Annual Report 2022
Corporate Directory
Directors
Anna Ladd-Kruger
Chair of the Board
Christopher Gerteisen CEO & Executive Director
Louie Simens
Executive Director
Craig Bentley
Non-Executive Director
Rodrigo Pasqua
Non-Executive Director
Avi Geller
Non-Executive Director
Company Secretary
Ian Pamensky
Registered Office and Domicile
Main Operations:
Whiskey Bravo Airstrip
Matanuska-Susitna Borough,
Alaska, USA
1150 S Colony Way Suite 3-440,
Palmer, AK 99645
Corporate:
Suite 602
566 St Kilda Road Melbourne
VIC 3004 Australia
Telephone: +61 3 9537 1238
Internet: http://www.novaminerals.com.au
Share Registry
Link Market Services Limited
Level 13, Tower 4
727 Collins Street
Melbourne VIC 3000
Australia
ASX: NVA
OTC: NVAAF
Auditors
RSM Australia Partners
Level 21, 55 Collins Street
Melbourne VIC 3000
Australia
Developing
North America’s
next major gold
trend in Alaska
Nova Minerals Ltd | Annual Report 2022 1
About Nova Minerals
Nova Minerals Limited (ASX: NVA) vision is developing North America’s next major gold
trend, Estelle, to become a world-class, tier-one, global gold producer. The company is
focused on exploration in Alaska’s prolific Tintina Gold Belt, a province which hosts a 220
million ounce (Moz) documented gold endowment and some of the world’s largest gold
mines and discoveries including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s
Fort Knox Gold Mine. The Company’s Estelle Trend development is a 35km long corridor of
21 identified gold prospects bracketed by the Korbel Project in the north and the RPM
Project in the south. Currently, these two flagship projects have a combined total estimated
JORC gold resource of 9.6 Moz (3 Moz Indicated and 6.6 Moz Inferred) and are host to
extensive resource development programs.
Additionally, Nova holds a substantial interest in NASDAQ-listed lithium explorer Snow Lake
Resources Ltd (NASDAQ: LITM) and a holding in Asra Minerals Limited (ASX: ASR), a gold
exploration company based in Western Australia
Contents
Message from the CEO
Highlights
Review of Operations
Directors’ Report
Remuneration Report
Auditors Independence Declaration
Financial Statements
Notes to the Financial Statements
Director’s Declaration
Independent Auditor’s Report
ASX Additional Information
3
5
6
14
20
28
29
36
66
67
71
2 Nova Minerals Ltd | Annual Report 2022
Message from the CEO, Christopher Gerteisen
The past year has been both exciting and a little
frustrating for Nova. Exciting in that we have made
substantial progress as we continue to further
unlock the world-class Estelle Gold Trend in our
drive to become one of the worlds most valued gold
companies. And frustrating in that our share price
has not reflected the enormous fundamental gains
we have made throughout the year, including a
substantial increase in our resources and the
production of a positive phase 1 scoping study,
which showed that Korbel Main was a viable stand-
alone gold operation. However, with fundamentals
this strong and growing every day I am confident
our day will come!
In 2022, we have continued to invest heavily in our future through the ongoing development of the
Estelle Gold Project that will expand and enhance an operating platform which already holds some
of the industry’s best and fastest growing gold resources. Our exploration programs are broadening
our horizons by finding fresh targets across the entire project area, in addition to the major
resources already defined, but still growing, at both Korbel and RPM.
We have also sharpened our skills and nurtured a new generation of leaders while strengthening
the many stakeholder partnerships that secure our social license with our local community support
programs and our hire and buy Alaska policy.
The creation of long-term value, which is Nova’s prime objective, requires a sustainable and
innovative strategy with every dollar spent creating significant intrinsic value for all stakeholders.
Our operation has a business plan for the next 10 years and beyond – plans based not on wishful
thinking, but on geological, engineering and commercial fundamentals. Deeply embedded in those
plans is our long-standing commitment to the principles of sustainability, innovations and a team
driven like I have never witnessed in my career. The incredible synergies within the wider working
group, which informs all our business decisions, has kept our discovery cost per ounce well below
industry average and fast tracks our progress to becoming a world-class, tier-one, global gold
producer.
Now for the next step. Nova’s strong balance sheet and strategic investments enables us to
continue building our future by investing in the development of the many growth prospects within
the Estelle Gold Trend. In the last few weeks, the team has delivered more incredible drill results at
RPM, and with an aggressive drilling program, updated mineral resource estimate, phase 2 scoping
study and PFS level tradeoff activities all underway together, the future is looking very bright for
Nova with another very exciting year ahead.
Nova Minerals Ltd | Annual Report 2022 3
To achieve these outcomes, it takes a team who worked tirelessly, led by the group executive, all
focused and dedicated to achieving the same goals and I would like to thank them all for their
tremendous efforts and hard work during the year. I would also like to thank our Chairperson and
the Board who have provided the guidance and governance we need on this journey, as well as the
many stakeholders and business associates with whom we enjoy mutually rewarding partnerships.
