Nova Minerals Breakthrough: Ore Sorting Boosts Gold Recovery at Estelle

Game-Changing Metallurgical Results Point to World-Class Mining Potential

Nova Minerals (ASX: NVA, NASDAQ: NVA) has unveiled exceptional metallurgical test results from its RPM deposit at the Estelle Gold Project in Alaska, showcasing significant advancements in gold recovery that could dramatically enhance the project economics.

Key Technical Breakthroughs Optimize Gold Recovery

The company has established a multi-pronged processing approach that delivers impressive results across various ore grades:

• High-grade ore (above 2 g/t Au) will feed directly into carbon in pulp (CIP)/carbon in leach (CIL) circuits
• Lower-grade material processed through ore sorting technology achieved a remarkable 4.33x upgrade in a single pass, converting 1.32 g/t Au material to 5.72 g/t Au
• Heap leaching of rejected lower-grade ore achieved gold recoveries up to 68.7%

These results demonstrate Nova's ability to maximize gold recovery across all ore types, potentially transforming previously considered waste material into valuable production feed.

Understanding Ore Sorting: A Game-Changer for Mining Economics

Ore sorting is an innovative technology that uses X-rays to examine rock density, separating valuable minerals from waste before processing. This technology offers multiple benefits:

• Increased mill feed grade by rejecting lower-grade material
• Reduced energy requirements and tailings generation
• Improved environmental footprint through more efficient operations
• Enhanced overall mine economics

Nova's testing with Steinert Mining demonstrated that RPM ore is highly amenable to sorting, with the bulk sample test yielding a 4.33x grade improvement in just one pass. The process recovered 48.8% of gold in only 11.3% of mass, creating a concentrate of 5.72 g/t Au from 1.32 g/t feed.

Heap Leaching: Unlocking Value from Lower-Grade Material

Heap leaching provides Nova with a cost-effective method to extract gold from lower-grade ore that would otherwise be considered waste. The process involves:

1. Crushing and stacking ore on an impermeable pad
2. Irrigating with a leaching solution that dissolves gold
3. Collecting and processing the gold-bearing solution
4. Recycling the barren solution

The benefits include:

• Lower capital and operating costs compared to conventional processing
• Ability to recover gold from previously uneconomic material
• Potential to significantly increase overall gold production
• Faster path to cash flow generation

Column tests revealed that with an achievable crush size of 3.35mm, gold recovery of 68.7% could be achieved after 59 days of leaching.

The Path Forward: A Comprehensive Processing Strategy

Nova's conceptual flowsheet for RPM processing represents a sophisticated approach to maximizing value from the deposit. The strategy involves:

1. Sending high-grade ore directly to CIP/CIL circuits
2. Routing medium-grade material through ore sorters to create high-grade concentrate
3. Directing sorting rejects to heap leaching to recover additional gold

"The ability to extract up to 68.7% gold recovery from lower-grade material through heap leaching, combined with a 4.33 times upgrade using ore sorting technology, is a significant technical breakthrough. These results underscore the economic potential through innovative processing methods as we continue to refine our development pathway."

• Christopher Gerteisen, CEO of Nova Minerals

What Exactly Is Heap Leaching?

Heap leaching is a well-established gold recovery method used by major mining companies worldwide, including at Kinross Gold's Fort Knox mine in Alaska. The process involves:

1. Crushing the ore to an optimal size (in Nova's case, 3.35mm proved effective)
2. Stacking the crushed material on an impermeable pad
3. Applying a leaching solution (typically cyanide) that percolates through the heap
4. Collecting the gold-bearing solution at the bottom of the heap
5. Processing the solution to recover gold
6. Recycling the barren solution back to the heap

This method is particularly valuable for lower-grade ore that would be uneconomic to process through conventional milling. By implementing heap leaching, Nova can potentially recover gold from hundreds of millions of tons of lower-grade material and ore sorter rejects.

Future Plans and Development Timeline

Nova Minerals is rapidly advancing the Estelle Project with several key workstreams in progress:

• Ongoing CIP/CIL test work for the Pre-Feasibility Study
• High Pressure Grinding Rolls (HPGR) crushing test work to optimize the flowsheet
• Further refinement of ore sorting parameters to potentially achieve even higher recoveries
• Engineering and economic trade-off studies to determine optimal sizing of processing facilities

The company is focused on delivering what it believes could become "the next major North American gold mine," with these latest results bringing it closer to that vision.

Investment Thesis: Why Nova Minerals Stands Out

Nova Minerals presents a compelling investment case based on several key factors:

1. Scale and Resource Potential: The Estelle Project comprises 514 km² of mining claims in Alaska's prolific Tintina Gold Belt, a province hosting over 220 million ounces of documented gold.

2. Innovative Processing Approach: The multi-faceted processing strategy combining ore sorting, heap leaching, and conventional processing maximizes recovery across all ore types.

3. Technical De-risking: The latest metallurgical results address one of the key technical questions about the project, demonstrating viable recovery methods for all ore types.

4. Alaska Mining Jurisdiction: The project is located in a mining-friendly state with several large-scale operations already in production.

5. Management Execution: The team continues to advance the project systematically through increasingly detailed technical studies.

Why Investors Should Watch Nova Minerals

For investors seeking exposure to advanced gold development projects, Nova Minerals offers several compelling reasons to pay attention:

1. The Nova Minerals gold recovery innovation significantly enhances project economics by maximizing gold recovery across all ore types.

2. Nova's 85% ownership of a potentially district-scale gold project provides significant leverage to gold prices.

3. The multi-pronged flowsheet approach could result in a low-cost, high-margin gold operation with optimization opportunities still being explored.

4. Upcoming catalysts include continued metallurgical optimizations and advancement of the Pre-Feasibility Study.

5. Estelle's location in the Tintina Gold Belt places it among world-class deposits including the 45+ million ounce Donlin Creek Gold Project.

Key Takeaway: Nova Minerals has positioned itself as a potential major player in North American gold development, with significant upside potential due to its innovative processing strategy. With ongoing technical de-risking and advancement toward production decisions, investors should keep a close eye on developments at the Estelle Project.

Ready to Capitalise on Nova's Processing Breakthroughs?

Nova Minerals' game-changing metallurgical results at the Estelle Gold Project represent a significant technical milestone that could dramatically enhance project economics. To learn more about how their innovative ore sorting and heap leaching approaches could transform this potentially world-class Alaskan gold project, visit Nova Minerals' website for comprehensive investor information and project updates.