Nova Minerals Ltd — Capital/Financing Update 2024

Oct 22, 2024

23 October 2024

ASX RELEASE

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Nova Drills 29m @ 7.1 g/t Au from Surface at RPM in Advance of Resource Update

2024 drilling extends the high-grade core zone at RPM to surface with over 20 significant broad intercepts grading > 5 g/t Au and a high of 52.7 g/t Au

Resource update including 2023 and 2024 drill results underway

Nova Minerals Limited ( Nova or the Company ) ( ASX: NVA, NASDAQ: NVA, FRA: QM3 ) is pleased to announce further high-grade thick intercepts from the final six holes of the 21 hole reverse circulation (RC) drilling program conducted in the RPM starter pit area in 2024, within its over 500km[2] flagship Estelle Gold Project, located in the Tintina Gold Belt in Alaska. The shallow drilling program was focused on near surface mineralization <50m in depth in support of the RPM starter mine PFS currently underway.

Highlights

• High-grade gold intersections targeting near surface mineralization above the current highgrade Measured and Indicated core continue at RPM North with all holes ending in mineralization. Significant results include (Table 1 and Figures 2 to 4):

o RPMRC-24017

• 29m @ 7.1 g/t Au from surface including;

• 22m @ 9.4 g/t Au from surface

• 6m @ 19.9 g/t Au from 16m

• 3m @ 32.2 g/t Au from 17m

• 2m @ 52.7 g/t Au from 19m

• RPMRC-24020

• 28m @ 4.5 g/t Au from surface including

• 23m @ 5.3 g/t Au from 5m

• ▪ 6m @ 14.3 g/t Au from 11m ▪ 3m @ 25.0 g/t Au from 14m

• RPMRC-24021

• 34m @ 3.9 g/t Au from surface including

• ▪ 3m @ 8.3 g/t Au from 20m

• RPMRC-24019

• 66m @ 2.1 g/t Au from surface including

• ▪ 63m @ 2.2 g/t Au from surface ▪ 25m @ 3.4 g/t Au from surface ▪ 11m @ 2.8 g/t Au from 43m

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 | NASDAQ: NVA | FRA: QM3 1 www.novaminerals.com.au Email info@novaminerals.com.au

ACN 006 690 348

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• All drill holes ended in gold mineralization, with hole RPMRC-24010 ending in 15.5 g/t Au.

• Assay results from all 21 holes from the 2024 resource drilling program at RPM North have now all been received and reported extending the high-grade core zone at RPM to surface .

• Resource update including both the 2023 and 2024 drill results is now underway.

• Assay results from the over 500 soil and 225 rock samples collected as part of the extensive 2024 surface exploration and mapping program targeting gold, antimony and other critical minerals from traverses at Stibium, Wombat, West Wing, Stoney, Muddy Creek, RPM, Styx, and the new claims added in 2023, will be reported by area once received and processed.

• RPM starter mine Pre-Feasibility Study (PFS), and updated economic study of the Estelle wide project in progress, with the aim to commence with a smaller scale, low capex, high-margin starter mine at RPM as soon as possible, which will provide cashflow to fund the expansion of the larger Estelle project organically.

• Whittle Consulting commenced project optimization work.

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To watch a 3D Vrify video
commentary on the 2024 RPM
drill results, with CEO,
Christopher Gerteisen
please click here
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Nova Minerals CEO, Mr Christopher Gerteisen commented: “The 2024 drill results have confirmed a broad zone of high-grade mineralization starting at surface at RPM North. This should prove positive for our upcoming studies focused on executing our current strategy to fast track development of RPM as a scale-able low capex/high margin starter operation that will generate the cash flow to facilitate future mine expansion plans and further unlock the larger Estelle Project which remains one of the largest undeveloped gold projects in the world, with significant upside remaining with gold, antimony, copper, silver, and other critical elements. These latest results of high-grade mineralization will be included in the upcoming MRE and PFS, which we look forward to providing to our shareholders in due course.”

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RPM 2024 Drilling Summary

A total of 21 shallow RC holes were drilled at RPM as part of the 2024 drill program, and assay results for all holes have now been received and reported. The drilling was focused on near surface mineralization <50m in depth and had two main objectives.

1. The first and primary objective was to infill and prove up near surface inferred resources that define the up dip extension of the steep to vertical dipping RPM North high-grade core zone, 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)

• RPM-057: 211m @ 3.2 g/t Au from 3m, including 120m @ 5.0 g/t Au (ASX Announcement: 11 December 2023)

A new drill pad (Pad 24-1) was located between the two previous drill pads (Pad 1 and Pad 231) at RPM North to fill this data gap and prove up this high-grade material. Assay results from Pad 24-1 including holes RPMRC-24005 to RPMRC-24021 continue to support this objective.