We are only just getting started at the Estelle Gold Project and I look forward to a rewarding year
ahead and beyond as we continue full steam ahead on our path towards production.
Thank you for your ongoing support.
Christopher Gerteisen
Executive Director and CEO
4 Nova Minerals Ltd | Annual Report 2022
Highlights – Delivering on our Vision to Develop the Major Estelle Gold Trend
Discovered the exciting high-grade RPM
Deposit
New discoveries made at Train/Shoeshine and
Stoney
Grew the gold resource by 105% from 4.7Moz
to 9.6Moz
Produced a positive phase 1 scoping study
which showed Korbel Main was a viable
stand-alone gold operation and in advanced
stages of the phase 2 scoping study which will
also incorporate the high-grade RPM Deposit
Ahead of the curve on environmental test
work to fast track permitting
Increased the breath and experience of the
Board
Expanded the winterized Bravo Whiskey
camp and setup a sample preparation lab
Listed and monetized some of our investment
in the spin out of lithium explorer Snow Lake
Resources
Nova Minerals Ltd | Annual Report 2022 5
Review of Operations
New Discoveries at the Estelle Gold Project
Nova’s vision is to develop the Estelle Gold Trend into North America’s next major gold trend. With
the discovery of the 2nd major deposit along the trend in October 2021, the high-grade RPM Deposit,
and further exciting prospects at both the Train/Shoeshine and Stoney areas as well, the team has
already proven that the Estelle Gold Trend is a multi-deposit project with a potentially massive
resource endowment.
Drill Program Results and Resource Upgrade
During the past year, Nova has continued its fast-tracked exploration strategy. Drilling continued
throughout the period with further higher-grade feeder zones discovered at the Korbel Main Deposit
and a bonanza grade result at the RPM North Deposit of 3.5 g/t Au over 400m (1,400 gram
meters), including 10.1 g/t Au over 132m. As a result of the 2021 drilling program, Nova released
a maiden JORC compliant 1.5Moz Inferred Resource at its high-grade RPM North Deposit and
significantly upgraded the resource at the Korbel Main Deposit to 8.1Moz, including 3Moz Indicated,
which combined now gives the Estelle Gold Project a total mineral resource of 9.6Moz (Table 1 &
Figure 1).
Table 1. Global Mineral Resource Statement, Estelle Gold Trend
6 Nova Minerals Ltd | Annual Report 2022
Figure 1. Resource Growth
In 2022, infill and step-out drilling continues to prove up and extend the high grade (+2g/t) material
within and beyond the existing RPM North resource, to be included in the Phase 2 Scoping Study,
with significant results since year end including;
o RPM-015
161m @ 8.1 g/t Au from surface including;
117m @ 11.1 g/t Au
78m @ 16.0 g/t Au
45m @ 25.3 g/t Au
14m @ 51.2 g/t Au
(RPM-015 returned an overall average grade of 5.1 g/t Au over 258m (1,316 gram meters) from
surface within the RPM North mineralized zone at 0.1g/t cutoff)
o RPM-008
140m @ 6.5 g/t Au from 44m including;
87m @ 10.1 g/t Au
56m @ 15.0 g/t Au
24m @ 24.7 g/t Au
(RPM-008 returned an overall average grade of 3.6 g/t Au over 260m (936 gram meters) from
surface within the RPM North mineralized zone at 0.1g/t cutoff)
Nova Minerals Ltd | Annual Report 2022 7
Phase 1 Scoping Study – Korbel Stand-Alone Operation Commercially Viable
On 28 February 2022, Nova released the Phase 1 Scoping Study , which while constrained by the
amount of Indicated Resources available from a single ore source within a starter pit at Korbel Main,
shows the potential for Korbel Main to support a commercially viable, large stand-alone, bulk
tonnage open pit mining operation, with ideal ore body geometry that allows mining at a very low
strip ratio.
Conceptual
Phase 1
Pit Option
Potential location for the
Korbel Central
Processing Facility
Figure 2. Conceptual Korbel Main phase 1 pit option & central processing facility location
The Study provided a proof of concept for the proposed flow sheet (Figure 3) with the CAPEX for
a Central Processing Facility to be located at Korbel (Figure 2), which is scaled to receive feed from
multiple ore sources, including the high-grade RPM Deposit, and other ore sources as they come
online across the entire Estelle Gold Trend in the future.
Figure 3. Simplified Flow Sheet
8 Nova Minerals Ltd | Annual Report 2022
Key highlights from the Scoping Study include:
The Study confirms the viability of a stand-alone gold operation at the Korbel Main Deposit with
a 15 year evaluation period.
Rapid payback period of 3 years production with years 1-3 all in sustaining costs (AISC) of
USD$879/oz provide robust early project returns. Study forecasts over 200,000 oz in the first
year of gold production.
Low mine strip ratio of 0.76:1 with ore sorters delivering 1.0g/t average feed grade to mill
producing within the first 3 years.
Total gold produced 1,956,000 oz with 88% gold recovery over the evaluation period, using a
conventional truck and shovel mining method (Figure 4) and mill operation.
