Nova Minerals Ltd — Interim / Quarterly Report 2024

Feb 28, 2024

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2024 Interim Report

Corporate Directory

Directors

Louie Simens Christopher Gerteisen Craig Bentley Rodrigo Pasqua Avi Geller

Executive Chairman CEO & Executive Director Director of Finance & Compliance Non-Executive Director Non-Executive Director

Company Secretary

Ian Pamensky

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 5 242 Hawthorn Road Caulfield VIC 3161 Australia

Developing North America’s next major gold trend in Alaska to become a tier one global gold producer

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

Share Registry

Automic Group Level 5 126 Phillip Street Sydney NSW 2000 Australia

ASX: NVA | OTC: NVAAF | FRA: QM3

Auditors

RSM Australia Partners Level 27, 120 Collins Street Melbourne VIC 3000 Australia

Nova Minerals Ltd | Interim Report 2024 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 resources across a 35km long mineralized corridor of over 20 identified gold prospects, including two already defined multi-million ounce resources across 4 deposits containing a combined 9.9 Moz Au. The project is situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s Fort Knox Gold Mine.

Additionally, Nova holds a substantial 32.5% interest in NASDAQ-listed lithium explorer Snow Lake Resources Ltd (NASDAQ: LITM), a 7.73% 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.

Contents
Highlights	3
Review of Operations	4
Directors’ Report	16
Auditors Independence Declaration	17
Financial Statements	19
Notes to the Financial Statements	25
Director’s Declaration	36
Independent Auditor’s Report	37

2 Nova Minerals Ltd | Interim Report 2024

Highlights – Continuing to deliver on our vision to develop the district scale Estelle Gold Project to become a tier one global gold producer

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6,600m highly targeted resource and extensional drill program completed at RPM

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

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Extensive surface sampling exploration program undertaken across the entire Estelle Gold Project comprising of over 45 traverses covering 100-line km, 674 soil samples, 446 rock samples, and 21 stream sediment samples Discovered 4 exciting new prospects

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New Gold-Antimony targets discovered

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Additional claims staked with the project area now over 513km[2]

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Strategic review commenced as part of ongoing PFS level studies

Nova Minerals Ltd | Interim Report 2024 3

Review of Operations

7,200m Resource and Extensional Drill Program Completed

During the 1[st] half of the 2024 financial year, Nova undertook a targeted 6,632m (29 holes) close spaced infill and step out drill program in the RPM area with the aim of increasing both the size and confidence of the RPM North and RPM South deposits, and also to drill test the RPM Valley area where a 2[nd] intrusive was discovered in last year’s drilling.

An initial very limited scout drilling program comprising of 589m in 4 holes from one pad was also started at Train, but paused early due to poor weather, priorities elsewhere and cost savings.

RPM North

High-grade infill and step-out drilling at RPM North confirmed the consistency of mineralization and resource extension potential at RPM North to the South, East and at depth, with over 10 broad intersections grading > 5 g/t Au . Further exceptional drill results included:

o RPM-056 ▪ 98m @ 3.4 g/t Au from 48m including; ▪ 38m @ 7.5 g/t Au from 99m ▪ 27m @ 10.4 g/t Au from 107m

(RPM-056 returned an overall average grade of 2.3 g/t Au over 152 m from 3m at 0.1 g/t cutoff)

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▪ 120m @ 5.0 g/t Au from 93m including ; ▪ 79m @ 7.4 g/t Au from 128m ▪ 63m @ 9.0 g/t Au from 143m

(RPM-057 returned an overall average grade of 3.2 g/t Au over 211 m from 3m at 0.1 g/t cutoff)

o RPM-061 ▪ 74m @ 2.5 g/t Au from 83m including; ▪ 13m @ 6.2 g/t Au from 140m ▪ 6m @ 11.5 g/t Au from 147m

(RPM-061 returned an overall average grade of 1.6 g/t Au over 162 m from 8m at 0.1 g/t cutoff)

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▪ 138m @ 1.0 g/t Au from 11m including; ▪ 22m @ 3.0 g/t Au from 78m

▪ 20m @ 3.4 g/t Au from 80m

(RPM-064 returned an overall average grade of 1.0 g/t Au over 147 m from 5m at 0.1 g/t cutoff)

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▪ 231m @ 2.4 g/t Au from 39m including; ▪ 118m @ 3.9 g/t Au from 152m ▪ 87m @ 4.6 g/t Au from 171m ▪ 63m @ 5.6 g/t Au from 195m

(RPM-064 returned an overall average grade of 1.9 g/t Au over 314 m from 2m at 0.1 g/t cutoff)

4 Nova Minerals Ltd | Interim Report 2024

The RPM North deposit remains open to the East where 2023 drilling consistently intersected mineralization, eg RPM-064. The furthest drill hole to the East, RPM-004, which extends ~200m beyond the current resource area intersected 259m @ 0.5g/t Au from surface, including 43 @ 1.0g/t Au, presenting further resource upside. In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive , particularly to the South which remains largely untested by drilling. Towards the West, where the mineralized intrusive appears to have been truncated by faulting with RPM-047 and RPM-049 drilled into hornfels returning no significant intercepts, the deposit is now believed to be closed off.

