Nova Minerals Ltd — Capital/Financing Update 2019

Sep 10, 2019

ASX AND MEDIA RELEASE

NOVA MINERALS LIMITED ASX: NVA FSE: QM3

Nova Minerals Limited (ASX:NVA FSE:QM3) is a minerals explorer and developer focused on gold and lithium projects in North America.

==> picture [140 x 45] intentionally omitted <==

Board of Directors: Mr Avi Kimelman Managing Director / CEO

Mr Louie Simens

Executive Director

Mr Avi Geller Non-Executive Director

Company Secretary: Mr Adrien Wing

Management:

Mr Christopher Gerteisen General Manager Estelle / North America

Mr Dale Schultz

Technical lead / Chief Geologist

Mr Brian Youngs Head of Exploration and Logistics

==> picture [140 x 74] intentionally omitted <==

Contact:

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

11 September 2019

Maiden gold resource of 2.5 million ounces confirms immense potential of Nova Mineral’s Estelle Gold Project

Investment highlights:

• Independent Maiden Inferred JORC Resource of circa 2.5 million ounces of gold at Oxide Korbel (Blocks A and B) one of fifteen known occurrences at Nova Mineral’s Estelle Gold Project

• The Oxide Korbel deposit (Blocks A and B) remains open at depth and along strike

• Resource starts from less than 2 m from surface (ASX announcement: 2 September 2019 - Hole SE12-004)

• Resource occurs on less then 1 % of the total project area

• Future plans include multiple diamond drill rigs on site operating 24 hours 7 days a week, with a focus on increasing the drill density of the maiden resource, plus extensional drilling to grow the global resource

• Further exploration drilling to test RPM and Shoeshine planned

• Aggressive drilling campaign to continue upon receiving permits and approvals

Minerals explorer and developer Nova Minerals Limited (ASX:NVA FSE:QM3)(‘Nova’ or ‘the Company’) is pleased to announce its maiden Inferred Gold resource estimate for the Oxide Korbel prospect from the phase 1 resource drill programme at the Company’s Estelle Gold Project (‘the Project’).

An Independent Maiden inferred JORC Resource (‘the Resource’) of circa 2.5 million ounces of gold has been confirmed at the Project. The Oxide Korbel deposit (Blocks A and B), which is one of fifteen known occurrences, remains open at depth and along strike.

The Resource Estimate starts from less than 2 m from surface and occurs on less than 1 % of the total project area. The mineral deposit type is comparable to Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine.

Nova Minerals plans include multiple diamond drill rigs on site operating 24 hours 7 days a week, with a focus on increasing the drill density of the maiden resource, plus extensional drilling to grow the resource. Further drilling to test RPM and Shoeshine is also being planned.

NVA Managing Director, Mr Avi Kimelman said: “With credit to the team, the Oxide Korbel maiden Inferred Resource and represent a major milestone to Nova and highlights the immense potential of the Estelle Gold project as this is only one of multiple major occurrences. The Oxide Korbel Blocks A and B also remain open at depth and along strike. This is just a start and we have literally only scratched the surface.

Our aggressive drilling efforts will continue upon receiving permits and approvals, with exploration planning around the existing resource already underway. We intend to use multiple diamond drill rigs to define the footprint of Oxide Korbel deposit, expand the resource and test additional gold targets on the Estelle property (Figure 5) .

The Oxide Korbel deposit is a textbook example of a potentially bulk mineable, large scale, near surface, low strip Intrusion-Related Gold System (IRGS) mirroring that of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagle Gold Mine systems. The Estelle project is well located (Figure 6) for future development and the project receives strong government body and local support.”

Mineral Resource Estimate

This Mineral Resource Estimate has been prepared for Oxide Korbel gold deposit one of several gold targets on the Estelle Property. The Mineral Resources were estimated using drill hole data. The Mineral Resource estimate is summarized in JORC Table 1, Sections 1 to 3.

Table 1. Mineral Resource Statement, Oxide Korbel deposit, Estelle property.

==> picture [394 x 169] intentionally omitted <==

Notes:

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

• The effective date of this estimate is September 9, 2019

• The reported Mineral Resources are considered to have reasonable prospects for economic extraction

• Ounce (troy) = metric tonnes x grade / 31.103. Calculations used metric units (meters, tonnes and g/t)

• This is not and advanced Resource Estimate

• This Resource Estimate is done to JORC Standards

Geologic Interpretation - The property is situated within the Koyukuk terrane, one of several arc assemblages accreted late into the North American Cordillera. The

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

property straddles the north-south trending axis of the Late Cretaceous / Early Tertiary Mt Estelle plutonic suite that intrudes the Latest Jurassic to Early Cretaceous Kahilltna Assemblage sediments. The Kahiltna Assemblage includes units of volcaniclastic sediments, siltstone and local conglomerate interpreted as flysch deposits deposited in a continental margin setting.

The Mount Estelle composite pluton is the southern-most pluton in the Yentna trend and has isotopic ages ranging from 68 – 78 Ma with many crystallization ages averaging 70 Ma. The Mount Estelle pluton is zoned from a granite core to more mafic marginal phase. Xenoliths of the country rocks and of the various intrusive phases occur throughout the pluton. Sheeted joint sets and unusual spherical, onion-skin-like features occur in core areas of the pluton. Adjacent to the Mount Estelle pluton, the country rock is hornfelsed and locally exhibits red staining and sericite-clay alteration, and pyrite in disseminations and along fractures.

The Estelle gold deposit is interpreted to be a reduced intrusion-related gold system (IGRS). The main geologic characteristics of the Estelle deposit are remarkably similar to those of the Fort Knox and Dublin Gulch gold deposits which are also located in the Tintina Gold Belt (Nova Minerals News Release June 19, 2019)

A satellite image study of the entire Estelle property was completed by Michael Baker in 2019 (Figure 5) . At the property scale the structural pattern is dominated by an orthogonal set of northwest and northeast trending faults that are interpreted to have originated above the rising Estelle pluton. The northwest faults are interpreted to truncate the earlier northeast fractures but are themselves cut by a later set of northeast trending minor faults. The northwest trending structures are inferred to have an extensional component. At the property scale (Figure 5) , the 2 general structural trends are about 125 and 55 degrees.

Extensive zones of argillic and or phyllic alteration were mapped in the central Oxide deposit area Bundtzsen (2018). The alteration is characterized by a quartz-sericitepyrite assemblage with minor to trace amounts of biotite, kaolinite and potassium feldspar. The alteration is most commonly observed in the Alaskite and in the enveloping quartz monzonite intrusive rocks. Within the altered zones, sulfide mineralization was mapped and sampled.

The sulfide mineralization occurs as:

• 1) Sulfide blebs in within mm-scale sheeted quartz vein arrays;

• 2) Sulfide coatings on joint and fracture surfaces;

• 3) Sulfide blebs within hydrothermally altered quartz-carbonate infillings; and,

• 4) Finely disseminated sulfides in bleached altered intrusive rock.