Attractive financial outcomes with Pre-Tax NPV5% USD$381M, Pre-tax IRR 20.4% and total
period revenue of USD$3.4B, based on a USD$1,750/oz gold price.
Average Cash Costs of USD$990/oz and AISC of USD$1,120/oz over the evaluation period.
Estimated pre-production capital cost of 6Mt pa plant and site infrastructure of approximately
USD$424M, inclusive of USD$57M mining fleet equipment (“Yellow gear”) and contingencies.
Figure 4. Animation of the conceptual truck and shovel mining fleet
Importantly, the Scoping Study sensitivity analysis, in Figure 5 below, showed that the Project’s
overall economics is highly sensitive to grade, as outlined at the high-grade RPM Gold Project,
which was not included in the study results.
Nova Minerals Ltd | Annual Report 2022 9
Figure 5. Sensitivity analysis shows the Project’s economics are highly sensitive to grade
The Phase 1 Scoping Study has provided a solid platform for growth and has identified clear
opportunities for improvement, the 1st of which is the inclusion of the high-grade RPM North Deposit,
which has a current Inferred Resource of 23.1 Mt @ 2.0g/t Au for 1.5Moz of gold. Geophysics
performed by Nova earlier in the year confirmed the extension of the RPM North Deposit by up to
1 km to the West which is the focus of the Company’s current drilling program, with the aim to
increase both the size and confidence of the resource to the higher Indicated category for inclusion
in the Phase 2 Scoping Study.
Figure 6. Unlocking the wider Estelle Gold Trend
10 Nova Minerals Ltd | Annual Report 2022
Haulage studies investigating 4 options to haul high-grade RPM ore back to the Korbel Central
Processing Facility (KCPF) have also commenced and significant further upside opportunities also
remain as step out extensional drilling is performed over the wider Korbel and RPM Gold Projects
for inclusion in the Pre-Feasibility Study which is anticipated to be delivered later in 2023.
2023 Financial Year Next Steps
Re-commenced drilling at Korbel, including the infill saddle area, and maiden drill test
Cathedral
Continue drilling and evaluation at RPM
Continue the various mine, process optimisation and multiple trade off studies for the Phase 2
Scoping Study and PFS at Korbel and RPM
Upgrade the mineral resource estimate (MRE) for both Korbel and RPM to include the current
drill program results
Complete the Phase 2 Scoping Study, which will include the high-grade RPM feed
Continue to unlock the Estelle Gold Trend, with ground truthing on the RPM surrounds and the
Train/Shoeshine area, being the company’s prime focus
Strategic Investments
In addition to its flagship Estelle Gold Project in Alaska, Nova also owns investments in the following
strategic assets which it will monetize over time to provide funding for the Estelle project.
Snow Lake Resources Ltd
6.6 million shares | 37% owned | NASDAQ: LITM
In November 2021, Nova spun off its Canadian lithium exploration company, Snow Lake Resources
Ltd, and listed it on the US NASDAQ exchange (NASDAQ: LITM). Then on 11 April 2022, Nova
completed the sale of 3,000,000 Snow Lake Resources Ltd shares in an underwritten secondary
offering, which represented approximately 31% of its holding at the time, at a price per share of
US$6.00, for total proceeds of US$18,000,000 (AUD$24,000,000) before underwriting fees and
offering expenses. Subsequent to the transaction, Nova continues to hold 6,600,000 Snow Lake
shares which under agreement are in escrow to 21 March 2023.
Snow Lake Resources Ltd, is engaged in lithium exploration at the Thompson Brothers Lithium
Project, located in Manitoba, Canada, which comprises of a dominant 56 km2 position located on
Crown land and encompasses two lithium rich spodumene clusters known as the Thompson
Brothers and Sherritt Gordan pegmatite dykes. The project presently has an SK-1300 compliant
lithium mineral resource estimate of 9.08 Mt @ 1.00% Li2O indicated, and 1.97 Mt @ 0.98% Li2O
inferred. Snow Lake is currently undertaking resource expansion drilling to significantly increase
both the resource size and confidence and has initiated its feasibility studies, with an aim to be
mining by 2024/25.
For more information, see www.snowlakelithium.com
Nova Minerals Ltd | Annual Report 2022 11
Asra Minerals Ltd
117.3 million shares | 8.76% owned | ASX: ASR
Asra Resources Ltd is a highly active gold and rare earths exploration and development company
with an extensive and strategic land holding comprising of six projects and over 400km² of tenure
in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and
lie within 50km of major mining towns. The Company is entering an exciting phase in its
development as its exploration to date has already resulted in several gold discoveries, including
its flagship Mt Stirling Project which neighbours Red 5’s King of the Hills mine.
For more information, see www.asraresources.com.au
Rotor X Aircraft Manufacturing
9.9% owned | Pre-Listing
Rotor X Aircraft Manufacturing is a helicopter kit manufacturing company that produces the world’s
most affordable and reliable 2 seat personal helicopter. Recently Rotor X also announced that it has
entered the electric vertical take-off and landing (eVTOL) market, with the aim of developing
innovative, low operating cost, heavy-lift electric helicopters and drones, to support mining and
other industries, as well as the growing urban air taxi market. The unprecedented potential benefits
for Nova’s mining operations through the innovative application of clean aircraft technology, which
are expected to lower Nova’s estimated logistics costs by a third, have been the primary motive
behind the Company’s investment in aerospace company Rotor X.
