Nova Minerals Ltd — Capital/Financing Update 2023

Dec 10, 2023

ASX RELEASE

11 December 2023

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High-Grade Gold Continues at RPM North with 120m @ 5 g/t Au

Exceptional infill and step-out drilling confirms consistency of mineralization and resource extension potential at RPM North to the South, East and at depth, with over 10 broad intersections grading > 5 g/t Au

Highlights

• Exceptional high-grade gold intersections continue at RPM North and mineralization remains open. Significant results include (Table 1 and Figures 1 and 2):

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▪ 98m @ 3.4 g/t Au from 48m including; ▪ 38m @ 7.5 g/t Au from 99m ▪ 27m @ 10.4 g/t Au from 107m

(RPM-056 returned an overall average grade of 2.3 g/t Au over 152 m from 3m at 0.1 g/t cutoff)

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▪ 120m @ 5.0 g/t Au from 93m including ; ▪ 79m @ 7.4 g/t Au from 128m ▪ 63m @ 9.0 g/t Au from 143m

(RPM-057 returned an overall average grade of 3.2 g/t Au over 211 m from 3m at 0.1 g/t cutoff)

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▪ 74m @ 2.5 g/t Au from 83m including; ▪ 13m @ 6.2 g/t Au from 140m ▪ 6m @ 11.5 g/t Au from 147m

(RPM-061 returned an overall average grade of 1.6 g/t Au over 162 m from 8m at 0.1 g/t cutoff)

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(RPM-064 returned an overall average grade of 1.0 g/t Au over 147 m from 5m at 0.1 g/t cutoff)

o RPM-065 ▪ 231m @ 2.4 g/t Au from 39m including; ▪ 118m @ 3.9 g/t Au from 152m ▪ 87m @ 4.6 g/t Au from 171m ▪ 63m @ 5.6 g/t Au from 195m

(RPM-064 returned an overall average grade of 1.9 g/t Au over 314 m from 2m at 0.1 g/t cutoff)

Corporate Suite 5, 242 Hawthorn Road, Caulfield, Victoria, 3161, Australia Phone +61 2 9537 1238

Main Operations Whiskey Bravo Airstrip Matanuska-Susitna Borough, Alaska, USA 1150 S Colony Way Suite 3-440, Palmer, AK 99645

ASX: NVA | OTC: NVAAF | FSE: QM3 www.novaminerals.com.au 1 Email info@novaminerals.com.au ACN 006 690 348

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• Assay results from 16 holes (3,180m) from the 2023 resource infill and step-out drilling program at RPM North have now all been received and reported with the deposit remaining open to the South, East and at depth

• Assays are still pending for the RPM Valley holes drilled during 2023. The primary purpose of these holes was to follow-up initial intercepts from previous drilling, confirm and prove up resources in this newly discovered zone which if successful should provide further upside to the RPM deposit

• Further results from the extensive soil and rock chip samples taken from across the project area in 2023 will be reported by area once received and processed

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To watch a 3D Vrify video
commentary on the 2023 RPM
North drill results, with CEO,
Christopher Gerteisen
please click here
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Upcoming Milestones

• Assay results from the 2[nd] intrusive at RPM Valley

• Further results and potential new discoveries from the ongoing surface exploration mapping and sampling program

• Update on the potential US listing

• Material PFS test work results and trade-off studies as they become available, with a fast track production strategy being the priority

• Updated global MRE following the return of all assay results with higher indicated resources and improvements on the mill feed grade being the focus

• Metallurgical test work ongoing

• Environmental test work ongoing

• West Susitna access road updates

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Nova CEO, Mr Christopher Gerteisen commented: “These latest drilling results at RPM North confirm the consistency of mineralization and also clearly indicate the potential for resource growth, both in terms of size and confidence. Several drill holes intersected mineralization outside of the existing resource area which is very exciting. This includes up-dip right up to the surface which should add volume to the resource of relatively easy to access material in any future mining scenario and will potentially have a significant impact on future economic studies. Also in the middle of the orebody inside our scoping study pit shells we are seeing mineralization extend further into the intrusive unit and it really seems to be bulking out in previously untested areas. And perhaps most exciting is the down-dip extension to the bonanza zone which these results now confirm, which may represent a significant ore shoot that continues at depth. It is clear from these results that the RPM deposit remains wide open with no shortage of targets to capture further resource upside in upcoming drill programs.