1. The secondary objective of the shallow 2024 drill program was to extend drilling to the South and Southwest of the current RPM North resource to begin to test a potential link with the RPM Valley zone situated approximately 150m to the Southwest. Highly prospective mineralized intrusive rocks have been observed in this area in recent geological mapping and confirmed with anomalous surface sample results. The results returned from previously announced holes RPMRC-24001 to RPMRC -24004 indicate the RPM North deposit remains wide open to the South-Southwest and is potentially connected to the RPM Valley zone (Figure 2). This warrants further follow-up diamond drilling to test the considerable resource upside potential.

The 2024 drill program delivered over 20 significant broad intercepts from surface grading > 5 g/t Au including:

• RPMRC-24017: 29m @ 7.1 g/t Au from surface, including 22m @ 9.4 g/t Au (ASX Announcement: 23 October 2024)

• RPMRC-24016: 39m @ 5.4 g/t Au from surface, including 20m @ 10.2 g/t Au (ASX Announcement: 16 October 2024)

• RPMRC-24005: 43m @ 4.4 g/t Au from 2m, including 13m @ 10.7 g/t Au (ASX Announcement: 9 October 2024)

• RPMRC-24008: 45m @ 3.4 g/t Au from surface, including 31m @ 4.7 g/t Au (ASX Announcement: 9 October 2024)

These results prove high-grade gold mineralization greater than 2 g/t Au extend to surface above the current Measured ( 180,000 oz @ 4.1 g/t Au ) and Measured and Indicated ( 340,000 oz @ 2.3 g/t ) (Table 3) high-grade core within the existing RPM North resource area. Pending an updated Mineral Resource Estimate later this year, Nova envisions drilling from both the 2023 and 2024 campaigns

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will add significant ounces to the Measured and Indicated categories, which will be incorporated into an updated starter pit design (Figure 1) optimized for these high-grade, at surface resources.

The cross-sections below in Figures 3 and 4 show how this last round of assay results continue to prove that hole-after-hole gold grades are both high-grade and continuous from surface. Being hosted directly on surface enables immediate ore extraction with the optimized starter pit anticipated to have an extremely low strip ratio, which should bode well for the PFS economics. Figure 3, aligned on hole RPMRC-24017’s azimuth of 280 degrees, shows the western contact with the hornfels and how the mineralization is continuous through the intrusive across holes RPMRC-24020 and RPMRC24021. For clarity, the previously announced assay results from the vertical hole RPMRC-008 were omitted from this figure, but hosts a grade of 3.4 g/t Au over 45 meters (ASX Announcement: 9 October 2024). Figure 4, aligned on hole RPMRC-24019’s azimuth of 130 degrees, provides a wider view showing the northwestern and southeastern contacts of the funnel-shaped mineralized intrusive with the surrounding hornfels host. Again, for clarity, assay results from RPMRC-008 were omitted from this figure.

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.

With the 2024 drill program now complete, Nova has sent the assay data to the resource modeler to complete a mineral resource estimate update using the drill data from both the 2023 and 2024 drill programs. This is expected to be completed later this year.

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Figure 1. RPM area showing potential RPM starter pit

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

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Figure 3. RPM North Section A-A’_280azi showing continuity of mineralization

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Figure 4. RPM North Section B-B’_130azi showing continuity of mineralization

Table 1. Significant intercepts (At 0.1 g/t Au cutoff and a minimum 10m width)

Hole_ID	From(m)	To(m)	Interval(m)	Aug/t
RPMRC-24010	0	43	43	2.3
RPMRC-24017	0	29	29	7.1
including	0	22	22	9.4
	16	22	6	19.9
	17	20	3	32.2
	19	20	2	52.7
RPMRC-24018	0	16	16	1.9
including	5	16	11	2.5
RPMRC-24019	0	24	24	2.1
including	3	8	5	3.0
	16	25	9	2.6
RPMRC-24020	0	28	28	4.5
including	5	28	23	5.3
	11	17	6	14.3
	14	17	3	25.0
RPMRC-24021	0	34	34	3.9
Including	20	23	3	8.3

