Nova Minerals Ltd. ADR (QM30)

Nova strengthens balance sheet and board as drilling accelerates at Estelle

Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has bolstered its corporate position with a successful US$12.1 million (A$18.4 million) capital raise in July 2025, following the end of the June quarter. The funds will be used to accelerate drilling, complete feasibility studies and provide general working capital across its Estelle Gold and Antimony Project in Alaska. As at June 30, Nova held A$9.08 million in cash and carried no debt. Governance was strengthened with the appointment of Chaim (Dovi) Berger as an independent non-executive director. Berger, a US-based attorney and CPA, brings over a decade of experience in corporate law, finance and mergers and acquisitions. Operationally, Nova has started a 15,000-metre drill campaign across the Estelle Project. This includes 10,000 metres at the RPM deposit to expand and upgrade resources, and test high-grade gold targets along the intrusive-hornfels contact zone. Additional reverse-circulation (RC) drilling will test the RPM North ridgeline and a glacial debris lobe where surface samples returned up to 52.3 grams per tonne (g/t) gold. At the Korbel deposit, 2,000 metres of drilling are underway to evaluate a potential higher-grade starter pit. Surface sampling continues across key areas to generate new drill targets. Drilling began at the Stibium prospect, targeting a maiden resource for both gold and antimony. The area has yielded rock samples with grades up to 141 g/t gold and 60.5% antimony. Read more: Nova Minerals starts drilling at Stibium gold-antimony target In the last week, Nova has intensified its 2025 drilling activities at the RPM deposit, part of the Estelle Gold and Critical Minerals Project in Alaska, by deploying two diamond drill rigs and one reverse circulation (RC) rig operating on a continuous basis. The expanded program is designed to deliver on multiple fronts. Key objectives include expanding and linking the RPM North and RPM Valley zones, evaluating near-surface mineralised material within the valley fill, and initiating a maiden drilling campaign at the Stibium prospect, which is prospective for antimony and gold. Meanwhile, Nova’s DoD grant application remains at an advanced stage, with a positive outcome expected to expand drilling and test new targets such as Styx. Versarien PLC (AIM:VRS, OTC:VRSRF) shares dropped on Tuesday after revealing that an asset sale process failed to find buyers. The company said it now expects that Versarien Graphene Limited will shortly be placed into administration and Cambridge Graphene Limited and 2-DTech Limited will commence the process of voluntary liquidation. Its Korean unit has already ceased operations. Going forward, the group will comprise Versarien Plc, Gnanomat SL and Total Carbide Limited (the latter of which is still for sale). The plan ahead is to focus on hybrid nanomaterials and energy storage technologies. It expects to conserve further cash and extend the group's forecast runway through to the end of August, potentially allowing time for the completion of a material strategic investment.