With numerous individual core assays returning >10 g/t Au, final results took longer than expected, as these high grades require additional overlimit assay determination. The new results will be incorporated into an updated resource estimate for the PFS scheduled for completion in 2024.

The in-depth formal strategic review process across the Estelle Gold Project is now well underway with optimization work ongoing, which aims to lower capex and set a faster path to commercial production to minimize dilution. While key objectives of the strategic review remain a work-in progress, we will keep our shareholders updated as relevant studies are completed to unlock further value from the Estelle gold district.”

Nova Minerals Limited ( Nova or the Company ) ( ASX: NVA, OTC: NVAAF, FSE: QM3 ) is pleased to again announce exceptional high-grade gold results, including over 10 broad intersections > 5 g/t Au, at the RPM North deposit, within the Company's flagship Estelle Gold Project, located in the prolific Tintina Gold Belt in Alaska.

RPM North Drilling Summary

Drilling undertaken at RPM North in 2023 was designed to strategically infill and step out in all directions around the existing resource shell where previous high-grade results included:

• RPM-005: 400m @ 3.5 g/t Au from surface, including 132m @ 10.1 g/t Au (ASX Announcement: 11 October 2021)

• RPM-008: 260m @ 3.6 g/t Au from 11m, including 140m @ 6.5 g/t Au (ASX Announcement: 8 August 2022)

• RPM-015: 258m @ 5.1 g/t Au from surface, including 117m @ 11.1 g/t Au (ASX Announcement: 22 August 2022)

These latest results continue to prove up areas of thick intervals of high-grade gold mineralization (+2g/t) within the existing RPM North resource area, confirming the continuity of the high-grade bonanza core zone, as well as indicating the potential for significant extensions to the existing resource. A representative cross-section (Figure 1) clearly shows the latest drill holes intersecting up and down dip continuity to mineralization outside of the current resource grade shell. This has the potential to significantly grow the resource in the upcoming MRE update.

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Geological observations also indicate the mineralized intrusive unit is a steeply dipping funnel shaped body which flares out to have a wider footprint near the surface where substantial up-dip potential remains.

The southern contact of the mineralized intrusive has not been intersected near surface to date and remains a target for future drilling programs for potential further resource upside. The results from drill holes RPM-059 and RPM-065 shows mineralization is continuous and bulks out to the South within the intrusive unit outside the currently defined resource grade shell. Mineralization was also intersected down-dip extending the mineralized zone over 100 meters beyond the current resource limits and remains wide open at depth. The company will continue to chase this target at depth which may represent a continuous ore shoot providing future underground resource potential as well.

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Figure 1. RPM North Section A-A’_315azi showing continuity of mineralization

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Figure 2. RPM North and RPM Valley plan view, with all drill holes to date

The RPM North deposit remains open to the East where 2023 drilling consistently intersected mineralization, eg RPM-064. The furthest drill hole to the East, RPM-004, which extends ~200m beyond the current resource area intersected 259m @ 0.5g/t Au from surface, including 43 @ 1.0g/t Au (ASX Announcement: 18 October 2021), presenting further resource upside. In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive , particularly to the South which remains largely untested by drilling. Towards the West, where the mineralized intrusive appears to have been truncated by faulting with RPM-047 and RPM-049 drilled into hornfels returning no significant intercepts, the deposit is now believed to be closed off.

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OPEN
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Figure 3. 3D Vrify model view looking at RPM North to the North East with the up-dip drill holes and the scoping study open pit shell. Arrow shows the deposit remains open to the East. New 2023 drill results in this announcement have black line drill traces

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OPEN
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Figure 4. 3D Vrify model view looking upward from the scoping study open pit shell of the RPM North down-dip drill holes, showing the deposit remains wide open at depth. New 2023 drill results in this announcement have black line drill traces

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OPEN
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Figure 5. 3D View of the RPM North up-dip drill holes with the current measured and indicated MRE block model with the closer density drilling showing the potential resource growth, both in terms of size and confidence. Deposit remains wide open towards the East. New 2023 drill results in this announcement have black line drill traces

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OPEN
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Figure 6. 3D View of the RPM North down-dip drill holes with the current measured and indicated MRE block model. Deposit also remains wide open at depth. New 2023 drill results in this announcement have black line drill traces

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Table 1. Significant intercepts*

