Nova Minerals Ltd — Capital/Financing Update 2020

Jan 14, 2020

ASX AND MEDIA RELEASE

• 15 January 2020

NOVA MINERALS LIMITED ASX: NVA FSE: QM3

• To: Australian Securities Exchange

SECTION 708 CLEANSING NOTICE & LR3.10.5A NOTICE

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

Board of Directors: Mr Avi Kimelman Managing Director / CEO

Mr Louie Simens Executive Director

Mr Christopher Gerteisen Non-Executive Director General Manager Estelle / North America

Mr Avi Geller

Non-Executive Director

Management:

Mr Dale Schultz Technical lead / Chief Geologist

Mr Brian Youngs

Head of Exploration and Logistics

Cleansing Statement - Notice Pursuant to Section 708A(5)(e) of the Corporations Act

Nova Minerals Limited (the Company ) gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) as follows:

• (a) The Company has issued

• Placement - 91,489,377 full ordinary paid shares ( Shares ) in the Company at an issue price of $0.047 (4.7 cents) per Share and 45,744,692 quoted options (ASX Code NVAO) ( Options ). One option was issued for every two ordinary shares applied for. The Options are exercisable at $0.0325 (3.25 cents) per share and expire on 31 August 2020; and

• Lead Manager Options - 7,478,260 quoted options (ASX Code NVAO) ( Options ) will be issued to the Lead Manager. The Options are exercisable at $0.0325 (3.25 cents) per share and expire on 31 August 2020.

• (b) The Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act.

• (c) As at the date of this notice, the Company has complied with:

• the provisions of Chapter 2M of the Corporations Act, as they apply to the Company; and

• Section 674 of the Corporation Act.

Company Secretary: Ian Pamensky

==> picture [141 x 32] intentionally omitted <==

• (d) As at the date of this notice, there is no 'excluded information' (within the meaning of sections 708A(7) and 708A(8) of the Corporations Act) required to be disclosed under section 708A(6)(e) of the Corporations Act.

Contact:

Nova Minerals Limited Level 17, 500 Collins Street Melbourne, VIC, 3000

P: +61 3 9537 1238 F: +61 3 9614 0550

W: www.novaminerals.com.au E: info@novaminerals.com.au

==> picture [141 x 62] intentionally omitted <==

Information under ASX Listing Rule 3.10.5A

The Company provides the following information in accordance with ASX Listing Rule 3.10.5A in relation to the shares issued under ASX Listing Rule 7.1A

• (a) Dilution to existing holders of ordinary shares as a result of the issue made under ASX Listing Rule 7.1A:

Number of Shares on issue prior to the issue of the Placement Shares LR7.1A 932,117,307 Ordinary Shares:

2,117,307 Ordinary Shares:
	No of Shares	Percentage
Dilution as a result of the issue under LR7.1 of	25,777,646	2.52%
Dilution as a result of the issue under LR7.1A of	65,711,731	6.42%
Total Dilution	91,489,377	8.94%

• (b) The Company conducted the placement rather than a pro-rata issue or other type of issue in which existing security holders would have been eligible to participate as it was considered a more efficient and expedient manner to raise capital given the Company's circumstances.

• (c) There was no underwriting.

• (d) The following fees will be paid to the Lead Manager:

• Retainer - The Lead Manager will be paid a retainer of $7,500 (plus GST) per month for 6 months from the date of completion of the Placement.

• Equities:

  • Selling Fees - The Lead Manager shall be paid a selling fee in cash of 6.0% of the Placement Amount (plus GST); and

  • Lead Manager Options – The Lead Manage shall be Issued NVAO options equivalent of 4% total raised.

For and on behalf of Nova Minerals Ltd. This announcement has been authorised for release by the Board.

Ian Pamensky Company Secretary

-Ends-

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 39537 1238 Fax: + 61 3 9614 0550

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 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/

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 39537 1238 Fax: + 61 3 9614 0550