For more information, see www.rotorxaircraft.com
12 Nova Minerals Ltd | Annual Report 2022
Financial Report
Directors’ Report
Remuneration Report
Auditors Independence Declaration
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Director’s Declaration
Independent Auditor’s Report
14
20
28
31
32
33
35
36
66
67
Nova Minerals Ltd | Annual Report 2022 13
Directors’ Report
The directors present their report, together with the financial statements, on the consolidated entity (referred
to hereafter as the 'consolidated entity') consisting of Nova Minerals Limited (referred to hereafter as the
'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June
2022.
Directors
The following persons were directors of Nova Minerals Limited during the whole of the financial year and up
to the date of this report, unless otherwise stated:
Anna Ladd-Kruger (appointed 29 June 2022)
Christopher Gerteisen
Louie Simens
Craig Bentley (appointed 18 February 2022)
Rodrigo Capel Pasqua (appointed 1 May 2022)
Avi Geller
Colin Belshaw (resigned 12 January 2022)
David Hersham (resigned 11 March 2022)
Dividends
There were no dividends paid, recommended, or declared during the current or previous financial year.
Review of Operations
Statement of Profit or Loss and Other Comprehensive Income
As an exploration company, Nova does not have an ongoing source of revenue. Its revenue stream is normally
from interest received on cash at bank.
Administration expenses increased from $1,693,195 in 2021 to $2,980,714 in 2022 primarily due to increases
in director fees, legal fees, and marketing costs. Share based expense was $1,470,936 in 2021 compared to
$1,200,053 in 2022.
As a result of the IPO and deconsolidation of Snow Lake Resources in November 2021 the profit for the
consolidated entity after providing for income tax and non-controlling interest in 2022 amounted to
$34,684,554 (30 June 2021: loss of $3,127,870).
Statement of Financial Position
At 30 June 2022, the Company had cash at bank of $21,278,936 (2021: $15,516,112).
During the year, trade and other receivables increased from $195,012 to $242,481 and capitalised exploration
expenditure increased from $35,843,069 to $56,702,626 as result of expenditure incurred on the Estelle Gold
project.
At 30 June 2022, the Company had total liabilities of $3,999,582 (2021: $4,287,061).
As a result, the Company had net assets of $104,329,326 on 30 June 2022 (2021: $52,580,191).
Cashflow
During the year, the Company paid $2,855,761 (2021: $2,138,336) for operating activities; paid $3,957,726
(2021: $21,055,527) for investing activities; and received $11,153,036 (2021: $34,883,982) from financing
activities.
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
14 Nova Minerals Ltd | Annual Report 2022
Matters Subsequent to the End of the Financial Year
The following events have occurred subsequent to the period end:
On 5 September 2022, the Company announced that it has issued 3,458,990 fully paid shares (“Shares”)
upon the exercise of 6,250,000 unlisted options (“Options”) issued under the Company’s Employee Share
Option Plan (“ESOP Plan”) of which:
NVAUOP4 (ASX: NVAAA)
3,303,372 Shares were issued on exercise of 6,000,000 Options pursuant to the cashless exercise facility
under the ESOP Plan; and
100,000 Shares were issued on exercise of the same number of Options.
NVAEIOPT (ASX: NVAAB)
55,618 Shares were issued on exercise of 150,000 Options pursuant to the cashless exercise facility under
the ESOP Plan.
COVID-19 Impact
The impact of the Coronavirus (COVID-19) pandemic is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may
significantly affect the consolidated entity's operations, the results of those operations, or the consolidated
entity's state of affairs in future financial years.
Likely Developments and Expected Results of Operations
Information on likely developments in the operations of the consolidated entity and the expected results of
operations have not been included in this report because the directors believe it would be likely to result in
unreasonable prejudice to the consolidated entity.
Environmental Regulation
The exploration activities of the Company are conducted in accordance with and controlled principally by
government legislation in Alaska, United States of America.
The Company has exploration land holdings in Alaska (USA). The Company employs a system for reporting
incidents, establishing and communicating accountability, and rating environmental
environmental
performance. During the year, data on environmental performance was reported as part of the monthly
exploration reporting regime. In addition, as required under various state and territory legislation, procedures
are in place to ensure that the relevant authorities are notified prior to the commencement of ground
disturbing exploration activities.
The Company is committed to minimising the impact of its activities on the surrounding environment, while
at the same time aiming to maximise the social, environmental and economic returns for the local community.
To this end, the environment is a key consideration in our exploration activities and during the rehabilitation
of disturbed areas. Generally, rehabilitation occurs immediately following the completion of a particular
phase of exploration. In addition, the Company continues to develop and maintain mutually beneficial
relationships with the local communities affected by its activities.
