Nova Minerals Ltd - Interim / Quarterly Report 2018

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QUARTERLY REPORT Quarter ended 31 March 2018

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NOVA MINERALS LIMITED ASX: NVA FSE: QM3

27 April 2018

QUARTERLY REPORT – 31 MARCH 2018

Nova Minerals Limited is an Australian domiciled mineral resources exploration and development company with North American Focus.

Please find attach e d the Quart e rly Activitie s and Appen d ix 5B for th e three mon t h period ended 31 M a rch 2018.

Yours f aithfully

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Avi Ki m elman Managing Director / CEO Nova Minerals Limited

Board of Directors: Mr Avi Kimelman Managin g Director / C E O Mr Louie Simens Non-Executive Direct o r Mr Dennis Fry Non-Executive Direct o r Mr Olaf Frederickson Non-Executive Direct o r

Company Secretary: Mr Adrien Wing

Contact:

Nova Mi n erals Limited Level 17 , 500 Collins S treet Melbour n e, VIC, 3000

P: +61 3 9614 0600 F: +61 3 9614 0550 W: ww w .novamineral s .com.au

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Rep o rt for quarter ended 3 1 March 2018

PROJECT AND EXPLORATION UPDATE

THOMPSON BROS. LITHIUM PROJECT – MANITOBA, CANADA

Nova M i nerals Limit e d 100% su b sidiary, Ma n itoba Miner a ls Pty Ltd ( “ MMPL ”), o w ns the right s to earn up to a n 80% ownership interest in the Tho m pson Bros. L ithium Pro p erty in Wek u sko Lake, M anitoba (the “ Project ”) from Ashburton V entures Inc. (“ ABR ”), by financing A B R’s commi t ments under an Option A greement w ith the curr e nt holder of t he Project, Strider Res o urces Ltd (“ SRL ”).

About the Thompson Bros. Lithium Project

The Th o mpson Bro s . Lithium Pr o ject is locat e d 20 kilom e tres east of the mining c ommunity o f Snow Lake, Manitoba. Th e main high w ay between Thompson a nd Flin Flo n and rail co n necting Wi n nipeg and the seaport of C hurchill bot h pass 40 k m south of th e property. The project c o nsists of 1 8 contigu o us claims c o vering 1,82 9 hectares a nd is adjacent to Far Re s ources (C S E:FAT) Zor o Lithium Propert y , host to se v eral lithium bearing peg m atite dyke s with numer o us high gr a de intersect i ons. Manitoba is consist e ntly ranked o ne of the t o p mining jurisdictions in the world a n d electricity costs are am o ngst the lo w est in North America. T h e Thompso n Bros. Lithi u m Project c o ntains a hi s torical (NON-J O RC COMPLIANT) resource estima t e of 4,305,000 tonnes o f 1.3% Li2O, open at de p th and along strike. These e stimates ar e historical e stimates an d are not re p orted in acc o rdance wit h the JORC C ode. A com p etent person has not d o ne sufficien t work to cla s sify the hist o rical estim a tes as mineral resources a n d/or reserv e s in accord a nce with th e JORC Code. It is unce r tain that foll o wing evaluati o n and/or fu r ther explor a tion work th a t the histori c al estimate s will be abl e to be repor t ed as mineral resources o r ore reserv e s in accord a nce with th e JORC Cod e .

Exploration on the Thompson Bros. Lithium Project

On 02 J a nuary 201 8 , the Comp a ny announ c ed the resul t s of sample s from the S t age 1 geoc h emical soil sa m pling program. Outcom e s of the geo c hemical sa m pling have identified a p ipeline of e x citing new Lit h ium explora t ion opportu n ities acros s the project a rea. Result s from all ge o chemical s a mples taken d u ring 2017 h a ve been re c eived and m odelling ha s defined ad d itional lithi u m explorati o n targets a nd the potential to exte n d existing k n own deposits, unlockin g a potential l y new lithiu m system in the S n ow Lake, M anitoba dist r ict (Figure 1).

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Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

Figure 1: Results of the 2017 geochemical sampling program

A series of soil samples were taken on a grid approximately perpendicular to the strike of known lithium bearing pegmatites in the southern half of the Thompson Brothers project. Samples were spaced 25m apart across strike and 100m to 200m between lines. Initial sampling in the area of known pegmatite was spaced 100m apart to enable referencing of grades. Further sampling in the north was reduced to 200m spaced lines to manage expenditure and cover a greater amount of area in the limited weather window available before the onset of the winter snows. Approximately 100g of soil was taken for each sample from between 15cm and 20cm below surface where in- situ s oils were intersected. Samples were then bagged and sent to ALS Vancouver for analysis using a sodium peroxide fusion followed by ICP -MS to determine grades.

The data was compiled and processed using square 2D cells and a circular search ellipse within an inverse distance algorithm to assign values into the colour map shown (Figure 1). This was done to minimise directional bias in the 2-dimensional estimation and allow natural trends in elevated mineral values to become evident.

The results show anomalism for LiO2% in a number of trends that both follow or continue on from known pegmatite dykes as well as indicate potentially new dykes in the north on a different orientation that are more closely aligned with dykes identified in the Far Resources tenements to the east.

The Company remained optimistic for discovery of further lithium bearing pegmatite dykes in its Thompson Brothers project. The location of the Project gives it key competitive strengths over other potential lithium locations worldwide:

High quality spodumene project strategically located in North America
Proximity to major downstream lithium processing facilities
Proximity to major US battery customers (GM, BMW, Nissan, Mercedes, Tesla, etc.)
Closely located to established low cost power infrastructure, within 1km
Strong, large and low cost local workforce with experience in lithium sector
Proximity to major transportation infrastructure including 11km to highway, 34km to rail and 11km from airport
Manitoba is a mining and development friendly state

Nova Minerals board commenced the undergoing of a strategic review in relation to its Thompson Brothers lithium project, consistent with its objective of maximising value for shareholders. The initiative focuses on the potential to capture currently unrecognised value in the project through a range of different corporate opportunities and working together with project partners.

The key driver of this initiative is to demonstrate and capture the significant valuation gap, which has arisen between the value attributed to Nova Minerals and its direct peers listed on the TSX and CSE.

On 22 January 2018, the Company announced the commencement of an extensive 5,000m exploration program at the Thompson Brothers Lithium Project. The Company received a drill and work permit from the Office of Manitoba Sustainable Development and the mobilising of a drill to the Thompson Brothers Lithium Project. This phase of drilling will target extensions to the known pegmatite, identification and preliminary definition of nearby sub -parallel pegmatites outcropping to the northwest, and infill drilling for resource definition. All the contemplated activities have already been permitted, budgeted and approved for commencement.

