Nova Minerals (ASX:NVA) has updated the market on Thursday with news that State of Alaska government officials, as well as the Australian consulate-general, have both thrown their support behind the company’s Estelle project, a gold play where antimony also coincides.
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It is perhaps a surprise, then, that in the same month where Dateline, Trigg, and Resolution are all benefitting from exposure to the U.S.-based critical minerals thematic, Nova shares actually fell on Thursday.
Albeit, not by much. The share price was down -1.6% heading into the second hour of morning trade on relatively shallow volumes, and the stock has retained its +125% YoY returns.
(All in all, this could be a case of ‘sell the news’ rather than market displeasure.)
Of course, it could also be the case that short of Trump himself getting involved, excitement mightn’t hit any kind of crescendo. Or that traders aren’t too keen about the prospects of a gold project where costs will be in USD.
“[A recent] site visit by the Australian Consular-General, Tanya Bennett, recognises the Estelle Project as a leading example of the deepening Australia–United States collaboration in critical minerals and strategic resource development,” Nova wrote on Thursday.
As for the Alaska side of the equation, the company reported that Alaska State Governor Mike Dunleavy also threw his support behind the company’s Estelle project as a crucial Alaskan asset.
For Nova CEO Christopher Gerteisen, one could argue the chief still has eyes on the prize.
“Recent U.S. Presidential Executive Orders position Estelle as a potential key contributor to strengthening domestic resource security,” Gerteisen said.
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