Nova Minerals Limited: Quarterly Activities Report

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) provides the Quarterly Activities and Appendix 5B for the three-month period ended 31 December 2021.

HIGHLIGHTS

Estelle Gold

- Nova Minerals increased its total gold resource estimate by 54.9% to 9.6 million ounces (Moz) at its flagship Estelle Project, located in Alaska's prolific Tintina Gold Province.

- The 9.6 Moz gold resource at Estelle is hosted at the company's primary Korbel and RPM deposits, two of 15 major prospects over a now 450km2 exploration tenement, and was estimated in accordance with the JORC Code (2012) and classified as follows:

o Korbel Main Deposit - Indicated 286Mt @ 0.3 g/t Au for 3.0Mozs (cut-off 0.15 Au g/t)

o Korbel Main Deposit - Inferred 583Mt @ 0.3 g/t Au for 5.1Mozs (cut-off 0.15 Au g/t)

o RPM Deposit - Inferred 23Mt @ 2.0g/t Au for 1.5Mozs (cut off 0.30 Au g/t)

Estelle - RPM Deposit

- Nova announces an independent maiden Inferred JORC Resource 23.1 Mt @ 2.0g/t Au delineating 1.5 million ounces (Moz) of gold at RPM deposit.

- Broad zone of high-grade gold intersected at RPM. Drill hole RPM-005 returns and overall average grade of 3.5g/t Au over 400m from surface.

Snow Lake Resources

- Snow Lake Resources, in which Nova Minerals has a 57.52% majority ownership, successfully lists on NASDAQ under ticker code LITM. The public offering raised US$24,000,000 before costs from the issue of 3,200,000 common shares at an issue price of US$7.50 per share.

- Snow Lake announces it has received all the necessary permitting for its winter drilling campaign consisting of between 5,000 and 115,000 metres of core.

Corporate

Mr Colin Belshaw resigned as a non-executive director to lead the company's newly established in-house technical advisory panel which has been set up to provide independent technical, geological, and scientific advice to Nova's board as it navigates ongoing exploration towards first production. He will be joined on the panel by Nova Chief Geologist Mr Dale Schultz, who has served the company for the past six years, and Mr Mike Hallewell, a senior metallurgical & minerals processing engineer with 40 years of field experience.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/T434YE49

About Nova Minerals Limited:

Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corp.'s Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.

Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Ltd. (ASX:TNR), a gold exploration company based in Western Australia.

Source:
Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au