In hand sample, sulfide minerals include arsenopyrite, pyrite and chalcopyrite. Of these, arsenopyrite is most abundant and occurs as mm-scale grains in veins and pervasively disseminated grains throughout the hydrothermally altered, sugary

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

textured, intrusive host rocks. Sulfide mineralization is most abundant in the Alaskites.

An M.Sc. study completed in 2014 on the Oxide mineralization established the vein assemblages and cross-cutting relationships, identified minerals associated with gold mineralization and determined the relative timing of mineral and vein formation.

Type 1 veins are a quartz-only vein that commonly has sinuous contacts with the host rock. The quartz is typically milky in appearance and is coarse grained (>5 mm). Sparse molybdenite is locally present. Quartz is the only alteration mineral associated with Type 1 veins and silicification adjacent to veins is pervasive.

Type 2 are quartz-sulfide-Au-feldspar veins with albite-sericite alteration selvages and are locally sheeted; Coexisting pyrite, pyrrhotite, and arsenopyrite are the sulfides observed in Type 2 veins. Arsenopyrite contains inclusions of loellingite and/or Au-Bi-Te alloys. Albite is a common alteration mineral associated with the Type 2 veins, and it commonly occurs within the 1 to 30 mm bleached vein selvages. Albite forms rims on igneous orthoclase and plagioclase crystals proximal to the veins forming a “secondary” porphyry-like texture in which the crystals appear larger than their primary size.

Type 3 quartz-sulfide-Au-chlorite veins, which appear to host most of the gold at the Estelle Property, with chlorite-sericite alteration selvages; Type 3 veins are polymetallic with coexisting chalcopyrite, pyrrhotite, and arsenopyrite forming the most common sulfides with lesser galena, argentiferous galena, and bismuthiferous galena occur free in veins and as inclusions in pyrrhotite, chalcopyrite, and arsenopyrite. The most significant gold mineralization occurs as inclusions of gold, bismuth, and tellurium within arsenopyrite. Chlorite is the main alteration mineral associated with Type 3 veins. Chlorite forms 0.2 to 10 cm vein selvages adjacent to Type 3 veins, and is also present within the veins, where it partially or completely replaces biotite. Pyrite is commonly present along chlorite cleavage planes. Sericite and carbonate alteration are also associated with Type 3 veins. Plagioclase adjacent to Type 3 veins has altered to sericite and very fine crystalline calcite is present in the groundmass adjacent to Type 3 veins.

Type 4 veins are calcite-only veins that are typically branching in nature, fine to coarsely crystalline, and iron-oxide stained. Type 4 calcite veins formed last.

Drill Spacing - Based on the above geological interpretation the 2019 RC drilling campaign for the Inferred Resource was planed using a drill spacing of 150 m centers. This is an appropriate spacing for the geometry and footprint of an IRGS style deposit.

Inferred Mineral Resource (Figure 2 and 3) - Supac software using an inversed distance squared interpolation was employed to estimate the Inferred Mineral Resource.

The estimation technique and parameters used are well suited to the data, style of mineralization and the deposit type. The parameters are summarized below: *

• Interpolation Block Size = 5 m x 5 m x 5 m,

• Bearing = 0 degrees,

• Dip = 0 degrees,

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

• Plunge = 0 degrees,

• Minimum Samples = 2,

• Maximum Samples 15,

• Cap Grade = No Cap,

• Search Ellipse Orientation:

• Azimuth = 0 degrees,

• Dip = 0 degrees,

• Plunge = 0 degrees,

• Anisotropic Search = 140 m for Inferred.

• Search Ellipse:

• Semi-Major to Major Axis = 1,

• Minor to Major Axis = 1,

• Rotation Type = Surpac ZXY LRL

*** Note** - that the maximum distance that the resource is extrapolated beyond the sample points = 140 m. All of the data is extrapolated using the Inverse Distance Squared Method of interpolation between samples. If the proportions of the blocks that search 140 meters without intersecting another sample are sued then approximately 64 % of the resource tonnes are extrapolated. A shell that outlines the geophysical anomaly that most likely indicates where the gold mineralization exists was used as a cut for any search that would go beyond this shell. However, a 140 m search limit was used even if it did not reach the grade shell boundaries as a conservative measure to limit the Inferred Resource Estimate. Other companies that have conducted resource estimates of on this type of gold deposit in Alaska generally use larger search limits, but a more conservative 140 m search limit was used to limit the tonnes in the Oxide Korbel Resource Estimate. Once more drilling is completed and more data becomes available a full variography study will be completed on the Oxide Korbel deposit

Geological mapping, drill hole data and IP/Chargeability Anomalies were used to create a 3D domain to constrain areas of anomalous mineralization.

Resource Block A trends northwest, measures 700 m 200 m in plan (Figures 1 and 2) and has been projected to a vertical depth of about 585 m. Resource Block A is interpreted to be constrained by parallel bounding faults. The Block B Mineral Resource measures 500 m 500 m in plan (Figures 1 and 2) and has been projected to a maximum depth of about 280 m below surface (Figure 3) . Resource Blocks A and B are interpreted to be part of the same hydrothermal system and likely off-set by the Valley Fault (Figures 1) . Targets C and D (Figure 1) display IP/Chargeability responses very similar to Resource Blocks A and B. Targets C and D have not been drill tested and have not been included in the Oxide Korbel Resource Estimate.

The entire block model is constrained and enveloped by a more extensive 10 mS/S, IP/Chargeability anomaly. The size of the block model was selected to be about the size that average open pit mining equipment would use.

A downhole sample composite size of 2 m was selected based on the average sample size.

A variography study indicates the data is heavily partitioned and the results were considered unsatisfactory. As a result, a maximum spherical search of 140 m for the Inferred category was selected based on the Competent Person’s experience.

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

In order to evaluate whether cutting or grade capping of higher-grade values is appropriate a decile analysis was performed on the samples above the background of 0.02 g/t Au. This is a quick study of the mean distribution as related to the assay frequency distribution using raw assay data multiplied by sample length. Cutting of high assays should be seriously considered if the top decile has more than 40% of the metal. In this case, the top decile contains about 25% of the metal distribution so no grade capping was conducted.

Depth of Overburden – the first sample in hole SE12-001 (1.83 to 4.24 m) returned a value of 0.243 g/t Au. This value is well above the Inferred Resource Estimate’s lower cut-off grade and demonstrates that mineralization starts at surface in the Oxide Krobel deposit area. The average depth of overburden for the entire drill campaign was 10.0 m.

Cut-off Grades – The Oxide Korbel Resource Estimate was prepared using cut-off grades ranging from 0.5 to 0.50 g/t Au (Table 1) . Similar deposits types to Oxide Korbel include the Fort Knox and Dublin Gulch Eagle deposits which have cut-off grades between 0.10 – 0.15 g/t Au (Table 2) . It is suggested that 0.10 to 0.20 g/t Au is an appropriate cut-off grade to evaluate the future economics of this project.

