Nova Minerals Ltd — Interim / Quarterly Report 2023

Feb 27, 2023

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2023 Interim Report

Corporate Directory

Directors

Anna Ladd-Kruger Chair of the Board Christopher Gerteisen CEO & Executive Director Louie Simens Executive Director Craig Bentley Director of Finance & Compliance

Rodrigo Pasqua Non-Executive Director Avi Geller Non-Executive Director Company Secretary Ian Pamensky

Developing ‘Estelle’ North America’s next major gold trend in Alaska

Registered Office and Domicile

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

Corporate: Suite 602 566 St Kilda Road Melbourne VIC 3004 Australia

Telephone: +61 3 9537 1238 Internet: http://www.novaminerals.com.au

Share Registry

Link Market Services Limited Level 13, Tower 4 727 Collins Street Melbourne VIC 3000 Australia

ASX: NVA

OTC: NVAAF

Auditors

RSM Australia Pty Ltd Level 21, 55 Collins Street Melbourne VIC 3000

Australia

Nova Minerals Ltd | Interim Report 2023 1

About Nova Minerals

Nova Minerals Limited (ASX: NVA) vision is developing North America’s next major gold trend, Estelle, to become a world class, tier-one, global gold producer. Its flagship Estelle Gold Project contains multiple mining complexes across a 35km long mineralised corridor of over 20 identified gold prospects, including two already defined multi-million ounce resources containing a combined 9.6 Moz Au. The project is situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s Fort Knox Gold Mine.

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

Contents
Highlights	3
Review of Operations	4
Directors’ Report	12
Auditors Independence Declaration	13
Financial Statements	15
Notes to the Financial Statements	22
Director’s Declaration	35
Independent Auditor’s Report	36

2 Nova Minerals Ltd | Interim Report 2023

– Highlights Continuing to deliver on our Vision to Develop the Estelle Gold Project

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30,000m highly targeted drill program completed, including maiden drilling of RPM South and Cathedral

More world class, thick, high-grade intercepts reported at RPM North

Various PFS level mine and process optimization, material haulage, environmental, and other trade-off studies commenced, including the investigation of another processing plant in the RPM Mining Complex

Phase 2 scoping study, including the highgrade RPM deposits, commenced

A$30m funding secured lead by global gold fund

Metallurgical results show up to 96% gold recovery from RPM

Winter road operations recommenced late in 2022

Nova Minerals Ltd | Interim Report 2023 3

Review of Operations

Transformational 30,000m Drill Program Completed

Nova’s vision is to develop ‘Estelle’ North America’s next major gold trend to become a world-class, tier one, global gold producer. In pursuit of this goal Nova undertook a transformational 30,000m highly targeted diamond drill program during the 1[st] half of the 2023 financial year. The aim of this program is to increase both the size and confidence of the Korbel and RPM deposits, with the inclusion of the high grade RPM ore in the production schedule expected to have a significant positive impact on the key economic metrics such as NPV and IRR in the Phase 2 Scoping Study, now well underway

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Figure 1. Resource Growth

The 2022 diamond drill program comprised of:

• 9,000m (24 holes) of close spaced infill and step out drilling at the RPM North deposit to prove up and expand the existing 1.5 Mozs @ 2.0g/t Inferred resource to the Indicated and Measured levels (All assay results received and upgraded resource estimate pending)

• 3,000m (8 holes) maiden drilling at the RPM South prospect (All assay results received and maiden resource estimate pending)

• 10,000m (30 holes) infill drilling at Korbel, in the saddle area within the proposed conceptual Korbel Main pit zone, with the goal being to convert additional Inferred resources from the 8.1 Moz total gold resource (3.0 Moz Indicated | 5.1 Moz Inferred) into the higher Indicated category (Assays results pending, following which an upgraded resource estimate will be undertaken)

• 5,000m (12 holes) maiden drilling at the Cathedral prospect (All assay results received and maiden resource estimate pending)

• 1,000m (12 holes) for hydro wells for ground water monitoring as part of the environmental studies currently underway.

4 Nova Minerals Ltd | Interim Report 2023

RPM North

Having derived a 1.5 Moz @ 2g/t Au Inferred resource at the RPM North deposit in 2021, including the bonanza grade result of 3.5 g/t Au over 400m (1,400 gram meters) , including 10.1 g/t Au over 132m, the 2022 RPM North drill program continued to define the broad high grade zone of continuous gold mineralisation from surface, with more world class, thick, high grade and shallow intercepts including:

o RPM-015 ▪ 161m @ 8.1 g/t Au from surface including; ▪ 117m @ 11.1 g/t Au ▪ 78m @ 16.0 g/t Au ▪ 45m @ 25.3 g/t Au ▪ 14m @ 51.2 g/t Au

(RPM-015 returned an overall average grade of 5.1 g/t Au over 258m (1,316 gram meters) from surface within the RPM North mineralised zone at 0.1g/t cutoff)

o RPM-008 ▪ 140m @ 6.5 g/t Au from 44m including; ▪ 87m @ 10.1 g/t Au ▪ 56m @ 15.0 g/t Au ▪ 24m @ 24.7 g/t Au

(RPM-008 returned an overall average grade of 3.6 g/t Au over 260m (936 gram meters) from surface within the RPM North mineralised zone at 0.1g/t cutoff)

o RPM-033 ▪ 107m @ 7.4 g/t Au from 41m including; ▪ 80m @ 9.8 g/t Au from 56m ▪ 40m @ 11.8 g/t Au from 56m

(RPM-033 returned an overall average grade of 3.3 g/t Au over 253 m (835 gram meters) from 14m within the RPM North mineralised zone at 0.1 g/t cutoff)

o RPM-022 (Main zone) ▪ 67m @ 10.4 g/t Au from 112m including;

▪ 55m @ 12.5 g/t Au from 115m ▪ 43m @ 15.8 g/t Au from 118m ▪ 34m @ 19.4 g/t Au from 118m

(RPM-022 returned an overall average grade of 3.9 g/t Au over 193m (753 gram meters) from 4m within the RPM North mineralised zone at 0.1g/t cutoff)

o RPM-010

▪ 168m @ 2.3 g/t Au from surface including; ▪ 94m @ 3.8 g/t Au ▪ 61m @ 5.6 g/t Au ▪ 30m @ 10.0 g/t Au

(RPM-010 returned an overall average grade of 1.9 g/t Au over 199m from surface within the RPM North mineralised zone)

Nova Minerals Ltd | Interim Report 2023 5

o RPM-025 (Main zone)

• 62m @ 6.0g/t Au from 43m including;

• 30m @ 11.2 g/t Au from 56m

• ▪ 15m @ 19.2 g/t Au from 72m

(RPM-025 returned an overall average grade of 2.1 g/t Au over 198m (416 gram meters) from 8m within the RPM North mineralised zone at 0.1g/t cutoff)

With the completion of the 2022 RPM North drill program, Nova has now defined a strike length of over 400m with close spaced Indicated and Measured level drilling, including a broad zone of continuous high grade gold from surface measuring 150mL x 50mW x 300mD. The deposit remains wide open with a 2[nd] mineralised intrusive intercepted in holes RPM-025 and RPM-037 and numerous additional gold zones identified for follow up in the 2023 drill program.

