Nova Minerals Ltd — Capital/Financing Update 2018

Apr 26, 2018

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ASX AND MEDIA RELEASE

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NOVA MINERALS LIMITED ASX: NVA FSE: QM3

2 7 April 2018 ESTELLE GOLD COPPER PROJECT EXPLORATION UPDATE

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

Highlights:

• APMA exploration permit submitted to DNR for initial resource definition drilling

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• Drilling program on schedule to commence in June 2018

• Oxide Project offers significant targets to focus initial exploration

The directors of Nova Min e rals Limit e d ( Nova o r Company ) (ASX: N VA, FSE: Q M3) are pleased to p rovide an u pdate on t h e Estelle g old projec t (the Project). Nova is making g o od progress on its p re-works f o r its upcoming explor a tion progr a m in Alas k a with an a lready est a blished 1. 1 Moz to 2. 3 Moz explor a tion targe t on less th a n 1% the p roject area.

Board of Directors: Mr Avi Kimelman Managin g Director / C E O Mr Louie Simens Non-Executive Direct o r

The 1 1 2km[2] Estelle landhol d ing sits ad j acent to the 6.3Moz A u, 28.7Mo z Ag, 480kt Cu Whistler project ( G old Mining Inc.) and i n the sam e assembla g e of rocks t hat hosts N orthern Dynasty’s gi a nt Pebble copper-go l d-molybde n umsilver d eposit (70 M oz Au, 3. 4 b lb Mo, 3 4 4Moz Ag).

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Mr Dennis Fry Non-Executive Direct o

Mr Olaf Frederickson Non-Executive Direct o

No sy s tematic re g ional expl o ration has historicall y taken pla c e on the p r oject area since 201 2 . Nova h as begu n planning for its i n itial geol o gical recon n aissance t o comme n ce in Jun e 2018 an d then to b e subseq u ently follow e d up by a n explora t ion RC d r illing prog r am, subje c t to regulatory appro v als.

Company Secretary: Mr Adrien Wing

As re p orted on 2 6 th Februa r y 2018, du r ing the de s ktop data m ining stu d ies it has b e come ver y apparent that subs t antial pot e ntial exist s to exten d the explor a tion targ e t along strike at th e Oxide p r ospect an d for addi t ional discovery within t h e Oxide prospect – exploration a reas 1, 2 a nd 3 (Figu r e 2). Nova’ s main foc u s will initia l ly be to delineate a J O RC resource in 201 8 and explor e for gold r e sources o n other ne w ly identifie d walk up t a rgets.

Contact:

Nova Mi n erals Limited Level 17 , 500 Collins S treet Melbour n e, VIC, 3000

P: +61 3 9614 0600 F: +61 3 9614 0550

W: ww w .novamineral s .com.au

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Historical exploration drilling completed by Millroc k Resource s Inc. ( Millrock ) in 2011 and 2012 at the Oxi d e prospect includes:

• 450.68m a veraging 0 .38 g/t Au ( most of th e mineralis a tion was found from 31.7 9 m to 397. 0 6m and re t urned 0.43 g/t Au ove r 365.27m ( Oxide prospect hole SE11-001 )

• 41.45m @ 1.1 g/t Au from 30.79m to 72.24 m ( Oxide prospect hole SE12-004 )

• Figure 1 shows t h e targeted exploratio n area of f o cus within t he Estelle Gold projec t (Oxide pr o spect).

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Figure 1: Location of proposed exploration area within the Estelle Project

2018 Estelle Exploration Program

An Ap p lication for Permits to Mine in Al a ska (APM A ) and othe r necessar y exploratio n drilling approv a ls for the Estelle pro j ect (Oxide prospect) have now been sub m itted to th e Alaska Depart m ent of Natural Reso u rces (DN R ). The AP M A is a 5 y ear explor a tion drillin g permit and pl a n over 32 state of Alaska mini n g claims ( 5 ,120 acre s ) which c o mprises the Oxide prospe c t. The pe r mit allows up to 25 0 drill hole s comprising of up t o 12,000 metres of Revers e Circulati o n (RC) and/or Diam o nd Drilling (DD) ove r the term of the per m it. The permit c an be am e nded at a n y time an d additional APMA’s c an be sub m itted for e xploring other l o cations.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Nova i s anticipat e d to com m ence its e xploration program a t the Oxid e prospect in June 2018. P lanning d r ill hole loc a tions has already c o mmenced and will b e ground tr u thed in early J u ne, along with plann i ng access tracks for a light wei g ht track m ounted R C drill rig and a n cillary equipment. Ground Resi s tivity/IP g e ophysical surveys w ill also co m mence across the Oxide e xploration area to d e termine th e extent of potential m ineralisati o n within the pri o rity explor a tion areas (Figure 2) and to id e ntify poten t ial new mineralisatio n zones; and ot h er geological activities includi n g rock chip samplin g , geoche m ical anal y sis and geological mappin g .