Bulk density – Based on mapping data collected by Pacific Rim Geological Consulting in 2018 the main host rock type for the mineralization at Oxide Korbel consists dominantly of granite. Most of the rock types in the Oxide Korbel map area (Figure 1 ) plot in the granite Field on Normative QAPF diagram Plot (Figure 4) . Alteration that is overprinting the granites in the Oxide Korbel deposit area is minimal and has limited effect on the bulk density. There is no significant oxide mineralization present at this deposit. The Inferred Resource estimate falls 100% within the sulphide domain and is represented by fresh rocks only. The average bulk density of granite is between 2.65 and 2.75 g/cm[3] . A density of 2.68 g/cm[3] was selected for the Oxide Korbel Resource estimate, as no density data of the hosting granite is available. This estimate for dry bulk density compares favourably for that used in similar deposits types such as Fort Knox and Dublin Gulch (Table 2) .

Table 2 . Bulk density (SG) and cut-off grades of comparable deposits types to the Oxide Korbel deposit.

eposit.
	Fort Knox Dublin Gulch
Cut-off	0.10g/t 0.15g/t
SG	2.65 2.66

Sample Collection and Analytical Techniques - The drilling during the 2018 and 2019 campaign consisted of Reverse Circulation drilling, or RC drilling. This is a method of drilling which uses dual wall drill rods that consist of an outer drill rod with an inner tube. These hollow inner tubes allow the drill cuttings to be transported back to the surface in a continuous, steady flow.

For 2018 and 2019 RC drilling each 1.52 m interval sample run was riffle split to

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

obtain a 4 - 6 kg sample, which were sent to ALS laboratory in Fairbanks for pulverization to produce a 250 g sub-sample for analysis. For RC drilling each 4 – 6 kg sample that was sent to ALS Fairbanks and an off cut of chips were generated and provided to Pacific Rim Geological Consulting for detailed chip logging. RC data was logged digitally into Excel templates and validated. Remaining half cores from historical drill holes (2011 to 2012) were sampled at ~3.05 m intervals. Samples were sent to ALS laboratory in Fairbanks for pulverization to produce a 250 g subsample for analysis. Sample prep consisted of ALS Prep 31 - Crush to 70% less than 2 mm, riffle split off 250 g, pulverize split to better than 85% passing 75 microns. Sample analysis consisted of ALS Au-ICP21 Fire Assay with 30 g sample charge using ICP-AES finish. Detection Limits range from 0.001 - 10 g/t Au. For sample exceeding the upper detection limit of 10 g/t Au the material was re-run using ALS method Au-GRA21. This Fire Assay technique utilizes a charge size of 30 g and a gravimetric finish. Detection Limits range from 0.05 -10,000 g/t Au.

==> picture [353 x 276] intentionally omitted <==

Figure 1. Geology map of the Oxide Korbel gold deposit illustrating drill hole locations, Resource Blocks A and B, and Targets C and D.

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

==> picture [375 x 216] intentionally omitted <==

• Figure 2. Plan view map of the Inferred Resource Estimate block model of the Oxide Korbel gold deposit.

==> picture [452 x 362] intentionally omitted <==

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

Figure 3. Cross-Section of the Inferred Resource Estimate block model of the Oxide Korbel gold deposit.

==> picture [363 x 207] intentionally omitted <==

Figure 4. Normative QAPF diagram of eleven Late Cretaceous plutonic rock samples from Oxide Claim area.

Internal prioritised systematic exploration strategy

The Company’s ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration “Project Pipeline” process to maximise the probability of multiple major discoveries ( Table 3 ). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline (Figure 4) . The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.

Table 3. Prioritised Systematic Exploration Strategy.

EXPLORATION PROGRAM	PASS/FAIL
Big Picture (Historical Data Review)
Airborne geophysics
Soil Sampling
Alteration Mapping
IP Surveys overlay of Alteration Zone
Target Prioritisation
RC and/or DiamondDrilling

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

==> picture [455 x 205] intentionally omitted <==

Figure 4. Estelle Project Pipeline

==> picture [455 x 37] intentionally omitted <==

==> picture [449 x 310] intentionally omitted <==

Figure 5. Location map, Estelle Gold Property, South-Central Alaska, USA.

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

==> picture [443 x 610] intentionally omitted <==

Figure 6. Location of known gold targets, Estelle gold property.

==> picture [455 x 36] intentionally omitted <==

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

Competent Person statement

JORC Resource Estimate

Information in this release, which relates to the resource estimation of the Oxide Korbel deposit is based on the work of Mr. David Melling P.Geo. of D R Melling Consulting Inc. who is a member of the Association of Professional Engineers and Geoscientists in the Province of British Columbia (APEGBC), Canada and Frank Hardy P.Geo of CanMin Enterprises Ltd. who is a member of the Association of Professional Engineers and Geoscientists of the Province of Saskatchewan (APEGM), Canada; both have sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and the activities being reported upon to qualify as a Competent Persons, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr.’s Melling and Hrdy consent to the inclusion in this report of the statements based on the information in the form and context in which it appears.

Data Compilation and final evaluation

Mr Dale Schultz P.Geo., Principle of DjS Consulting, who is Nova groups Chief Geologist and COO of Nova Minerals subsidiary Snow Lake Resources Ltd., compiled and evaluated the technical information in this release and is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

Ends

About Nova

Nova Minerals Limited (ASX:NVA FSE:QM3) is a minerals explorer and developer focused on gold and lithium projects in North America.

Nova has a diversified portfolio of projects across the US, Canada, and Australia. Two of the key projects include Nova’s Estelle Gold Project in Alaska, which holds some of North America’s largest gold deposits, and the company’s majority-owned Snow Lakes Resources, a lithium project in Canada. Nova aims to provide shareholders with diversification through exposure to base and precious metals and to capitalise on the growing demand for lithium-based energy storage.

To learn more please visit: https://novaminerals.com.au/

Forward-looking Statements and Disclaimers

This ASX announcement (“Announcement”) has been prepared by Nova Minerals Limited (“Nova” or “the Company”) and contains summary information about Nova,

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

its subsidiaries and their activities, which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information, which a prospective investor may require in evaluating a possible investment in Nova.

By its very nature exploration for minerals is a high-risk business and is not suitable for certain investors. Nova’s securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Nova and of a general nature which may affect the future operating and financial performance of Nova and the value of an investment in Nova including but not limited to economic conditions, stock market fluctuations, gold provide movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel and foreign currency fluctuations.

Except for statutory liability which cannot be excluded, each of Nova’s, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this Announcement and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Announcement or any error or omission here from. The Company is under no obligation to update any person regarding any inaccuracy, omission or change in information in this Announcement or any other information made available to a person nor any obligation to furnish the person with any further information. Recipients of this Announcement should make their own independent assessment and determination as to the Company’s prospects, its business, assets and liabilities as well as the matters covered in this Announcement.

This Announcement is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. It is not intended to be and is not a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporation Act 2001. This Announcement and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this Announcement would be unlawful under the securities or other laws of that or any other jurisdiction. The Company or any of its affiliates, directors or officers that any recipients invest in the Company, does not consider this Announcement a recommendation nor does it constitute as any investment, accounting financial, legal or tax advice.

