US-based Nova Minerals Completes 8,000 Meters of Exploration Drilling to Advance Alaska Antimony Project Construction

en.Wedoany.com Reported - On November 13, US mining company Nova Minerals released its third-quarter operating report for the period ended September 30, disclosing new exploration and construction progress at its Estelle gold and critical minerals project in Alaska. The company completed approximately 8,000 meters of drilling during the 2026 field exploration season, collected approximately 100 tonnes of antimony-bearing ore from the Styx and Stibium antimony-gold mineralized zones as pilot test feedstock, and has delivered approximately 500 tonnes of mineral processing and smelting equipment to the Port MacKenzie processing site in Alaska. The project continues to target antimony pilot production in 2027.

Exploration work has focused primarily on the two antimony-gold mineralized zones, Styx and Stibium, with drilling aimed at delineating the extent of stibnite mineralization and resource distribution. The company has collected approximately 100 tonnes of antimony-bearing material, planned as initial feed for the pilot processing facility. Running in parallel with mineral zone exploration is the gold resource evaluation work for the Estelle project; the approximately 8,000 meters of drilling completed in 2026 also covered gold exploration targets, with drilling in the RPM area intended to expand the orebody extent and improve the reliability of the existing resource estimate.

Processing facility construction is concentrated at Port MacKenzie. In September 2026, approximately 500 tonnes of processing and refining equipment arrived on site, and initial earthworks and construction preparation have begun. The project adopts a phased processing route: the Styx and Stibium mineral zones are responsible for stibnite mining, the Whiskey Bravo site within the Estelle project handles ore sorting and intermediate processing, and Port MacKenzie is responsible for subsequent processing and refining. The final product plan includes military-grade antimony trisulfide and Grade II antimony metal with purity exceeding 99.65%.

Phase One of the project received USD 43.4 million in funding support from the US Department of War, allocated for mineral exploration, research, permitting, and the procurement of mining and processing equipment. As of September 30, 2026, the company had received approximately USD 23.9 million; after obtaining final approval on October 27, it completed another funding disbursement milestone and submitted a USD 5 million payment request. The remaining funds must still be requested in accordance with project progress and contract milestones, and the company expects to receive the remaining amounts before the end of fiscal year 2027.

Nova Minerals has completed drilling and geophysical surveys in the RPM area, and has carried out geological mapping and sampling at the mine site. The company has also completed laboratory-scale flotation tests to evaluate and optimize gold recovery, providing technical data for the pre-feasibility study of the Estelle gold project. Gold exploration and antimony project construction are two business lines under the same mine development plan, and the current construction focus remains the antimony pilot processing system.

As of September 30, 2026, Nova Minerals held approximately USD 17.8 million in cash and cash equivalents, with cash used in operating activities of approximately USD 4.9 million and cash used in investing activities of approximately USD 3.8 million during the quarter. The net loss for the quarter was approximately USD 12 million, up from USD 6.4 million in the same period last year, mainly due to increased investment in exploration drilling, mine studies, and antimony project development. The company also disclosed in its quarterly report that its existing funds are insufficient to cover planned operating expenditures for at least the next 12 months, that there is material uncertainty regarding its ability to continue as a going concern, and that future funding arrangements remain dependent on government project payments, equity, or debt financing.