Hole_ID	From(m)	To(m)	Interval(m)	Aug/t
RPM-043	2	**284 **	**282 **	0.60
including	61	97	37	2.13
	61	71	10	6.30
RPM-045			**NSI **
RPM-047			**NSI **
RPM-049			**NSI **
RPM-050	5	127	122	0.89
including	36	121	85	1.04
	65	111	46	1.34
	73	105	32	1.65
	88	105	17	2.29
**RPM-052 **	3	160	**157 **	**0.97 **
including	19	160	141	1.04
	59	126	67	1.48
	68	89	21	1.78
	97	121	24	2.09
RPM-053	1	98	**97 **	0.83
including	7	31	24	1.18
RPM-055	4	56	**52 **	0.55
RPM-056	3	155	**152 **	2.33
including	48	146	98	3.36
	99	137	38	7.54
	101	134	32	8.73
	107	134	27	10.38
**RPM-057 **	3	213	211	3.15
including	93	213	120	5.05
	128	206	79	7.44
	137	206	69	8.33
	143	206	63	9.02
RPM-059	3	399	396	**0.67 **
including	17	74	57	1.12
	36	60	24	1.67
	42	51	9	2.39
including	182	214	32	0.99
	201	210	9	1.67
	201	214	13	1.27
including	224	251	27	0.80
	227	237	9	1.59

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Hole_ID	From(m)	To(m)	Interval(m)	Aug/t
including	336	386	50	1.40
	377	386	9	3.37
**RPM-061 **	8	170	**162 **	1.58
including	17	161	144	1.76
	33	44	11	2.15
	83	157	74	2.48
	140	153	13	6.25
	147	153	6	11.48
**RPM-062 **	9	120	111	**0.54 **
including	53	94	41	0.81
	60	71	11	1.02
	77	87	10	1.13
**RPM-064 **	5	**152 **	147	0.98
including	11	149	138	1.03
	23	46	23	1.16
	30	35	5	1.98
	78	100	22	3.03
	80	100	20	3.37
RPM-065	2	316	314	1.85
including	39	270	231	2.42
	152	270	118	3.87
	171	258	87	4.57
	195	258	63	5.58
**RPM-067 **	**NSI **

* At 0.1 g/t Au cutoff and a minimum 50m width

Table 2. Drill hole details

Hole_ID	UTM_E	UTM_N	ELEV (m)	EOH (m)	AZI	DIP	Zone	Assay Results
RPM-043	501929	6848903	1728	305	120	-45	RPM North	ASX: 11/12/23
RPM-045	501929	6848903	1728	209	225	-45	RPM North	ASX: 11/12/23
RPM-047	501929	6848903	1728	248	225	-60	RPM North	ASX: 11/12/23
RPM-049	501929	6848903	1728	279	310	-45	RPM North	ASX: 11/12/23
RPM-050	501995	6848789	1767	139	0	-45	RPM North	ASX: 11/12/23
RPM-052	501995	6848789	1767	160	0	-70	RPM North	ASX: 11/12/23
RPM-053	501995	6848789	1767	98	45	-45	RPM North	ASX: 11/12/23
RPM-055	501995	6848789	1767	88	45	-70	RPM North	ASX: 11/12/23
RPM-056	501995	6848789	1767	160	315	-45	RPM North	ASX: 11/12/23

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Hole_ID	UTM_E	UTM_N	ELEV (m)	EOH (m)	AZI	DIP	Zone	Assay Results
RPM-057	501995	6848789	1767	213	315	-70	RPM North	ASX: 11/12/23
RPM-059	501995	6848789	1767	399	315	-80	RPM North	ASX: 11/12/23
RPM-061	501995	6848789	1767	183	292	-45	RPM North	ASX: 11/12/23
RPM-062	501995	6848789	1767	125	23	-45	RPM North	ASX: 11/12/23
RPM-064	501995	6848789	1767	230	23	-65	RPM North	ASX: 11/12/23
RPM-065	501995	6848789	1767	335	320	-80	RPM North	ASX: 11/12/23
RPM-067	501995	6848789	1767	10	193	-45	RPM North	ASX: 11/12/23