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Figure 1. 3D Vrify model looking at RPM North with 2023 drill result highlights

RPM South

Infill and extensional drilling results from the RPM South deposit have continued to show large intervals of near surface gold. Importantly, 6 of the 7 holes drilled had average grades above the current MRE grade for RPM South of 0.4 g/t Au and a number of the significantly intercepts were also greater than the 0.73 g/t Au mill feed grade used in the 2023 scoping study, including:

o RPM-039

▪ 30m @ 1.2 g/t Au from 30m ▪ 7m @ 2.1 g/t Au from 48m including; ▪ 1m @ 7.7 g/t Au from 48m

(RPM-039 returned an overall average grade of 0.5 g/t Au over 147 m from 14m at 0.1 g/t cutoff)

Nova Minerals Ltd | Interim Report 2024 5

o RPM-042

▪ 23m @ 1.1 g/t Au from 14m ▪ 10m @ 1.7 g/t Au from 66m ▪ 6m @ 1.9 g/t Au from 248m

(RPM-042 returned an overall average grade of 0.5 g/t Au over 265 m from 2m at 0.1 g/t cutoff)

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Figure 2. 3D Vrify model looking at RPM South with 2023 drill result highlights

RPM Valley (Results received back on 10 January 2024)

A total of 6 holes were drilled into RPM Valley in 2023 which were designed to follow up and confirm on previous drilling which intersected a new mineralized zone in the valley in the lower part of holes RPM-037 and RPM-025. The results confirm an additional broad zone of mineralization for potential resource upside with further infill and step-out drilling. Significant results included:

o RPM-048

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(RPM-048 returned an average grade of 0.7 g/t Au over 150 m from 218m at 0.1 g/t cutoff)

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o RPM-060

▪ 54m @ 2.1 g/t Au from 260m including; ▪ 42m @ 2.6 g/t Au from 270m ▪ 17m @ 5.3 g/t Au from 273m

(RPM-060 returned an average grade of 1.0 g/t Au over 204 m from 110m at 0.1 g/t cutoff)

o RPM-063

▪ 9m @ 3.1 g/t Au from 83m ▪ 70m @ 1.1 g/t Au from 205m

(RPM-063 returned an average grade of 0.5 g/t Au over 78 m from 68m and an average grade of 0.9 g/t Au over 84m from 191m, at 0.1 g/t cutoff)

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Figure 3. 3D Vrify model looking at RPM Valley with 2023 drill result highlights

The drill results from the overall 2023 drilling program at RPM clearly demonstrate that RPM is a large system that continues to grow with the deposit remaining wide open in several directions where the potential remains for continuity linking the mineralized zones and to discover further very high-grade pods similar to RPM North. The planned 2024 resource drilling program will prioritize RPM to continue to realize this upside potential.

Nova Minerals Ltd | Interim Report 2024 7

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Figure 4. 3D Vrify model view looking at RPM North and RPM Valley to the East with the scoping study open pit shell. The arrows show the deposit remains wide open in many directions. New 2023 drill results have black line drill traces

Extensive Surface Exploration Program

During the 2023 field season Nova’s Head of Exploration, Mr Hans Hoffman, undertook an extensive surface exploration mapping and sampling program across the entire Estelle Gold Project comprising of over 45 traverses covering 100-line kilometers, 674 soil samples, 446 rock samples and 21 stream sediment samples. To date the program has already resulted in a number of significant new discoveries including:

• A record 1,290 g/t Au rock chip sample , along with many other samples returning highgrades for gold, antimony, copper and silver at the Shoeshine and Shadow prospects.

• The discovery of one of the most continuous high-grade zones of mineralization on the property at the new Discovery and Muddy Creek prospects, with a 1.5km long surface gold anomaly including 18 rock samples grading > 10 g/t Au, with a high of 127.5 g/t Au and 15 multi-gram soil samples > 2/g/t Au, with a high of 6.1 g/t Au.

• The identification of two new gold-antimony prospect areas , Stibium and Styx with surface samples returning highs of 12.7g/t Au, 2.1% Sb, 1600g/t Ag and 1.5g/t Au, 60.5% Sb.