Nova Minerals Ltd | Annual Report 2022 15
Information on Directors
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Other current directorships:
Anna Ladd-Kruger
Chair of the Board
52
Certified Public Accountant (CPA, CMA)
Ms. Ladd-Kruger was the former Chief Financial Officer (CFO) of McEwen
Mining Inc. (TSX: MUX, NYSE: MUX) where she was brought in to strengthen
the Company’s executive team leading financial and operational turnaround
strategies. She was also key to the McEwen Copper Asset spin out and
served as its CFO and director. Ms. Ladd-Kruger was also the previous CFO
of Trevali Mining Corporation (TSX: TV), an international base metals mining
company. She was part of Trevali’s original executive management team
that grew the company from a junior exploration market capitalization of $30
million to a mid-tier base metals producer that reached over $1 billion on the
TSX. She has raised over $1 billion US dollars in debt and equity throughout
her career in the mining sector.
Ms. Ladd-Kruger also served as the CFO and VP Corporate Development
for a number of Canadian publicly listed junior mining companies and began
her career working at Vale S.A.’s Thompson and Sudbury Canadian
operations before joining Kinross Gold Corporation as their North American
Group Controller.
Ms. Ladd-Kruger currently sits on the board and serves as the Audit Chair
of Integra Resources Corp. (TSX: ITR, NYSE: ITRG), and also sits on the
board of SilverCrest Metals Inc. (TSX: SIL, NYSE: SILV). She is a Certified
Public Accountant (CPA, CMA), holds the Canadian Institute of Corporate
Directors designation (ICD.D), a Master’s in Economics from Queen’s
University and a Bachelor of Commerce from the University of British
Columbia.
Integra Resources Corp. (TSX: ITR, NYSE: ITRG), and SilverCrest Metals
Inc (TSX: SIL, NYSE: SILV)
Former directorships (last 3 yr): Excellon Resources Inc. (TSX: EXN, NYSE: EXN).
Interests in shares:
Interests in options:
Interests in rights:
0
0
0
16 Nova Minerals Ltd | Annual Report 2022
Name:
Title:
Age:
Experience and expertise:
Other current directorships:
Former directorships (last 3 yr): None
Interests in shares:
Interests in options:
Interests in rights:
200,000
500,000
800,000
Name:
Title:
Age:
Experience and expertise:
Christopher Gerstein
Executive Director & CEO
49
Mr. Christopher Gerteisen as CEO controls all aspects of the Estelle Gold
project while implementing efficiencies and savings to keep cost per
discovery ounce well below industry average. Mr. Gerteisen has over 20
years of experience as a professional geologist with an extensive record of
managing and advancing complex and challenging resource projects across
North America, Australia, and Asia.
His work experience spans greenfields from discovery through to production
stage and other projects with a focus on commodities including gold and
copper. He worked as a geologist on the Carlin Trend in Nevada and on
exploration in Alaska with Newmont. He has held senior positions within
several projects throughout the goldfields of Western Australia.
As a research geologist with Newmont he worked on the Batu Hijau Porhryry
Cu-Au deposit
technical
contributions and management skills, Mr. Gerteisen played a significant role
in the successful start-up, operations, and exploration which resulted in
further mine-life extending discoveries at several prominent projects in the
Australasian region, including Oxiana’s Sepon and PanAust’s Phu Bia in
Laos. Mr. Gerteisen holds a Bachelor of Geology from the University of Idaho
and a Master’s Degree in Economic Geology from the Western Australia
School of Mines. He is a dual USA and Australia Citizen based in Alaska and
a member of the Australian Institute of Geoscientists.
Viridis Mining and Minerals Limited (ASX: VMM)
Indonesia. Most recently,
through his
in
Louie Simens
Executive Director
40
Louie Simens has been an Executive Director of Nova since 2017. Mr.
Simens is responsible for managing the company’s core business
operations which
requires oversight of company-wide operational
efficiencies and working with management and the board to review and
implement strategic plans to facilitate growth. He has extensive experience
in capital markets and running businesses, as well as in corporate
restructuring, due diligence and mergers & acquisitions, where he utilizes
his knowledge of corporate governance and project management. Mr.
Simens has a successful track record spanning more than a decade, owning
and operating contracting businesses in the fields of both civil and building
construction. Mr. Simens is currently director of his family construction
group. Mr Simens has also been a Director and Non-Executive Chairman of
Snow Lake Resources Ltd. He has also served as Non-Executive Chairman
of Asra Minerals Limited , and during his time at Asra, Mr. Simens was
instrumental in the company’s recapitalization and turnaround.
None
Other current directorships:
Former directorships (last 3 yr): Asra Minerals Limited (ASX: ASR), Snow Lake Resources Ltd (NASDAQ:
Interests in shares:
Interests in options:
Interests in rights:
LITM)
6,534,970
2,000,000
800,000
Nova Minerals Ltd | Annual Report 2022 17
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Rodrigo Capel Pasqua
Non-Executive Director
32
BEng in Mining Engineering
Mr Rodrigo Capel Pasqua is a Member of the AusIMM, holds a BEng in
Mining Engineering from the University of São Paulo, a Western Australia
First Class Mine Managers Certificate and specialisations in Corporate
Leadership (University of Oxford), Corporate Strategy (London University)
and Finance (University of Illinois and Harvard University).
