and southeast. Ongoing step-out drilling aims to expand the resource footprint, while infill drilling will upgrade a significant portion to indicated status. The company plans up to 50,000 meters of drilling this year utilizing 3 diamond rigs and 1 RC rig operating year-round at Korbel.

Upgraded metallurgical test work indicates Korbel ore is highly amenable to XRT ore sorting, which significantly upgrades feed grades prior to processing. This has led Nova to shift from a envisioned heap leach operation to a combined milling and heap leach flow sheet. The company believes this will improve economics as outlined in an upcoming Scoping Study. Nova is also commencing baseline environmental studies and permitting work to maintain its ambitious development timeline.

Exploring District Potential

While Korbel Main remains the primary focus, Nova Minerals is also advancing exploration across its massive land package. Field work has identified 15 additional prospects throughout the claims, with drilling set to begin at the RPM prospect. RPM hosts high-grade rock samples up to 10 oz/t gold and historical intercepts including 120m at 1 g/t. Nova plans 5,000-10,000 meters of drilling here in 2021 to delineate a maiden resource.

Additional field work, geophysical surveys, and scout drilling will continue to develop and test other high-priority targets across Estelle. Nova believes the broader property holds potential for further multi-million ounce discoveries. Exploring this substantial land package provides significant upside beyond Korbel Main.

Fully Funded for Growth

With A$20 million in the bank, Nova Minerals is fully funded to continue aggressively exploring and expanding the Estelle Gold Project. Combined with minimal spending during the past winter season, Nova's discovery costs to date remain exceptionally low by industry standards at around $3-4 per ounce. With ongoing exploration funded, the company expects costs to remain below $5 per ounce discovered.

Nova's year-round camp and infrastructure provide drilling cost efficiency comparable to more established Australian mining regions. The permanent capabilities allow uninterrupted, low-cost exploration activities continuing into the future. Nova also continues working with the state to advance road access infrastructure that would link the project and provide further cost reductions.

Conclusion

Nova Minerals offers investors exposure to rapid resource growth potential within a proven and productive gold district. The company has demonstrated its ability to quickly delineate multi-million ounce resources at the Korbel deposit. With strong funding, Nova is set to continue aggressively expanding Korbel Main while also exploring high-impact targets across its extensive land package. The company aims to advance Estelle on a fast-track development timeline, providing opportunities for near and long-term value creation.