• Further numerous high-grade gold, silver, copper and antimony at the Train and Trumpet prospects with a high of 132.5 g/t Au, 1.2% Cu and 0.1% Sb and one sample returning a very high 16.8% Sb .

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• Nova staking additional State of Alaska mining claims with the project area now over 513km[2] .

With a number of assays results from this extensive program still pending from the laboratory, Nova expects more exciting discoveries to be announced in the future.

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Figure 5. High-grade rock and soil samples discovered in 2023 at the Train prospect

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Figure 6. High-grade rock and soil samples discovered in 2023 at the Trumpet prospect

Nova Minerals Ltd | Interim Report 2024 9

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Figure 7. High-grade rock and soil samples discovered in 2023 at the Shoeshine and Shadow prospects

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Figure 8. High-grade rock and soil samples discovered in 2023 at the Muddy Creek and Discovery prospects

New Gold-Antimony Targets Discovered

The discovery of high-grade stibnite, a primary ore source for antimony, associated with the gold systems at several prospects across the project site, represented a significant development for the Company as antimony is listed as a critical and strategic mineral to US economic and national security interests with no current US domestic supply. While the potential scale of this discovery continues to be assessed by our technical team, Nova has now appointed a highly

10 Nova Minerals Ltd | Interim Report 2024

reputable national consulting group and assembled a highly influential internal team, to assist the company with accessing any potential US federal grants and funding to further investigate and progress the discovery across the entire supply chain. Given the additional value that antimony could add to the project, via the potential to provide substantial bi-product credits amongst other benefits, antimony will now also be included in any future studies.

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Figure 9. Antimony uses (Source USGS)

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Figure 10. Antimony supply (Source USGS) – No US domestic supply currently

Nova Minerals Ltd | Interim Report 2024 11

Strategic Review

Nova commenced a strategic review of the project as part of its ongoing PFS level studies which resulted in the appointment of leading mining and metallurgical engineers METS Engineering in Australia and Rough Stock Mining Services in Alaska to establish a “right size” starter operation with the view to minimizing capex, finding a steady state mine plan and clear expansion plans .

In order to achieve these objectives, the review specifically includes:

• An audit of the current processing flow sheet with a view to lowering initial capital costs, increasing the recovery and maximizing value for each tonne through the plant. PFS level test work will investigate improvements and options including, heap leach agglomeration, to process material which is currently going to stockpiles or waste.

• Geotechnical studies, coupled with blasting methods, to improve the pit slope design and better link mined material with plan and potential heap leach comminution requirements.

• An examination of all potential plant options to determine the “right-size” startup operation to minimize up-front capital costs with the ability to scale up the project to a preferred steady state of 200,000 plus ounces of gold per year.

• An investigation of the different power options for early start up and operations.

While the final report from this review process is not expected until early Q2 2024, to date Rough Stock Mining Consultant’s geotechnical work has confirmed that the pit slope can be increased to 50 degrees, from the 45 degrees which was used in the phase 2 scoping study, which is expected to provide economic upside . Opportunity of further steepening of pit slope angles beyond the current 50 degrees exists and will be the focus of next level geotechnical studies which would provide significant economic upside in any future mining scenarios.

For metallurgical studies, two 1,000kg samples from each of Korbel and RPM have also been shipped to the laboratory in Perth in December for extensive heap leach and agglomeration heap leach test work as part of the processing and flow sheet optimization process.

In addition, the Company has also decided to commence the design and permitting of a bulk 200kt test pit to test the particle density XRT ore sorting at scale on site at Korbel, where previous test work at Tomra’s assessment facility in Sydney has shown the potential to significantly upgrade lower grade Au ore material up to 6 g/t Au

2024 Financial Year Next Steps

With a strong treasury, access to numerous funding sources for the benefit of our shareholders, and five drill rigs (four diamond and one RC) parked on site at the Whiskey Bravo Camp, Nova is looking forward to another highly exciting exploration program in 2024.

While the scale and exact nature of the 2024 program is still to be finalized, it will primarily consist of targeted drill programs in the RPM and Train areas.

At RPM the program will be designed to further increase the confidence of the resource and to specifically test the potential extension of the high grade core, which the drilling in 2023 has shown remains open to the South, East and at depth (Figure 4).

In the Train area, the drilling will be designed to follow up on the promising results obtained from the high-grade rock and soil samples discovered in 2023 (Figures 5 to 8).

In addition to the drill program, in 2024 the Company will also:

• Complete an updated global mineral resource estimate, which this year is also intended to include silver which has the potential to provide significant by-product credits, with higher indicated resources and improvements on the mill feed grade being the focus.

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• Complete its strategic review with a focus on getting into production as soon as possible and continue to complete its rigorous PFS level studies.

• Complete the listing on a major US exchange.