RPM South

Maiden drill results received from the RPM South prospect replicate the early RPM North discovery diamond drill hole SE12-008, which returned results of 178m @ 0.8 g/t Au, including 120m @ 1.0 g/t Au and 50m at 1.8 g/t Au. Significant initial results at RPM South include:

o RPM-023

▪ 116m @ 0.9 g/t Au from 8m including;

▪ 94m @ 1.0 g/t Au from 24m

▪ 15m @ 2.3 g/t Au from 94m

(RPM-023 returned an overall average grade of 0.5 g/t Au over 333 m from 8m within the RPM South mineralised zone at 0.1 g/t cutoff)

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Figure 2. Drill rig at RPM South

6 Nova Minerals Ltd | Interim Report 2023

More importantly, the oriented drill core data confirms there is a geological connection between RPM North and RPM South, and the intrusive remains wide open in all directions. The focus in 2023 will be to identify and target further high grade blow out zones like those intercepted at RPM North and to drill out the 600m high priority target area identified that links the two RPM zones (Figure 3).

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Figure 3. High priority target linking RPM North and RPM South to be drilled in 2023

Further Unlocking Multiple Mining Complexes Within the Estelle Gold Project

Nova has already commenced the various mine and process optimization, material haulage, environmental, and other trade-off study options and concepts to fast track the Pre-Feasibility Study. With the significant scope for major resource development at RPM, and possibly another deposit in the Train area as well (subject to drilling to commence in 2023), the case for another processing plant sited within the RPM Mining Complex is growing even stronger (See Figure 4).

Upon the completion of Phase 2 Scoping Study, PFS level trade-off studies will be used to investigate the possibility of establishing an initial standalone processing plant within the RPM Mining Complex, for the initial years, with another processing plant within the Korbel Mining Complex to be commissioned in later years, as outlined in the previously released Phase 1 Scoping Study.

Nova Minerals Ltd | Interim Report 2023 7

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Figure 4. Unlocking the opportunity to establish two proposed major mining complexes with standalone processing plants within the Estelle Gold Project. To be investigated as part of the PFS trade-off studies currently under way.

8 Nova Minerals Ltd | Interim Report 2023

2023 Financial Year Next Steps

• Continuous results from the 2022 drill program as they are received from the laboratory, for Korbel Main, Cathedral and You Beauty

• Resource (MRE) updates for RPM North, RPM South, Korbel Main and Cathedral

• Phase 2 Scoping Study to be produced soon after the Global MRE is complete

• PFS test work and trade off studies as they become available

• Drill planning for 2023, focusing on the RPM and Train areas

• Drilling at RPM to recommence with new drill plan upon completion of the resource estimate and Phase 2 Scoping Study

• Metallurgical test work ongoing for the highly anticipated and exciting Phase 2 Scoping Study

• Environmental test work ongoing

• PFS studies commenced

• The company is fundamentally running on schedule to unlock the Estelle Gold Project, which sits within the much larger Estelle Gold Trend, in a tier 1, safe jurisdiction.

Strategic Investments

In addition to its flagship Estelle Gold Project in Alaska, Nova also owns investments in the following strategic assets which it will monetize over time to provide funding for the Estelle project.

Snow Lake Resources Ltd

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6.6 million shares | 37% owned | NASDAQ: LITM

Nova is the majority owner of Snow Lake Resources Ltd , listed on the NASDAQ (LITM), which is engaged in lithium exploration at the Thompson Brothers Lithium Project located in the province of Manitoba, Canada. Snow Lake’s prime objective is to be the next low-cost lithium producer by fasttracking the development of its near term production and cash flow lithium mine through conventional DSO truck and shovel mining methods to supply the North American electric vehicle and battery markets.

Snow Lake has a dominant 55,318 acre land position, and the Thompson Brothers Lithium Project currently has a mineral resource estimate of 9.08 Mt @ 1.00% Li2O indicated and 1.97 Mt @ 0.98% Li2O inferred and is currently undertaking resource expansion drilling to significantly increase the resource size and confidence.

For more information, see www.snowlakelithium.com

Nova Minerals Ltd | Interim Report 20223 9

Asra Minerals Ltd

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117.3 million shares | 8.76% owned | ASX: ASR

Asra Resources Ltd is a highly active gold and rare earths exploration and development company with an extensive and strategic land holding comprising of six projects and over 400km² of tenure in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and lie within 50km of major mining towns. The Company is entering an exciting phase in its development as its exploration to date has already resulted in several gold discoveries, including its flagship Mt Stirling Project which neighbours Red 5’s King of the Hills mine.

For more information, see www.asraresources.com.au

Rotor X Aircraft Manufacturing

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9.9% owned | Pre-Listing

Rotor X Aircraft Manufacturing is a helicopter kit manufacturing company that produces the world’s most affordable and reliable 2 seat personal helicopter. Recently Rotor X also announced that it has entered the electric vertical take-off and landing (eVTOL) market, with the aim of developing innovative, low operating cost, heavy-lift electric helicopters and drones, to support mining and other industries, as well as the growing urban air taxi market. The unprecedented potential benefits for Nova’s mining operations through the innovative application of clean aircraft technology, which are expected to lower Nova’s estimated logistics costs by a third, have been the primary motive behind the Company’s investment in aerospace company Rotor X.

