Nova Minerals Ltd — Capital/Financing Update 2019

Jul 24, 2019

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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25 July 2019

SHARE PURCHASE PLAN DEMAND UPDATE

The directors of Nova Minerals Limited ( Nova or Company ) (ASX: NVA, FSE: QM3) wish to advise that the share purchase plan (SPP) will not be extended beyond the prescribed Closing Date being 5.00pm, Monday 29 July 2019.

Nova will provide an update on the final acceptances under the SPP in due course.

NVA Managing Director, Mr. Avi Kimelman said:

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

“We undertook the SPP to give existing shareholders the opportunity to buy shares on the same terms as the recent placement to institutional and sophisticated investors. The SPP has been strongly supported and the offer will not be extended after 5.00pm, Monday 29 July 2019.”

“It’s very exciting to see the breadth of support we have among investors with Nova’s Oxide prospect sharing geological similarities to that of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine systems as we look to advance one of our fifteen known targets to a maiden Inferred JORC Resource in the near term.”

Management:

Mr Dale Schultz Technical lead / Chief Geologist

“We also look forward to updating shareholder on Snow Lake Resources Ltd in due course.”

Mr Brian Youngs Head of Exploration and Logistics

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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

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 1 ). 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. 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.

EXPLORATION PROGRAM	PASS/FAIL
BigPicture (Historical DataReview)
Airborne geophysics
SoilSampling
Alteration Mapping
IP Surveys overlay of Alteration Zone
TargetPrioritisation
RC and/or DiamondDrilling

Table 1: Prioritised Systematic Exploration Strategy

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Figure 2: Estelle Project Pipeline

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

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Figure 3: Location of known prospects to be followed up

Forward Looking Statements

Certain statements in this document are or maybe “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.

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