• Announce any further potential new discoveries as assay results continue to come in from the extensive 2023 surface exploration mapping and sampling program.

• Update the market on the exciting antimony opportunity as discussions continue to progress.

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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 | 32.5% owned | NASDAQ: LITM

Nova majority owned Snow Lake Resources Ltd, listed on the NASDAQ (LITM), is engaged in lithium exploration at the Thompson Brothers and Grass River lithium projects located in the province of Manitoba, Canada. Snow Lake’s prime objective is to be the next low-cost lithium producer by fast-tracking 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 59,587 acre land position, and the Thompson Brothers Lithium Project currently has a mineral resource estimate of 8.2 Mt @ 1% Li2O, of which 89% is in the higher measured and indicated categories.

The deposits remain wide open along strike and at depth and Snow Lake is undertaking resource expansion drilling to significantly increase the resource size and confidence.

For more information, see www.snowlakelithium.com

Asra Minerals Ltd

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127.8 million shares | 7.73% 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 neighbors 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

14 Nova Minerals Ltd | Interim Report 2024

Financial Report
Directors’ Report	16
Auditors Independence Declaration	17
Consolidated Statement of Comprehensive Income	21
Consolidated Statement of Financial Position	22
Consolidated Statement of Changes in Equity	23
Consolidated Statement of Cash Flows	24
Notes to the Financial Statements	25
Director’s Declaration	36
Independent Auditor’s Report	37

Nova Minerals Ltd | Interim Report 2024 15

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 2023.

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 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:

• As included in the review of operations section of this report above, in early January 2024 the Company announced further drill results from its 2023 drill program in the RPM Valley area, which confirmed an additional broad zone of mineralization which may connect with RPM North for potential resource upside with further infill and step-out drilling.

• The Company’s 2023 exploration mapping and sampling campaign confirmed the discovery of the thickest gold-bearing quartz veins to date with up to a 1km long strike length and grades of up to 24.2 g/t Au at the recently named Wombat Prospect. Further gold-bearing quartz veins were also discovered at the Tomahawk and Trundle prospects with grades up to 20.9 g/t Au and more high-grade gold, silver, copper, and antimony was discovered in the Stoney area.

No other matter or circumstance has arisen since 31 December 2023 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.

16 Nova Minerals Ltd | Interim Report 2024

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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_________ Louie Siemens Executive Chairman

28 February 2024

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Nova Minerals Ltd | Interim Report 202 4 17 23 13
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Auditor’s Independence Declaration

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Financial Statements
Consolidated Statement of Profit or Loss and Other
Comprehensive Income	21
Consolidated Statement of Financial Position	22
Consolidated Statement of Changes in Equity	23
Consolidated Statement of Cash Flows	24
Notes to the Financial Statements	25
Director’s Declaration	36
Independent Auditor’s Report	37

Nova Minerals Ltd | Interim Report 2024 19

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 5 242 Hawthorn Road Caulfield Victoria 3161 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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Note Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Half-Year Ended 31 December 2023	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (35,932) 103,691 173,536 - (450,646) (1,264,375) - 16,137 51,464 - 28,967 386,493 (1,549,439) 158,208 (4,663,083) - (862,231) (2,449,281) (7,307,364) (3,049,127) (1,240,671) (1,324,845) (256,609) (519,748) (96,655) (809,172) 55,192 (151,229) (348,433) (49,330) (1,887,176) (2,854,324) (9,194,540) (5,903,451) - - (9,194,540) (5,903,451) (1,542,897) 809,851 (1,542,897) 809,851 (10,737,437) (5,093,600) (51,229) (45,564) (9,143,311) (5,857,887) (9,194,540) (5,903,451) (286,168) 77,890 (10,451,269) (5,171,490) (10,737,437) (5,093,600)	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (35,932) 103,691 173,536 - (450,646) (1,264,375) - 16,137 51,464 - 28,967 386,493 (1,549,439) 158,208 (4,663,083) - (862,231) (2,449,281) (7,307,364) (3,049,127) (1,240,671) (1,324,845) (256,609) (519,748) (96,655) (809,172) 55,192 (151,229) (348,433) (49,330) (1,887,176) (2,854,324) (9,194,540) (5,903,451) - - (9,194,540) (5,903,451) (1,542,897) 809,851 (1,542,897) 809,851 (10,737,437) (5,093,600) (51,229) (45,564) (9,143,311) (5,857,887) (9,194,540) (5,903,451) (286,168) 77,890 (10,451,269) (5,171,490) (10,737,437) (5,093,600)
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 sale of investments 6 Loss on derivative liabilities Foreign exchange (loss)/gain Impairment of Snow Lake Resources 5 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 Loss before income tax expense Income tax expense Loss after income tax expense for the half-year Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive (loss)/income for the half-year, net of tax Total comprehensive loss for the half-year Loss for the half-year is attributable to: Non-controlling interest Owners of Nova Minerals Limited Total comprehensive (loss)/income for the half-year is attributable to: Non-controlling interest Owners of Nova Minerals Limited Basic earnings per share 16 Diluted earnings per share 16
	(35,932) 173,536 (450,646) - 51,464 28,967 (1,549,439) (4,663,083) (862,231)
	(7,307,364)	(3,049,127)
	(1,240,671) (256,609) (96,655) 55,192 (348,433)	(1,324,845) (519,748) (809,172) (151,229) (49,330)
	(1,887,176)	(2,854,324)
	(9,194,540) -	(5,903,451) -
	(9,194,540) (1,542,897)	(5,903,451) 809,851
	(1,542,897)	809,851
	(10,737,437)	(5,093,600)
	(51,229) (9,143,311)	(45,564) (5,857,887)
	(9,194,540)	(5,903,451)
	(286,168) (10,451,269)	77,890 (5,171,490)
	(10,737,437)	(5,093,600)
	Cents (4.34) (4.34)	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 2024 21