Drilling followed up previous, highly encouraging drill results reported at the Thompson Brothers Lithium Project by Nova Minerals, and was designed to confirm the continuity and consistency of high-grade mineralisation within the project area. Previous intersections include (ASX Announcement 5 September, 2017);

Hole TBL003 from 160.42 to 181.5metres (21.08 metre interval) of 1.74% Li2O
Hole TBL004 from 33.48 to 54.63 metres (21.15 metre interval) of 1.55% Li2O
Hole TBL005 from 139.59 to 146.1 metres (6.51 metre interval) of 1.28% Li2O

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 2: Planned drill holes at the Thompson Bros. Lithium Project

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

On 16 February 2018, the Company announced the completion of eight holes in the Thompson Brothers Lithium Project (refer Figure 3). The Company was extremely pleased with the progress of the drilling program with in excess of 1,620m drilled.

The initial holes were to test extensions to the known lithium bearing pegmatite in virgin ground as well as holes in a completely untested sub parallel dyke identified in surface outcrop approximately 200m to the northwest.

All holes intercepted pegmatite with several intersections containing obvious spodumene. Drilling confirmed the extension of the lithium bearing pegmatite to the north of the known historical resource and ongoing drilling is planned to better define the deposit (See Table 1 below for hole location, orientations, and depths).

Significant intercepts so far included:

2.41m pegmatite from 111.27m to 113.68m with obvious spodumene in TBL-007.
7.24m continuous pegmatite from 84.7m to 91.94m with obvious spodumene in TBL-008.
10.67m pegmatite zone (4 separate intercepts) from 97.78m to 115.17m with obvious spodumene in TBL-009.
8.52m pegmatite zone (3 separate intercepts) from 134.71m to 143.23m with obvious spodumene in hole TBL-010.
1.33m pegmatite from 36.67 m to 38.00 m (see Photo 1) and 2.64m pegmatite from 114.80 to 1 17.40 m with obvious spodumene in TBL-013.
3.33m pegmatite from 73.35 m to 76.68 m (see Photo 2) with obvious spodumene in TBL014.

A number of additional pegmatite interceptions were hit although the lithium content is less visually obvious so assays are eagerly awaited for this determination.

Holes TBL-008 to TBL-010 represent a 200m along strike extension to the known pegmatite although no assay information has been received by the company and no interpretation of the visual data available to date has been done to allow any indication of potential volume or generation of a target size.

Once all of the drilling is complete and assays have been received, the data will be properly interpreted and used in the development of a three dimensional model for estimation into a JORC resource.

The remainder of this stage one 5000m program was aimed at continuing to extend the known deposit as well as provide sufficient data within the known mineralisation for use in development of a JORC compliant resource estimate.

The Company expects to provide ongoing updates as drilling progresses and is looking forward to understanding the lithium bearing pegmatite endowment of the entire region (within Thompson Brothers tenure) in due course.

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 3: Drilling Progress at Thompson Brothers.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 4: Spodumene in pegmatite from hole TBL-013 @ 36.67 to 38.00

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Figure 5: Spodumene in pegmatite from hole TBL-014 @ 73.35m to 76.68m

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Table 1: Diamond Drill Hole Locations, Orientations, and Depths

On 26 F ebruary 2018, the Com p any provide d further inf o rmation to t h e update o n the Thomp s on Brother s Lithium pr o ject announ c ed on 16 F e bruary 201 8 . The presented tabulat e d percenta g e estimat e s of spodu m ene identifi e d in the cor e from the r e cent drilling campaign ( r efer Table 2). These are qua l itative visua l estimates a nd are not d irectly relat e d to lithium c ontent apa r t from spod u mene being lit h ium bearin g mineral co m mon in LC T pegmatite s .

Table 2: Spodumene Content

H ole Id	From	T o	Wid th	Code	Estimat Spodum % ed ene	Comm ent
TB L-007	1 11.27	11 3.68	2 .41	SPG	5
TB L-008	84.70	9 1.94	7 .24	SPG	15
TB L-009	97.78	11 5.17	5 .81	SPG	22	4 inte rcepts
TB L-010	1 34.71	14 3.23	1 .63	SPG	10	3 inte rcepts
TB L-013	36.67	3 8.00	1 .33	SPG	5
TB L-013	1 14.80	11 7.44	2 .64	SPG	3
TB L-014	73.35	7 6.68	3 .33	SPG	30

The pro g ress of drill i ng is shown in Figure 6.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 6: Thompson Brothers drilling progress

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

On 27 F ebruary 2018, the Com p any announ c ed an addi t ional updat e on its initial 5,000m res o urce drilling p rogram at t h e Thompso n Brother s L ithium project.

Hole nu m ber TBL-0 1 7 located c e ntrally withi n the deposit was drilled to target po s sible miner a lised extensi o ns at depth. At 148.9m, a spodume n e rich pegmatite dyke w a s intercept e d over a co n tinuous 28m int e rval, see Fi g ure 7.

This hol e was drille d as a step o u t to earlier h ole TBL-01 6 which also intersected spodumene rich pegmatite at a shall o wer depth f r om 81.4m o ver an inter v al of 9.1m a nd a further 2.8m interv a l from 99.6m, r efer table 2 and Figure 8 .

These t w o holes all o w for a 2 di m ensional in t erpretation o f the miner a lised body o n this secti o n and demonstrate a signi f icant down d ip extensio n to the previously know n pegmatite. This new d a ta provide s confidenc e for additio n al drilling ta r geting dept h extensions throughout t he remaind e r of the minerali s ed body.

Drilling c ontinued wi t h a further s tep out hol e (TBL-018) o n the same section as a test to see h ow far the min e ralisation c o ntinues at depth and if t h e deposit w ill remain o p en, refer Fi g ure 9.

The re m ainder of th e drilling pro g ram was o n track to pr o vide sufficient core data for estimati o n of a JORC c o mpliant resource which will include lateral exte n sions to the north and a t this stage, a ppears to at de p th as well. D rilling to da t e has not found the end of the mine r alisation along strike or a t depth. The Co m pany is ex c ited by thes e results an d is eagerly a waiting ass a y results to confirm the tenor of the min e ralised inte r cepts.

Table 2.

