• No fundamental objection to short selling, respects role in price discovery
• Majority of report consists of irrelevant historical, selective, or non-material statements
• Confirms credentials of consulting geologist, notes other highly credentialed QPs

Nova Minerals Limited (Nova or the Company) provides a response to a report published by Spruce Point Capital Management LLC, stating that it has no fundamental objection to short selling and respects the role of short sellers in price discovery. The Company notes that the majority of the report consists of statements that are historical, selective, or non-material, and whether accurate or not, are wholly irrelevant to the Company's operations, assets, or prospects. The Company will not be responding to these statements, providing examples such as infrastructure, weather, and community opposition in Alaska, as well as prior claim holders and outcomes of 'side ventures'. The Company confirms that it holds a copy of the diploma and other qualifications of one of its consulting geologists, Mr. Vannu Khounphakdy P.Geo., whose credentials were questioned in the report. The Company notes that Spruce Point did not contact either Mr. Khounphakdy or the Company to verify this claim before publication, and that the Company has numerous other highly credentialed Qualified Persons responsible for critical aspects of the project.

The Company is well funded with over A$106 million in available resources, including A$59.2 million in cash, US$30.4 million (A$45.3 million) remaining from the 24-month U.S. Department of War award supporting antimony production in Alaska, and approximately A$1.5 million in liquid investments and in-the-money warrants, with no debt.