Consolidated Statement of Financial Position

Note Consolidated Statement of Financial Position For the Half-Year Ended 31 December 2023	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 6,228,229 19,240,707 400,534 495,186 6,628,763 19,735,893 11,242,193 16,767,507 2,250,018 1,738,137 2,815,241 3,025,170 87,762,108 81,070,075 104,069,560 102,600,889 110,698,323 122,336,782 1,036,702 2,414,485 6,912,438 1,179,788 7,949,140 3,594,273 - 5,352,544 - 5,352,544 7,949,140 8,946,817 102,749,183113,389,965 142,986,671 142,986,671 2,567,347 3,875,305 8,822,883 8,726,228 (59,128,334) (49,985,023) 95,248,567 105,603,181 7,500,616 7,786,784 102,749,183 113,389,965
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	6,228,229 400,534 6,628,763 11,242,193 2,250,018 2,815,241 87,762,108 104,069,560 110,698,323 1,036,702 6,912,438 7,949,140 - - 7,949,140 102,749,183 142,986,671 2,567,347 8,822,883 (59,128,334) 95,248,567 7,500,616 102,749,183

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

22 Nova Minerals Ltd | Interim Report 2024

Consolidated Statement of Changes in Equity

For the Half-Year Ended 31 December 2023

Consolidated	Issued capital $	Share based payments reserves $	Foreign currency reserves $	Accumulate d losses $	Non- controlling interest $	Total equity $ 104,329,325 (5,903,451) 809,851 (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 Exercise of options Share issue costs Share options expense for period Performance rights granted	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 - - - - -
Balance at 31 December 2022	142,405,474	8,755,165	2,912,448	(44,358,819)	7,659,514	117,373,782
Consolidated Balance at 1 July 2023 Loss after income tax expense for the half-year Other comprehensive (loss)/income for the half- year, net of tax Total comprehensive (loss)/income for the half-year Transactions with owners in their capacity as owners: Share options expense for period (note 17) Performance rights expense for period (note 17)	Issued capital $ 142,986,671 - -	Share based payments reserves $ 8,726,228 - -	Foreign currency reserves $ 3,875,305 - (1,307,958)	Accumulate d losses $ (49,985,023) (9,143,311) -	Non- controlling interest $ 7,786,784 (51,229) (234,939)	Total equity $ 113,389,965 (9,194,540) (1,542,897) (10,737,437) 401,582 (304,927)
	- - -	- 401,582 (304,927)	(1,307,958) - -	(9,143,311) - -	(286,168) - -
Balance at 31 December 2023	142,986,671	8,822,883	2,567,347	(59,128,334)	7,500,616	102,749,183

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

Nova Minerals Ltd | Interim Report 2024 23

Note Consolidated Statement of Cash Flows For the Half-Year Ended 31 December 2023	Consolidated 31 Dec 2023 31 Dec 2022 $ $	Consolidated 31 Dec 2023 31 Dec 2022 $ $
Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Interest received Finance charges 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 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		(1,433,529) - - (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
	(1,152,842) 173,535 (293,049)
	(1,272,356)
	(237,829) (10,523,508) 125,000 - (1,071,058) 51,464 -
	(11,655,931)
	- - - - -
	-
	(12,928,287) 19,240,707 (84,191)
	6,228,229