This Announcement does not contain all information which may be material to the making of a decision in relation to the Company. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Any investor should seek independent financial and taxation advice independent assessment and determination as to the Company’s prospects prior to making any investment decision, and should not rely on the information in this Announcement for that

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

purpose. Neither the Company nor its related bodies corporate is licensed to provide financial advice in respect of the Company’s securities or any financial products. This Announcement does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

Certain statements in this document are or may be “forward-looking statements” and represent Nova’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Nova, and which may cause Nova’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Nova does not make any representation or warranty as to the accuracy of such statements or assumptions.

Although all reasonable care has been undertaken to ensure that the facts and opinions given in this Announcement are accurate, the information provided in this Announcement (including information derived from publicly available sources) may not been independently verified.

JORC Code, 2012 Edition – Table

The following table is provided to ensure compliance with the JORC Code (2012 Edition) for the reporting of Exploration Results

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	The mineral resource estimate is based on a
techniques	channels, random chips, or specific	combination of recent sampling data collected
	specialised industry standard measurement	from reverse circulation (RC) drilling resampling
	tools appropriate to the minerals under	and historical diamond drill (DD) core.
	investigation, such as down hole gamma
	sondes, or handheld XRF instruments, etc.).	For recent (2018 and 2019) RC drilling each
	These examples should not be taken as	1.52 m interval was riffle split to obtain a 4-6 kg
	limiting the broad meaning of sampling.	sample, which were sent to ALS laboratory in
	• Include reference to measures taken to	Fairbanks for pulverization to produce a 250 g
	ensure sample representivity and the	sub-sample for analysis.
	appropriate calibration of any measurement
	tools or systems used.	Remaining half (DD) cores from historical drill
	• Aspects of the determination of	holes (2011 to 2012) were sampled at 3.05 m
	mineralisation that are Material to the Public	intervals. Samples were sent to ALS laboratory
		in Fairbanks forpulverization toproduce a 250g

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

Criteria	JORC Code explanation	Commentary
	Report.	sub-sample for analysis
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple	Sampling and sample preparation protocols for
	(e.g. ‘reverse circulation drilling was used to	recent RC drilling and historical diamond drill
	obtain 1 m samples from which 3 kg was	core DD followed industry best practices and are
	pulverised to produce a 30 g charge for fire	appropriate for the mineralization type being
	assay’). In other cases more explanation may	evaluated.
	be required, such as where there is coarse
	gold that has inherent sampling problems.
	Unusual commodities or mineralisation types
	(e.g. submarine nodules) may warrant
	disclosure of detailed information.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka,	Drill types used included recent RC (NQ size) and historic DD (NQ size).
	sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method)	Recent Drilling in 2019 consisted of Reverse Circulation drilling, or RC drilling. This is a method of drilling which uses dual wall drill rods that consist of an outer drill rod with an inner tube. These hollow
		inner tubes allow the drill cuttings to be transported
		back to the surface in a continuous, steady flow.
Drill sample	• Method of recording and assessing core and	Recovery data is typically not recorded for RC
recovery	chip sample recoveries and results assessed.	drilling.
	• Measures taken to maximise sample	No recovery data was available for the historic
	recovery and ensure representative nature of	DD.
	the samples.
	• Whether a relationship exists between
	sample recovery and grade and whether
	sample bias may have occurred due to
	preferential loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been
	geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Hole SE11-001, SE12-002, SE-12-004 are historic drill holes that are included in the Inferred Resource Study. These holes where located on the property and GPS using a Montana 650 Garmin and re-sampled as part of our 2019 program. For re-sampling all SE series of holes interval data was collected for each hole
	• The total length and percentage of the relevant intersections logged.	along with geological logging information and all core boxes were photo graphed for verification
		purposes. See example of core photos below.
		RC chip sample intervals were recorded in the
		field on a logging template form. 100% of the
		chip samples were sent to ALS Fairbanks and
		off-cut chips were submitted to Pacific Rim

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

Criteria	JORC Code explanation	Commentary
		Geological Consulting for detailed geological
		logging. These data have been compiled
		digitally.
		A total of 823 samples of RC Chips were used to
		support the Inferred Resource. A total of 285
		historic drill core samples were used to support
		the Inferred Recourse. Therefore 75% of the
		Resources is supported but RC and 25% by
		historic drill core.
Sub-	• If core, whether cut or sawn and whether	Each 1.52 m RC interval was riffle split (dry) to
sampling	quarter, half or all core taken.	obtain a 4-6 kg sample, which was sent to the
techniques		ALS laboratory for pulverization.
and sample	• If non-core, whether riffled, tube sampled,
preparation	rotary split, etc. and whether sampled wet or	Field duplicates (RC) for recent data were
	dry.	collected every 1 in 20 samples at the same
	• For all sample types, the nature, quality and	time using the same method (riffle split) as the
	appropriateness of the sample preparation	parent sample.
	technique.
		Historic DD duplicates were sampled and
	• Quality control procedures adopted for all sub-sampling stages to maximise	collected after crushing, by the laboratory, at a rate of 1 in 20.
	representivity of samples.
		Blank material was inserted 1 in 40 samples for
	• Measures taken to ensure that the sampling	both RC and historic DD.
	is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the	Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.
	grain size of the material being sampled.
Quality of	• The nature, quality and appropriateness of	For recent (2018 and 2019) RC drilling each
assay data	the assaying and laboratory procedures used	1.52 m interval was riffle split to obtain a 4-6 kg
and	and whether the technique is considered	sample, which were sent to ALS laboratory in
laboratory	partial or total.	Fairbanks for pulverization to produce a 250 g
tests	• For geophysical tools, spectrometers,	sub-sample for analysis.
	handheld XRF instruments, etc., the
	parameters used in determining the analysis	Remaining half (DD) cores from historical drill
	including instrument make and model,	holes (2011 to 2012) were sampled at 3.05 m
	reading times, calibrations factors applied	intervals. Samples were sent to ALS laboratory
	and their derivation, etc.	in Fairbanks for pulverization to produce a 250 g
	• Nature of quality control procedures adopted	sub-sample for analysis
	(e.g. standards, blanks, duplicates, external
	laboratory checks) and whether acceptable	Sampling and sample preparation protocols for
	levels of accuracy (i.e. lack of bias) and	recent RC drilling and historical diamond drill
	precision have been established.	core DD followed industry best practices and are
		appropriate for the mineralization type being
		evaluated.
		Field duplicates (RC) for recent data were
		collected every 1 in 20 samples at the same
		time using the same method (riffle split) as the
		parent sample.
		Historic DD duplicates were sampled and
		collected after crushing, by the laboratory, at a
		rate of 1 in 20.