Technically, Mr Capel Pasqua skills encompass most aspects of
underground and open pit engineering, going from mining studies, financial
valuations and project execution
technology
implementation, operations management, and technical teams’ supervision.
He has vast experience in unlocking the value of mining projects across the
world, including specific expertise in large tonnage bulk mining operations
and at his tenure at Evolution Mining Limited, as Group Head of Mining and
Transformation, amongst many other projects and sites Mr Capel Pasqua
was involved with the Cowal Open Pit project and was also instrumental in
the Red Lake mine turnaround
At Nova Mr Capel Pasqua will provide technical and corporate advice as the
Company progresses the development of its flagship Estelle Gold Project in
Alaska.
Other current directorships:
None
Former directorships (last 3 yr): None
Interests in shares:
Interests in options:
Interests in rights:
to systems and new
0
0
0
Name:
Title:
Age:
Qualifications:
Experience and expertise:
Craig Bentley
Non-Executive Director
52
Bachelor of Commerce and Administration (BCA) degree, majoring in
accountancy and commercial law.
Mr Craig Bentley holds a Bachelor of Commerce and Administration degree,
majoring in accountancy and commercial law. Mr Bentley held positions at
Ernst and Young and worked internationally, including on the audit of the
Bank of America and a special audit for an insurance company prior to IPO
listing in the USA amongst others. In addition, he has over 30 years
commercial and finance experience working in senior roles in multinational
private enterprises. As part of his role with Nova, Mr Bentley will also be
tasked with compliance and risk management, as well as assisting with the
company’s strategy during Nova’s forecasted rapid growth period.
None
Other current directorships:
Former directorships (last 3 yr): None
Interests in shares:
Interests in options:
Interests in rights:
1,720,780
0
0
18 Nova Minerals Ltd | Annual Report 2022
Name:
Title:
Age:
Experience and expertise:
Avi Geller
Non-Executive Director
34
Avi Geller has extensive investment experience and a deep knowledge of
corporate finance, including capital markets, venture capital, hybrid, debt
and private equity. He served as Chief Investment Officer of Leonite Capital,
a family office he co-founded focusing on real estate and capital markets.
Mr. Geller also serves as a director of the real estate company Parkit
Enterprise Inc (TSX-V: PKT | OTCQX: PKTEF) and the events and
technology company Dealflow Financial Products. He previously served as
chairman of Axios Mobile Assets.
Parkit Enterprise Inc (TSX-V: PKT | OTCQX: PKTEF)
Other current directorships:
Former directorships (last 3 yr):
Interests in shares:
Interests in options:
Interests in rights:
1,618,985
1,000,000
0
'Other current directorships' quoted above are current directorships for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities
only and excludes directorships of all other types of entities, unless otherwise stated.
Company Secretary
Mr Ian Pamensky was appointed on 18 September 2019 and has over 25 years’ experience in the finance
and secretarial sector for both SME and ASX-listed entities. Since 1997, Mr Pamensky has held various roles
with ASX-listed companies in a number of sectors.
Meetings of Directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30
June 2022, and the number of meetings attended by each director were:
C Bentley
R Pasqua
A Geller
D Hersham
L Simens
C Gerteisen
C Belshaw
Full Board
Held
Attended
2
1
6
4
7
6
4
Audit and Risk
Committee
Held
Nomination and
Remuneration Committee
Attended
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
1
7
5
7
7
4
Attended
-
-
-
-
-
-
-
Held
-
-
-
-
-
-
-
Held: represents the number of meetings held during the time the director held office.
Nova Minerals Ltd | Annual Report 2022 19
Remuneration Report (Audited)
The remuneration report details the key management personnel remuneration arrangements for the
consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
●
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Additional information
Additional disclosures relating to key management personnel
Principles Used to Determine the Nature and Amount of Remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aligns executive reward with the
achievement of strategic objectives and the creation of value for shareholders, and it is considered to conform
to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that
executive reward satisfies the following key criteria for good reward governance practices:
●
●
●
●
Competitiveness and reasonableness
Acceptability to shareholders
Performance linkage / alignment of executive compensation
Transparency
The Board has not established a formal remuneration committee, having regard to the size of the consolidated
entity and its operations. The Board acknowledges that when the size and nature of the Company
warrants the necessity of a formal remuneration committee, such a committee will operate under a
remuneration committee charter to be approved by the Board. Presently, the Board as a whole, excluding
any relevant affected director, serves as a nomination committee to the Company.
The reward framework is designed to align executive reward to shareholders' interests. The Board have
considered that it should seek to enhance shareholders' interests by:
●
Having economic profit as a core component of plan design
●
Focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price,
and delivering constant or increasing return on assets as well as focusing the executive on key non-
financial drivers of value
Attracting and retaining high calibre executives
●
Additionally, the reward framework should seek to enhance executives' interests by:
●
●
●
Rewarding capability and experience
Reflecting competitive reward for contribution to growth in shareholder wealth
Providing a clear structure for earning rewards
In accordance with best practice corporate governance, the structure of non-executive director and executive
director remuneration is separate.