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

24 Nova Minerals Ltd | Interim Report 2024

Notes to the Financial Statements
Note 1: Material Accounting Policies	26
Note 2: Operating Segments	26
Note 3: Expenses	27
Note 4: Trade and Other Receivables	27
Note 5: Investment in Associate	27
Note 6: Other Financial Assets	28
Note 7: Property, Plant and Equipment	29
Note 8: Exploration and Evaluation	29
Note 9: Convertible Note	30
Note 10: Issued Capital	31
Note 11: Share Based-Payment Reserves	31
Note 12: Non-Controlling Interest	32
Note 13: Fair Value Measurements	32
Note 14: Contingent Liabilities	33
Note 15: Events After the Reporting Period	33
Note 16: Earnings/(Loss) Per Share	33
Note 17: Share-Based Payments	34

Nova Minerals Ltd | Interim Report 2024 25

Notes to the Consolidated Financial Statements For the Half-Year Ended 31 December 2023

Note 1. Material Accounting Policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2023 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 2023 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 accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

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 2023 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 2023 31 Dec 2022 $ $ 173,290 - - - 246 -	Interest income 31 Dec 2023 31 Dec 2022 $ $ 173,290 - - - 246 -	Geographical non- current assets 31 Dec 2023 30 Jun 2023 $ $ 1,019,378 1,470, 024 11,242,193 16,767,507 91,807,899 84,363,358 104,069,560 102,600,889	Geographical non- current assets 31 Dec 2023 30 Jun 2023 $ $ 1,019,378 1,470, 024 11,242,193 16,767,507 91,807,899 84,363,358 104,069,560 102,600,889
	173,290 - 246		1,019,378 11,242,193 91,807,899
	173,536	-	104,069,560	102,600,889

26 Nova Minerals Ltd | Interim Report 2024

Note 3. Expenses

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 2023 31 Dec 2022 $ $ 255,811 211,443 554 610 256,365 212,053 256,609 519,748 348,433 49,330 55,192 151,229 403,625 200,559
	255,811 554
	256,365
	256,609
	348,433 55,192
	403,625

Note 4. Trade and Other Receivables

Current assets Other receivable Rent Bond Prepayments GST receivable	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 244,804 264,705 - 5,830 150,226 217,351 5,504 7,300 400,534 495,186
	244,804 - 150,226 5,504
	400,534

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 Share of Snow Lake Resources (loss)/profit for period Impairment of investment in Snow Lake Resources Closing carrying amount	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 11,242,19316,767,507 16,767,507 23,022,266 (862,231) (6,254,759) (4,663,083) - 11,242,193 16,767,507
	11,242,193
	16,767,507 (862,231) (4,663,083)
	11,242,193

Nova Minerals Ltd | Interim Report 2024 27

On the 23 November 2021 Nova Minerals’ 73.8% owned subsidiary Snow Lake Resources completed an initial public offering on the NASDAQ stock exchange. Following the flotation Nova’s shareholding in Snow Lake Resources was reduced to 54.5% and 46.1% on a fully diluted basis.

As a result of the shareholding dilution, as well as the company having limited oversight in management of Snow Lake Resources, the directors of Nova Minerals determined the company had lost control of its subsidiary as at 23 November 2021.

In line with AASB 10 Consolidated Financial Statements Nova Minerals therefore derecognised the assets and liabilities of the Snow Lake Resources group in its consolidated statement of financial position as at 23 November 2021, generating a loss on deconsolidation recognised in the consolidated profit and loss statement of the group in the period.

As of the 31 December 2023 Nova Minerals Limited holding was reduced to 32.50% of Snow Lake Resources.

Nova Minerals owns 32.5% of Snow Lake Resources and has applied the equity method of investment accounting for its interest in Snow Lake Resources.

As a result of a significant and prolonged decline in the operations of Snow Lake Resources, management have decided to recognize an impairment as at 31 December 2023.

Note 6. Other Financial Assets

Non-current assets Investments in Asra Minerals Limited at fair value Investment in Alaska Asia Clean Energy Corp at fair value Loans granted to related parties Loan to Alaska Asia Clean Energy Corp 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 Alaska Asia Clean Energy Corp Asra Minerals Shares AX8 Shares Disposal AX8 shares Gain on disposal Movement in fair value Asra Minerals Shares Asra Minerals ASROB options Closing fair value	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 894,378 1,220,024 205,887 205,887 62,226 62,226 962,527 - 125,000 250,000 2,250,018 1,738,137 Consolidated 31 Dec 2023 30 Jun 2023 $ $ 1,425,911 3,797,443 - 205,867 125,000 - 51,464 - (51,464) - (404,138) (2,112,330) (46,508) (465,089) 1,100,265 1,425,891
	1,425,911 - 125,000 51,464 (51,464) (404,138) (46,508)
	1,100,265

28 Nova Minerals Ltd | Interim Report 2024

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 7.73% ownership.