For more information, see www.rotorxaircraft.com

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10 Nova Minerals Ltd | Interim Report 2023

Financial Report
Directors’ Report	12
Auditors Independence Declaration	13
Consolidated Statement of Comprehensive Income	17
Consolidated Balance Sheet	18
Consolidated Statement of Changes in Equity	19
Consolidated Statement of Cash Flows	21
Notes to the Financial Statements	22
Director’s Declaration	35
Independent Auditor’s Report	36

Nova Minerals Ltd | Interim Report 20223 11

Directors’ Report

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Nova Minerals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2022.

Directors

The following persons were directors of Nova Minerals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Louie Simens Avi Geller Christopher Gerteisen Craig Bentley Anna Ladd-Kruger Rodrigo Capel Pasqua

Principal Activities

During the financial half-year the principal continuing activities of the consolidated entity consisted of exploration for and evaluation of mineral deposits.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial half-year.

Significant Changes in the State of Affairs

There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters Subsequent to the End of the Financial Half-Year

The following events have occurred subsequent to the period end :

• The Company’s 2022 exploration mapping and sampling campaign confirmed the discovery of a new broad zone of high-grade gold mineralisation at the recently named Trumpet Prospect, located 1.5km Northwest of Train.

• As a 37% shareholder in Snow Lake Lithium Ltd (NASDAQ:LITM) the Company announced the restructuring of the Snow Lake board, and outlined Snow Lake’s growth and development strategy moving forward.

No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

12 Nova Minerals Ltd | Interim Report 2023

Auditor's Independence Declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anna Ladd - Kruger Chairperson

28 February 2023

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Nova Minerals Ltd | Interim Report 20223 13
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Auditor’s Independence Declaration

14 Nova Minerals Ltd | Interim Report 2023

Financial Statements

Consolidated Statement of Profit and Loss and Other Comprehensive Income 17 Consolidated Statement of Financial Position 18 Consolidated Statement of Changes in Equity 19 Consolidated Statement of Cash Flows 21 Notes to the Financial Statements 22 Director’s Declaration 35

Independent Auditor’s Report

36

Nova Minerals Ltd | Interim Report 20223 15

General information

The financial statements cover Nova Minerals Limited as a consolidated entity consisting of Nova Minerals Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Nova Minerals Limited's functional and presentation currency.

Nova Minerals Limited is a listed public company limited by shares, incorporated, and domiciled in Australia. Its registered office and principal place of business is:

Suite 602 566 St Kilda Road Melbourne Victoria 3004 Australia

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors.

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Consolidated Statement of Profit and Loss and Other Comprehensive Income

Cli S f Pfi L
Note onsodated tatement o rot and oss and Other Comprehensive Income For the Half-Year Ended 31 December 2022	Consolidated 31 Dec 2022 31 Dec 2021 $ $
Revenue Other Income Foreign exchange movement on financial liability Interest income Fair value loss on investments 6 Gain on sale of property plant & equipment Gain from deconsolidation of Snow Lake Resources 5 Loss on derivative liabilities Foreign exchange gain Share of profits of associate accounted for using equity method Total revenue Expenses Administration expenses Contractors & consultants Share based payments 17 Amortisation of financial liability 3 Finance costs 3 Total expenses Profit/(Loss) Before Income Tax Expense Income tax expense Profit/(Loss) After Income Tax Expense for the Half-Year Other Comprehensive Income/(Loss) Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income/(loss) for the half-year, net of tax Total Comprehensive Income/(Loss) for the Half-Year Profit/(loss) for the half-year is attributable to: Non-controlling interest Owners of Nova Minerals Limited Total comprehensive income/(loss) for the half-year is attributable to: Non-controlling interest Owners of Nova Minerals Limited Basic earnings/(loss) per share 16 Diluted earnings/(loss) per share 16		- 20,000 (88,098) - 91,778,098 133,649 - 29,088 91,872,737 (1,255,007) (696,294) (1,064,675) - (141,435) (3,157,411) 88,715,326 - 88,715,326 1,190,373 1,190,373 89,905,699 (244,379) 88,959,705 88,715,326 (65,703) 89,971,402 89,905,699 Cents 51.25 47.34
	103,691 - (1,264,375) 16,137 - 386,493 158,208 (2,449,281)
	(3,049,127)
	(1,324,845) (519,748) (809,172) (151,229) (49,330)
	(2,854,324)
	(5,903,451) -
	(5,903,451) 809,851
	809,851
	(5,093,600)
	(45,564) (5,857,887)
	(5,903,451)
	77,890 (5,171,490)
	(5,093,600)
	Cents (2.27) (2.27)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Nova Minerals Ltd | Interim Report 20223 17

