Nova Minerals Limited Provides an Update on the RPM Feasibility...

Nova Minerals Limited Provides an Update on the RPM Feasibility Study and Variation to the Nebari Convertible FacilityCaufield, Australia, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited ("Nova" and the "Company") (NASDAQ: NVA) (ASX: NVA) (FRA: QM3), a gold and critical minerals exploration stage company focused on advancing the Estelle Gold Project in Alaska, U.S.A., is pleased to advise the Company has executed a variation agreement with its largest institutional shareholder and convertible note holder Nebari Gold Fund 1, LP (Nebari) to reduce the month end cash covenant required under the previously announced loan agreement dated 21 November 2022 from US$2m to A$1m, and with the option to extend the convertible facility for a further 12 months out to 29 November 2026. In addition to the recent US NASDAQ listing, the freeing up of this additional ~A$2m gives the Company the ability to accelerate the RPM early start up option to a Feasibility Study (FS) for delivery in 2025 by undertaking internal optimization studies aimed to investigate how it can potentially generate as much early cashflow as possible to organically fund the Company's expansion plans across the Estelle Project. It also gives the Company the ability to continue its advanced discussions with the US Dept. of Defense (DoD) in relation to potentially establishing a starter antimony operation at Stibium in parallel.Further details in respect to the variations of the Nebari convertible facility agreement are set out below.

Nova CEO, Mr Christopher Gerteisen commented: "It is a pleasure to work with Nebari, our largest institutional shareholder and note holder, who have shown strong support and indicated an unwavering commitment towards advancing the project through to production. We are certainly both aligned with the current fast track RPM FS completion strategy aimed at achieving production as soon as possible. Working together we have now freed up more than US$1.3m in cash to strengthen our financial position to facilitate this effort to deliver a lower capex, high margin, scale-able project focused initially on development of the RPM gold deposit to generate free cash flow as soon as possible to enable future growth across the larger Estelle Project area. With the continued support of Nebari, and all of our shareholders, we will work together for the ongoing progress and success of the Company as we continue to advance on our path towards commercial production."

Nebari Senior Managing Director, Mr Roderik van Losenoord adds: "We are very pleased to be supporting Nova and its Estelle Project, as the company explores routes to develop RPM. Support and partnership is what the Nebari-lending relationship with our borrowers is all about."

https://www.finanznachrichten.de/nachrichten-2024-09/63316934-nova-minerals-limited-provides-an-update-on-the-rpm-feasibility-study-and-variation-to-the-nebari-convertible-facility-399.htm