Note 7. Property, Plant and Equipment

Non-current assets Plant and equipment - at cost Less: Accumulated depreciation	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 4,212,843 4,206,168 (1,397,602) (1,180,998) 2,815,241 3,025,170	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 4,212,843 4,206,168 (1,397,602) (1,180,998) 2,815,241 3,025,170
	4,212,843 (1,397,602)
	2,815,241	3,025,170

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 2023 Additions Foreign exchange movement Depreciation expense Balance at 31 December 2023	Plant and equipment $ 3,025,170 116,502 (70,620) (255,811)
	2,815,241

Note 8. Exploration and Evaluation

Non-current assets Exploration and evaluation expenditure	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 87,762,108 81,070,075	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 87,762,108 81,070,075
	87,762,108

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 2023 Additions Revaluation due to foreign exchange Balance at 31 December 2023	$ 81,070,075 9,176,938 (2,484,905)
	87,762,108

Nova Minerals Ltd | Interim Report 2024 29

Note 9. Convertible Note

Current liabilities Financial Derivative Liability Financial Liability Non-current liabilities Financial Liability	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 221,954 250,921 6,690,484 928,867 6,912,438 1,179,788 - 5,352,544 6,912,438 6,532,332
	221,954 6,690,484
	6,912,438
	-
	6,912,438

Reconciliations

Reconciliation of convertible note since 30 June 2023 to the 31 December 2023 is set out below:

The initial recognition of the financial liability and derivative was: Financial Derivative Liability Financial Liability Movement to 31 December 2023 Financial Derivative Movement - P&L Foreign exchange movement	31 Dec 2023
	250,921 6,281,411 6,532,332 416,038 (35,932) 6,912,438

The financial liability and corresponding derivative represent the fair value of the loan facility Nova entered into on 27 October 2022 up to USD$7 million with an interest payable of 6.0% 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 25.23% 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.

30 Nova Minerals Ltd | Interim Report 2024

Note 10. Issued Capital

Consolidated 31 Dec 2023 30 Jun 2023 31 Dec 2023 Shares Shares $ Issued capital 210,889,961 210,889,961 149,346,415 Share issue costs - - (6,359,744) 210,889,961 210,889,961 142,986,671 Dec 2023 Dec 2023 June 2023 Ordinary share - issued and fully paid No $ No At the beginning of the period 210,889,961 142,986,671 180,202,285 - Contributions of equity - - 27,228,501 - Shares issued on conversion of options - - 100,185 - Shares issued on conversion of cashless options - - 3,358,990 - Share issue costs - share based payments - - - - Share issue costs - cash payments - - - Closing balance 210,889,961 142,986,671 210,889,961	31 Dec 2023 Shares 210,889,961 -	31 Dec 2023 Shares 210,889,961 -	Consolidated 30 Jun 2023 31 Dec 2023 Shares $	Consolidated 30 Jun 2023 31 Dec 2023 Shares $	Consolidated 30 Jun 2023 31 Dec 2023 Shares $	Consolidated 30 Jun 2023 31 Dec 2023 Shares $		30 Jun 2023 $ 149,346,415 (6,359,744)
			210,889,961 -		149,346,415 (6,359,744)
	210,889,961		210,889,961		142,986,671			142,986,671
		Dec 2023 No		Dec 2023 $		June 2023 No 180,202,285 27,228,501 100,185 3,358,990 - -		June 2023 $ 125,713,259 19,059,988 40,130 - (636,670) (1,190,036)
		210,889,961 - - - - -		142,986,671 - - - - -
		210,889,961		142,986,671		210,889,961		142,986,671

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.

Note 11. Share-Based Payment Reserves

Share based payment reserve	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 8,822,883 8,726,228
	8,822,883

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.

Movements in reserves

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

Consolidated Balance at 1 July 2023 Options expense in period(note 17) Performance expense in period(note 17) Balance at 31 December 2023	$ 8,726,228 401,582 (304,927)
	8,822,883

Nova Minerals Ltd | Interim Report 2024 31

Note 12. Non-Controlling Interest

Issued capital Reserves Accumulated losses	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 7,357,911 7,357,911 450,202 685,141 (307,497) (256,268) 7,500,616 7,786,784	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 7,357,911 7,357,911 450,202 685,141 (307,497) (256,268) 7,500,616 7,786,784
	7,357,911 450,202 (307,497)
	7,500,616	7,786,784

As of the 31 December 2023 the non-controlling interest is 15% (June 2023: 15%) equity holding in AKCM Pty Ltd.