Non-Executive Directors Remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-
executive directors' fees and payments are reviewed annually by the Nomination and Remuneration
Committee. The Nomination and Remuneration Committee may, from time to time, receive advice from
independent remuneration consultants to ensure non-executive directors' fees and payments are appropriate
and in line with the market. The chairman's fees are determined independently to the fees of other non-
executive directors based on comparative roles in the external market. The chairman is not present at any
discussions relating to the determination of her own remuneration. Non-executive directors do receive share
options or other incentives
20 Nova Minerals Ltd | Annual Report 2022
ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by
a general meeting. The most recent determination was at the Annual General Meeting held on 25 November
2021, where the shareholders approved a maximum annual aggregate remuneration for non-executive
directors of $200,000.
Executive Remuneration
The consolidated entity aims to reward executives based on their position and responsibility, with a level and
mix of remuneration which has both fixed and variable components.
The executive remuneration and reward framework has four components:
●
●
●
●
Base pay and non-monetary benefits
Short-term performance incentives
Share-based payments
Other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Voting and comments made at the company's 25 November 2021 Annual General Meeting ('AGM')
At the 25 November 2021 AGM, 90.19% of the votes received supported the adoption of the remuneration
report for the year ended 30 June 2021. The company did not receive any specific feedback at the AGM
regarding its remuneration practices.
Details of Remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the
following tables.
Short-Term Benefits
Post-
Employ-
ment
Long-
Term
Benefits
Share-
Based
Payments
Cash
Salary
Cash
and Fees Bonus
Long
Service
monetary annuation Leave
Super-
Non-
30 June 2022
$
$
$
$
$
Equity-
Settled
$
Total
$
Non-Executive Directors:
C Bentley *
R Capel Pasqua *
A Geller
D Hersham
A Ladd-Kruger *
18,000
10,000
60,000
54,000
-
Executive Directors:
L Simens
C Gerteisen
229,400
226,273
597,673
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,550
46,705
-
-
25,320
66,550
56,705
60,000
54,000
25,320
54,351 283,751
-
54,351 280,624
-
- 229,277 826,950
* The options granted are subject to shareholder approval.
Nova Minerals Ltd | Annual Report 2022 21
Short-Term Benefits
Post-
Employ-
ment
Long-
Term
Benefits
Share-
Based
Payments
Cash
salary
Cash
and fees bonus
Non-
Super-
monetary annuation
30 June 2021
$
$
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
Non-Executive Directors:
C Belshaw
D Hersham
A Geller
45,380
62,000
60,000
Executive Directors:
L Simens
C Gerteisen
176,000
182,804
526,184
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
45,380
-
- 487,894 549,894
60,000
-
-
-
- 176,000
- 487,894 670,698
- 975,788 1,501,972
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Non-Executive Directors:
C Bentley
R Capel Pasqua
A Geller
D Hersham
A Ladd-Kruger
Executive Directors:
L Simens
C Gerteisen
Service Agreements
Percentage Fixed
Remuneration
Percentage Share-Based
Payments
30 June
30 June
30 June
30 June
2022
2021
2022
2021
27%
18%
100%
100%
-
-
-
100%
11%
-
73%
82%
-
-
100%
81%
81%
100%
27%
19%
19%
-
-
-
89%
-
-
73%
Remuneration and other terms of employment for key management personnel are formalised in service
agreements. Details of these agreements are as follows:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Anna Ladd Kruger
Non-Executive Chairman
29 June 2022
The Company has entered into a Non-Executive Director letter agreement
with Ms Ladd Kruger on ~ 20 June 2022 . The Company has agreed to pay
Ms Ladd Kruger an annual fee of CAD$60,000 (inclusive of superannuation
contributions, if applicable) for up to 20 hours per month.
Any excess hours will be charged at AUD$185 per hour.
Additional Benefits:
250,000 Unquoted Options each with an exercise price of $1.35 expiring 20
May 2023 (NVAUOP10) (Subject to shareholder approval)
22 Nova Minerals Ltd | Annual Report 2022
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Rodrigo Capel Pasqua
Non-Executive Director
1 May 2022
The Company has entered into a Non-Executive Director letter agreement
with Mr Pasqua on ~ 2 May 2022 . The Company has agreed to pay Mr
(inclusive of superannuation
Pasqua an annual
contributions, if applicable) for up to 20 hours per month.
Any excess hours will be charged at AUD$300 per hour.
Additional Benefits:
250,000 Unquoted Options each with an exercise price of
$1.35 expiring 20 May 2023 (NVAUOP10) (Subject to
shareholder approval)
fee of A$60,000
Craig Bentley
Non-Executive Director
18 February 2022
The Company has entered into a Non-Executive Director letter agreement
with Mr Bentley on 18 February 2022 2022 . The Company has agreed to
pay Mr Bentley an annual fee of A$72,000 (inclusive of superannuation
contributions, if applicable).
