2021 NVA chart, page-454

Possibly worth adding in a Gold/USD overlay.

Gold (red) / NVA SP (blue)

Pretty clear to see that since January the downtrend in gold/USD has put downward pressure on the NVA SP.

The February to March lead up to, and the announcement of, the recent inferred resource upgrade probably helped to stave off further downtrend in SP.

The late August to late November spikes in the SP were product of anticipated resourced / drilling announcements combined with a lagging bullish outlook (hope) on gold price.

Market sentiment on NVA may lag the movement of the gold price by a few days, or perhaps even a few weeks.

During the late August to late November spike, it is very possible that the market may have favored a bullish outlook on NVA, choosing to ignore the possibility of a bearish gold-price as the gold price was swinging wildly between a bull/bear market.

At the end of the day we are not a gold ETF nor yet a miner so we won't track the gold-price move for move. We are an explorer with inferred resource, which means that there will be mixtures of irrationality, speculation and doom at play when it comes to the market anticipating NVA's value against any trend in gold price.

Will be interesting to see how this chart runs though SS, PEA and any upcoming drill results and resource upgrades.

If gold falls through its current upswing, the NVA SP may fall through the current level of support, to somewhere around 12 cents which was the peak of the first spike towards the end of September. (I know no-one really wants to hear this).

A continuation of the current gold price upswing or a period of consolidation and stabilization of gold price would be a very good thing for Nova Minerals. As we seem to lag the gold price, it make take a few weeks for the NVA share price to bounce up. Watch this space.

All above is my opinion only, I am not financial advisor, and this is not financial advice.