Nova Minerals Ltd — Capital/Financing Update 2018

Aug 29, 2018

ASX AND MEDIA RELEASE

NOVA MINERALS LIMITED ASX: NVA FSE: QM3

Nova Minerals Limited is an Australian domiciled mineral resources exploration and development company with North American focus.

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Board of Directors: Mr Avi Kimelman Managing Director / CEO

Mr Louie Simens Non-Executive Director

Mr Dennis Fry Non-Executive Director

Mr Olaf Frederickson Non-Executive Director

Company Secretary: Mr Adrien Wing

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Contact:

30 August 2018

OFFICER HILL GOLD JOINT VENTURE 2018 EXPLORATION PROGRAM

Following the decision by Newmont Tanami Pty Ltd ( Newmont ) (a wholly owned subsidiary of Newmont Mining Corporation) to form a joint venture with Nova Minerals Limited ( Nova or Company ) (ASX: NVA, FSE: QM3) in relation to the Officer Hill Gold Project ( Project ), the directors of Nova are pleased to provide details of the proposed exploration program for the remainder of 2018.

The Officer Hill Project on EL23150 covers 206km[2] and is located 34km south west of the Callie deposit which is part of Newmont’s Tanami Operations. The exploration program is targeting Callie-style mineralisation within EL23150.

Newmont has successfully completed its sole funding commitments pursuant to the terms of the Officer Hill Joint Venture Agreement. Newmont has earned a 70% interest in EL23150 whilst Nova retains a 30% interest in the tenement. The operating committee for the Project has approved exploration activities including follow up diamond drilling (Figure 1), an airborne gravity gradiometry survey and follow up geochemistry around the Paris prospect in the western portion of EL23150. The Paris prospect was identified in 2017 using Newmont’s Proprietary Deep Sensing Geochemistry (DSG) (Table 1).

Approvals have been received for the current Mining Management Plan and an Exploration Works Program submitted to DPIR and the Central Land Council respectively. Newmont is responsible for managing the Project.

Table 1: Program and activities approved

Proposed Program 2018 (H2)	Units
DSG Infill samples at Paris Prospect (Phase 1)	249
Airborne Gravity Gradiometry (CGG) (Phase1)
Diamond Drilling	4,100m
3x 700m (Phase 1)	2,100m
2x 1,000m Phase2)	2,000m

Nova Minerals Limited Level 17, 500 Collins Street Melbourne, VIC, 3000

P: +61 3 9614 0600

F: +61 3 9614 0550

W: www.novaminerals.com.au

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Figure 1: Officer Hills Planned Drill Program.

NVA Managing Director, Mr. Avi Kimelman said:

"We are excited with the commencement of the Joint Venture and approval of the program as it is the first major step in advancing the Officer Hill Gold Project. This is an exciting phase for Nova across the project as it is located within the ~13 million ounce Tanami endowment and within close proximity to Newmont’s Tanami Gold Mine”.

“Newmont’s involvement brings valuable technical expertise and insights to the Project, and provides further endorsement of Nova’s exploration package at the Officer Hill gold project.”

“Concurrent with Officer Hill exploration program, Nova is fast tracking its Estelle Gold Copper project exploration and development activities in Alaska and Thomson brothers lithium project operations and corporate development strategy which will deliver a parallel approach to enhance shareholder value across our company’s project portfolio as quickly as possible.”

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

About Nova Minerals Limited (ASX: NVA, FSE: QM3):

Thompson Bros. Lithium Project

Nova Minerals Limited own the rights to earn up to 80% ownership interest of the Thompson Bros. Lithium Project from Ashburton Ventures Inc. by financing their commitments relating to their Option Agreement with Strider Resources Ltd.

The project is well advanced and with a maiden Inferred Resource of 6.3 Mt @ 1.38% containing 86,940 tonnes of Li2O with an additional exploration target of 3 to 7Mt @ between 1.3 and 1.5% Li2O in the immediate area of the resource. Initial metallurgical test work demonstrates the project can produce a concentrate material of 6.37% Li2O using standard metallurgical laboratory test techniques.

Alaskan Project Portfolio

Nova Minerals Limited owns the rights to earn up to 85% ownership interest of the Alaskan Project Portfolio from AK Minerals Pty Ltd. by financing their commitments relating to the JV Agreement.

The Alaskan project portfolio range from more advanced exploration projects with ore grade drill intersections to brownfield tenements. The most advanced projects are the Estelle gold project, a district scale project with a 1.1 – 2.3 million ounce gold exploration target, the Chip-Loy nickel, cobalt, copper project, the Bowser creek silver, zinc, lead project which the US government has spent in excess of $7m on this project historically and the Windy Fork REE project.

Competent Person Statement

The information in this announcement that relates to proposed exploration programs on the Estelle gold-copper project has been compiled by Mr Dennis Fry. Mr Fry is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).

Forward Looking Statements: Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plan for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550