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

Criteria	JORC Code explanation	Commentary
		Blank material was inserted 1 in 40 samples for
		both RC and historic DD.
		Standard Reference Material (SRM) was
		inserted 1 in 20 samples. Three different SRMs
		at three different grades levels were used.
		Acceptable levels of precision and accuracy
		were obtained.
		.
Verification	• The verification of significant intersections by	The verification of significant intersections has
of sampling	either independent or alternative company	been completed by company personnel and the
and	personnel.	competent persons.
assaying
	• The use of twinned holes.	No drill holes within the resource were twinned.
	• Documentation of primary data, data entry	For RC drilling each 1.52 m sample was sent to
	procedures, data verification, data storage	ALS Fairbanks and an off cut of chips were
	(physical and electronic) protocols.	generated form each 1.52 metre and provided to
		Pacific Rim Geological Consulting for detailed
	• Discuss any adjustment to assay data.	chip logging. RC data was logged digitally into Excel templates and validated.
		Historic DD sample intervals were logged onto
		paper and subsequently entered into excel
		spreadsheets. Photos were taken of each core
		box.
		Recent Assay files are received from the
		laboratory in CSV format and these files were
		made available to the Deposit Modeler.
		No historic DD logs or assay data was available.
		All the available data was made available to the
		deposit modeler.
		There were no adjustments to assay data.
Location of	• Accuracy and quality of surveys used to	Collar coordinates for all RC drill holes were
data points	locate drill holes (collar and down-hole	located in the field by the Project Manager using
	surveys), trenches, mine workings and other	a Garman 650 handheld GPS.
	locations used in Mineral Resource
	estimation.	Grid system was NAD 83 Zone 5
	• Specification of the grid system used.
		No down hole survey instrument was use on the
		RC drill holes.
	• Quality and adequacy of topographic control.	All historic DD locations were located in the field
		by the Project Manager using Garman 650
		handheld GPS.
		No down hole survey data was available for
		historicDD.
Data spacing	• Data spacing for reporting of Exploration	The drill hole spacing is sufficient to
and	Results.	demonstrate geological and grade continuity
distribution		appropriate for the Mineral Resource
	• Whether the data-spacing and distribution is

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

Criteria	JORC Code explanation	Commentary
	sufficient to establish the degree of	The drill spacing applied to each deposit is
	geological and grade continuity appropriate	considered suitable for the style of
	for the Mineral Resource and Ore Reserve	mineralisation and mineral resource estimation
	estimation procedure(s) and classifications	requirements.
	applied.
	• Whether sample compositing has been
	applied.
Orientation	• Whether the orientation of sampling achieves	Drill holes were drilled predominantly
of data in	unbiased sampling of possible structures and	perpendicular to mineralized domains where
relation to	the extent to which this is known, considering	possible. No orientation based sampling bias
geological	the deposit type.	has been identified in the data.
structure	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	Nova Minerals personnel managed the sample chain of custody. Both RC and historic DD core samples were securely stored on site prior to being dispatched
		to the ALS Fairbanks laboratory for assay analysis.
		Dispatch sheets were used to document sample
		numbers through the delivery process.
		ALS maintains a Webtrieve application to confirm and
		monitor samples and jobs within the laboratory
		process.
Audits or	• The results of any audits or reviews of	External review confirms sampling protocols are
reviews	sampling techniques and data.	within industry best practices for RC drilling and
		for re-sampling of historicDD.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and	The Estelle project is comprised of one hundred
tenement	ownership including agreements or material	and eighty Six (186) State of Alaska mining
and land	issues with third parties such as joint	claims consisting of one hundred and eighty two
tenure status	ventures, partnerships, overriding royalties,	(182) x 160 acres per claim and four (4) x 40
	native title interests, historical sites,	acres per claim for a total or 29,280 acres
	wilderness or national park and	(118.5km2) for the entire claim group.
	environmental settings.
		The mining claims are wholly owned by AKCM
		(AUST) Pty Ltd. (an incorporated Joint venture
		(JV Company between Nova Minerals Ltd and
		AK Minerals Pty Ltd) via 100% ownership of
		Alaskan incorporate company AK Custom
		Mining LLC. AKCM (AUST) Pty Ltd is owned
		51% by Nova Minerals Ltd 49% by AK Minerals
		Pty Ltd.
	• The security of the tenure held at the time of
	reporting along with any known impediments	Nova owns 51% of the project and has the right
	to obtaining a licence to operate in the area.	to earn up to 85% of the project through the joint
		venture agreement.
		There arenonative titleinterestsinoroverany

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

Criteria	JORC Code explanation	Commentary
		of the claims and they are not located within any
		environmentally sensitive areas including
		National Parks, Conservation Reserves or
		Wilderness areas.
		The Company is not aware of any other
		impediments that would prevent an exploration
		or mining activity.
Exploration	• Acknowledgment and appraisal of exploration	The Estelle prospect has undergone both
done by	by other parties.	surface and sub-surface exploration
other parties		intermittently since the 1970’s. The latest
		exploration was conducted between 2011 and
		2014 which was previously reported by Nova
		Minerals Limited (formally Quantum Resources).
Geology	• Deposit type, geological setting and style of	The Oxide deposit is classified as a Reduced
	mineralisation.	Intrusion-Related Gold Deposit (RIRG) type.
		RIRG deposits typically occur associated with
		moderately reduced intrusions in reduced
		siliciclastic Sequences. Key characteristics of
		these deposits include low sulfide content with
		associated with reduced mineral and metal
		assemblages of Au>Ag, Bi, As, W, and Mo. The
		mineralization occurs in multiphase granitic
		stocks and plutons. Gold is hosted in sheeted
		veins, which are coeval with their causative
		intrusions. Although these deposits do not have
		a significant hydrothermal alteration footprint,
		there are often peripheral mineralization
		occurrences and proximal thermal alteration,
		which have a predictable distribution pattern,
		including secondary aluminosilicates, biotite,
		and tourmaline, skarns and polymetallic veins.
Drill hole	• A summary of all information material to the	Drilling information used used for the estimation
Information	understanding of the exploration results	of mineral resources included the following:
	including a tabulation of the following
	information for all Material drill holes:	Location dataincluding Easting, Northing and
	o easting and northing of the drill hole collar	RL of drill hole collars recorded in NAD 83 Zone
	o elevation or RL (Reduced Level –	5.
	elevation above sea level in metres) of the
	drill hole collar	Drill HoleAzimuth is the 360obearing of the
	o dip and azimuth of the hole	hole orientation.
	o down hole length and interception depth
	o hole length.	Drill Hole Dipis the inclination of the drill hole
	• If the exclusion of this information is justified	from horizontal.
	on the basis that the information is not
	Material and this exclusion does not detract	Down Hole Lengthis the distance down the
	from the understanding of the report, the	inclination of the hole and is measured as the
	Competent Person should clearly explain	distance from the collar to the end of hole.
	why this is the case.
		Intercept Depthis the distance from the start of
		the hole down the inclination of the hole to the
		depth of the zone of interest.
		The listingof the entire drill hole database used