Consolidated Note 31 Dec 2022 30 June 2022 $ $ Assets Current Assets Cash and cash equivalents 24,979,845 21,278,936 Trade and other receivables 4 367,485 242,481 Total current assets 25,347,330 21,521,417 Non-Current Assets Investment in associate 5 20,572,985 23,022,266 Other financial assets 6 2,874,563 3,963,791 Property, plant and equipment 7 2,920,950 3,118,808 Exploration and evaluation 8 74,729,744 56,702,626 Total non-current assets 101,098,242 86,807,491 Total Assets 126,445,572 108,328,908 Liabilities Current Liabilities Trade and other payables 1,961,535 3,999,582 Convertible note 9 2,663,337 - Total current liabilities 4,624,872 3,999,582 Non-Current Liabilities Convertible note 9 4,446,918 - Total non-current liabilities 4,446,918 - Total Liabilities 9,071,790 3,999,582 Net Assets 117,373,782 104,329,326 Equity Issued capital 10 142,405,474 125,713,260 Foreign currency reserves 2,912,448 2,226,050 Share based-payment reserves 11 8,755,165 7,309,323 Accumulated losses (44,358,819) (38,500,932) Equity attributable to the owners of Nova Minerals Limited 109,714,268 96,747,701 Non-controlling interest 12 7,659,514 7,581,625 Total Equity 117,373,782 104,329,326 Consolidated Statement of Financial Position For the Half-Year Ended 31 December 2022	Consolidated Note 31 Dec 2022 30 June 2022 $ $ Assets Current Assets Cash and cash equivalents 24,979,845 21,278,936 Trade and other receivables 4 367,485 242,481 Total current assets 25,347,330 21,521,417 Non-Current Assets Investment in associate 5 20,572,985 23,022,266 Other financial assets 6 2,874,563 3,963,791 Property, plant and equipment 7 2,920,950 3,118,808 Exploration and evaluation 8 74,729,744 56,702,626 Total non-current assets 101,098,242 86,807,491 Total Assets 126,445,572 108,328,908 Liabilities Current Liabilities Trade and other payables 1,961,535 3,999,582 Convertible note 9 2,663,337 - Total current liabilities 4,624,872 3,999,582 Non-Current Liabilities Convertible note 9 4,446,918 - Total non-current liabilities 4,446,918 - Total Liabilities 9,071,790 3,999,582 Net Assets 117,373,782 104,329,326 Equity Issued capital 10 142,405,474 125,713,260 Foreign currency reserves 2,912,448 2,226,050 Share based-payment reserves 11 8,755,165 7,309,323 Accumulated losses (44,358,819) (38,500,932) Equity attributable to the owners of Nova Minerals Limited 109,714,268 96,747,701 Non-controlling interest 12 7,659,514 7,581,625 Total Equity 117,373,782 104,329,326 Consolidated Statement of Financial Position For the Half-Year Ended 31 December 2022	Consolidated Note 31 Dec 2022 30 June 2022 $ $ Assets Current Assets Cash and cash equivalents 24,979,845 21,278,936 Trade and other receivables 4 367,485 242,481 Total current assets 25,347,330 21,521,417 Non-Current Assets Investment in associate 5 20,572,985 23,022,266 Other financial assets 6 2,874,563 3,963,791 Property, plant and equipment 7 2,920,950 3,118,808 Exploration and evaluation 8 74,729,744 56,702,626 Total non-current assets 101,098,242 86,807,491 Total Assets 126,445,572 108,328,908 Liabilities Current Liabilities Trade and other payables 1,961,535 3,999,582 Convertible note 9 2,663,337 - Total current liabilities 4,624,872 3,999,582 Non-Current Liabilities Convertible note 9 4,446,918 - Total non-current liabilities 4,446,918 - Total Liabilities 9,071,790 3,999,582 Net Assets 117,373,782 104,329,326 Equity Issued capital 10 142,405,474 125,713,260 Foreign currency reserves 2,912,448 2,226,050 Share based-payment reserves 11 8,755,165 7,309,323 Accumulated losses (44,358,819) (38,500,932) Equity attributable to the owners of Nova Minerals Limited 109,714,268 96,747,701 Non-controlling interest 12 7,659,514 7,581,625 Total Equity 117,373,782 104,329,326 Consolidated Statement of Financial Position For the Half-Year Ended 31 December 2022	Consolidated Note 31 Dec 2022 30 June 2022 $ $ Assets Current Assets Cash and cash equivalents 24,979,845 21,278,936 Trade and other receivables 4 367,485 242,481 Total current assets 25,347,330 21,521,417 Non-Current Assets Investment in associate 5 20,572,985 23,022,266 Other financial assets 6 2,874,563 3,963,791 Property, plant and equipment 7 2,920,950 3,118,808 Exploration and evaluation 8 74,729,744 56,702,626 Total non-current assets 101,098,242 86,807,491 Total Assets 126,445,572 108,328,908 Liabilities Current Liabilities Trade and other payables 1,961,535 3,999,582 Convertible note 9 2,663,337 - Total current liabilities 4,624,872 3,999,582 Non-Current Liabilities Convertible note 9 4,446,918 - Total non-current liabilities 4,446,918 - Total Liabilities 9,071,790 3,999,582 Net Assets 117,373,782 104,329,326 Equity Issued capital 10 142,405,474 125,713,260 Foreign currency reserves 2,912,448 2,226,050 Share based-payment reserves 11 8,755,165 7,309,323 Accumulated losses (44,358,819) (38,500,932) Equity attributable to the owners of Nova Minerals Limited 109,714,268 96,747,701 Non-controlling interest 12 7,659,514 7,581,625 Total Equity 117,373,782 104,329,326 Consolidated Statement of Financial Position For the Half-Year Ended 31 December 2022
Assets Current Assets Cash and cash equivalents Trade and other receivables 4 Total current assets Non-Current Assets Investment in associate 5 Other financial assets 6 Property, plant and equipment 7 Exploration and evaluation 8 Total non-current assets Total Assets Liabilities Current Liabilities Trade and other payables Convertible note 9 Total current liabilities Non-Current Liabilities Convertible note 9 Total non-current liabilities Total Liabilities Net Assets Equity Issued capital 10 Foreign currency reserves Share based-payment reserves 11 Accumulated losses Equity attributable to the owners of Nova Minerals Limited Non-controlling interest 12 Total Equity
			125,713,260 2,226,050 7,309,323 (38,500,932) 96,747,701 7,581,625 104,329,326
		117,373,782

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

18 Nova Minerals Ltd | Interim Report 2023

Consolidated Statement of Changes in Equity For the Half-Year Ended 31 December 2022

Consolidated Balance at 1 July 2021 Profit/(loss) after income tax expense for the half-year Other comprehensive income/(loss) for the half-year, net of tax Total comprehensive income/(loss) for the half-year Movement in non- controlling interest due to increase in issued capital of AKCM Pty Ltd Movement in equity of Snow Lake Resources due to loss of control Transactions with owners in their capacity as owners: Issue of shares for cash (note 10) Exercise of performance rights (note 10) Share issue costs (note 10) Share options expense for period (note 17) Performance rights granted ( note 17)	Issued Capital $	Share Based Payments Reserves $	Foreign Currency Reserves $	Accumulate d losses $	Non- Controlling Interest $	Total Equity $
	114,922,698 - -	6,733,118 - -	(816,390) - 1,011,697	(74,055,061) 88,959,705 -	5,795,826 (244,379) 178,676	52,580,191 88,715,326 1,190,373 89,905,699 - 1,228,924 12,000,000 312,000 (1,521,439) 1,457,000 27,675 155,990,050
	- - - 12,000,000 312,000 (1,521,439) - -	- - (1,043,848) - - - 1,457,000 27,675	1,011,697 131,318 (241,826) - - - - -	88,959,705 (2,626,949) 3,898,683 - - - - -	(65,703) 2,495,631 (1,384,085) - - - - -
Balance at 31 December 2021	125,713,259	7,173,945	84,799	16,176,378	6,841,669

The above consolidated statement of changes in equity should be read in conjunction with the accompanying

notes

Nova Minerals Ltd | Interim Report 20223 19

Consolidated Statement of Changes in Equity (Continued) For the Half-Year Ended 31 December 2022