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Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 7: Spodumene Rich Pegmatite in TBL-017

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 8: Drill hole location plan.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 9: Section 1300, holes TBL16, TBL17 and TBL18.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

On 12 M arch 2018, t he Company reported h i gh grade Li 2 O results fo r drill holes T BL-016 and TBL017 as w ell as the a d ditional int e rsection of 1 8.38 m of s p odumene bearing peg m atite contin u ing to depth in hole TBL-0 1 8,refer Fig u re 10 for ho l e locations.

These t h ree holes w ere all drille d on the 1300mN sectio n to test continuity of the mineralised body and ass a ys for hole s TBL-016 a n d TBL-017 w ere prioriti s ed to provide some indi c ation as to t he comme r cial potential of the bod y , refer Figur e 11 for cro s s section and Table 3 fo r assay results.

Assays f or hole TBL-018 as well as other re m aining holes drilled to date will be a n nounced in due course. These resul t s show soli d confirmation the miner a lised body d emonstrate s continuity a nd remains open at de p th. Nova is c ontinuing t o build the pi c ture of the d eposit with t he addition of drillhole data and assay informa t ion as it is r e ceived leading to the e v entual com p letion of an NI 43101 res o urce estim a te.

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Figure 10: Plan View DDH Location Map

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Figure 11: Section 1300
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Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Table 3: results from TBL-016 and TBL-017

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

On 21 M arch 2018, t he Company announce d the compl e tion of a preliminary res o urce drillin g progra m at its Thompson Brothers Lithium p r oject in Ca n ada. The pr o gram was c ompleted o n time and under budget (r e fers to maps below).

Sample s from drill h o les up to T B L-020 wer e submitted t o the SRC l a boratory in S askatoon Saskatchewan for a n alysis. Sa m ples from d r ill holes TB L -021 to TBL-024 were t o be transpo r ted to SRC th e following w eek.

The co m pany com m enced drafting its initial N I 43-101 technical Qualifying Repo r t. In formulating the report b y covering t h e historical a nd existing drilling data , the indepe n dent techni c al consulta n ts have identifie d 20 drill hol e s at the Sh e rritt-Gordo n Zone (Figu r e 12) – loc a ted within t h e tenement in Manitoba, Canada - which have not been hi s torically rep o rted. The c o mpany will u pdate the m arket on thes e findings in due course.

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Figure 12: Sherritt-Gordon Pegmatite Zone

Significant Spodumene intercepts at TBL 21, 22, 23 and 24

The mi n eralised pe g matite body continues t o show persi s tence at depth with eac h new hole d rilled and to date remains open both a t depth and along strike to the north and to the s o uth. The a d ditional pegmatite at Sherrit t Gordon ap p ears to be i n dependent of the Thompson Brothers deposit, a nd the company eagerly a w aits determination of th e historic dat a from the p r oject as we l l being able to conduct field observations after t he winter th a w.

Focus i s now on co n solidation a n d interpret a tion of the data from the winter drilli n g program a nd Nova Mineral s looks forw a rd to quanti f ying the de p osit with co m pletion of t h e NI 43 -101 resource estimati o n in the co m ing months.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

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Signific a nt Mileston e s:

Spodumen e floatation t e st work for c ompletion prior to May 2 018.
Maiden JO R C and/or NI 43-101 Qu a lifying Report with Mine r al Resourc e estimate is expected to be complet e d during Au g ust 2018.
Mapping an d drill planni n g for north o f the project area to co m mence onc e initial resource estimation i s complete.

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Figure 13: Plan map, historic, proposed and completed drilling

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

ALASKAN PROJECT JV

On 18 D ecember 2 0 17, the Co m pany announced the ex e cution of a d efinitive Joint Venture Agreem e nt with AK M inerals Pty Ltd (further to the anno u ncement m a de on 20 N o vember 20 1 7). The Alaskan project port f olio expose s Nova to e a rning up to a n 85% interest in the Al a skan proje c ts to highly p r ospective g r ound in south-west Ala s ka, one of t h e most exci t ing mining j u risdictions g lobally, with no d ilution to e x isting share structure. T h e Alaskan p rojects are located in th e south-wes t of the State, w hich is a mi n eral-rich re g ion that has attracted th e attention of some of th e largest mi n ing companies and min e finders in t h e world including Anglo American, B arrick Gold, BHP Billito n , Freepor t -McMoRan, Newmont M ining, Teck Resources, Sumitomo M etal Mining, Kinross an d Rio Tinto. N o va MD, Avi Kimelman c ommented, “We are excited about t h e Alaskan P roject JV as it is an importa n t part of ou r strategy to d iversify an d build our e x posure in large scale m u lti-commodity and battery m inerals pro j ects.”

The Ala s kan Projec t portfolio co m prises of fi v e distinct e x ploration pr o jects, with a total portfolio licence a rea of 192. 3 km[2] and strong potenti a l for gold, si l ver, zinc, ni c kel, copper , cobalt and r are earths. S ubsequent to the exec u tion of the d e finitive join t venture agreement, a n e w compan y AKCM (AUST) Pty Ltd was incorporate d as the join t venture Co m pany vehi c le. Owners h ip of AK Cu s tom Mining L LC ( AKCM ) , the corpor a te owner of the Alaskan projects, w a s changed f rom AK Min e rals Pty Ltd ( AKM ) to AKCM (AUST) Pty Ltd.

The Joi n t Venture gives the Co m pany acces s to a large e xploration p ortfolio with diversified m ineral exposu r e in highly prospective geological te r rains in Ala s ka, in line with its Manit o ba Thomps o n Bros lithium p roject and N orth Americ a focus.

The Ala s kan Projec t s range fro m more adva n ced explor a tion project s with ore gr a de drill inte r sections to brow n field tenem e nts. The m o st advance d projects ar e the Estelle gold projec t , a district s c ale high tonnag e , gold, copp e r, silver pro j ect, the Chi p -Loy nickel , cobalt, cop p er project, t he Bowser c reek silver, z i nc, lead pro j ect which the US gover n ment has s p ent in exce s s of $7m o n this project historic a lly and Win d y Fork REE project. Fig u re 14 show s the locatio n of the Est e lle and Farewell projects.

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Figure 14: Location map of AKM's projects

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

On 07 February 2018, the Company announced the appointment of Mr. Thomas K. Bundtzen P.Geo, BS, MS, an Alaskan based expert geologist, as a consultant to further strengthen the technical team to accelerate on ground exploration activities on the Alaskan project portfolio.

