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NVA

Nova Minerals Limited

NVA

Nova Minerals Limited • NASDAQ
$9.55 ▲ 7.30% (+0.65)
Market Cap $163.71 M
52w High $16.28
52w Low $1.68
Dividend Yield 0%
P/E -20.32
Volume 717.18K
Outstanding Shares 17.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $0 ▲ $3.015M ▲ $-7.892M ▼ 0% ▼ $-1.71 ▼ $-7.679M ▼
Q3-2025 $-744.645K ▼ $1.677M ▼ $-4.088M ▼ 548.992% ▲ $-0.15 ▲ $1.295M ▲
Q2-2025 $0 ▼ $2.374M ▼ $-1.828M ▼ 0% ▼ $-0.45 ▼ $-997.604K ▼
Q1-2025 $301.406M ▲ $193.238M ▲ $59.823M ▲ 19.848% ▲ $348.96 ▲ $159.647M ▲
Q4-2024 $0 $2.886M $-6.427M 0% $-2.02 $-5.312M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $9.083M ▲ $112.542M ▲ $2.686M ▲ $102.163M ▲
Q3-2025 $8.167M ▲ $101.195M ▼ $2.415M ▼ $91.862M ▼
Q2-2025 $4.086M ▲ $120.44M ▼ $13.397M ▼ $98.898M ▼
Q1-2025 $3.82M ▲ $3.34B ▲ $1.059B ▲ $2.281B ▲
Q4-2024 $3.15M $107.246M $8.862M $90.695M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $0 ▲ $-2.084M ▼ $-1.49M ▼ $45.856K ▼ $-3.993M ▼ $-3.574M ▼
Q3-2025 $-4.088M ▼ $-1.49M ▲ $3.416M ▲ $604.229K ▼ $0 ▼ $-2.512M ▲
Q2-2025 $-1.923M ▼ $-4.327M ▼ $-3.476M ▼ $8.45M ▲ $935.697K ▼ $-7.802M ▼
Q1-2025 $59.823M ▲ $-2.023M ▲ $-1.625M ▲ $3.95M ▲ $2.973M ▲ $31.787M ▲
Q4-2024 $-7.14M $-2.394M $-1.666M $986.892K $-3.078M $-2.412M

Five-Year Company Overview

Income Statement

Income Statement Nova’s income statement shows a company still in transition. Revenue climbed steadily for several years as the Estelle project advanced, but the latest year shows a sharp drop and even a tiny reported loss in revenue, which likely reflects accounting adjustments rather than a collapse in activity. The business moved from clear losses into modest profitability for a period, then slipped back into a small net loss most recently. That pattern is typical of an early‑stage mining developer: results are lumpy, heavily influenced by one‑off items, exploration spending, and funding arrangements. Reported earnings per share swing wildly and are not a reliable indicator of underlying performance at this stage.

Balance Sheet

Balance Sheet The balance sheet tells a mixed story. On the positive side, equity has grown meaningfully over time, indicating that past losses have been outweighed by capital raised and value added to the project. Debt has been largely paid down, leaving the company with very little financial leverage, which reduces the risk of being squeezed by lenders. On the other hand, reported total assets fall sharply in the latest year, suggesting possible write‑downs, restructuring, or reclassification of project values. Cash levels are modest, so while the company is not heavily indebted, it also does not appear to be sitting on a large cash cushion and likely remains dependent on external financing and government support to fund future development.

Cash Flow

Cash Flow Cash flow trends look somewhat healthier than the income statement might suggest, but still highlight vulnerability. Operating cash flow turned positive for several years as grants and project activities ramped up, showing that the business was able to cover a good portion of its day‑to‑day spending from incoming cash. Free cash flow was also positive in the middle of the period despite meaningful investment in the project, which is encouraging. However, the most recent year shows operating cash flow slipping back into slightly negative territory and capital spending dropping to almost nothing. That combination can signal either a temporary pause while the company moves between project phases or constraints on how much it can currently afford to invest. Overall, cash generation is not yet stable or self‑sustaining.

Competitive Edge

Competitive Edge Nova’s competitive position is built far more on strategic location and commodity mix than on current financial scale. Its flagship Estelle Project in Alaska gives it exposure to both gold and antimony, a combination that is unusual and potentially powerful. Antimony is considered a critical mineral for defense and advanced technologies, and the United States is heavily import‑dependent. Nova’s significant grant from the U.S. government to help build a domestic antimony supply chain is a strong endorsement and reduces funding risk for that part of the project. The plan to process and refine antimony within Alaska further strengthens its role as a secure, Western‑aligned supplier. Against that, Nova is still pre‑production, has no established track record as an operator, and is highly concentrated in one main project. Its moat is therefore more “strategic and potential” than “proven and cash‑generating” at this stage.

Innovation and R&D

Innovation and R&D Innovation is a central part of Nova’s story. The company is using X‑ray Transmission (XRT) ore sorting technology to upgrade both gold and antimony before traditional processing. This pre‑sorting can reduce waste, cut energy and water use, and concentrate value earlier in the chain, which can improve project economics and environmental footprint. A key technical idea is the dual‑commodity flowsheet, where antimony is concentrated into a saleable product and the gold‑bearing material becomes a pre‑concentrated feed for standard gold processing. If executed well, this can extract more value from the same ore. Beyond the mine site, Nova plans a downstream antimony refinery in Alaska, aiming for full vertical integration from mine to refined, military‑grade products. The company is also extending its expertise into new jurisdictions, such as its partnership in Pakistan focused on critical minerals and rare earths. All of this suggests an R&D‑driven approach, but it also adds complexity, permitting risk, and execution challenges.

Summary

Nova Minerals is an early‑stage, dual‑commodity mining developer with a compelling strategic angle but still fragile financials. The company has shown it can move from losses toward profitability and positive cash flow during parts of its build‑out, but its latest year reminds us that earnings and cash generation remain volatile and not yet dependable. The balance sheet benefits from low debt and prior equity raises, yet the sudden drop in reported assets and thin cash reserves underline ongoing financial and project risk. Strategically, Nova’s focus on antimony and gold at the Estelle Project in Alaska, combined with strong U.S. government backing, positions it as a potential cornerstone supplier of a critical mineral to Western markets. Its use of advanced ore sorting and its plan for an integrated mine‑to‑refinery chain give it a differentiated, innovation‑led approach, complemented by early moves into other critical‑minerals regions. Key positives are the critical‑mineral angle, government support, low leverage, and a technology‑enhanced flowsheet. Key risks include project concentration, early‑stage status, unstable earnings and cash flow, modest liquidity, technical and permitting complexity, and exposure to commodity price cycles. The company’s trajectory will largely depend on its ability to deliver first antimony production, secure and build the refinery, advance the gold project, and manage cash carefully while scaling up.

NEWS

November 11, 2025 · 5:00 PM UTC

NuVista Energy Ltd. Announces Third Quarter Financial and Operating Results

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October 28, 2025 · 6:30 AM UTC

Nova Commences Key Mining and Processing Equipment Procurement to Expediate Antimony Production

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October 27, 2025 · 6:30 AM UTC

Quarterly Activities and Cashflow Report – 30 September 2025

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October 15, 2025 · 4:30 PM UTC

Change to ADS Ratio and Stock Distribution

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October 14, 2025 · 6:30 AM UTC

Nova Minerals Engaged Ahead of High-Level Critical Minerals Talks with U.S. President Donald Trump

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