Consolidated	Issued capital $	Share based payments reserves $	Foreign currency Accumulat ed Non- controlling Total equity reserves losses interest $ $ $ $ 2,226,051 (38,500,932) 7,581,624 104,329,325 - (5,857,887) (45,564) (5,903,451) 686,397 - 123,454 809,851 686,397 (5,857,887) 77,890 (5,093,600) - - - 18,474,999 - - - 40,000 - - - (1,822,784) - - - 1,308,220 - - - 137,622	Foreign currency Accumulat ed Non- controlling Total equity reserves losses interest $ $ $ $ 2,226,051 (38,500,932) 7,581,624 104,329,325 - (5,857,887) (45,564) (5,903,451) 686,397 - 123,454 809,851 686,397 (5,857,887) 77,890 (5,093,600) - - - 18,474,999 - - - 40,000 - - - (1,822,784) - - - 1,308,220 - - - 137,622	Foreign currency Accumulat ed Non- controlling Total equity reserves losses interest $ $ $ $ 2,226,051 (38,500,932) 7,581,624 104,329,325 - (5,857,887) (45,564) (5,903,451) 686,397 - 123,454 809,851 686,397 (5,857,887) 77,890 (5,093,600) - - - 18,474,999 - - - 40,000 - - - (1,822,784) - - - 1,308,220 - - - 137,622	Foreign currency Accumulat ed Non- controlling Total equity reserves losses interest $ $ $ $ 2,226,051 (38,500,932) 7,581,624 104,329,325 - (5,857,887) (45,564) (5,903,451) 686,397 - 123,454 809,851 686,397 (5,857,887) 77,890 (5,093,600) - - - 18,474,999 - - - 40,000 - - - (1,822,784) - - - 1,308,220 - - - 137,622
Balance at 1 July 2022 Loss after income tax expense for the half-year Other comprehensive income/(loss) for the half-year, net of tax Total comprehensive income/(loss) for the half-year Transactions with owners in their capacity as owners: Issue of shares for cash (note 10) Exercise of options (note 10) Share issue costs (note 10) Share options expense for period (note 17) Performance rights granted (note 17)	125,713,259 - -	7,309,323 - -	2,226,051 - 686,397	(38,500,932) (5,857,887) -	7,581,624 (45,564) 123,454
	- 18,474,999 40,000 (1,822,784) - -	- - - - 1,308,220 137,622	686,397 - - - - -	(5,857,887) - - - - -	77,890 - - - - -	(5,093,600) 18,474,999 40,000 (1,822,784) 1,308,220 137,622
Balance at 31 December 2022	142,405,474	8,755,165	2,912,448	(44,358,819)	7,659,514	117,373,782

The above consolidated statement of changes in equity should be read in conjunction with the accompanying 20 Nova Minerals Ltd | Interim Report 2023 notes

Note Consolidated Statement of Cash Flows For the Half-Year Ended 31 December 2022	Consolidated 31 Dec 2022 31 Dec 2021 $ $	Consolidated 31 Dec 2022 31 Dec 2021 $ $
Cash Flows from Operating Activities Payments to suppliers and employees (inclusive of GST) Net cash used in operating activities Cash Flows from Investing Activities Payments for property, plant and equipment Payments for exploration and evaluation Convertible note in Asra Minerals Limited Monies received from related party Payments to acquire investments Proceeds from disposal of Investments Loss of cash due to deconsolidation of Snow Lake Resources Proceeds from disposal of property, plant and equipment Net cash used in investing activities Cash Flows from Financing Activities Proceeds from issue of shares 10 Proceeds from Issue of convertible note Proceeds from exercise of options Corporate advisory costs Share issue transaction costs Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents Cash and Cash Equivalents at the End of the Financial Half-Year		(1,149,773) (1,149,773) (887,607) (16,379,715) - - (357,658) 72,796 (59,719) - (17,611,903) 12,000,000 - - - (846,964) 11,153,036 (7,608,640) 15,516,112 86,062 7,993,534
	(1,433,529)
	(1,433,529)
	(104,464) (19,064,831) (250,000) 74,239 - - - 38,500
	(19,306,556)
	18,474,999 7,449,210 40,000 (300,000) (1,257,391)
	24,406,818
	3,666,733 21,278,936 34,176
	24,979,845

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

Nova Minerals Ltd | Interim Report 20223 21

Notes to the Financial Statements

Note	1:	Significant Accounting Policies	23
Note	2:	Operating Segments	23
Note	3:	Expenses	24
Note	4:	Trade and Other Receivables	24
Note	5:	Investment in Associate	25
Note	6:	Other Financial Assets	25
Note	7:	Property, Plant and Equipment	26
Note	8:	Exploration and Evaluation	26
Note	9:	Convertible Note	27
Note	10:	Issued Capital	28
Note	11:	Share Based-Payment Reserves	28
Note	12:	Non-Controlling Interest	29
Note	13:	Fair Value Measurements	29
Note	14:	Contingent Liabilities	30
Note	15:	Events After the Reporting Period	30
Note	16:	Earnings/(Loss) Per Share	30
Note	17:	Share-Based Payments	31

22 Nova Minerals Ltd | Interim Report 2023

Notes to the Consolidated Financial Statements For the Half-Year Ended 31 December 2022

Note 1. Significant Accounting Policies

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated below.

New or Amended Accounting Standards and Interpretations Adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Note 2. Operating Segments

Operating segment information is disclosed on the same basis as information used for internal reporting purposes by the Board of Directors.

At regular intervals, the board is provided management information for the Company’s cash position, the carrying values of exploration permits and Company cash forecast for the next twelve months of operation. On this basis, the board considers the consolidated entity operates in one segment being exploration of minerals and two geographical areas, being Australia and United States.

For the December 2022 period the Canadian assets relate to the investment in associate and the exploration asset as been eliminated due to the deconsolidation.