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

Criteria	JORC Code explanation	Commentary
		to estimate the mineral resource was not
		considered relevant	for this release.
Data	• In reporting Exploration Results, weighting	Reported intercepts	quoted in the report are
aggregation	averaging techniques, maximum and/or	length weighted.
methods	minimum grade truncations (eg cutting of
	high grades) and cut-off grades are usually	No maximum grade	truncations or top cuts were
	Material and should be stated.	applied.
	• Where aggregate intercepts incorporate short
	lengths of high-grade results and longer	Lower cut-off grades of 0.00, 0.05, 0.10, 0.18,
	lengths of low grade results, the procedure	0.20, 0.25 and 0.30	g/t Au were applied to the
	used for such aggregation should be stated	Mineral Resource Estimate.
	and some typical examples of such
	aggregations should be shown in detail.	Metal equivalent values are not used in
	• The assumptions used for any reporting of	reporting.
	metal equivalent values should be clearly
	_stated. _
Relationship	• These relationships are particularly important	Zones of mineralisation are based on interpreted
between	in the reporting of Exploration Results.	geology recorded in drilling logs coupled with
mineralisatio		gold grades. Reporting of mineralised intercepts,
n widths and	• If the geometry of the mineralisation with	widths and grades are deemed acceptable by
intercept	respect to the drill hole angle is known, its	the Competent Persons.
lengths	nature should be reported.
	• If it is not known and only the down hole	Drill holes were orientated to intersect
	lengths are reported, there should be a clear	mineralisation at a perpendicular angle.
	statement to this effect (eg ‘down hole length,
	_true width not known’). _
Diagrams	• Appropriate maps and sections (with scales)	Appropriate figures are provided in the ASX
	and tabulations of intercepts should be	release and depict the key results from the
	included for any significant discovery being	Resource Estimate.
	reported These should include, but not be
	limited to a plan view of drill hole collar
	_locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all	Not Applicable (NA) – no drilling or sampling is
reporting	Exploration Results is not practicable,	being reported.
	representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	_Results. _
Other	• Other exploration data, if meaningful and	Geological consultants completed geological
substantive	material, should be reported including (but	mapping within the prospect area in the past.
exploration	not limited to): geological observations;
data	geophysical survey results; geochemical	Rock chip and channel samples collected during
	survey results; bulk samples – size and	reconnaissance are	reported and tabularised in
	method of treatment; metallurgical test	full and locations plotted on generated maps in
	results; bulk density, groundwater,	this report.
	geotechnical and rock characteristics;
	potential deleterious or contaminating	Major geological observations have been
	substances.	reported.
Further work	• The nature and scale of planned further work	Nova is in the process of planning future
	(eg tests for lateral extensions or depth	exploration and drilling activities.
	extensions or large-scale step-out drilling).
	• Diagrams clearly highlighting the areas of	Additional areas require follow-up work in future
	possible extensions, including the main	drill program.
	geological interpretations and future drilling

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

Criteria	JORC Code explanation	Commentary
	areas, provided this information is not
	commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data has not	Field data is compiled into Excel spreadsheets.
integrity	been corrupted by, for example, transcription	Assay data CSV files are downloaded directly
	or keying errors, between its initial collection	from the ALS Webtrieve server. Various software
	and its use for Mineral Resource estimation	tools are used to validate the data and all errors
	purposes.	were corrected before loading of data into the
	• Data validation procedures used.	block model. The following basic validation checks
		on the data were completed:
		• Sample inventory checks, shipped verses
		received
		• Visual digital data checked against original
		hard copies
		• overlapping sample intervals.
		• Sample intervals with no assay data.
		• Duplicate records.
		• Assay grade ranges.
		• Collar coordinates ranges.
		• Valid hole orientation data.
		There areno significantissueswiththe data.
Site visits	• Comment on any site visits undertaken by	Competent Person David Melling P.Geo.
	the Competent Person and the outcome of	conducted a site visit to the Estelle Project in July
	those visits.	2019.
	• If no site visits have been undertaken	All aspects of drilling, sampling and data collection
	indicate why this is the case.	are considered by the Competent Persons to
		meet orexceedindustry standards.
Geological	• Confidence in (or conversely, the uncertainty	The geologic interpretation used to constrain the
interpretation	of ) the geological interpretation of the	Mineral Resource estimate is based on a
	mineral deposit.	combination of geological, geochemical and
	• Nature of the data used and of any	geophysical data sets. These digital data sets
	assumptions made.	include a Landsat Satellite imagery study,
	• The effect, if any, of alternative	geological field mapping, outcrop sampling, re-
	interpretations on Mineral Resource	sampling of historic diamond drill core, recent
	estimation.	Reverse Circulation drilling data. Academic,
	• The use of geology in guiding and controlling Mineral Resource estimation.	Government and Industry reports pertaining to the history, geology and IRGS mineral deposit type
	• The factors affecting continuity both of grade	have been reviewed.
	and geology.	The gold mineralization within the Oxide deposit is
		controlled by a conjugate set of sulfide-bearing
		veins. The density and orientation of these veins
		affect the grade and continuity of the
		mineralization.
Dimensions	• The extent and variability of the Mineral	The Mineral Resource estimate is confined to
	Resource expressed as length (along strike	Blocks A and B(Figures 1 and 2). The Block A
	or otherwise), plan width, and depth below	Mineral Resource trends northwest, measures
	surface to the upper and lower limits of the	650 m 250 m in plan and has been projected to a
	Mineral Resource.	vertical depth of about 600 m(Figure 2). The
		Block B Mineral Resourcemeasures 500m300m

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

Criteria	JORC Code explanation	Commentary
		in plan and has been projected to a maximum
		depth of about 300 m below surface(Figure 2).
		Resource Blocks A and B are interpreted to be
		part of the same hydrothermal system and likely
		off-set by the Valley Fault(Figures 1 and 2).
Estimation	• The nature and appropriateness of the	Frank Hrdy P.Geo. used Supac software and an
and modelling	estimation technique(s) applied and key	inversed distance squared interpolation. The
techniques	assumptions, including treatment of extreme	Oxide Korbel gold mineralization is interpreted to
	grade values, domaining, interpolation	be an IRGS type deposit.
	parameters and maximum distance of	The estimation technique and parameters used
	extrapolation from data points. If a computer	are well suited to the data, style of mineralization
	assisted estimation method was chosen	and the deposit type.
	include a description of computer software	Interpolation Block Size = 5 m x 5 m x 5 m,
	and parameters used.	Bearing = 0 degrees,
	• The availability of check estimates, previous	Dip = 0 degrees,
	estimates and/or mine production records	Plunge = 0 degrees,
	and whether the Mineral Resource estimate	Minimum Samples = 2,
	takes appropriate account of such data.	Maximum Samples 15,
	• The assumptions made regarding recovery	Cap Grade = No Cap,
	of by-products.	Search Ellipse Orientation:
	• Estimation of deleterious elements or other	Azimuth = 0 degrees,
	non-grade variables of economic	Dip = 0 degrees,
	significance (eg sulphur for acid mine	Plunge = 0 degrees,
	drainage characterisation).	Anisotropic Search = 140 m for Inferred.
	• In the case of block model interpolation, the block size in relation to the average sample	Search Ellipse: Semi-Major to Major Axis = 1,
	spacing and the search employed.	Minor to Major Axis = 1,
	• Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables.	Rotation Type = Surpac ZXY LRL All existing geological mapping, drill hole data and IP/Chargeability Anomalies were used to create a 3D domain to constrain areas of anomalous
	• Description of how the geological interpretation was used to control the resource estimates.	mineralization. The Block A Mineral Resource is interpreted to be constrained by parallel bounding faults. Resource Blocks A and B are interpreted to
	• Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	be part of the same hydrothermal system and likely off-set by the Valley Fault(Figures 1 and 2). The block model geometry and orientation was selected to encompass the entire estimated grade shell and the size of the blocks was selected to be about the size that average open pit mining equipment would use. A downhole
		sample composite size of 2 m was selected based
		on the average sample size. A variography study
		indicates the data is heavily partitioned so the
		results were considered unsatisfactory. As a result
		a maximum spherical search of 140 meters for the
		Inferred category was selected based on the
		Competent Person’s experience. In order to
		evaluate whether cutting of the higher-grade is
		appropriate a decile analysis was performed on
		the samples above the background of 0.02 g/t Au.
		This is a quick study of the meal distribution as
		related to the assay frequency distribution using
		raw assay data multiplied by sample length.
		Cutting of high assays should be seriously
		considered if the top decile has more than 40% of
		themetal. Inthis case, the top decile contains

