• Results indicate a potential pilot starter pit within Korbel Main's 6.64 Moz bulk-tonnage resource
• Drilling identified a higher-grade core with grades up to 1.2 g/t Au
• Ore sorting potential to upgrade material from 0.4 g/t Au to over 6 g/t Au

Nova Minerals Ltd has announced the results of its 2025 reverse circulation (RC) drilling program at the Korbel Main Deposit within its Estelle Gold and Critical Minerals Project in Alaska. The drilling has defined a near-surface higher-grade core within the 6.64 Moz (800 Mt @ 0.3 g/t Au) Korbel Main resource, indicating the potential for a pilot starter pit approximately 250m long by 80m wide. Highlights from the 14-hole RC program include intercepts of up to 1.2 g/t Au. The results build on previous diamond drilling campaigns that identified broad, lower-grade mineralization, such as 540m @ 0.3 g/t Au and 517m @ 0.3 g/t Au. Nova believes the higher-grade core could support an early-stage pilot pit to produce ore for further ore sorting analysis. Previous test work has shown the ability to upgrade Korbel ore from 0.4 g/t Au to over 6 g/t Au, more than a tenfold increase, which could reduce processing costs and increase gold production. With gold prices around US$4,600/oz, the combined 8.65 Moz Korbel resource is expected to play a key role in the ongoing pre-feasibility study for the Estelle Project.

With gold prices currently around US$4,600/oz, the combined 8.65 Moz Au Korbel bulk-tonnage resource is anticipated to materially contribute to Project economics under evaluation in the ongoing pre-feasibility study.

Nova looks forward to keeping the market informed as Korbel continues to progress towards production. Upcoming milestones include drill results from Stibium, further surface exploration, PFS test-work results, an updated mineral resource estimate, and ongoing metallurgical and environmental test work.