Geographical information

Australia Canada United States	Interest Income 31 Dec 2022 31 Dec 2021 $ $ - 20,000 - - - -	Interest Income 31 Dec 2022 31 Dec 2021 $ $ - 20,000 - - - -	Geographical Non- Current Assets 31 Dec 2022 30 June 2022 $ $ 2,783,068 4,527,957 20,572,986 23,022,266 77,742,192 59,257,269 101,098,246 86,807,492	Geographical Non- Current Assets 31 Dec 2022 30 June 2022 $ $ 2,783,068 4,527,957 20,572,986 23,022,266 77,742,192 59,257,269 101,098,246 86,807,492
	- - -
	-	20,000	101,098,246	86,807,492

Nova Minerals Ltd | Interim Report 20223 23

Note 3. Expenses

Profit/(loss) before income tax includes the following specific expenses: Depreciation Superannuation Corporate and consultants Finance costs Finance charges Amortisation of financial liability Finance costs expensed	Consolidated 31 Dec 2022 31 Dec 2021 $ $ 211,443 157,899 610 1,909 212,053 159,808 519,748 696,294 49,330 141,435 151,229 - 200,559 141,435	Consolidated 31 Dec 2022 31 Dec 2021 $ $ 211,443 157,899 610 1,909 212,053 159,808 519,748 696,294 49,330 141,435 151,229 - 200,559 141,435
	211,443 610
	212,053	159,808
	519,748	696,294
	49,330 151,229	141,435 -
	200,559	141,435

Note 4. Trade and Other Receivables

Current assets Other receivable Rent Bond Prepayments GST receivable	Consolidated 2022 2022 $ $ 240,718 29,216 5,830 5,830 41,568 64,575 79,369 142,860 367,485 242,481	Consolidated 2022 2022 $ $ 240,718 29,216 5,830 5,830 41,568 64,575 79,369 142,860 367,485 242,481
	240,718 5,830 41,568 79,369
	367,485	242,481

24 Nova Minerals Ltd | Interim Report 2023

Note 5. Investment in Associate

Non-current assets Investment in Snow Lake Resources Reconciliation Reconciliation of the carrying amounts at the beginning and end of the current and previous financial half-year are set out below: Opening carrying amount Fair value of Snow Lake Resources investment at date of deconsolidation Disposals Loss on disposal on Snow Lake Resources Share of Snow Lake Resources (loss)/profit for period Impairment of investment in Snow Lake Resources Closing carrying amount	Consolidated 31 Dec 2022 30 June 2022 $ $ 20,572,985 23,022,266 23,022,266 - - 99,709,182 - (22,056,932) - (9,102,187) (2,449,281) 29,088 -(45,556,885) 20,572,985 23,022,266	Consolidated 31 Dec 2022 30 June 2022 $ $ 20,572,985 23,022,266 23,022,266 - - 99,709,182 - (22,056,932) - (9,102,187) (2,449,281) 29,088 -(45,556,885) 20,572,985 23,022,266
	20,572,985
	23,022,266 - - - (2,449,281) -	- 99,709,182 (22,056,932) (9,102,187) 29,088 (45,556,885)
	20,572,985	23,022,266

Note 6. Other Financial Assets

Non-current assets Investments in Asra Minerals Limited at fair value Loans granted to related parties Convertible note in Asra Minerals Limited Reconciliation Investments at fair value Reconciliation of the carrying amounts at the beginning and end of the current and previous financial year are set out below: Opening balance Addition Asra Minerals Shares Asra Minerals Options Disposal Asra Minerals Shares Gain on disposal Asra Minerals Shares Movement in fair value Asra Minerals Shares Asra Minerals ASROB options Closing fair value	Consolidated 31 Dec 2022 30 June 2022 $ $ 2,533,068 3,797,443 91,495 166,348 250,000 - 2,874,563 3,963,791	Consolidated 31 Dec 2022 30 June 2022 $ $ 2,533,068 3,797,443 91,495 166,348 250,000 - 2,874,563 3,963,791
	2,874,563	3,963,791
	Consolidated 31 Dec 2022 30 June 2022 $ $ 3,797,443 2,734,349 - 495,590 - 46,509 - (238,927) - 232,596 (938,813) 62,238 (325,562) 465,088 2,533,068 3,797,443
	3,797,443 - - - - (938,813) (325,562)
	2,533,068	3,797,443

Nova Minerals Ltd | Interim Report 20223 25

The Investment in Asra Minerals Limited comprises shares and options held by the group measured at fair value. The group shareholding in Asra Minerals comprises 8.75% ownership.

Note 7. Property, Plant and Equipment

Non-current assets Plant and equipment - at cost Less: Accumulated depreciation	Consolidated 31 Dec 2022 30 June 2022 $ $ 3,852,024 3,854,410 (931,074) (735,602) 2,920,950 3,118,808	Consolidated 31 Dec 2022 30 June 2022 $ $ 3,852,024 3,854,410 (931,074) (735,602) 2,920,950 3,118,808
	3,852,024 (931,074)
	2,920,950	3,118,808

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:

Consolidated Balance at 1 July 2022 Disposals Foreign exchange movement Depreciation expense Balance at 31 December 2022	Plant and equipment $ 3,118,808 (18,863) 32,448 (211,443)
	2,920,950

Note 8. Exploration and Evaluation

Non-current assets Exploration and evaluation expenditure	Consolidated 31 Dec 2022 30 June 2022 $ $ 74,729,744 56,702,626
	74,729,744

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:

Consolidated Balance at 1 July 2022 Additions Revaluation due to foreign exchange Balance at 31 December 2022	$ 56,702,626 17,073,010 954,108
	74,729,744

26 Nova Minerals Ltd | Interim Report 2023

Note 9. Convertible Note

Current liabilities Financial Derivative Liability Financial Liability Non-current liabilities Financial Liability	Consolidated 31 Dec 2022 30 June 2022 $ $ 1,734,470 - 928,867 - 2,663,337 - 4,446,918 - 7,110,255 -	Consolidated 31 Dec 2022 30 June 2022 $ $ 1,734,470 - 928,867 - 2,663,337 - 4,446,918 - 7,110,255 -
	1,734,470 928,867
	2,663,337	-
	4,446,918	-
	7,110,255	-

Reconciliations

Reconciliation of convertible note since inception to the 31 December is set out below:

The initial recognition of the financial liability and derivative was: Financial Derivative Liability Financial Liability Movement to 31 December 2022 Financial Derivative Movement - P&L Financial Liability	31 Dec 2022 $
	2,120,963 5,328,247
	7,449,210
	(386,493) 47,538
	7,110,255

