Nova Minerals Ltd — Capital/Financing Update 2019

Feb 13, 2019

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NOVA MINERALS LIMITED ASX: NVA FSE: QM3

14 February 2019

OPERATIONAL AND CANADIAN LISTING UPDATE

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 Executive Director

Mr Avi Geller

Non-Executive Director

Company Secretary: Mr Adrien Wing

Management:

Mr Dale Schultz

Technical lead / Chief Geologist

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

The directors of Nova Minerals Limited (Nova or Company) (ASX:NVA FSE:QM3) to provide a operational update to the market across our project portfolio.

Snow Lake Resources Ltd (SNOW) (Thompson Brothers Lithium Project)

The company is pleased to announce that a total of C$1.35M cash has been raised to date with the last raising and appropriate float taking place at C$0.35c. The company now has sufficient cash holdings to IPO on The Canadian Securities Exchange (CSE) and will be fast tracking this process.

As previously announced on 19 November 2018 Snowlake Resources will own 100% of the Thompson Brothers Lithium Project and its surrounding Crowduck tenements. Nova Minerals consideration for bringing in 80% of the Thompson Brothers Lithium Project and 100% of the Crowduck property in Snow Lake will be 48,000,000 ordinary shares of the current total 64,995,226 ordinary shares to be issued which represents 73.85% of Snow Lake on an undiluted basis. The latest capital raising at C$0.35c affirms a value ascribed to Nova of C$16.8m (A$17.83m) or rounded off to A$0.023 per Nova share.

As per announcement dated 6 August 2018 (CEO’s Letter to Shareholders) we maintain a strong view that Nova Minerals should be seen through two prisms, One is as a growth story. The other is as a value play.

We are further pleased to update that the internal scoping works are progressing and Snow Lake Resources will update the market on operations in due course.

Estelle Gold Project

Planning is fully underway for the 2019 Exploration Campaign at the Estelle Gold Camp. Primary focus will be given to the Oxide occurrences, which were last drilled by Millrock Resources Inc. in 2010. During last years field season Tom Bundtzen of Pacific Rim Geological Consulting Inc. completed a first pass geological mapping of the Oxide occurrences and identified two high quality targets (ASX Announcement 3 December 2018). These targets were given the designation of Oxide North and Oxide south. The key feature of these targets is that they consist of broad envelopes containing argillicphyllic to propylitic hydrothermal alteration.

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A group of chip samples taken by Mr Bundtzen from these alteration envelopes contains moderate (~1% ) arsenopyrite mineralization (+/- pyrite, pyrrhotite, chalcopyrite and tetrahedrite) that returned moderate grades of up to 1.04 g/t Au having an average grade 0.183 g/t Au. Oxide North and Oxide South alteration envelopes measures 1300 to 1600 metres along strike and have widths of between 550 to 600 metres. Total depth extents of these alteration envelopes are unknown at this time.

The First Phase of this summer programs will consist of 50 plus km of Induced Polarization geophysical survey. Observable chargeability anomalies should be seen within the survey data associated with the mapped arsenopyrite domains contained within the alteration envelopes (Figure 1). It is hoped that these chargeability anomalies correspond to highergrade gold material and would be the focus of the first pass diamond drilling. The first pass will consist of 2500 metres with a second round of 2500 metres if positive results are obtained. The company will also infill with RC drilling where suitable. During a possible Second Phase of exploration later in the summer, focus will be given to mapping and sampling the RPM and Shoeshine occurrences. In addition, the other 15 plus occurrences contained within the claim block will be prospected, sampled, and GPS’d to establish their locations coordinates for future mapping, sampling, and drilling campaigns.

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Figure 1: Alteration Zones

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

NVA Managing Director, Mr. Avi Kimelman said:

“ Despite challanging markets we are pleased with the perseverance of the team to secure sufficient funding and float in order to progress to the next stage of our IPO ambition. Snow Lake is now well positioned as we progress to IPO and look forward to introducing the Thompson Brothers Lithium Project to the North American Market and maintaining the company’s fast track development strategy.”

“Although Nova will be a significant shareholder of Snow Lake with full board represetation. Snow Lake Resources will fund itself and act completely independent of Nova with a group of professional and independent Directors and Audit committee allowing Nova to focus it reserves on developing its Gold Assets.”

“Dale Schultz and Brian Youngs will lead out the Estelle Project exploration and logitics and between the two of them have in excess of 60 years in project managing large exploration campaigns and projects. They have done fantastic work to date in pre-planning to streamline the project, we will keep the market updated on progress.

“As mentioned Nova is in the process of planning its next stage of exploration and reconnaissance activities for 2019 at the district scale Estelle Gold Project as described and are currently formalating an additional exploration plan for the Officer Hill Gold Project. With projects runnning parallel, we will continue with our long term strategy of underpinning shareholder value while we offer exploration upside across our project portfolio.”

COMPETENT PERSON STATEMENT

Mr Dale Schultz, Principle of DjS Consulting, who is a Director of Nova Minerals subsidiary Snow Lake Resources Ltd., compiled 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 which 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.

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

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 51% with 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 2.2 – 5.3 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.

Officer Hill Gold Project

We are committed to our joint venture with Newmont in relation to the Officer Hill Gold Project, in the Tanami region of Northern Territory.

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