- Nova Minerals (NVA) has released its quarterly report, showing the company is well funded for future work at its Estelle Gold Project in Alaska
- The exploration stock ended Q1 FY21 with over $16 million worth of cash in the bank after exercising almost 490 million options
- The quoted options gave Nova an extra $15.8 in equity, with the bulk of those funds to go towards fast-tracking development at Estelle
- The company ended the September quarter cash flow negative and revealed it spent over $1.5 million on exploration works
- During the period, Nova’s flagship gold project was assigned a newly upgraded 3.3 Million Ounce Maiden Gold Resource
- NVA ended the day trading grey at 18.5 cents each
Nova Minerals (NVA) has released its quarterly report to shareholders, showing the company is well funded for future work at its flagship Estelle Gold Project.
Estelle is located in Alaska, U.S., and is Nova’s primary focus right now as it plays host to some of North America’s largest gold deposits.
The financials
The exploration company ended Q1 FY21 with $16.4 million worth of cash in the bank, well up on the $4.2 million it had in the bank at the end of Q4 FY20.
The significant bump in funds comes after Nova announced in September it had raised $15.8 million by exercising almost 490 million options since January.
At the time, the company said it planned to spend the majority of the funds raised on fast-tracking development at Estelle.
Nova ended the September quarter cash flow negative with an operating balance sheet of $487,000.
In addition to this, the company revealed it spent over $1.5 million on exploration and evaluation works.
The activities
Activities wise the company’s biggest focus throughout the September quarter was its Estelle Project.
The Alaskan-based asset was assigned a now-upgraded 3.3 Million Ounce Maiden Inferred Gold Resource during the July to September period.
The resource was based off its Korbel Main Prospect, where diamond drilling intercepted 101 metres at 1.3 g/t gold including 3 metres at 8.2 g/t gold.
Nova has more diamond and reverse circulation drilling planned for Estelle both this year and next year.
It’s also identified the Cathedral target within the wider gold project as a main priority for 2021 after rock chip samples returned high-grade gold results.
Shares in Nova Minerals have ended the day trading flat at 18.5 cents each.