The financial liability and corresponding derivative represent the fair value of the loan facility Nova entered into on 27 October 2022 up to $7 million USD with a interest payable of 6.05% adjusted by the delta over a 3% SOFR floor. This was subsequently drawn down on 21 November 2022 and has a maturity of 24 months from draw down. The facility has a conversion option which gives the lender the right to convert the principal plus any accrued interest into a variable number of shares. If Nova’s share price is greater than 150% of the Conversion Price, then Nova at its option may elect to force Nebari to convert the Conversion Amount, at the Conversion Price. Given the lender has the right to a variable number of shares and in accordance with AASB 9 this constitutes a compound financial instrument which requires both a financial liability and derivative to be recognised. The derivative is recognised first at fair value and subsequently remeasured at each reporting period with the corresponding gain or loss recognised through the profit and loss. The remaining value is recognised as a financial liability and amortised over the life of the loan based on a 25.32% effective interest rate in accordance with AASB 9. Nova may repay up to 50% of the outstanding principal in discounted shares (10% discount to the 15-day VWAP proceeding the prepayment date). In the event of a voluntary prepayment, Nova will also issue Nebari options to subscribe for Nova shares, with a 2 year expiry period from the date of the options issuance, at a strike price equal to a 40% premium to the VWAP of the Company’s shares for the 15 days preceding the earlier of the documentation completion date and the date at which the financing facility is announced to the public, converted at the AUD:USD exchange rate on the day preceding the conversion date (“Strike Price”) and in the amount of 80% of the Prepayment Amount divided by the Strike Price.

Nova Minerals Ltd | Interim Report 20223 27

Note 10. Issued Capital

Note 10. Issued Capital
Consolidated 31 Dec2022 30 June 2022 31 Dec 2022 30 June 2022 Shares Shares $ $ Issued capital 21,005,131 180,202,285 148,761,296 130,246,298 Share issue costs - - (6,355,822) (4,533,038) 21,005,131 180,202,285 142,405,474 125,713,260 Dec 2022 Dec 2022 June 2022 June 2022 Ordinary share - issued and fully paid No $ No $ At the beginning of the period 180,202,285 125,713,259 1,680,946,64 7 114,922,698 - Contributions of equity 26,392,856 18,474,999 109,090,910 12,000,000 - Shares issued on conversion of options 100,000 40,000 - - - Shares issued on conversion of cashless options 3,358,990 - - - - Performance rights exercised - - 12,000,000 312,000 - Consolidation of shares adjustment(a) - - (1,621,835,27 2) - - Share issue costs - share based payments(note 17) - (636,670) - (732,000) - Share issue costs - cash payments - (1,186,114) - (789,439) Closing balance 210,054,131 142,405,474 180,202,285 125,713,259	31 Dec2022 Shares		Consolidated 30 June 2022 31 Dec 2022 Shares $				30 June 2022 $ 130,246,298 (4,533,038)
	21,005,131 -		180,202,285 -		148,761,296 (6,355,822)
	21,005,131		180,202,285		142,405,474			125,713,260
		Dec 2022 No		Dec 2022 $		June 2022 No 1,680,946,64 7 109,090,910 - - 12,000,000 (1,621,835,27 2) - -		June 2022 $ 114,922,698 12,000,000 - - 312,000 - (732,000) (789,439)
		180,202,285 26,392,856 100,000 3,358,990 - - - -		125,713,259 18,474,999 40,000 - - - (636,670) (1,186,114)
		210,054,131		142,405,474		180,202,285		125,713,259

(a) On the 29 November 2021 the company completed share consolidation on a 10:1 basis

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Preference shares

Preference shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held, with priority over ordinary shareholders.

Preference shares do not have any voting rights.

Note 11. Share Based-Payment Reserves

Note 11. Share Based-Payment Reserves
Share based payment reserve	Consolidated 31 Dec 2022 30 June 2022 $ $ 8,755,165 7,309,323
	8,755,165

Share-based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services.

28 Nova Minerals Ltd | Interim Report 2023

Movements in reserves

Movements in each class of reserve during the current financial half-year are set out below:

Consolidated Balance at 1 July 2022 Options expense in period(note 17) Performance rights granted(note 17) Balance at 31 December 2022	$ 7,309,323 1,308,220 137,622
	8,755,165

Note 12. Non-Controlling Interest

Issued capital Reserves Accumulated losses	Consolidated 31 Dec 2022 30 June 2022 $ $ 7,357,911 7,357,911 516,286 392,832 (214,683) (169,118) 7,659,514 7,581,625
	7,659,514

In line with AASB 10 Consolidated Financial Statements Nova Minerals derecognised Snow Lake Resources in its consolidated statement of financial position as at 23 November 2021 The non-controlling interest as of 31 December 2022 is 0% (2021: 0%)

As of the 31 December 2022 the non-controlling interest is 15% (2021: 15%) equity holding in AKCM Pty Ltd.

Note 13. Fair Value Measurement

The following tables detail the consolidated entity's assets and liabilities, measured, or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: Unobservable inputs for the asset or liability

Consolidated - 31 December 2022 Assets	Level 1 $	Level 2 $	Level 3 $	Total $
Investments in Asra Minerals at fair value Convertible note in Asra Minerals Limited Total assets	2,533,068 -	- 250,000	- -	2,533,068 250,000 2,783,068
	2,533,068	250,000	-
Liabilities
Financial Derivative Liability Financial Liability - current Financial Liability - non current Total liabilities	- - -	1,734,470 929,868 4,446,918	- - -	1,734,470 929,868 4,446,918 7,111,256
	-	7,111,256	-

Nova Minerals Ltd | Interim Report 20223 29

Consolidated - 30 June 2022 Assets Investments in Asra Minerals at fair value Total assets	Level 1 $ 3,797,443	Level 2 $ -	Level 3 $ -	Total $ 3,797,443
	3,797,443	-	-	3,797,443

Note 14. Contingent Liabilities

There are no contingent liabilities that the consolidated entity has become aware of at 31 December 2022 and 30 June 2022.

Note 15. Events After the Reporting Period

The following events have occurred subsequent to the period end :

• The Company’s 2022 exploration mapping and sampling campaign confirmed the discovery of a new broad zone of high-grade gold mineralisation at the recently named Trumpet Prospect, located 1.5km Northwest of Train.

• As a 37% shareholder in Snow Lake Lithium Ltd (NASDAQ:LITM), the Company announced the restructuring of the Snow Lake board, and outlined Snow Lake’s growth and development strategy moving forward.

