Nova Minerals Ltd — Capital/Financing Update 2023

Oct 5, 2023

6 October 2023

ASX RELEASE

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Additional Highly Prospective Claims Staked at Estelle

Highly mineralized intrusive and rocks associated with critical minerals observed within the new claims block

Highlights

• Additional 63km[2] of State of Alaska mining claims staked on the eastern side of Nova’s existing Estelle tenements. The 98 new claims represent a 14% increase to the current holding and expand the claim block to a total of 513km[2 ] (Figures 1 and 2)

• The additional claims were staked to capture more highly prospective ground in close proximity to the Whiskey Bravo camp and airstrip and US Gold Mining Inc’s 5.5 Moz AuEqv Whistler goldcopper porphyry deposit.

• Initial geological observations show the new claim area hosts extensions of the Estelle mineralized intrusive units and associated rocks. Early indications show significant potential for mineralization including gold, silver, copper and antimony, with occurrences of quartz veins containing massive Stibnite, a primary antimony ore mineral, identified in the area (Figure 3 and 4)

• A first pass surface exploration mapping and sampling program was undertaken over the new claim area over the past few months, with soil and rock chip sample assays due back shortly

Nova CEO, Mr Christopher Gerteisen commented: “I’m pleased to announce the acquisition of further highly prospective ground along the Estelle Gold Trend. The new claims area is situated to the north of Train and to the east of the Stoney prospects, which are two of our highest ranked targets at Estelle, where we have already confirmed high grade gold, silver, and copper targets.

Our geologists have long recognized this area as having potential for mineralization and this year we finally got out there to conduct reconnaissance and confirmed that the same mineralized rock units found at Estelle extend into the new claim area. All the indicators are present there for the styles of mineralization that have been discovered thus far across the district. These include Intrusive Related Gold Systems (IRGS) similar to RPM and Korbel and porphyry copper-gold systems similar to US Gold Mining Inc’s nearby Whistler Cu-Au deposit.

In addition, we have made exciting new observations with indications of antimony mineralization, noted as an abundance of massive Stibnite hosted in quartz veins within areas coinciding with potential gold mineralization. Stibnite is the primary ore source for the critical mineral antimony.

Assay results from the first pass surface sampling program on the new claim block are due back shortly.”

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 1 www.novaminerals.com.au Email info@novaminerals.com.au

ACN 006 690 348

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Figure 1. Map of the Estelle claim block highlighting the new claims staked

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Figure 2. New claim tenement blocks staked

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Figure 3. Mineralized quartz vein ~2m wide and exposed on surface with over 30m strike containing abundant sulfides including Arsenopyrite and Stibnite, found on the new claim area

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Figure 4. Massive Stibnite rock sample (Antimony) from the new claim area

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Nova Minerals Limited ( Nova or the Company ) ( ASX: NVA, OTC: NVAAF, FSE: QM3 ) is pleased to advise that it has staked an additional 63km[2] of State of Alaska mining claims at its Estelle Gold Project situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt (Figures 1 and 2). The additional claims are located on the eastern side of Nova’s existing tenements in close proximity to both US Gold Mining Inc’s 5.5 Moz AuEqv Whistler gold-copper porphyry deposit and the Whiskey Bravo camp and airstrip. The additional claims, all located on State of Alaska public lands, represent an increase of 14% on Nova’s current holdings and expand the claim block to a total of 513km[2] .

Over the past few months Nova’s Head of Exploration, Mr Hans Hoffman, has conducted an extensive regional surface exploration mapping, sampling and prospecting program to target further discoveries across the Estelle Gold Project, including within the new claims block.

While assay results for the soil and rock chip samples taken from the new claims block are yet to be received, the initial geological observations from the area look promising for gold, silver, copper and antimony mineralization.

Table 1. Nova’s tenement holdings with the new claim block highlighted below

**Tenement/Claim/ADL Number **	**Location **	Beneficial % Held
725940- 725966	Alaska, USA	85%
726071 - 726216	Alaska, USA	85%
727286- 727289	Alaska, USA	85%
728676- 728684	Alaska, USA	85%
730362 - 730521	Alaska, USA	85%
737162 - 737357	Alaska, USA	85%
740524 - 740621	Alaska, USA	85%

For further information regarding Nova Minerals Limited please visit 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 & Investor Relations E: craig@novaminerals.com.au M: +61 414 714 196

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About Nova Minerals

Nova Minerals Limited (ASX: NVA) vision is developing North America’s next major gold trend, Estelle, to become a world class, tier-one, global gold producer. Its flagship Estelle Gold Project contains multiple mining resources across a 35km long mineralized corridor of over 20 identified gold prospects, including two already defined multi-million ounce resources across 4 deposits containing a combined 9.9 Moz Au. The project is situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s Fort Knox Gold Mine.

Additionally, Nova holds a substantial 37% interest in NASDAQ-listed lithium explorer Snow Lake Resources Ltd (NASDAQ: LITM), an 8.76% holding in Asra Minerals Limited (ASX: ASR), a gold and rare earths exploration company based in Western Australia, and a 9.9% interest in privately owned RotorX Aircraft Manufacturing (www.rotorxaircraft.com/evtol/) who are seeking to list in the USA in the near future.

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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.

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The information in the announcement dated today that relate to Exploration Results and Exploration Target 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

Cautionary Note Regarding Forward-Looking Statements

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 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

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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.

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