NOVA MINERALS LIMITED(NVA)

The suspension of trading in the securities of Nova Minerals Limited will be lifted immediately following the release by NVA of an announcement regarding the proposed capital raise.

The company releases a notice of proposed issue of securities.

Equity placement raising $1m with long term holders and directors. Placement was completed at $0.24 which is a discount of 4% to the last closing price of $0.25. The Placement was undertaken to strengthen the Company's balance sheet for the proposed US listing and completed at minimal dilution in the best interest of shareholders. With ~$4.5m in the bank, this $1m raising, along with the ability to raise a further US$2m (~A$3m) from the existing Nebari convertible facility, the Company believes it is well funded with access to ~ $8.5m which should enable the Company to complete both the proposed US listing and commence the 2024 field programs. The proposed US listing is advanced and anticipated to be completed this quarter, subject to market conditions, market listing approval and satisfaction of US regulatory requirements. The Company is also investigating other non-dilutive funding opportunities including grants for critical minerals, royalty, streaming, etc.

The securities of Nova Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of NVA, pending the release of an announcement regarding a proposed capital raising.

The suspension of trading in the securities of Nova Minerals Limited will be lifted immediately following the release by NVA of an announcement regarding Snow Lake Resources Limited.

The company has now completed the sale of a portion of its investment holding in Snow Lake Resources Ltd, with the funds to be received over night. The sale comprised of 3,000,000 Snow Lake Resources shares in an underwritten secondary offering, which represented approximately 31% of its holding, at a price per share of US$6.00, a discount of 6.25% from the closing price on the day, for total proceeds of US$18,000,000 (AUD$24,000,000) before underwriting fees and offering expenses. Subsequent to the transaction, Nova continues to hold 6,600,000 Snow Lake shares which under agreement are in escrow to 21 March 2023. Nova is now fully funded, with zero dilution to shareholders, to continue its aggressive resource development drilling and study programs, at its 9.6 Moz Estelle Gold Project. Funds will also be used for general working capital purposes.

The company has entered into an agreement for the sale of 3,000,000 shares of Snow Lake Resources in an underwritten secondary offering, representing approximately 31% of its holdings of Snow Lake shares, at a price per share of US$6.00 for total proceeds of US$ 18,000,000 before underwriting fees and offering expenses. ThinkEquity is acting as sole book-running manager for the offering. The sale is expected to close on 12 April 2022, subject to customary closing conditions. Following the closing of the sale, Nova will own 6,600,000 shares, or approximately 37% of the total outstanding common shares of Snow Lake.

The securities of Nova Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of NVA, pending the release of an announcement regarding its investment in Snow Lake Resources Limited.

The suspension of trading in the securities of Nova Minerals Limited will be lifted immediately, following the release by NVA of an announcement regarding the upgraded resource estimate.

Snapshot in time Global Mineral Resource for Korbel Main (Blocks A and B) (drilling to 31 December 2020) "“ 4.7Moz Inferred JORC Mineral Resource Estimate. Drilling to continue at Korbel Main with one rig testing North-West and South-East extensions and another rig Infill drilling. Nova marks its transition to project developer for Korbel Main and will continue to unlock the Estelle Gold district throughout 2021. Ore Sorting Results show a substantial grade increase (ASX:15 March 2021) and helped lower the reported MRE gold cut-off grade to 0.15 g/t Au (previously reported at 0.18 g/t Au cut-off). Interim scoping study is now well underway with flow sheet to emerge in the near term. The resource is based on over 30,000m of drilling complete to December 2020. This includes 32 RC holes (2019-2020), 64 Diamond Core holes (2020) and 6 Historical Diamond Core holes (pre-2018). See Appendix 1 for the list of drill holes, old and new, included in this upgrade. Drilling at RPM to commence in this quarter.

The securities of Nova Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of NVA, pending the release of an announcement regarding a upgraded resource estimate.

Benjamin Heath Cooper of Bexley NSW appeared on Friday 12 March 2021 in the Perth Magistrates' Court charged with conspiracy with others to manipulate the market for the shares of Nova Minerals Limited (when it was called Quantum Resources Limited). ASIC alleges that, on 16 November 2015, Mr Cooper conspired with Avrohom Kimelman and Don Evans to manipulate Quantum's share price, in contravention of sections 1041A and 1311(1) of the Corporations Act 2001 (Cth) and section 11.5(1) of the Criminal Code (Cth) (20-223MR).

The suspension of trading in the securities of Nova Minerals Limited will be lifted immediately, following the release by NVA of an announcement regarding the Estelle Gold Project.

Independent Maiden Inferred JORC Resource of circa 2.5 million ounces of gold at Oxide Korbel (Blocks A and B) one of fifteen known occurrences at Nova Mineral's Estelle Gold Project. The Oxide Korbel deposit (Blocks A and B) remains open at depth and along strike. Resource starts from less than 2 m from surface (ASX announcement: 2 September 2019 - Hole SE12-004). Resource occurs on less then 1 % of the total project area. Future plans include multiple diamond drill rigs on site operating 24 hours 7 days a week, with a focus on increasing the drill density of the maiden resource, plus extensional drilling to grow the global resource. Further exploration drilling to test RPM and Shoeshine planned. Aggressive drilling campaign to continue upon receiving permits and approvals.

The securities of Nova Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of NVA, pending the release of an announcement regarding the Estelle Gold Project.

name changed from Quantum Resources Limited