Nova Minerals (ASX:NVA) announces variation agreement with Nebari Gold Fund 1, LP

Nova Minerals Limited (ASX:NVA) has executed a variation agreement with its largest institutional shareholder and convertible note holder Nebari Gold Fund 1, LP to reduce the month end cash covenant required under the previously announced loan agreement dated 21 November 2022 from US$2m to A$1m. The agreement also includes the option to extend the convertible facility for a further 12 months out to 29 November 2026. This variation agreement provides the company with the ability to accelerate the RPM early start up option to a Pre-Feasibility Study (PFS) for delivery in 2025 and continue advanced discussions with the US Dept. of Defense in relation to potentially establishing a starter antimony operation at Stibium in parallel.

Executive Commentary on Nova Minerals' Variation Agreement

Nova CEO, Mr Christopher Gerteisen, expressed his pleasure in working with Nebari, the largest institutional shareholder and note holder, and highlighted their strong support and commitment towards advancing the project through to production. He emphasized the alignment with the fast track RPM PFS completion strategy aimed at achieving production as soon as possible. Mr Gerteisen also acknowledged the freeing up of more than US$1.3m in cash to strengthen the company's financial position and facilitate efforts to deliver a lower capex, high margin, scale-able project focused initially on development of the RPM gold deposit to generate free cash flow. Nebari Senior Managing Director, Mr Roderik van Losenoord, expressed the fund's pleasure in supporting Nova and its Estelle Project, emphasizing the importance of support and partnership in their lending relationship with borrowers.

Summary of Nova Minerals' Variation Agreement and Outlook

Nova Minerals' execution of the variation agreement with Nebari Gold Fund 1, LP demonstrates the company's commitment to advancing the Estelle Project. The agreement provides Nova with the financial flexibility to accelerate the RPM early start up option to a Pre-Feasibility Study (PFS) for delivery in 2025 and continue advanced discussions with the US Dept. of Defense regarding a potential starter antimony operation at Stibium. This strategic move aims to achieve production as soon as possible and generate free cash flow to enable future growth across the larger Estelle Project area. The company's ambitions to develop a scalable operation and explore additional small-scale, stand-alone cash flow opportunities reflect its commitment to maximizing value for shareholders and stakeholders. With the continued support of Nebari and other shareholders, Nova Minerals is well-positioned to progress towards commercial production and capitalize on the potential of the Estelle Project.