Note 13. Fair Value Measurements

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 2023	Level 1 $	Level 2 $	Level 3 $	Total $
Assets Investments at fair value Convertible note in Asra Minerals Limited Loan to Alaska Asia Clean Energy Corp Total assets	1,100,265 -	- 125,000 962,527	- -	1,100,265 125,000 962,527
	1,100,265	1,087,527	-	2,187,792
Liabilities Financial Derivative Liability Financial Liability - current Total liabilities	221,954 6,690,484	- -	- -	221,954 6,690,484
	6,912,438	-	-	6,912,438
Consolidated - 30 June 2023 Assets Investments at fair value Convertible note in Asra Minerals Limited Total assets Liabilities Financial Derivative Liability Financial Liability - current Financial Liability – non-current Total liabilities	Level 1 $ 1,425,911 -	Level 2 $ - 250,000	Level 3 $ - -	Total $ 1,425,911 250,000
	1,425,911	250,000	-	1,675,911
	250,921 928,867 5,352,544	- - -	- - -	250,921 928,867 5,352,544
	6,532,332	-	-	6,532,332

32 Nova Minerals Ltd | Interim Report 2024

Note 14. Contingent Liabilities

There are no contingent liabilities that the consolidated entity has become aware of at 31 December 2023 and 30 June 2023.

Note 15. Events After the Reporting Period

• The Company announced the RPM Valley results confirm an additional broad zone of mineralization for potential resource upside with further infill and step-out drilling in 2024 and beyond.

• The Company announced the discovery of the vein-hosted Wombat prospect in the central portion of the claim’s tenements within the company's flagship Estelle Gold Project. The discovery included the thickest gold-bearing quartz veins to date discovered with up to 1km long strike length at the new Wombat occurrence, with grades up to 24.2 g/t Au. Further gold-bearing quartz veins were also discovered at the Tomahawk and Trundle prospects with grades up to 20.9 g/t Au and more high-grade gold, silver, copper, and antimony was discovered in the Stoney area.

Note 16. Earnings/(Loss) Per Share

Loss after income tax Non-controlling interest 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 per share Diluted earnings per share	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (9,194,540) (5,903,451) 51,229 45,564 (9,143,311) (5,857,887) Number Number 210,889,961 184,228,086 - 28,510,727 - 2,400,000 210,889,961 215,138,813	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (9,194,540) (5,903,451) 51,229 45,564 (9,143,311) (5,857,887) Number Number 210,889,961 184,228,086 - 28,510,727 - 2,400,000 210,889,961 215,138,813
	(9,194,540) 51,229
	(9,143,311)
	Number
	210,889,961 - -
	210,889,961
	Cents	Cents (2.27) (2.27)
	(4.34) (4.34)

• As of the 31 December 2023 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.

Nova Minerals Ltd | Interim Report 2024 33

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 Total options granted Performance rights granted Total	Consolidated 31 Dec 2023 $ 276,088 125,494 401,582 (304,927) 96,655

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:

		2 Consultants
	1 Director Options	Options
Recognised in	Profit & Loss	Profit & Loss
Grant date	29/11/2022	29/11/2022
Number of options issued	5,750,000	2,500,000
Expiry date	30/11/2025	30/11/2025
Vesting date	31/03/2023	31/03/2023
Share price at grant date	0.66	0.66
Exercise Price	1.20	1.20
Expected Volatility	90%	90%
Risk-Free Interest Rate	3.24%	3.24%
Trinomial step	200	200
Early exercise factor	1.20	1.20
Underlying fair value at grant date	0.299	0.299
The total share-based payment expense recognised from	276,088	125,494
the amortisation as of the 31 December 2023 for the
issued options
Vesting terms	Continuous	Continuous
	employment and,	employment and, $1bn
	$1bn project	project valuation
	valuation

34 Nova Minerals Ltd | Interim Report 2024

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Option Movement 31 December 2023

Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the 31 December 2023 half year period:

	Exercise	Beginning				Ending
Exercise period	price	balance	Issued	Exercised	Lapsed	balance
On or before 29 December 2023 0.75 1,100,000 - - (1,100,000) - On or before 7 October 2023(1) 2.20 1,900,000 - - (1,900,000) - 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 On or before 30 April 2024 0.70 6,993,608 - - - 6,993,608
Total - 33,154,335 - - (3,000,000) 30,154,335

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 2023 was 1.12 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:

The performance rights were valued as the closing share price $1.30 on the grant date 24 November 2021. During the current period the performance rights were revalued, and the amount was reduced by -$304,927 to reflect a change a valuation.

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

Nova Minerals Ltd | Interim Report 2024 35

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 2023 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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_________ Louie Siemens Executive Chairman

28 February 2024

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36 Nova Minerals Ltd | Interim Report 2024
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Independent Auditor’s Report

Nova Minerals Ltd | Interim Report 2024 37

38 Nova Minerals Ltd | Interim Report 2024

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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 5 242 Hawthorn Road, Caulfield VIC 3161 Australia Telephone: +61 3 9537 1238 www.novaminerals.com.au