No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Note 16. Earnings/(Loss) Per Share

Profit/(loss) after income tax Non-controlling interest Profit/(loss) after income tax Weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Options outstanding Performance rights Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings/(loss) per share Diluted earnings/(loss) per share	Consolidated 31 Dec 2022 31 Dec 2021 $ $ (5,903,451) 88,715,326 45,564 244,379 (5,857,887) 88,959,705	Consolidated 31 Dec 2022 31 Dec 2021 $ $ (5,903,451) 88,715,326 45,564 244,379 (5,857,887) 88,959,705
	(5,903,451) 45,564
	(5,857,887)	88,959,705
		Number 173,581,05 3 11,950,000 2,400,000
	Number
	184,228,08 6 28,510,727 2,400,000
	215,138,81 3	187,931,05 3
		Cents 51.25 47.34
	Cents
	(2.27) (2.27)

30 Nova Minerals Ltd | Interim Report 2023

• As of the 31 December 2021 there were 11,950,000 outstanding unlisted options that would be included in the diluted calculation.

• As of the 31 December 2022 there were 28,510,727 outstanding unlisted options that would be included in the diluted calculation.

Note 17. Share-Based Payments

From time to time, the Group provides Incentive Options and Performance Rights to officers, employees, consultants and other key advisors as part of remuneration and incentive arrangements. The number of options or rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder approval is sought where required. During the period the following share-based payments have been recognised:

Share-Based Payments

During the period, the following share-based payments have been granted:

Recognised in Profit & Loss : 1 - Director options 2 - Consultant options 3.- Director options 4 - Director options Total options granted Performance rights granted Total Options Recognised in Equity: 5. Options issued to brokers	Consolidated 31 Dec 2022 $ 450,956 196,068 6,582 17,944 671,550 137,622 809,172 Consolidated 2022 $ 636,670

Options Granted

For the options granted during the current financial half-year, the valuation model inputs used to determine the fair value at the grant date, are as follows:

Nova Minerals Ltd | Interim Report 20223 31

			1 Director Options	2 Consultants Options
Recognised in Grant date Number of options issued Expiry date Vesting date Share price at grant date Exercise Price Expected Volatility Risk-Free Interest Rate Trinomial step Early exercise factor Underlyingfair value at grant date			Profit & Loss Profit & Loss 29/11/2022 29/11/2022 5,750,000 2,500,000 30/11/2025 30/11/2025 31/03/2023 31/03/2023 0.66 0.66 1.20 1.20 90% 90% 3.24% 3.24% 200 200 1.20 1.20 0.299 0.299
The total share-based payment expense recognised from the amortisation as of the 31 December 2022 for the issued options			450,956 196,068
Vesting terms
	3. Director Options	4. Director Options

Option Movement 31 December 2022

Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the 31 December 2022 half year period

32 Nova Minerals Ltd | Interim Report 2023

	Exercise	Beginning				Ending
Exercise period	price	balance	Issued	Exercised	Lapsed	balance
On or before 19 September 2022 0.40 6,100,000 - (6,100,000) - - On or before 28 October 2022 0.56 150,000 - (150,000) - - On or before 28 January 2023 0.60 750,000 - - - 750,000 On or before 2 December 2022 3.00 1,050,000 - - (1,050,000) - On or before 29 December 2023 0.75 1,100,000 - - - 1,100,000 On or before 7 October 2023(1) 2.20 1,700,000 200,000 - - 1,900,000 On or before 20 May 2023 (1) 1.35 1,100,000 500,000 - - 1,600,000 On or before 30 November 2025(1) 1.20 - 8,250,000 - - 8,250,000 On or before 30 November 2024(1) 1.10 - 13,196,441 - - 13,196,441 On or before 16 January 2026 (1) 0.91 - 1,714,286 - - 1,714,286
Total - 11,950,000 23,860,727(6,250,000) (1,050,000) 28,510,727

(1) As of the 31 December 2022 the options had not been issued however, they had been granted and approved to be issued at the AGM

The weighted average year remaining contractual life.

The weighted average year remaining contractual life for share-based payment options outstanding as of the 31 December 2022 was 1.19 years.

Performance Rights

During the June 2022 Financial year the Company issued 24 million performance rights (2.4 million postconsolidation) to three directors. The terms of the performance rights issued were disclosed in the annual general meeting notice announced 22 October 2021. The performance rights are long-term incentives to offer conditional rights to fully paid ordinary shares in the Company upon satisfaction of vesting criteria over the vesting periods for no cash consideration. Fair value has been measured using the share price at grant date.

Vesting conditions for the rights are set out in the table below:

Nova Minerals Ltd | Interim Report 20223 33

Class of			Number
Performance	Applicable	Lapse	Rights
Rights	Milestone	Date	Issued
Class A Performance Rights Completion of either a pre-feasibility study or a definitive feasibility study of the Korbel Main deposit that demonstrates at the time of reporting that extraction is reasonably justified and economically mineable indicating an internal rate of return to the Company of greater than 20% and an independently verified JORC classified mineral reserve equal to or greater than 1,500,000 oz Au with an average grade of not less than 0.4g/t for not less than 116Mt. 5 years from issue 600,000 Class B Performance Rights Completion of the first gold pour (defined as a minimum quantity of 500 oz.) from the Korbel Main deposit. 5 years from issue 600,000 Class C Performance Rights Achievement of an EBITDA of more than $20m in the second half-year reporting period following the commencement of commercial operations at the Korbel Main deposit. 5 years from issue 1,200,000

The performance rights were valued as the closing share price $1.30 on the grant date 24 November 2021. The total share-based payment expense recognised form the amortisation as of the 31 December 2022 issued performance rights was $137,622.

Set out below are the summaries of Performance rights granted as share based payments.

			Price at			Expired/	Balance at
			Grant			Lapsed/	the end of
Grant date	Expiry date	Class	date	Granted	Exercised	other	half-year
24/11/2021 24/11/2026 A $1.30 600,000 - - 600,000 24/11/2021 24/11/2026 B $1.30 600,000 - - 600,000 24/11/2021 24/11/2026 C $1.30 1,200,000 - - 1,200,000

34 Nova Minerals Ltd | Interim Report 2023

Director’s Declaration

In the Directors' opinion:

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2022 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anna Ladd - Kruger Chairperson

28 February 2023

Nova Minerals Ltd | Interim Report 20223 35

Independent Auditor’s Report

36 Nova Minerals Ltd | Interim Report 2023

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Nova Minerals Ltd | Interim Report 20223 37

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

Corporate: Suite 602 566 St Kilda Road, Melbourne VIC 3004 Australia

Telephone: +61 3 9537 1238 www.novaminerals.com.au