Nova w ill comme n ce deploy m ent of an RC drill ri g and ancillary equip m ent as s o on as it receives regulator y approval s – aiming t o commen c e drilling i n June 201 8 . The RC r ig has a maxim u m depth o f up to 200 metres; and up to 80 RC drill holes are pla n ned between June and S e ptember 2 0 18. Subje c t to 2018 e xploration results, further RC d r illing is pl a nned in 2019 a n d the depl o yment of a DD rig to extend the depth of mineralised R C holes d o wn to a maxim u m of 600 m eters; and in-fill drilling.

The pu r pose of th e 2018 exploration pr o gram is to test the validity of its 1 .1 to 2.3 M oz gold explor a tion target (announc e d on 23 N ovember 2 017) (Fig u re 2) loc a ted partially within priority exploratio n area 1; and to de f ine a JO R C compliant resourc e . The ex p loration progra m will also t est and po t entially extend gold m ineralisation in new z o nes identified from pre-exi s ting aerial geophysic s within exploration ar e as 2 and 3.

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Figure 2: Map showing the targeted exploration areas within the oxide prospect and the zone of Nova’s 1.1 to 2.3 Moz Au exploration target

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

GEOPHYSICS

Figure s 3 and 4 r espectivel y show th e Total Ma g netic Field and First Vertical D e rivative (1VD) i m agery of the Oxide prospect.

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Figure 3: Oxide prospect geophysics – Total Magnetic Field imagery

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Figure 4: Oxide prospect geophysics – First Vertical Derivative (1VD) of the Magnetic Field

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Figure 5 shows a n aerial Ind u ced Polar i zation (IP) survey co n ducted in 2 012 with h istorical Millroc k drill holes shown. E x ploration a r ea 1 is N o va’s first p r iority drill t a rget wher e drilling will tes t the high c hargeabilit y anomaly (orange-re d to purple zone) on t h e souther n part of the ar e a. As announced o n 26 Febr u ary 2018, Millrock intercepted g old miner a lisation throug h out the m a jority of h ole SE12- 0 04, the southeaster n -most hol e which is located northe a st of the h igh charg e ability an o maly. Hol e SE12-00 4 had a hi g hlight intercept of 41.45 m @ 1.14 g / t Au from 3 0.79m; an d other inte r cepts includes 2.44m @ 0.89 g/t Au from 99.36 m ; 15.24m @ 0.50 g/t A u from 105.77m; and 4 0.84m @ 0 .57 g/t Au from 127.41m

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Figure 5: Historic IP Survey conducted in 2012 showing chargeability anomalies

On the northern p a rt of expl o ration are a 1, a large IP anomal y (yellow t o red zones) covers an are a of at least 350 acres (1.42 km[2] ). This ano m aly co-insi d es with El e ctromagn e tic (EM) conductors identified in the E ast Styx 5 6 ,000 Hz; 7 ,200 Hz; a nd 900 Hz coplanar a pparent resistiv i ty geophy s ical surve y s that we r e initiated by the St a te of Ala s ka, Depar t ment of Natural Resource s , Division o f Geologi c al & Geop h ysical Sur v eys (DGG S ) in 2014 (source: http://w w w.dggs.alaska.gov/pubs/id/291 4 2). The magnetic su r veys (Fig u res 3 and 4) were also sourced from the same s urvey.

The co p lanar resi s tivity airborne survey s utilised a DIGHEM[V] EM syste m that mea s ured inphase and quad r ature components a t five freq u encies. T w o vertica l coaxial c oil-pairs operat e d at 1,000 and 5,500 Hz while three horiz o ntal copla n ar coil-pai r s operated at 900, 7,200 a nd 56,000 Hz. EM d a ta was sa m pled at 0.1 second i n tervals. E s sentially t h e aerial survey is an Ele c tromagneti c (EM) su r vey syste m that res p onds to b e drock conductors, conductive overb u rden, and cultural s o urces. The lower the frequen c y, the de e per the penetr a tion into the earth – t h us the 56,000 Hz co p lanar resi s tivity surve y would show near surfac e EM anomalies and t h e 900 Hz coplanar r e sistivity s u rvey woul d show de e per EM anomalies.

Figure s 6, 7 and 8 respectiv e ly show the 56,000 H z coplanar resistivity; 7,200 Hz c oplanar resistiv i ty; and 90 0 Hz coplanar resistivit y within the Oxide project.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

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Figure 6: Oxide prospect geophysics – 56,000 Hz Coplanar Apparent Resistivity

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Figure 7: Oxide prospect geophysics – 7,200 Hz Coplanar Apparent Resistivity

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

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Figure 8: Oxide prospect geophysics – 900 Hz Coplanar Apparent Resistivity

Nova has calculated potenti a l mineralis a tion from n ear surface to a dep t h of appro x imately 430 m e tres within the northe r n part of e x ploration a rea 1; bas e d on the c onductive a nomaly from the three co p lanar resi s tivity surv e ys. This depth calculation coin c ides with d iamond drilling conducted by Millroc k in hole S E 11-001 w h ereby the hole was d rilled to a d epth of 457.8 m (dip 070°) (calculate d true dept h of interc e pt approxi m ately 442 m ). The en t ire hole reporte d as being mineralise d ; and spe c ifically fro m 10.18m t o 460.86m (450.68m) the hole returne d a weight e d averag e of 0.38 g / t Au – m o st of the m ineralisati o n was found from 31.79 m to 397. 0 6 m and returned 0 . 43 g/t Au over 365. 2 7m (also announce d on 26 February 2018). T he conductive ano m aly (Figur e s 6 and 7) within e xploration area 1 appear s to contin u e to the s o utheast, t h is area will also be t e sted if ex p loration re s ults are positiv e . The conductive ano m aly also e x tends to t h e west into exploratio n area 2.