Mr. Thomas (Tom) K. Bundtzen serves as a Geological Consultant through his private consultancy Pacific Rim Geological Consulting, Inc. Mr. Bundtzen has extensive experience involving geology of platinum, gold and base metal deposits. He has consulted/worked for 20 private and public clients and published approximately 160 papers and chapters on Alaskan, Canadian, and Russian Far East Geology in Journals, State and federal publications, and books. He is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and holds Alaska Business License Geological and Technical Services. Mr. Bundtzen received his M.S. in Economic Geology from Department of Geology and Geophysics at the University of Alaska, Fairbanks in 1981 and his B.S. in Geology from the School of Mineral Engineering at University of Alaska Fairbanks in 1973. Mr. Bundtzen serves as the president of the Alaska Mining Hall of Fame Foundation.

Nova CEO, Mr. Avi Kimelman commented: “We are pleased and excited to have Mr. Bundtzen and Pacific Rim Geological Consulting, Inc. to join our team with his vast expertise and knowledge of the Nova Alaskan project portfolio to greatly enhancing the value of the District scale Estelle Gold Copper project, the Chip Loy Nickel Cobalt project and Bowser Creek Silver Zinc projects.”

“Mr. Bundtzen has studied, mapped and explored the Farewell Terrane for in excess of 30 years for both Business and Government departments and we believe that by combining the technical team’s knowledge and historic discoveries in the region with Mr. Bundtzen’s experience and expertise we can rapidly assess and begin to develop the overall potential of the project portfolio.”

The Chip-Loy Ni-Co-Cu project contains disseminated to massive sulfides, mainly pyrrhotite and chalcopyrite, that was rock chip sampled by Mr Bundtzen whereby assays returned up to 3.30% nickel, 0.25% cobalt, 2.10% copper, 12.1 g/t silver, and 43.2 percent iron (Smith and Albanese, 1985) (Bundtzen, Roberts, and others, 1982) (Historical, Non-JORC Compliant – refer to source references below). It is envisaged that Mr Bundtzen will be able to assist Nova in preparation of an exploration target for the Chip-Loy project similarly to the potential identified in these source references:

(a) US Geological Survey (USGS) Alaska Resource Data File (ARDF) MG032

https://mrdata.usgs.gov/ardf/show-ardf.php?ardf_num=MG032

(b) Reconnaissance strategic and critical mineral investigations in the McGrath A-3 and B-2 Quadrangles, southwest Alaska

http://dggs.alaska.gov/webpubs/usbm/fr/text/fr_mcgrath_critmin_1987_southworth.pdf

http://dggs.alaska.gov/webpubs/usbm/un/text/bundtzen_and_others_1985.pdf

On 26 February 2018, the Company provided an update on the Estelle gold project. Nova is making good progress on its pre-works for its upcoming exploration program in Alaska. The 112km2 landholding sits adjacent to the 6.3Moz Au, 28.7Moz Ag, 480kt Cu Whistler project (Gold Mining Inc.) and in the same assemblage of rocks that hosts Northern Dynasty’s giant Pebble copper-goldmolybdenum-silver deposit (70Moz Au, 3.4b lb Mo, 344Moz Ag).

No systematic regional exploration has historically taken place on the project area since 2012. Nova had begun planning for its initial geological reconnaissance to commence in June 2018 and then to be subsequently followed up by exploration drilling programs, subject to regulatory approvals. Research has commenced into heap leaching technologies in cold climates which are deemed to be very suitable for bulk tonnages expected at Estelle.

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

During the desktop d ata mining s tudies it ha s become v e ry apparent that substa n tial potentia l exists to extend the explor a tion target ( Figure 16) a long strike a t the Oxide p rospect an d for additio n al discove r y within the project area. Nova’s ma i n focus will i nitially be to delineate a JORC reso u rce in 2018 at the Oxide p r ospect and e xplore for n ew gold res o urces on other Estelle h istorical walk up targets a s outlined i n Figure 15.

Historic a l exploratio n drilling co m pleted by M illrock Reso u rces Inc. ( M illrock) in 2 0 12 across t h e Estelle p rospects in c ludes:

450.68m av e raging 0.3 8 g/t Au (mo s t of the min e ralisation w a s found fro m 31.79m to 397.06m an d returned 0.43 g/t Au o v er 365.27m (Oxide prospect hole S E 12-001)
41.45m @ 1.1 g/t Au from 30.79m t o 72.24m (O x ide prospect hole SE12 - 004)  102m @ 1. 0 2 g/t Au fro m 26.52m to 128.63m in c l. 21m @ 2. 0 7 g/t Au from 82.30 to 104.24m (RPM prospect hole SE 1 2-008)

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Figure 15: Estelle Gold project map showing known Cu-Au prospects Source: Technical Report – NI 43-101 Resource Estimate for the Whistler Project, Alaska Web: goldmining.com/_resources/reports/Whistler-2016-Technical-Report.pdf

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

HISTORIC DATA

Georeferencing Historical Drill Hole Locations

The historical explo r ation work carried out b y Millrock ha s included locating exploration drill h o le data and res u lts from Millrock’s publi c announce m ents (TSX- V : MRO, OT C QX: MLRK F ) and Alas k an Govern m ent public d ocuments i n cluding Ala s ka Resour c e Data File ( ARDF) records. Some coordin a te informati o n was take n from histo r ical reports, ARDF files a nd drill logs, while othe r s were located by georefer e ncing historical explorat i on maps ov e r Google E a rth imager y and topogr a phic maps. T he location o f coordinat e points is fit for purpose in announci n g historical exploration r esults. Field verification an d ground truthing will be c onducted b y Nova com m encing in J une 2018. D rill hole coordin a tes where g eoreferenci n g was required (Oxide p rospect) were easily ref e renced to L o ngitude and Latitude coordi n ates with a n accuracy o f ± 20 metre s and considered moder a tely to highly reliable.

The Co m pany has n oted additio n al explorati o n drilling a n d surface s a mpling has been compl e ted by Millrock (not include d in this ann o uncement) over the Es t elle Gold pr o ject that int e rcepted an o malous gold gr a des, but alt h ough the hi s torical resul t s are publicly available, these holes are currentl y nonJORC c o mpliant an d georeferencing is not y e t achievabl e for public release. Nov a is collabor a ting with Millrock to acq u ire historical JORC com p liant explor a tion data to enable the C ompany to release addition a l exploration results an d fast-track e xploration and metallurgy studies at Estelle.