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

Criteria	JORC Code explanation	Commentary
		about 25% of the metal distribution so no grade
		cappingwas conducted.
Moisture	• Whether the tonnages are estimated on a	All tonnages are estimated on a dry basis.
	dry basis or with natural moisture, and the
	method of determination of the moisture
	content.
Cut-off	• The basis of the adopted cut-off grade(s) or	The Mineral Resource has been reported at a
parameters	quality parameters applied.	0.18 g/t Au grade cut-off for the Oxide Korbel
		deposit. This cut-off was chosen using current
		economic parameters applicable for open cut
		mining for similar deposit types.
Mining factors	• Assumptions made regarding possible	The only mining method envisaged for the
or	mining methods, minimum mining	extraction of gold from the Oxide Koebel deposit
assumptions	dimensions and internal (or, if applicable,	is anticipated to involve large-scale. open pit,
	external) mining dilution. It is always	truck and shovel mining methods. Grade control
	necessary as part of the process of	of mining blocks will be based on sampling from
	determining reasonable prospects for	high quality reverse circulation drilling blast holes.
	eventual economic extraction to consider
	potential mining methods, but the
	assumptions made regarding mining
	methods and parameters when estimating
	Mineral Resources may not always be
	rigorous. Where this is the case, this should
	be reported with an explanation of the basis
	of the mining assumptions made.
Metallurgical	• The basis for assumptions or predictions	No metallurgical test work has been completed on
factors or	regarding metallurgical amenability. It is	mineralization from the Oxide Korbel deposit. It is
assumptions	always necessary as part of the process of	assumed that the metallurgical characteristics of
	determining reasonable prospects for	the Oxide Korbel gold mineralization is similar to
	eventual economic extraction to consider	other IRGS deposits with similar mineralogy (i.e.
	potential metallurgical methods, but the	Fort Knox or Eagle deposits).
	assumptions regarding metallurgical
	treatment processes and parameters made
	when reporting Mineral Resources may not
	always be rigorous. Where this is the case,
	this should be reported with an explanation
	of the basis of the metallurgical assumptions
	made.
Environmen-	• Assumptions made regarding possible waste	At this stage it is premature to detail the potential
tal factors or	and process residue disposal options. It is	environmental impacts of a large-scale open pit
assumptions	always necessary as part of the process of	mining operation and environmental factors were
	determining reasonable prospects for	not considered in detail. It is assumed that the
	eventual economic extraction to consider the	Oxide Korbel would have camp, milling,
	potential environmental impacts of the	processing, waste rock and tailings disposal
	mining and processing operation. While at	facilities constructed on site. Power and road
	this stage the determination of potential	access would also likely be required. Processing
	environmental impacts, particularly for a	operations may utilise a dry stacked tailings
	greenfields project, may not always be well	storage facility which combines a waste landform
	advanced, the status of early consideration	with filtered tailings in a lined facility and
	of these potential environmental impacts	subsequently covered by mine waste material.
	should be reported. Where these aspects	Subaqueous settlement beneath a pit lake (water
	have not been considered this should be	cover) may be used to prevent the oxidation of
	reported with an explanation of the	tailings.
	environmental assumptions made.

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

Criteria	JORC Code explanation	Commentary
Bulk density	• Whether assumed or determined. If	The average density of granite is between 2.65
	assumed, the basis for the assumptions. If	and 2.75 cm3. A density of 2.68 g/cm3was
	determined, the method used, whether wet	selected for this estimate as no density data of the
	or dry, the frequency of the measurements,	hosting granite is available. This estimate for dry
	the nature, size and representativeness of	bulk density compares favourably for that used in
	the samples.	similar deposit types (Kinross’ Fort Knox Gold and
	• The bulk density for bulk material must have	Victoria Gold’s Dublin Gulch Eagles Gold Mine).
	been measured by methods that adequately
	account for void spaces (vugs, porosity, etc),
	moisture and differences between rock and
	alteration zones within the deposit.
	• Discuss assumptions for bulk density
	estimates used in the evaluation process of
	the different materials.
Classification	• The basis for the classification of the Mineral	A variography study indicates the data is heavily
	Resources into varying confidence	partitioned so the results were considered
	categories.	unsatisfactory. As a result, a maximum spherical
	• Whether appropriate account has been	search of 140 meters for the Inferred category
	taken of all relevant factors (ie relative	was selected based on the competent Person’s
	confidence in tonnage/grade estimations,	experience.
	reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person’s view of the deposit.	The Oxide Korbel Mineral Resource is classified as Inferred based on the density of data points (assays), quality of the data collected (geology, geophyics), the confidence in the geological models (interpretation) and mineralisation model.
		The reported Mineral Resource estimate is
		consistent with the Competent Person’s view of
		the deposit.
Audits or	• The results of any audits or reviews of	No external audits or independent reviews have
reviews	Mineral Resource estimates.	been undertaken on the current Mineral Resource
		estimate.
Discussion of	• Where appropriate a statement of the	Accuracy is indicated by the Inferred classification
relative	relative accuracy and confidence level in the	assigned to the resource in accordance with the
accuracy/	Mineral Resource estimate using an	JORC code 2012 Edition using a qualitative
confidence	approach or procedure deemed appropriate	approach.
	by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy	Locally, accuracy is expected to be higher and globally, the result is more general.
	of the resource within stated confidence	Future phases of exploration will seek to improve
	limits, or, if such an approach is not deemed	accuracy and confidence in the resource
	appropriate, a qualitative discussion of the
	factors that could affect the relative accuracy
	and confidence of the estimate.
	• The statement should specify whether it
	relates to global or local estimates, and, if
	local, state the relevant tonnages, which
	should be relevant to technical and
	economic evaluation. Documentation should
	include assumptions made and the
	procedures used.
	• These statements of relative accuracy and
	confidence of the estimate should be
	compared withproduction data, where

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

Criteria JORC Code explanation Commentary available.

Appendix 1 - Estelle Gold Project Drill hole collar information and intervals

> 0.6 g/t Au cut-off grades summary.

