Nova Minerals Ltd — Capital/Financing Update 2020

Apr 5, 2020

06 April 2020

NOVA MINERALS LIMITED ASX: NVA OTC: NVAAF FSE: QM3

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

Nova Minerals Lists on the OTCQB for US Investors

The directors of Nova Minerals Limited (“ Nova” or “Company” ) ( ASX:NVA OTC: NVAAF FSE:QM3 ) are pleased to announce that its application to uplist to the OTCQB market in the United States has been accepted and the Company's shares are now trading under the ticker symbol NVAAF .

HIGHLIGHTS:

• Official dual-listing on the US OTCQB market as of 3 April 2020, ticker symbol NVAAF

• B. Riley FBR appointed as OTC Sponsor

Board of Directors: Mr Avi Kimelman Executive Chairman

Mr Christopher Gerteisen CEO / Executive Director

Mr Louie Simens Executive Director

Mr Avi Geller Non-Executive Director

Management:

Mr Dale Schultz Technical lead / Chief Geologist

Mr Brian Youngs

Head of Exploration and Logistics

Company Secretary: Ian Pamensky

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Contact:

Nova Minerals Limited Suite 602, 566 St Kilda Rd Melbourne, VIC, 3004

P: +61 3 9537 1238 W: www.novaminerals.com.au E: info@novaminerals.com.au

• DTC eligibility application in progress

The Company's primary listing continues to be the Australian Securities Exchange (" ASX "), with the shares now dual-listed on the OTCQB Market in the United States.

The OTCQBi market has high financial reporting standards and strong corporate governance requirements, both of which are satisfied through Nova’s ongoing compliance with ASX listing rules.

Prompted by numerous investor requests, Nova has sought the OTCQB listing to provide current and potential North American investors with enhanced trading accessibility and liquidity. The listing provides Nova with access to one of the largest investment markets in the world at nominal cost, with no additional compliance requirements.

No new shares are being issued in connection with the listing on the OTCQB market. Existing ordinary shares of Nova may now also be traded on the OTCQB Market and investors can find real-time quotes and market information on the OTC Markets website: https://www.otcmarkets.com/stock/NVAAF/overview

The Company has initiated the application for Depository Trust Clearing (“ DTC” ) eligibility, which will allow the Company’s shares to be electronically cleared and settled through the DTC, and greatly broadens the pool of brokerage firms that will allow their clients to trade the stock. Pending DTC eligibility, trading of the shares will be handled by brokers who will act as market makers. In the interim OTCQB trading will be conducted through B. Riley FBR Inc.ii as market maker. A list of other brokers operating on the OTC Markets is available from the following link: https://www.otcmarkets.com/otc-link/broker-dealer-directory

B. Riley FBR, based in Los Angeles with offices across the United States, provide s corporate finance, research, sales and trading services. Their investment banking services include secondary and follow-on offerings, institutional private placements and M&A advisory services. B. Riley FBR brings extensive experience in the OTC sponsorship process and acted as the company’s sponsor throughout the process of obtaining their OTCQB quotation.

A list of other brokers operating on the OTC Markets is available from the following link: https://www.otcmarkets.com/otc-link/broker-dealer-directory

NOVA Chairman, Mr. Avi Kimelman said: “An OTCQB listing provides Nova Minerals with access to the world's largest investment market.

Nova Minerals is at a critical stage of its development with an established 2.5Moz inferred gold resource on a small area to about 100m depth and open significantly in all directions at the Estelle Gold district, our exploration efforts to date have produced results at at under $1 per discovery ounce and we intend to maintain this run rate by continually opening up new targets within the Korbel prospect as well as the 220km2 Estelle Gold District. Furthermore, we anticipate to ramp up the diamond drill rigs to test the deposit at depth and utilise the company owned RC drill rig to test these new zones with the Korbel target are in figure 1 and along strike of the current resource area within Korbel target in the near term. Korbel target area is one of 15 known targets on the project area.

Nova is in a strong position to significantly increase resources and gives our shareholders more exposure to significant exploration upside throughout 2020 and beyond across the Korbel project alone with a clear objective to push Block B “Starter Pit” towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019) on the path to production.

We are excited to be broadening our exposure in the global investment community. Joining the OTCQB market will be matched with an active investor engagement program, to ensure our investment attractions and growth prospects are highlighted with new investors that have shown considerable interest in Nova.”

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Figure 1. Area of interest at Korbel

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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Table 1. Mineral Resource Statement, Korbel deposit, Estelle property. (ASX announcement: 11 September 2019)

Streamlined Competent Person Statement

The information in the announcement dated 02 September 2019 and 9 December 2019 that relate to Exploration Results, Exploration target and JORC Resource estimate is based on information compiled by Mr Dale Schultz. Mr Dale Schultz, Principle of DjS Consulting, who is Nova groups Chief Geologist and COO 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.

The Exploration results were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) ( JORC Code ).

Nova Minerals confirms in the subsequent public report that it is not aware of any new information or data that materially affects the information included in the relevant market announcements on the 02 September 2019 and 9 December, 2019 and, in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed.

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.

Nova Minerals Limited. Suite 602, 566 St Kilda Rd, Melbourne, VIC, 3004 P:+61 3 9537 1238

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

Table 2. Prioritised Systematic Exploration Strategy

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Figure 2. Estelle Project Pipeline

Nova Minerals Limited. Suite 602, 566 St Kilda Rd, Melbourne, VIC, 3004 P:+61 3 9537 1238

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Figure 2. Location of known prospects to be followed up

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Figure 4. Estelle Location Map

Nova Minerals Limited. Suite 602, 566 St Kilda Rd, Melbourne, VIC, 3004 P:+61 3 9537 1238

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Figure 5. The Tintina Gold Belt

This announcement has been authorised for release by the Board.

-Ends-

Further information:

Investor Enquiries:

Avi Kimelman Chairman/ MD E: info@novaminerals.com.au P: +61 39537 1238

Ian Pamensky Company Secretary E: info@novaminerals.com.au P: +61 414 864 746

About Nova Minerals

Nova Minerals Limited (ASX:NVA | OTC:NVAAF | 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 2.5Moz 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/

Nova Minerals Limited. Suite 602, 566 St Kilda Rd, Melbourne, VIC, 3004 P:+61 3 9537 1238

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.

i https://www.investopedia.com/terms/o/otcqb.asp ii https://brileyfbr.com/

Nova Minerals Limited. Suite 602, 566 St Kilda Rd, Melbourne, VIC, 3004 P:+61 3 9537 1238