Earnings

Nova Minerals Reports $12.9 Million Operating Loss for September Quarter

The Tip Desk · November 14, 2026 · 3 min read

Nova reported a $12.9 million operating loss for the three months ended September 30, 2026. Cash and cash equivalents declined to $17.8 million at quarter-end from $26.8 million at June 30, 2026, after $11.7 million of exploration and field-program spending.

Nova Minerals Corp (NVA), a gold, antimony and critical-minerals explorer developing the Estelle Project in Alaska, reported a $12.9 million operating loss for the three months ending September 30, 2026, as exploration and evaluation costs rose to $11.7 million from $6.3 million a year earlier.

The company, which has not generated revenue from operations, said the higher field costs reflected a larger 2026 drill program supporting its gold pre-feasibility study, mining studies related to antimony exploration, and freight tied to antimony processing equipment. It completed about 8,000 meters of drilling in the 2026 field season.

Cash and cash equivalents fell to $17.8 million as of September 30, 2026, from $26.8 million as of June 30, 2026. The company collected $5.5 million of outstanding Department of War receivables in the quarter, but that inflow was more than offset by $11.7 million of exploration and field-program spending, $1.3 million of operating expenses, and $3.8 million of remaining payments on ore sorters and other antimony processing plant equipment.

Operating cash use was $4.9 million in the three months ending September 30, 2026, matching the year-earlier period. The 2026 outflow reflected a net loss excluding non-cash items of $11.3 million, a $1.8 million decrease in accounts payable, the $5.5 million drop in accounts receivable from the DoW collection, a $3.0 million increase in other accrued expenses for the field program, a $0.8 million increase in deferred government grant, and a $1.0 million decrease in deferred taxes.

Investing cash use was $3.8 million, all for plant and equipment, compared with $0.7 million a year earlier, which was primarily equity investment securities. Financing activities used $0.2 million for lease and notes-payable payments, versus $11.2 million provided a year earlier, which was primarily $11.1 million of equity issuances.

Government grant income, net, was $514,041, recognized on a straight-line basis over the useful lives of assets purchased under the DoW award. No grant income was recognized for completion of DoW milestones in the period. General and administrative costs were $1.3 million, which the company attributed in part to higher legal, exchange, transfer-agent and insurance costs after its June 2026 redomiciliation to the United States. Depreciation and amortization was $408,191.

Antimony work continued under the $43.4 million DoW award. The company drilled at Stibium and Styx, collected about 100 tons of antimony-bearing material for a planned pilot plant, and delivered about 500 tons of processing and refining equipment to Port MacKenzie in September 2026. After September 30, it said it received final regulatory approvals covering stibnite mining, ore sorting at Whiskey Bravo, and downstream processing at Port MacKenzie.

As of September 30, 2026, the company had received approximately $23.9 million of the $43.4 million DoW award. It expects the remaining approximately $19.6 million during the remainder of fiscal 2027, saying it believes it will remain on schedule to achieve required milestones.

Management again stated that existing financial resources are not sufficient to fund planned operations for at least twelve months from the date the financial statements are issued, raising substantial doubt about the company’s ability to continue as a going concern. It said it intends to seek additional capital through equity or debt financings or other arrangements.

Gross contractual cash obligations were $3.22 million as of September 30, 2026, including finance lease liabilities of $1.93 million and notes payable of $1.29 million.