Figure 16 shows drill holes SE1 2 -001 and S E 12-004 us e d for georef e rencing hol e locations.

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Figure 16: Oxide prospect initial exploration drilling target zones

Oxide Prospect (Copper-Gold)

The Oxide prospect is located i n the northern part of the Estelle G o ld project. A small porti o n of the large e x ploration z o ne at Oxid e (Figure 1 6 ) over a st r ike length o f 740m pro v ided an e x ploration target o f between 1.1 to 2.3 Mo z with an as s umed grad e between 0.4 g/t and 0. 6 g/t Au (ref e r to ASX announ c ement dat e d 23 Nove m ber 2017). The figure a lso shows priority expl o ration drilli n g zones defined by an IP sur v ey conduct e d by Millro c k in 2012.

Hole S E 12-001 wa s drilled by M illrock in 2012 to a dep t h of 457.8 m (azimuth 0 50°, dip -7 5 °) to test an indu c ed polariza t ion charge a bility anom a ly overlain b y a coincid e nt gold-ars e nic soil geochemical anomal y . Millrock h ad previou s ly discove r ed gold mineralisation associated with struct u res and porphyr i tic dykes in b edrock at t w o locations each about 1.5 km awa y from the d r ill hole colla r .

Variabl y altered ma g matic intru s ive rock wit h quartz vei n s and stoc k works wer e intersected over the entire length of the h ole. From 10.18 m to 4 6 0.86 m (45 0 .68 m) the h ole returne d a weighted average of 0.38 g /t Au. Most of the mineralisation wa s found from 31.79m to 3 97.06m an d returned 0. 4 3 g/t Au

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

over 365.27m. The highlights of the composite intercepts using a 0.2 g/t cut-off are summarized in Table 4 below.

Table 4: Oxide prospect drill hole SE12-001 showing gold intercepts and grades

Hole ID	Latitude	Longitude	Azimuth	Dip	From (m)	To (m)	Length (m)	Au (g/t)
SE12-001	62.0085°	-152.8969°	050°	-75°	10.18	150.02	139.84	0.56
“	“	“		Incl.	35.42	42.25	6.83	0.84
“	“	“		Incl.	49.83	62.79	12.95	0.70
“	“	“		Incl.	60.59	77.36	16.76	0.58
“	“	“		Incl.	81.96	95.10	13.14	0.76
“	“	“		Incl.	98.15	113.87	15.73	0.98
“	“	“		Incl.	98.15	111.19	13.05	1.13
“	“	“		Incl.	124.97	157.22	32.25	0.82
SE12-001	“	“			176.17	203.61	27.43	0.51
SE12-001	“	“			218.85	228.30	9.45	0.58
“	“	“		Incl.	221.59	228.30	6.71	0.76
SE12-001	“	“			252.89	264.26	11.37	0.49
“	“	“		Incl.	252.89	260.12	7.22	0.64
SE12-001	“	“			283.92	284.68	0.76	3.08
SE12-001	“	“			304.22	335.25	31.03	0.79
SE12-001	“	“			312.63	412.49	99.85	0.44
“	“	“		Incl.	332.45	335.25	2.80	5.82
“	“	“		Incl.	351.13	373.47	22.34	0.37
“	“	“		Incl.	364.85	373.47	8.63	0.58
“	“	“		Incl.	383.13	397.06	13.93	0.46
“	“	“		Incl.	391.58	397.06	5.49	0.72
“	“	“		Incl.	403.86	412.49	8.63	0.54
“	“	“		Incl.	403.86	408.34	4.48	0.84
SE12-001	“	“			438.18	439.70	1.52	0.41
SE12-001	“	“			457.99	459.33	1.34	0.31

Indicates interval had below cut-off intervals of >3m.

Source: Millrock Resources Inc., News Release November 9, 2011 “Millrock Intersects Intrusion-Related Gold System at Estelle Project, Alaska” Web: millrockresources.com/news/millrock-intersects-intrusion-related-gold-system-at-estelle-projectalaska

Hole SE12-004, the southeastern-most hole drilled by Millrock in 2012, intersected gold mineralisation throughout the majority of the hole with a highlight intercept of 41.45 metres grading 1.14 grams gold per tonne. An induced polarization survey conducted in 2012 revealed a chargeability high (Figure 2) corresponding with the drilled mineralised trend. The highest chargeability occurs southeast of drill hole SE12-004 providing a vector to possible higher-grade mineralisation to the southeast. This overburden covered area, with mineralisation open both along strike and down dip, is a priority drill target for Nova. Table 5 below highlights gold intercepts from hole SE12-004. Figure 17 shows the mineralised cross section of dill hole SE12-004.

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018 Table 5: Oxide prospect drill hole SE12-004 showing gold intercepts and grades

Hole ID	Latitu de	Long itude	Az imuth	D ip	From (m)	To (m)	Length (m)	Au (g/t)
SE12-0 04	62.01 04°	-152. 9045°	0 50°	-6 0°	30.79	72.24	41.45	1.14
“	“	“			99.36	101.80	2.44	0.89
“	“	“			105.77	121.01	15.24	0.50
“	“	“			127.41	168.25	40.84	0.57
“	“	“		I ncl.	146.91	166.73	19.82	0.87

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Figure 17: Oxide prospect drill hole SE12-004 cross section

RPM Prospect (Copper -Gold)

The RP M prospect is a minerali s ed porphyr y Cu-Au pro s pect (Cox and Singer, 1986; model 20c) that is locat e d in the s o utheast part of the Es t elle gold project (Figur e 1). RPM l ies within a plutonic comple x intruding a Jurassic t o Early Cret a ceous flys c h sequenc e (Reed and Nelson, 1 9 80). The intrusiv e complex c o nsist of ult r amafic to f e lsic plutons of Late Cr e taceous/Ea r ly Tertiary a ge (69.7 Ma) and are cen t rally located in a re g ion of arc-magmatic related gol d deposits. Though minerali s ation at Es t elle is generally restrict e d to the int r usive rocks, mineralisat i on at RPM o ccurs in both int r usive and h o rnfels. At R PM roof pe n dants of hornfels occur overlying m u ltiple intrusive units. Fingers of fine grai n ed aplite, m onzonite a n d biotite-ric h diorite cut the hornfel s . All of the lithologic units ar e in turn cut by stockwork and/or sh e eted veins. V eins range in size and c haracter fr o m meter wide q u artz ± sulfi d e to milli m eter scale q uartz-arse n opyrite vei n s and centimeter scal e quartztourmaline-sulfide v e ins. A granitic intrusive body, whic h underlies t he hornfels and crops o ut in the souther n part of the prospect ar e a, appears t o be potentially related to mineralisa t ion.