Note: UTM = NAD83 Zone 5

Table 3. RPM North Mineral Resource Estimate at various cut-off grades

Cut- off Au g/t	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes Mt	Grade Au g/t	Au Moz	Tonnes Mt	Grade Au g/t	Au Moz	Tonnes Mt	Grade Au g/t	Au Moz	Tonnes Mt	Grade Au g/t	Au Moz
0.10	1.6	3.66	0.19	5.8	0.93	0.17	38	0.44	0.55	45	0.62	0.90
0.20	1.4	4.12	0.18	3.3	1.51	0.16	26	0.58	0.48	31	0.83	0.82
0.30	1.3	4.37	0.18	2.1	2.29	0.16	18	0.72	0.43	21	1.09	0.76
0.40	1.3	4.57	0.18	1.8	2.65	0.15	15	0.82	0.39	18	1.27	0.72
0.50	1.2	4.82	0.18	1.7	2.72	0.15	12	0.91	0.34	15	1.44	0.67

Further discussion and analysis of the Estelle Gold Project is available through the interactive Vrify 3D animations, presentations and videos all available on the Company’s website. www.novaminerals.com.au

This announcement has been authorized for release by the Executive Directors.

Christopher Gerteisen Craig Bentley CEO and Executive Director Director of Finance & Compliance E: info@novaminerals.com.au Finance & Investor Relations E: craig@novaminerals.com.au M: +61 414 714 196

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Competent Person Statements

Mr Vannu Khounphakdee P.Geo., who is an independent consulting geologist of a number of mineral exploration and development companies, reviewed and approves the technical information in this release and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdee has sufficient experience relevant to the gold deposits under evaluation 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 Vannu Khounphakdee is also a Qualified Person as defined by S- K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdee consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The information in the announcement dated today that relates to exploration results and exploration targets is based on information compiled by Mr. Hans Hoffman. Mr. Hoffman, Owner of First Tracks Exploration, LLC, who is providing geologic consulting services to Nova Minerals, compiled the technical information in this release and is a member of the American Institute of Professional Geologists (AIPG), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr. Hoffman 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. Hoffman 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 that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, 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

Forward-looking Statements and Disclaimers

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labor costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other

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assumptions and factors as set out herein. apparent inconsistencies in the figures shown in the MRE are due to rounding

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labor costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forwardlooking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

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Appendix 1: JORC Code, 2012 Edition – Table 1 Estelle Gold Project - Alaska

Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse Au that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Core is systematically logged from collar to EOH characterizing rock type, mineralization, and alteration. Oriented core measurements of structural features are taken where appropriate. Geotechnical measurements such as recoveries and RQDs are taken at 10-foot (3.05 m) intervals. Samples are taken each 10 feet (3.05m) unless there is a change in lithology, whereby <3.05m selective samples may be taken. In these cases samples are broken to lithologic boundaries. Samples are then half cut with one of the half cuts being sent to the ALS lab in Fairbanks Alaska for processing. The remaining half core is returned to the box and safely stored as reference material.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, 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, etc.).	• HQ diamond core triple tube, down hole surveys every 150 feet (~50m), using a Reflex ACT-III tool.

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Criteria	JORC Code Explanation	Commentary
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material	• Core is processed at the on-site certified crush/split prep-lab with ~250g sample being sent of site to the ALS analytical lab in Reno Nevada. Recoveries were recorded for all holes, into a logging database to 3cm on a laptop computer by a qualified geologist using the drillers recorded depth against the length of core recovered. No significant core loss was observed. • Triple tube HQ to maximise core recovery and enable orientation of core. • No known relationship between sample recovery and grade. As no samples have been taken as yet, no assay results are reported, visual results only.
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. • The total length and percentage of the relevant intersections logged.	• Core logging is carried out by qualified geologists using a project specific logging procedure. Data recorded includes, but is not limited to, lithology, structure, RQD, recovery, alteration, sulphide mineralogy and presence of visible gold. This is supervised by senior geologists familiar with the mineralisation style and nature. Inspection of the drill core by the site Chief Geologist is monitored remotely using photographs and logs. Rock codes have been set up specifically for the project. Logging is to a sufficient level of detail to support appropriate Mineral Resource estimation and mining studies. • Drill logging is both qualitative by geological features and quantitative by geotechnical parameters in nature. Photographs are taken of all cores trays, (wet) of whole core prior to cutting.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	• Samples are taken each 10 feet (3.05m) unless there is a change in lithology. In these cases samples are broken to lithologic boundaries. Samples are then half cut with one of the half cuts being sent to the ALS lab in Fairbanks Alaska for processing. Three different types of SRM are inserted each 20 samples. Duplicates of the reject are taken each 20 samples. One blank is inserted each 40 samples. Data is plotted and evaluated to see if

