Nova Minerals Limited: Majority owned Snow Lake Resources Prices IPO

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) advises that its 57.52% owned Snow Lake Resources (post IPO raise) has priced its initial public offering (IPO).

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. In addition, the Company has granted the underwriters, ThinkEquity's a 45-day option to purchase up to an additional 480,000 common shares to cover over-allotments at the initial public offering price, less the underwriting discount.

Snow Lake's common shares are expected to begin trading on the Nasdaq Capital Market on 19 November 2021 (US Time) under the symbol "LITM." The offering is expected to close on 23 November 2021, subject to satisfaction of customary closing conditions.

Following the completion of the issue of the 3,200,000 common shares, Snow Lake will have ~ 16,210,176 common shares on issue giving Snow Lake a market capitalisation of US$121.6million. The value of Nova's investment in Snow Lake is ~US$70.0million (A$95.9million1).

A registration statement on Form F-1 (File No. 333-254755) relating to the shares was filed with the Securities and Exchange Commission ("SEC") and became effective on November 18, 2021 and a related registration statement is being filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com. The final prospectus will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful

NVA CEO, Mr. Christopher Gerteisen commented: "I am very pleased to announce to our shareholders that Snow Lake Resources will be listed and led by its North American management team to improve operating efficiencies and unlock value for Nova shareholders. This listing reflects the location of its core asset being in North America, situated next to key infrastructure allowing access to the US Auto Alley as well as European markets through the Port of Churchill.

I want to thank Snow Lake CEO Phillip Gross for his strong leadership, as well as the entire team for their tireless work in pushing Snow Lake to listing. Phillip's focus on measured growth combined with prudent cash management will be critical to Snow Lake's success."

Nova's Board of Directors believe Snow Lake's listing in North America will allow Snow Lake to streamline its business operations, given the core assets and management team are currently located in North America, and may deliver certain additional benefits to Snow Lake, Nova and our shareholders, including:

The increased attractiveness of Snow Lake to a broad U.S. investor pool who previously could not invest in non-U.S. securities, leading to Snow Lake being more fully valued over time;

Improved access to lower-cost debt and equity capital in the U.S. markets, thus enabling future growth to be financed at a lower cost;

Reduce complexity and improve operating efficiencies; and

A simplified corporate structure for potential future merger, sale or acquisition transactions, which may increase Snow Lake's attractiveness to potential merger partners, sellers or acquirers.

About Nova Minerals Limited:

Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd. (ASX:TNR) and RotorX Aircraft Manufacturing Co.

Source:
Nova Minerals Ltd.

Contact:

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