In 2012, Millrock c o nducted an exploration program c o nsisting of prospecting, soil sampling, rock samplin g , and drilli n g at the RPM prospe c t. RPM is c ontained in a 3,500 m eter long, n orthwest trending gold ano m aly defined by soils assaying greater than 0. 0 10ppm gol d including individual sample s containing up to 13.25ppm gold. Copper va l ues are al s o elevated with the m a jority of sample s returning a ssays great e r than 200 p pm copper . The copper values ou t line a broa d er, more dispers e d anomaly . In additio n to soil s a mpling, extensive rock chip sam p ling was c o nducted

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

returnin g composited sample r e sults up to 9 0m averaging 0.54 g/t gold. One d rillhole completed in 2012 ta r geted a mi n eralised m o nzonite plu g cut by sheeted and st o ckwork qu a rtz veins exposed at surface. Geologic mapping in 2 0 12 at the R P M Prospec t defined a b road zone o f alteration in a highlevel int r usive mag m atic contac t zone. The h ole encountered signifi c ant gold mi n eralisation returning an inter c ept of 2.07 g/t gold ov e r 21.94m w i thin a 102.11 meter int e rval averag i ng 1.04 g/t g old with minerali s ation open in all directi o ns.

Table 6 below high l ights gold i n tercepts fr o m hole SE12-008 and F igure 18 s h ows the mi n eralised cross s e ction of dill h ole SE12-0 0 8.

Table 6: RPM prospect drill hole SE12-008 showing gold intercepts and grades

Hole ID	Lat itude	L ongitude	From (m)	To (m)	Intercept (m)	g/t Au
SE12-0 08	61. 7759°	-1 52.9555°	8.84	128.63	119.79	0.92
		incl.	26.52	128.63	102.11	1.04
		Incl.	82.30	104.24	21.94	2.07
		Incl.	117.96	125.58	7.62	2.03
			135.79	139.60	3.81	0.65
			142.34	148.44	6.10	0.64
			162.15	166.73	4.58	0.51

Note: Li s ted compo s ites are tho s e averagin g >0.50 g/t A u calculated using a 0.2 0 g/t Au cut- o ff with a maximum 3 metres i nternal dilut i on.

Source: Millrock Resources Inc., News Release September 10, 2012 “Millrock Discovers New Gold Zone at Estelle Project, Alaska” Web: millrockresources.com/news/millrock-discovers-new-gold-zone-at-estelle-project-alaska-2

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Figure 18: RPM prospect drill hole SE12-008 cross section

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

NOVA 2018 Estelle Exploration Program

Nova is anticipated to commence exploration at the Estelle Gold project (Oxide prospect) in June 2018 then immediately follow up with exploration drilling, subject to regulatory approvals. The exploration program will first focus on ground geophysics (Resistivity/IP surveys), planning drill hole locations and access for an RC drilling rig into the project area and auger/RC drill testing in down steam tributaries from the Oxide prospect for potential placer gold deposits. Nova is also assessing a number of options to utilise existing camp, airstrip and supporting infrastructure within close proximity to the Estelle project.

The purpose of the 2018 Estelle exploration program is to test the validity of the exploration target and definition of a maiden JORC compliant resource at Oxide. Table 7 below shows the proposed 2018 exploration program at Estelle.

Table 7: Estelle proposed 2018 Exploration Program

Exploration / Development Phase	Tasks	Timeline
Stage 1: Field program Oxide	Rock chip sampling, ground Resistivity/IP survey, mapping and planning for drill hole locations and rig access tracks, auger sampling on creek tributaries, permitting for drilling program and geochemical analysis.	JUN 2018
Stage 2: Drilling program Oxide prospect	Exploration drilling, further exploration rock chip sampling, and trenching. Baseline environmental work and geophysics (downhole IP).	JUN - SEP 2018
Stage 3: Field program on other Estelle prospects	Reconnaissance exploration on including rock chip sampling, ground Resistivity/IP surveys, geological and access track mapping, and geochemical analysis on other Estelle prospects including RPM.	AUG - SEP 2018
Stage 4: JORC, Metallurgy and Heap Leach studies	Maiden JORC complaint resource definition at Oxide prospect, detailed core sampling for metallurgical, geotechnical work and heap leach test studies. Rock chip sampling and ground Resistivity/IP surveys will continue up to the commencement of winter in November.	OCT – DEC 2018

Following completion of the regional drilling program on the Oxide prospect in 2018, the next phase of drilling in 2019 will be defined from the 2018 exploration results and will comprise of infill drilling between the existing lines that identifies the location of redox boundaries and/or gold mineralisation.

Metallurgy Studies

Nova is anticipating the commencement of metallurgy studies between October and December 2018 to fast-track development of the Estelle project into pre-feasibility studies, anticipated to commence during 2019.

Heap Leach Gold-Copper Recovery Studies – no stranger to cold climates

Nova is in the process of evaluating metal extraction methods for large bulk tonnage porphyry coppergold deposits – in particular heap leach technologies for use in cold climates. Initial research shows heap leach metal extraction processes, in particular low sulphide porphyry style copper-gold deposits found at the Estelle Gold project, have been a cost effective and proven process in cold climates. The famous Fork Knox gold mine (Kinross Gold Corporation) situated near Fairbanks, Alaska was initially using a modern Carbon-in-Pulp (CIP) gold leaching plant for gold extraction, processing 32,658 to 45,359 tonnes per day. A heap leaching facility subsequently commenced construction in 2007, to process the same volume of gold bearing material on a single leach pad (Figure 19). Today, the Walter Creek Valley Fill Heap Leach Project is a 300 million ton capacity facility that commenced commercial extraction in 2009, to allow the mine to process some of the low grade materials. At full

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018

development, the m aximum he a p height fr o m toe to crest will be a pproximatel y 1,100 fee t and the maximum ore thick n ess in the pad will be a b out 500 feet. Processing cut-off gold grades between 0.16 g/t (Gil Deposit) to 0.2 g/t (Fort Knox deposit) is not uncommon – thes e are the g o ld cut-off grades a t two of the Fort Knox d e posits.