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Criteria	JORC Code Explanation	Commentary
	• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling 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 grain size of the material being sampled	the samples plot within accepted tolerance. If any “out of control” samples are note, the laboratory is notified.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Samples are tested for gold using ALS Fire Assay Au-ICP21 technique. This technique has a lower detection limit of 0.001 g/t with an upper detection limit of 10 g/t. If samples have grades in excess of 10 g/t then Au-AA25 is used to determine the over detect limit. Au-AA25 has a detection limit of 0.01 g/t and an upper limit of 100 g/t. Three different types of SRM are inserted each 20 samples. Duplicates of the reject are taken each 20 samples. One blank is inserted each 40 samples. Data is plotted and evaluated to see if the samples plot within accepted tolerance. If any “out of control” samples are note, the laboratory is notified.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Assay data intercepts are compiled and calculated by the CP and then verified by corporate management prior to the release to the public.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control	• All maps and locations are in UTM grid (NAD83 Z5N) and have been measured by a digital Trimble GNSS system with a lateral accuracy of <30cm and a vertical accuracy of <50cm.All amounts in USD

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Criteria	JORC Code Explanation	Commentary
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Drill holes have been spaced in a radial pattern such that all dimensions of the resource model is tested. Future geo-stats will be run on the data to determine if addition infill drilling will be required to confirm continuity.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • 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.	• The relationship between the drilling orientation and the orientation of key mineralised structures is confirmed by drill hole data driven ongoing detailed structural analysis by OTS structural consultants.
Sample security	• The measures taken to ensure sample security	• A secure chain of custody protocol has been established with the site geologist locking samples in secure shipping container at site until loaded on to aircraft and shipped to the secure restricted access area for processing by Nova Minerals staff geologists. • Secure shipping container at site until loaded and shipped to the secure restricted access room at TOMRA who forwarded to bureau veritas Metallurgical facility Adelaide.
Audit or reviews	• The results of any audits or reviews of sampling techniques and data.	• Detailed QA/QC analysis is undertaken on an ongoing basic by Qualitica Consulting.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenement status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Estelle Gold Project is comprised of 450km2 State of Alaska mining claims • 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 85% by Nova Minerals Ltd, 15% by AK Minerals Pty Ltd. AK Minerals Pty Ltd holds a 2% NSR (ASX Announcement: 20 November 2017). Nova owns 85% of the project through the joint venture agreement. • The Company is not aware of any other impediments that would prevent an exploration or mining activity.
Exploration done by other parties	• Acknowledgement and appraisal of exploration by other parties	• Geophysical, Soil testing, and drilling was completed by previous operators in the past. Nova Minerals has no access to this data.
Geology	• Deposit type, geological setting and style of mineralisation	• Nova Minerals is primarily exploring for Intrusion Related Gold System (IRGS) type deposit within the Estelle Gold Project
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - down hole length and interception depth -hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this _exclusion does not detract from the understanding of _	• See Table 2 which provides details of all holes drilled

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Criteria	JORC Code Explanation	Commentary
	the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Widths are report as core length. Future true widths will be calculated by measuring the distance perpendicular to the dip of the mineralized zone on any given cross section that the intercept appears on. Two holes per section are required to calculate true thickness. No “Top Cap” has been applied to calculation of any intercepts. A “Top Cap” analysis will be completed during a future Resources Study and applied if applicable. Widths of intersection are calculated by applying a weighted average (Sum [G x W] / Sum [W]) to the gold values and reported widths within any given intercepts. The CP will visually select the intercept according to natural grouping of higher-grade assays. Zones of internal dilution my vary depending on the CP discretion as to what is geologically significant. Sub intersection of higher grades within any given intercepts may be broken out if present. • An overall average grade cut-off of 0.1g/t and a maximum of 6 meters of internal dilution was used.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’)..	• See above.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Plan view map in figure 2 shows the hole traces and pads used for drilling. Holes completed and/or in progress are also marked.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be	• Does not apply. All Nova results have been disclosed to the ASX via news releases.

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Criteria	JORC Code Explanation	Commentary
	practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• No other substantive exploration data has been collected.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Diamond drilling for 2023 is now complete awaiting the return of all outstanding assay results to determine next steps.

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