Shares of Nova Minerals Limited (NASDAQ:NVA) soared 21.2% on Wednesday following news that the company’s U.S. subsidiary received $43.4 million in funding under the Defense Production Act to produce antimony trisulfide at its Estelle Gold and Critical Minerals Project in Alaska.
The grant, issued by the U.S. Department of War, will enable Alaska Range Resources, LLC to fast-track the development of a fully integrated domestic antimony supply chain. The company plans to extract, concentrate, and refine stibnite into military-grade antimony trisulfide to meet U.S. defense requirements.
“We are proud to have ARR partner with the U.S. Department of War to help secure a fully domestic, redundant supply chain for the munitions and other defense products our troops need to keep our nation and allies safe,” said Nova CEO Christopher Gerteisen.
The funding will support the initial phase of Nova’s plan to establish a centralized antimony mining and refining operation in Alaska. The company emphasized that the award followed “rigorous vetting and technical due diligence” of the Estelle Project, reinforcing confidence in both the quality and potential scale of antimony production from the site.
Nova Minerals also noted backing from federal and state leaders in Alaska, including Senators Murkowski and Sullivan, Congressman Begich, and Governor Dunleavy. Local partnerships are expected with the University of Alaska Fairbanks, the Alaska Department of Natural Resources, and Alaska Native Corporations to bring the Estelle Project into full production.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.