Explor a tion area 2 presents a n exciting e xploration target. An E M conduc t ive anomaly (cyangreen z ones in Fi g ures 6 an d 7) is form e d on the e astern sid e of a mag n etic low (c y an-blue zones in Figures 3 and 4); and an I P chargeab i lity high ( F igure 5) i s forming o ver the magne t ic low. Es t elle is kn o wn for its porphyritic intrusive r ocks, qua r tz stockw o rks and hydrot h ermal bre c cias. Thes e EM and I P anomali e s have attributes tha t possibly i n dicates mineralisation co n sisting of IP-active minerals su c h as pyrite, chalcopy r ite, chalcosite and copper ; and presents the pot e ntial for N o va to targ e t higher gr a de gold-c o pper miner a lisation – simil a rly to the I P chargeab i lity high in t he southe r n part of e x ploration area 1.

Explor a tion area 3 is targeting a magnetic high (red-purpl e zones in Figures 3 and 4) trendin g east-nort h east with a large adj a cent EM c onductive anomaly ( F igures 6, 7 and 8) formed on the so u theastern s ide of the magnetic h igh. Nova will target t his area f o r placer gold p o tential but will not ne g ate the possibility th a t bedrock g old-coppe r targets c o uld also exist.

Figure 9 shows a n aerial photo taken d u ring recon n aissance in 2017 of e xploration areas 1, 2 and 3 with the Oxide prosp e ct.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

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Figure 9: Aerial photo taken during reconnaissance in 2017 showing the three exploration areas at the Oxide prospect

PROPOSED 2018 EXPLORATION PROGRAM

Table 1 shows an indicative timeline for t he propos e d 2018 ex p loration pr o gram with i n the Estelle project (O x ide prospe c t).

Table 1: Estelle (Oxide prospect) proposed 2018 Exploration Program

Explo Develo Phase ration / pment	Tasks		Timelin e
Stage progra 1: Field m Oxide	Rock ch survey,m locations sampling drillingp ip sampling apping an and rig ac on creekt rogram and , ground Re d planning cess tracks ributaries, geochemi sistivity/IP for drill hole , auger permitting f cal analysis or .		JUN 201 8
Stage progra prosp 2: Drilling m Oxide ect	Explorat chip sam environm IP). ion drilling, pling, and ental work further exp trenching.B and geoph loration roc aseline ysics (dow k nhole		J UN - SEP 2018
Stage progra prosp 3: Field m other ects	Reconna chip sam geologic geochem prospect issance ex pling, grou al and acce ical analys s including ploration o nd Resistiv ss track m is on other RPM. n including ity/IP surve apping, and Estelle rock ys,		A UG - SEP 2018
Stage Metall Heap studie 4: JORC, urgy and Leach s	MaidenJ Oxide pr metallurg leach tes ORC comp ospect, det ical, geote t studies. laint resou ailed cores chnical wo rce definitio ampling fo rk and heap n at r		O CT – DEC 2018

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Source References:

Millrock Resources Inc., 2011, Millrock Intersects Intrusion-Related Gold System at Estelle Project, Alaska: (News release, November 9, 2011).

Web: millrockresources.com/news/millrock-intersects-intrusion-related-gold-system-atestelle-project-alaska

Millrock Resources Inc., 2012, Millrock Discovers New Gold Zone at Estelle Project, Alaska: (News release, September 10, 2012).

Web: millrockresources.com/news/millrock-discovers-new-gold-zone-at-estelle-projectalaska-2

East Styx survey area: Airborne magnetic, electromagnetic and radiometric data in line (point), grid, vector, and map formats, Talkeetna, Tyonek, McGrath, and Lime Hills quadrangles, south-central Alaska.

Web: dggs.alaska.gov/pubs/id/29142

NVA Managing Director, Mr. Avi Kimelman said:

“To reiterate previous announcements, the value of the Estelle gold project historic exploration and database should not be underestimated. The gold systems at Oxide have been targeted from surface and depth but have never been followed up along strike within exploration area 1 or exploration within exploration areas 2 and 3.”

“Nova is excited to be commencing exploration activities over the next few months on the world class Estelle gold project. With the current 1.1Moz to 2.3Moz exploration target on less than 1% of the project area clearly demonstrates the scope and scale; we look forward to unlocking the projects full potential and value for our shareholders.”

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 in the process of defining a Maiden resource estimation, the projects current exploration target is 9.0Mt to 13.0Mt with a grade range of between 1.30% Li2O and 1.70% Li2O and first demonstration sample of spodumene concentrate; this allows a fast track approach to take the project to potential production.

Alaskan Project Portfolio

Nova Minerals Limited own 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 their 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 ChipLoy 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.

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