Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has revealed a new bonus loyalty option for its shareholders as a reward for their ongoing support and shared vision in developing the company’s Estelle Gold Project as a world-class, tier-one, global gold producer.
In a letter addressed to shareholders Nova CEO and executive director Christopher Gerteisen said: "We are delighted to offer this bonus loyalty option to our loyal shareholders who have provided ongoing support for the company and continue to share Nova's vision of developing the Estelle Gold Project."
Under the terms of the bonus loyalty option, the holder is entitled to receive an ordinary share and an additional option, both issued at nil consideration.
The initial option has an exercise date of 12 months, while the additional option has an exercise date of just over two years.
Importantly, Nova is well capitalised and has no current need for cash, making the issuance of these options a genuine reward for its shareholders as it continues to hit its operational milestones.
Notable milestones
Despite the share price not reflecting significant fundamental gains, Nova has achieved many milestones over the past year, including:
- completing a highly targeted 30,000-metre drill program that reported more world-class thick high-grade drill intercepts at RPM North;
- increasing its mineral resource estimate to 9.9 million ounces while using a new and more conservative model, which will provide solid support for the PFS next year;
- upgrading a portion of the previously inferred resource at the RPM North Deposit to the higher confidence indicated and measured categories for inclusion in the early mining schedule;
- generating two new maiden resources at the Cathedral and RPM South prospects;
- securing A$30 million in funding led by a globally recognised gold fund, which continues to hold its position and is still very supportive of the project and the management team;
- commencing various PFS level mine and process optimisation, material haulage, environmental and trade-off studies;
- nearing completion of the phase 2 scoping study, which is due for release in the coming weeks; and
- assisting Snow Lake as it transitions to a new board and strategy focused on becoming an important North American lithium producer.
The board and executive team at Nova Minerals are aware of the current global geopolitical and financial macro events and are employing strict risk management criteria in developing their budgets and strategic plans.
The budgets and plans are constructed to be nimble and can be adjusted very quickly should market conditions dictate.
Under the current plan, Nova is fully funded for the upcoming proposed drill program, which will consist of a targeted program using up to three drill rigs.
The program will concentrate on further growing the resources at RPM and also testing the new targets in the Train area, with the aim to generate a third resource in that area this year for optimum mine plan studies in the PFS.
Forward plan
With an interest in two company-making assets in the gold and lithium spaces moving at the same time and at similar stages, Nova has many catalysts for growth and significant near-term upside in key minerals which are both currently in long-term bull markets.
The company continues on a systematic path to production and demonstrated the “true value” of Estelle Gold Project.
Furthermore, it aims to create significant value from its investment in Snow Lake Lithium Project.
Gerteisen added: “This year year we will ramp up efforts to expand our investor reach in the European, North American and Asian markets and to achieve this we will be enhancing our engagement with the investment community in those regions to help build our profile and maximise valuations for our shareholders through this journey.
“At Nova we remain extremely grateful to our shareholders for their support and encouragement in these testing times, and we thank you along with the many stakeholders and business associates with whom we enjoy mutually rewarding partnerships."
About Estelle
The Estelle Gold Project is situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt, a province which hosts a 220-million-ounce documented gold endowment and some of the world’s largest gold mines and discoveries.
The project contains multiple mining complexes across its 35-kilometre-long mineralised corridor of over 20 identified gold prospects.
This includes two already defined multi-million-ounce resources across deposits containing a combined 9.9 million ounces.
Other notable mines in the province include Victoria Gold’s Eagle Mine and Kinross Gold Corporation (TSX:K)’s Fort Knox Gold Mine.