Source: Knight Piésold Consulting Web: knightpiesold.com/es/proyectos/walter-creek-valley-fill-heap-leach-facility-fort-knox-mine/ Source: Fort Knox Mine, Fairbanks North Star Borough, Alaska, USA National Instrument 43101 Technical Report Web: fb.kinross.com/media/261547/2015%20fort%20knox%20tr.pdf

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Figure 19: Fort Knox Heap Leach Operation in Fairbanks, Alaska

The ma i n advantag e s of heap leach technol o gy are as f o llows:

lower CAPEX and OPE X
rapid payba c k
no tailings disposal
simple desi g n and equipment
less environmental concerns
quick construction phas e
lower energ y and water requirement s
applicable t o low-grade o re, tailings a nd waste s t ockpiles

There h ave been a dvancements in environmentally f r iendly heap leaching t e chnologies such as EnviroL e ach (). EnviroLeach’s objective is t o become a leading pro d ucer of pre c ious metals using its propriet a ry and eco - friendly me t allurgical p r ocesses. E n viroLeach i s a near-ter m gold producer that extracts precious a n d strategic m etals from ores, concentrates and E-Waste using a new p r oprietary electro- c hemical pr o cess. This process h a s been proven to be a cost-effec t ive and sustainable alternative to the cu r rent Cyanid e , Smelter a n d Strong-A c id based pr o cesses us e d today.

Source: EnviroLeach Technologies Inc. Web: enviroleach.com/

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Rep o rt for quarter ended 3 1 March 2018 Today, t here are at least 16 cold climate he a p leach gol d mines in o p eration Wor l dwide (Figure 20).

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Figure 20: Cold climate heap leach gold mines in Operation Worldwide

TANAMI (OFFICER HILLS JV) PROJECT (Nova 1 0 0%, Newmont Option t o earn up to 70%)

The Officer Hill JV P roject (Expl o ration Lice n ce 23150) i s located in N orthern Ter r itory within t he Tanami geological province, whi c h hosts wo r ld class oro g enic gold d e posits inclu d ing the Gr a nites gold de p osits and the operating C allie Gold M ine owned by Newmon t Mining. Th e Company h olds a single Exploration Licence locat e d 34 kilome t res southw e st of the Callie Gold Mi n e, which at t he end of 2013 had 3.01 mi l lion ounces of gold rese r ves. The licence was granted on 29 July 2013 f o r a period o f six years. E xploration L icence 213 5 0 was gran t ed on 29th J uly 2013. N e wmont is e a rning a 70% int e rest by spe n ding $500, 0 00 on expl o ration to 28th July 2018. Newmont r e cently advi s ed Nova the follo w ing activiti e s complete d during the p revious Qu a rter ended 3 0 Septemb e r 2017.

The Co m pany recei v ed a report from Newm o nt which in c luded historical explorat i on data and exploration complet e d by Newm o nt up to December 201 7 . Newmont advised tha t no exploration was carried o ut up to the end of Dec e mber 2017 a nd no furth e r updates have been re c eived in relation to any acti v ities during the current q uarter.

NOVA’S TENEMENT HOLDINGS AS AT 31 MARCH 2018

PROJE CT	T ENEMENT NUMBER	’	C A URRENT REA (KM2)	CURRE HOLDE NT R	COU / ST NTRY ATE
		COMPA NYS
		BENEF INTER ICIAL EST
Tanam (Officer i Hill)	E L23150	100 %*	2 06.08 Km2	NOVA	Austr NT alia /

Nova 100%, New m ont Option t o earn up to 70% under a farm out a r rangement. In additi o n:

a) MMPL, a 100% owned s ubsidiary of Nova, hold s rights to ea r n up to an 8 0% owners h ip interest in t h e Thompso n Brothers Lithium Property in Weku s ko Lake, M a nitoba, Canada.

Nova Minerals Ltd. Level 17, 500 Col l ins Street, Melbourne, VIC, 3000. Phone: +6 1 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

b) Nova holds rights to earn up to 85% ownership interest in AKCM JV, an incorporated JV Company that holds 100% interest in the Alaskan Projects.

CORPORATE

Nova Minerals Limited (ASX: NVA, FSE: QM3) ( Nova or Company ) is an Australian company with interests in a portfolio of mineral projects at exploration stage with focus on North America (Manitoba, Canada and Alaska, USA) and one joint venture project located in Australia that are prospective for lithium, gold, nickel, cobalt and other precious metals, base metals and REE’s.

INVESTOR PRESENTATION

On 10 January 2018, the Company released an investor and corporate presentation.

SECURITIES ON ISSUE AT THE DATE OF THIS REPORT

CLASS OF SECURITIES	NO. OF SECURITIES ON ISSUE
Total fully paid ordinary shares (NVA) 711,891,788
Listed options exercisable at $0.0325 each on or before 31 August 2020 (NVAO) 393,936,702
Unlisted options exercisable at $0.0325 each on or before 17 November 2018 (NVAAA) 42,000,000
Unlisted options exercisable at $0.02 each on or before 31 August 2019 (NVAAC) 7,500,000

BOARD AT THE DATE OF THIS REPORT

Mr Avi Kimelman	Managing Director and CEO
Mr Louie Simens	Non-Executive Director
Mr Dennis Fry	Non-Executive Director
Mr Olaf Frederickson	Non-Executive Director
Mr Adrien Wing	Company Secretary

DIRECTOR RETIREMENT AND APPOINTMENTS

There were no director retirements or appointments during the quarter.

NOTICE OF GENERAL MEETING

On 30 January 2018, the Company announced a Notice of General Meeting that was held on 28 February 2018 at 10:00am at level 17, 500 Collins Street, Melbourne, VIC, 3000. An Addendum to the Notice of General Meeting was also released on 30 January 2018. All resolutions were passed on a unanimous show of hands as announced on 28 February 2018.

TRADING HALT, SUSPENSION AND REINSTATEMENT OF TRADING

There were no trading halts or suspension of quotation of shares during the quarter.

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Report for quarter ended 31 March 2018

FINANCIAL POSITION

Cash available to the Company at the end of the March 2018 quarter was $2,582,000.

As reported in the subsequent events in the December 2017 quarter, on 19 January 2018, a total of 10,000,000 unlisted options were exercised at 3.25 cents per option raising a further $325,000. A section 708 Cleansing Notice was also issued.

On 01 March 2018, the Company issued 222,446,430 listed NVAO options exercisable at 3.25 cents on or before 31 August 2020. A total of 202,446,430 of these options were issued as free attaching to the placement in December 2017 and 20,000,000 options were issued to extinguish fees pursuant to consulting agreements. All options were approved by shareholders at a General Meeting held on 28 February 2018.