HOLE-ID	FROM	TO	SAMP_NUM	AU_GPT
OX-RC-16	24.38	25.91	488657	27.60
SE12-004	29.9	33.22	SE124-014	8.63
OX-RC-16	76.2	77.72	488696	8.34
SE11-001	133.2	136.09	SE11-049	4.45
OX-RC-17	28.96	30.48	488714	3.49
SE11-001	332.02	334.76	SE11-131	3.29
OX-RC-07	28.96	30.48	488189	2.27
OX-RC-07	27.43	28.96	488188	2.23
SE12-004	65.07	67.21	SE124-027	2.22
OX-RC-07	19.81	21.34	488183	2.19
SE12-002	172.33	176.08	SE122-066	1.83
OX-RC-16	18.29	19.81	488652	1.80
OX-RC-16	62.48	64.01	488685	1.79
SE12-002	58.95	61.66	SE122-020	1.77
SE11-001	69.01	71.81	SE11-024	1.74
SE11-001	130.36	133.2	SE11-048	1.68
SE11-001	141.7	144.38	SE11-053	1.54
SE11-001	147.49	150.02	SE11-055	1.52
OX-RC-18	28.96	30.48	488759	1.41
OX-RC-17	10.67	12.19	488700	1.40
OX-RC-18	39.62	41.15	488767	1.38
SE11-001	252.89	255.67	SE11-098	1.38
SE11-001	40.87	44.38	SE11-013	1.33
SE11-001	225.8	228.3	SE11-087	1.32
SE12-002	108.66	110.83	SE122-041	1.31
SE12-004	33.22	36.48	SE124-015	1.30
OX-RC-16	74.68	76.2	488695	1.24
OX-RC-16	57.91	59.44	488682	1.23
OX-RC-15	27.43	28.96	488623	1.22
SE11-001	255.67	258.65	SE11-099	1.22
OX-RC-16	42.67	44.2	488670	1.21
OX-RC-18	64.01	65.53	488785	1.17
SE11-001	35.36	38.4	SE11-011	1.16
OX-RC-18	33.53	35.05	488762	1.14
SE12-004	153.5	156.39	SE124-062	1.10
SE12-004	117.13	121.62	SE124-049	1.10
OX-RC-17	27.43	28.96	488713	1.09
OX-RC-17	48.77	50.29	488729	1.06
SE12-002	159.65	163.07	SE122-061	1.06
SE11-001	60.59	63.4	SE11-020	1.02
SE11-001	91.44	94.18	SE11-033	1.02

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

SE12-004	47.55	50.6	SE124-020	0.98
OX-RC-17	44.2	45.72	488725	0.96
OX-RC-18	38.1	39.62	488765	0.93
SE12-004	67.21	68.43	SE124-028	0.91
SE12-002	187.7	188.06	SE122-071	0.90
SE11-001	82.97	85.83	SE11-029	0.89
OX-RC-15	18.29	19.81	488616	0.88
OX-RC-17	16.76	18.29	488705	0.87
OX-RC-06	70.1	71.63	488137	0.86
OX-RC-17	67.06	68.58	488743	0.85
OX-RC-06	51.82	53.34	488123	0.85
SE12-002	122.26	124.85	SE122-047	0.85
SE12-004	42.28	45.45	SE124-018	0.85
SE12-004	50.6	53.55	SE124-021	0.83
OX-RC-12	51.82	53.34	488462	0.83
OX-RC-01	9.14	10.67	487560	0.81
SE11-001	85.83	88.27	SE11-031	0.81
SE11-001	390.05	392.7	SE11-154	0.78
SE11-001	200.31	203.18	SE11-077	0.77
OX-RC-07	9.14	10.67	488174	0.77
OX-RC-16	32	33.53	488662	0.77
OX-RC-14	96.01	97.54	488605	0.77
OX-RC-14	100.58	102.11	488608	0.76
SE12-004	147.49	150.51	SE124-060	0.75
OX-RC-12	50.29	51.82	488461	0.74
SE11-001	47.09	49.83	SE11-015	0.73
SE12-002	103.11	105.92	SE122-039	0.73
SE12-002	153.34	156.21	SE122-059	0.72
OX-RC-16	77.72	79.25	488697	0.72
SE12-002	50.29	52.82	SE122-017	0.72
OX-RC-06	92.96	94.49	488154	0.71
SE11-001	220.25	223.02	SE11-084	0.71
OX-RC-16	28.96	30.48	488660	0.71
OX-RC-18	73.15	74.68	488792	0.70
OX-RC-06	9.14	10.67	488091	0.70
SE12-004	130.15	132.98	SE124-054	0.70
SE11-001	123.32	127.56	SE11-046	0.70
OX-RC-10	15.24	16.76	488303	0.70
SE12-004	162.4	165.38	SE124-066	0.69
OX-RC-06	97.54	99.06	488157	0.68
SE11-001	312.63	315.53	SE11-122	0.68
SE12-002	100.4	103.11	SE122-038	0.68
OX-RC-02	71.63	73.15	487625	0.67
OX-RC-17	32	33.53	488716	0.66
OX-RC-18	48.77	50.29	488774	0.66
SE11-001	71.81	74.55	SE11-025	0.66
SE12-004	132.98	135.64	SE124-055	0.65
OX-RC-18	36.58	38.1	488764	0.64
SE12-004	165.38	168.4	SE124-067	0.64
OX-RC-10	76.2	77.72	488349	0.63
SE12-002	163.07	165.6	SE122-062	0.62

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

SE12-002	178.98	184.4	SE122-068	0.62
OX-RC-08	12.19	13.72	488209	0.61
OX-RC-12	96.01	97.54	488495	0.61
SE12-002	105.92	108.66	SE122-040	0.61

Appendix 2: Drilling Collar Details for the Estelle Gold Project

Hole	Easting	Northing	Elevation	Az	Dip	Length (m)
OX-RC-01	505210	6874823	969.4	0	-90	36.58
OX-RC-02	504906	6875713	1106.0	245	-70	89.92
OX-RC-03	505119.24	6875650.04	1076.0	270	-50	74.69
OX-RC-04	504934	6875626	1087.3	270	-50	71.64
OX-RC-05	504945	6875631	1088.7	90	-50	65.54
OX-RC-06	504800	6875684	1111.6	90	-50	118.88
OX-RC-07	504800	6875684	1111.6	270	-50	53.34
OX-RC-08	504650.4	6875684	1114.7	90	-50	74.68
OX-RC-09	504650.4	6875684	1114.7	270	-50	67.06
OX-RC-10	504745	6875780	1130.0	90	-50	102.11
OX-RC-11	504745	6875780	1130.0	270	-50	91.44
OX-RC-12	505124	6874858	974.0	90	-50	102.11
OX-RC-13	505125	6874858	974.0	270	-50	64.01
OX-RC-14	505275	6874850	961.0	90	-50	102.11
OX-RC-15	505275	6874850	961.0	270	-50	57.91
OX-RC-16	505400	6875022	920.0	270	-50	80.77
OX-RC-17	505250	6875022	940.0	90	-60	70.10
OX-RC-18	505250	6875022	940.0	270	-75	86.87
SE11-001	505000.61	6875350	973.8	50	-75	462.38
SE12-002	505024	6875649	1088.0	235	-45	188.06
SE12-004	505404.4	6875114.7	908.6	235	-52	181.97

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