Nova Minerals Ltd — Director's Dealing 2020

Jul 22, 2020

ASX ANNOUNCEMENT

ASX: NVA, OTC: NVAAF, FSE: QM3

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23 JULY 2020

Exercise of Options by Directors and Management

Nova Minerals Limited ( Nova or Company ) ( ASX: NVA, OTC: NVAAF, FSE: QM3 ) is pleased to advise that the Company has received funds of $1,505,228 from the exercise of 46,314,698 quoted options ( ASX: NVAO ) (� Options �), i�c��di�g $1,000,000 exercised by Executive Director Louie Simens and General Manager Avi Kimelman. This is on top of the circa $250,000 Directors have exercised to date.

The exercise of these Options will enable Nova to continue its fast track strategy at the Estelle Gold Project.

NVA CEO, Mr. Christopher Gerteisen said:

� We will continue to bring shareholders further drill results as they become available before we release phase 1 mineral resource update on Block B in August 2020. We are so proud of the crew working in the field who are diligently following CDC COVID-19 guidelines while remaining productive to push the project forward despite these challenges. While our assessment shows we have generated sufficient drill data spacing for definition of Indicated category resources in the Block B resource area, there remains ongoing QA/QC work, including Differential GPS surveying, topographic DTM modelling, etc. As such, the company has decided to continue to use the Inferred classification in the upcoming interim resource update. As previously announced, a final Korbel resource is planned for release in December 2020, which will include all 48 diamond drill holes from the ~20,000m drill program. Our global resource upgrade for Blocks A and B to increase the potential size and to move the resource into the Indicated category is to be completed by December 2020, with feasibility and baseline environmental studies to commence simultaneously.

I would also like to report that we are now in planning to have additional rigs mobilised to commence drilling at RPM and will make a decision shortly.

Furthermore, I am pleased with the ongoing and significant exercise of options by management, dem�����a�i�g �hei� c���i����� ������� a�d c��fide�ce i� �he E��elle G�ld P��jec�.�

The Cha�ge �f Di�ec����� I��e�e�� N��ice (Appendix 3Y) can be found below.

For and on behalf of Nova Minerals Limited.

Ian Pamensky Company Secretary

This announcement has been authorised for release by the Board.

Office: Contact: Suite 602, 566 St Kilda Rd P: +61 3 9537 1238 Melbourne, VIC, 3004 E: info@novaminerals.com.au W : www.novaminerals.com.au

Nova Minerals Limited ACN: 006 690 348 ASX: NVA OTC: NVAAF

Nova Minerals is a dynamic Australian explorer and developer of its expanding flagship 2.5Moz Estelle Gold project situated in Alaska

Appendix 3Y Change of Di�ec�o��� In�e�e�� No�ice

Rule 3.19A.2

Appendix 3Y

Change of Di�ec�o��� In�e�e�� No�ice

Information or documents not available now must be given to ASX as soon as available. Information and doc�men�� gi�en �o ASX become ASX�� ��o�e��� and ma� be made ��blic. Introduced 30/09/01 Amended 01/01/11

Name of entity:	NOVA MINERALS LIMITED
ABN:	84 006 690 348

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mr Louie Simens
Date of last notice	29 June 2020

Part 1 - Change of di�ec�o��� �ele�an� in�e�e��� in �ec��i�ie�

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of �notifiable interest of a director� should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	SL Investors Pty Ltd Danche Simens Kikceto Pty Ltd trust>
Date of change	23 July 2020

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Direc�or�s In�eres� No�ice

No. of securities held prior to change	SL Investors Pty Ltd 36,551,389 (ASX:NVA) fully paid ordinary shares 17,333,494 (ASX: NVAO) listed options Danche Simens 4,173,886 (ASX:NVA) fully paid ordinary shares 884,943 (ASX:NVAO) listed options Kikceto Pty Ltd **trust> 20,000,000 unquoted Director options exercisable at 4.00c on or before 19 September 2022 5,000,000 Class A Performance Rights 10,000,000 Class B Performance Rights
Class	Performance Rights
Number acquired	SL Investors Pty Ltd The Company has issued 10,769,231 fully ordinary paid shares (Shares) in the Company at an issue price of $0.0325 (3.25 cents) per Share from the exercise of 10,769,231 listed options (ASX Code: NVAO). Danche Simens The Company has issued 884,943 fully ordinary paid shares (Shares) in the Company at an issue price of $0.0325 (3.25 cents) per Share from the exercise of 884,943 listed options (ASX Code: NVAO).
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Options exercisable at $0.0325 (3.25 cents). Total cost to exercise is $378,761

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Di�ec�o��� In�e�e�� No�ice

No. of securities held after change	SL Investors Pty Ltd 47,320,620 (ASX:NVA) fully paid ordinary shares 6,564,263 (ASX: NVAO) listed options Danche Simens 5,058,829 (ASX:NVA) fully paid ordinary shares Nil (ASX:NVAO) listed options Kikceto Pty Ltd **trust> 20,000,000 unquoted Director options exercisable at 4.00c on or before 19 September 2022 5,000,000 Class A Performance Rights 10,000,000 Class B Performance Rights
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Exercise of Listed Options (ASX: NVAO) at $0.0325

Part 2 � Change of di�ec�o��� in�e�e��� in con��ac��

Note: In the case of a company, interests which come within paragraph (ii) of the definition of �notifiable interest of a director� should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

Appendix 3Y Change of Direc�or�s In�eres� No�ice

Interest after change	N/A
Part 3� +Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?		No
If so, was prior written clearance provided to allow the trade to proceed during this period?		N/A
If prior written clearance was provided, on what date was this provided?		N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 4

01/01/2011