Subsequently on 06 March 2018, the Company released an Appendix 3Y notice for change of director’s interest in relation to the issue of 23,125,000 NVAO free attaching listed options on 01 March 2018.

On 26 March 2018, the Company issued 500,000 NVAO listed options exercisable at 3.25 cents on or before 31 August 2020 in lieu of consulting fees for nil cash consideration. The options were approved by shareholders on 30 November 2017 (2017 AGM).

On 26 March 2018, the Company issued 1,500,000 NVAO listed options exercisable at 3.25 cents on or before 31 August 2020 in lieu of consulting fees to strategic advisors for nil cash consideration, as provided in ASX Announcement dated 23 March 2018. The options were approved by shareholders on 30 November 2017 (2017 AGM).

On 28 March 2018, a section 708 Cleansing Notice was issued subsequent to the issue of the above 2,000,000 listed NVAO options.

OTHER FINANCIAL EVENTS

On 02 March 2018, the Company announced the establishment of a share sale facility (Facility) for holders of fully paid ordinary shares in the Company (Shares) valued at less than $500. A marketable parcel of Shares is a parcel of Shares that has a market value of more than $500. As at market close on 01 March 2018 (Record Date), the Directors have determined an unmarketable parcel of Shares is any shareholding of less than 16,130 Shares (Unmarketable Parcel) based on a price of $0.031 per Share, being the closing price of Shares on the ASX on Record Date. As at the Record Date, the Company has 3,524 shareholders, 2,007 of whom hold an Unmarketable Parcel.

SUBSEQUENT FINANCIAL EVENTS

On 05 April 2018, the Company announced a clarification of key date event for unmarketable parcel facility (as announced on 02 March 2018); a second notice was mailed to holders of unmarketable parcels on 06 April 2018.

On 06 April 2018, the Company announced that it has been given approval to dual-list on the Frankfurt Stock Exchange (FSE). The trading data is Frankfurt WKN: A2H9W and the shares will trade under the symbol "QM3".

ON-MARKET DIRECTOR SHARE PURCHASES

On 26 March 2018, the Company released an Appendix 3Y notice for change of director’s interest in relation to on-market acquisitions of NVA ordinary fully paid shares by directors Mr. Avrohom (Avi) Kimelman and Mr Louie Simens.

Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Name of entity	Name of entity

Nova Minerals Ltd
ABN 84 006 690 348	Quarter ended (“current quarter”)
84 006 690 348	31 March 2018

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (a) GST 1.9 Net cash from / (used in) operating activities	(797) (429) -	(1,011) (916) 15
	(1,226)	(1,912)

2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10)

See chapter 19 for defined terms

1 September 2016

Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
(c) investments (d) other non-current assets 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- -	(84) (44)
	-	(128)

3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Capital Raising Costs 3.10 Net cash from / (used in) financing activities	441 -	3,702 (192)
	441	3510

4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	3,367 (1,226) - 441	1,112 (1,912) (128) 3,510

See chapter 19 for defined terms 1 September 2016

Page 2

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	2,582	2,582

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	2,582	3,367
	2,582	3,367
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 126 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		126


7. Payments to related entities of the entity and their associates Current quarter $A'000 7.1 Aggregate amount of payments to these parties included in item 1.2 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
		Current quarter $A'000

See chapter 19 for defined terms 1 September 2016

Page 3

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities ] 8.2 Credit standby arrangements 8.3 Other (please specify) 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
			]

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	700 255
	955

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2 Interests in mining tenements and petroleum tenements acquired or increased

See chapter 19 for defined terms 1 September 2016

Page 4

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.

==> picture [413 x 86] intentionally omitted <==

----- Start of picture text -----

Sign here: ........... ..................... Date: .....27/4/18....
(Director)
----- End of picture text -----

Print name: .......Avi Kimelman.....

Notes

The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
See chapter 19 for defined terms 1 September 2016

Page 5

AI assistant

Nova Minerals Ltd — Interim / Quarterly Report 2018

34115_rns_2018-04-26_d3e81361-72ec-4394-a437-010dafe4aa30.pdf

QUARTERLY REPORT Quarter ended 31 March 2018

NOVA MINERALS LIMITED ASX: NVA FSE: QM3

QUARTERLY REPORT – 31 MARCH 2018

Contact:

PROJECT AND EXPLORATION UPDATE

THOMPSON BROS. LITHIUM PROJECT – MANITOBA, CANADA

About the Thompson Bros. Lithium Project

Exploration on the Thompson Bros. Lithium Project

Figure 1: Results of the 2017 geochemical sampling program

Table 1: Diamond Drill Hole Locations, Orientations, and Depths

Table 2: Spodumene Content

Table 2.

Significant Spodumene intercepts at TBL 21, 22, 23 and 24

ALASKAN PROJECT JV

HISTORIC DATA

Georeferencing Historical Drill Hole Locations

Oxide Prospect (Copper-Gold)

Source: Millrock Resources Inc., News Release November 9, 2011 “Millrock Intersects Intrusion-Related Gold System at Estelle Project, Alaska” Web: millrockresources.com/news/millrock-intersects-intrusion-related-gold-system-at-estelle-projectalaska

RPM Prospect (Copper -Gold)

Source: Millrock Resources Inc., News Release September 10, 2012 “Millrock Discovers New Gold Zone at Estelle Project, Alaska” Web: millrockresources.com/news/millrock-discovers-new-gold-zone-at-estelle-project-alaska-2

NOVA 2018 Estelle Exploration Program

Metallurgy Studies

Heap Leach Gold-Copper Recovery Studies – no stranger to cold climates

Source: EnviroLeach Technologies Inc. Web: enviroleach.com/

NOVA’S TENEMENT HOLDINGS AS AT 31 MARCH 2018

CORPORATE

INVESTOR PRESENTATION

SECURITIES ON ISSUE AT THE DATE OF THIS REPORT

BOARD AT THE DATE OF THIS REPORT

DIRECTOR RETIREMENT AND APPOINTMENTS

NOTICE OF GENERAL MEETING

TRADING HALT, SUSPENSION AND REINSTATEMENT OF TRADING

FINANCIAL POSITION

OTHER FINANCIAL EVENTS

SUBSEQUENT FINANCIAL EVENTS

ON-MARKET DIRECTOR SHARE PURCHASES

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Name of entity

Compliance statement

Notes

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Nova Minerals Ltd Interim / Quarterly Report 2018