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Table 2. Drill hole details

Hole_ID	UTM_E	UTM_N	ELEV (m)	EOH (m)	AZI	DIP	Assays
RPMRC-24001	501995	6848795.9	1772	31	180	-45	Reported 9/10/24
RPMRC-24002	501991	6848802.8	1772	48	270	-60	Reported 9/10/24
RPMRC-24003	501992	6848801	1771	42	210	-60	Reported 9/10/24
RPMRC-24004	501993	6848802	1773	34	0	-90	Reported 9/10/24
RPMRC-24005	501955	6848871	1743	45	70	-60	Reported 9/10/24
RPMRC-24006	501955	6848869.6	1744	23	100	-50	Reported 9/10/24
RPMRC-24007	501954	6848868.4	1746	16	130	-50	Reported 9/10/24
RPMRC-24008	501954	6848868.7	1742	47	0	-90	Reported 9/10/24
RPMRC_24009	501954	6848869.5	1746	47	145	-50	Reported 16/10/24
RPMRC_24010	501954	6848869.5	1746	43	145	-70	Reported 23/10/24
RPMRC_24011	501954	6848870	1744	21	150	-50	Reported 16/10/24
RPMRC_24012	501954	6848869	1743	40	160	-50	Reported 16/10/24
RPMRC_24013	501953	6848870.1	1744	34	175	-50	Reported 16/10/24
RPMRC_24014	501952	6848871	1745	24	190	-50	Reported 16/10/24
RPMRC_24015	501953	6848870.2	1743	26	220	-60	Reported 16/10/24
RPMRC_24016	501953	6848870.2	1744	39	250	-60	Reported 16/10/24
RPMRC_24017	501954	6848869.9	1743	29	280	-70	Reported 23/10/24
RPMRC_24018	501956	6848868.9	1745	16	130	-50	Reported 23/10/24
RPMRC_24019	501955	6848869.8	1744	66	130	-70	Reported 23/10/24
RPMRC_24020	501957	6848869.4	1743	28	115	-60	Reported 23/10/24
RPMRC_24021	501956	6848870.2	1742	34	85	-70	Reported 23/10/24

Table 3. JORC compliant global mineral resource estimate (ASX Announcement: 11 April 2023)

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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 & Investor Relations E: craig@novaminerals.com.au M: +61 414 714 196

About Nova Minerals Limited

Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km[2] of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the 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, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.

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.

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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).

The Company is also listed on the NASDAQ in the United States and, as a result, is required in respect of its exploration and resource reporting to comply with the US Securities and Exchange Commission (SEC) requirements in respect of resource reporting in the USA. This requires compliance with the SEC’s S-K 1300 resource regulations. Investors accessing the Company’s NASDAQ press releases should be aware that S-K 1300 statements made in those releases are not JORC Code compliant statements.

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 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

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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 which is included herein, except in accordance with applicable securities laws. All drilling and exploration activities is subject to no unforeseen circumstances.

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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	• For recent (2024) RC drilling each 1.52 m interval was riffle split to obtain 3 to 5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. • Sampling and sample preparation protocols for recent RC drilling best practices and are appropriate for the mineralization type being evaluated. • Rejects are stored on site as reference material.

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Criteria	JORC Code Explanation	Commentary
	nodules) may warrant disclosure of detailed information.
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.).	• Drill types used reverse circulation with 87-mm bit and 81-mm hammer (Sandvik RE531 or similar)
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	• Recovery data is typically not recorded for RC drilling.
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.	• RC chip sample intervals were recorded in the field on a logging template form. Chip samples are stored on site in chip logging trays. These data have been compiled digitally. Logging is to a sufficient level of detail to support appropriate Mineral Resource estimation and mining studies.

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Criteria	JORC Code Explanation	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.
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. • 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.	• Each 1.52 m RC interval was riffle split (dry) to obtain 3-5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. Field duplicates (RC) for recent data were collected every 1 in 20 samples at the same time using the same method (riffle split) as the parent sample. Blank material was inserted 1 in 40 samples. Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.

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Criteria	JORC Code Explanation	Commentary
	• Whether sample sizes are appropriate to the grain size of the material being sampled
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.	• Each 1.52 m RC interval was riffle split (dry) to obtain 3-5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. • Sampling and sample preparation protocols for recent RC drilling followed industry best practices and are appropriate for the mineralization type being evaluated. • Field duplicates (RC) for recent data were collected every 1 in 20 samples at the same time using the same method (riffle split) as the parent sample. Blank material was inserted 1 in 40 samples. Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.
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.	• The verification of significant intersections has been completed by company personnel and the competent persons. No drill holes within the resource were twinned. For RC drilling each 1.52 m sample was sent to ALS Fairbanks and an off cut of chips were generated from each sample. RC data was logged digitally into Excel templates and validated. Recent assay files are received from the laboratory in CSV format and these files were made available to the Deposit Modeler.
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.	• 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.

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Criteria	JORC Code Explanation	Commentary
	• Quality and adequacy of topographic control
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 to ALS Metallurgical facility Fairbanks.
Audit or reviews	• The results of any audits or reviews of sampling techniques and data.	• Detailed QA/QC analysis is undertaken on an ongoing basis by Vannu Khounphakdee.

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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 514km2State 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 1 shows the hole traces and pads used for drilling. Holes completed and/or in progress are also marked.

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Criteria	JORC Code Explanation	Commentary
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 practiced to avoid misleading reporting of Exploration Results.	• Does not apply. All Nova results have been disclosed to the ASX via news releases.
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.	• RC drilling for 2024 is now complete and all assay results have been returned and reported. A MRE update will now be undertaken to determine the next steps.

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