Additional Benefits:
200,000 Unquoted Options each with an exercise price of
$2.20 expiring 07 October 2023 (NVAAL) (Subject to
shareholder approval)
Name:
Title:
Agreement commenced:
Term of agreement:
Avi Gellar
Non-Executive Director
23 July 2020
The Company has entered into a Non-Executive Director letter agreement
with Mr Gellar on ~ 23 July 20202 . The Company has agreed to pay Mr
Gellar an annual fee of A$60,000 (inclusive of superannuation contributions,
if applicable).
Name:
Title:
Agreement commenced:
Term of agreement:
Chris Gerteisen
Executive Director and CEO
20 April 2022
Mr Gerteisen will receive a salary of $252,000 p.a., which is inclusive of
directors' fees and superannuation (if applicable).
Termination by Company:
The Company must either give Mr Gerteisen's twelve months’ written notice
and, at the end of that notice period, make a payment to Mr Gerteisen's equal
to his salary over a twelve month period; or otherwise may terminate Mr
Gerteisen's employment with immediate effect by paying him the equivalent
of his salary over a twelve month period.
Termination by Mr Gerteisen
Mr Gerteisen may terminate her employment if the Company commits a
serious breach of the agreement and does not remedy that breach; or,
otherwise, by providing twelve months written notice to the Company.
Nova Minerals Ltd | Annual Report 2022 23
Name:
Title:
Agreement commenced:
Term of agreement:
Louie Simens
Executive Directors
20 April 2022
Mr Simens will receive a salary of $228,000 p.a., which is inclusive of
directors' fees and superannuation (if applicable).
Termination by Company
The Company must either give Mr Simens twelve months’ written notice and,
at the end of that notice period, make a payment to Mr Simens equal to his
salary over a twelve month period; or otherwise may terminate Mr Simens
employment with immediate effect by paying him the equivalent of his salary
over a twelve month period.
Termination by Mr Simens
Mr Simens may terminate her employment if the Company commits a
serious breach of the agreement and does not remedy that breach; or,
otherwise, by providing twelve months written notice to the Company.
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
Additional Information
The earnings of the consolidated entity for the five years to 30 June 2022 are summarised below:
2022
$
2021
$
2020
$
2019
$
2018
$
Revenue
Net assets
Net profit/(loss)
20,000
11,850
104,329,326 52,580,191 18,036,550 11,119,277 7,428,055
38,097,293 (3,343,467) (4,276,995) (3,146,996) (1,370,786)
104,662
5,572
2,145
The factors that are considered to affect total shareholders return are summarised below:
2022
2021
2020
2019
2018
Basic earnings per share (cents per
share)
Diluted earnings per share (cents per
share)
19.61
(0.20)
(0.43)
(0.34)
(0.20)
19.61
(0.20)
(0.43)
(0.34)
0.20
Additional Disclosures Relating to Key Management Personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of
key management personnel of the consolidated entity, including their personally related parties, is set out
below:
Balance at
the Start of
the year
Received as
Part of
Remuneration
Additions
Disposals/
Other
Balance at
the End of
the Year
1,220,780
1,404,615
1,490,312
5,894,370
100,000
10,110,077
-
-
-
500,000
-
500,000
214,370
143,357
140,600
100,000
500,000 1,098,327
- 1,720,780
- 1,618,985
- 1,633,669
- 6,534,970
-
200,000
- 11,708,404
Ordinary shares
C Bentley **
A Geller *
D Hersham *
L Simens *
C Gerteisen *
24 Nova Minerals Ltd | Annual Report 2022
Option Holding
The number of options over ordinary shares in the company held during the financial year by each director
and other members of key management personnel of the consolidated entity, including their personally
related parties, is set out below:
Balance at
the Start of
the Year
Granted
Balance at
Expired/
Forfeited/ the End of
Exercised Other
the Year
-
-
1,000,000
-
2,000,000
500,000
3,500,000
200,000
250,000
-
250,000
-
-
700,000
-
-
-
-
-
-
-
200,000
-
-
250,000
- 1,000,000
-
250,000
- 2,000,000
-
500,000
- 4,200,000
Options over ordinary shares
C Bentley ** ***
R Pasqua ** ***
A Geller *
A Ladd-Kruger ** ***
L Simens *
C Gerteisen *
Performance Rights Holding
The number of performance rights over ordinary shares in the company held during the financial year by each
director and other members of key management personnel of the consolidated entity, including their
personally related parties, is set out below:
Balance at
the start of
the year
Granted
Expired/
Balance at
forfeited/ the end of
Vested
other
the year
Performance rights over ordinary shares
L Simens
C Gerteisen
Colin Belshaw *
800,000
1,500,000
800,000
-
800,000
-
1,500,000 2,400,000
Opening balance - adjusted for 1:10 consolidation.
*
** Opening balance at date of appointment.
*** The options granted are subject to shareholder approval.
This concludes the remuneration report, which has been audited.
Shares Under Option
(500,000) (1,000,000)
-
-
800,000
800,000
800,000
(500,000) (1,000,000) 2,400,000
-
-
There were no unissued ordinary shares of Nova Minerals Limited under option outstanding at the date of this
report.
Shares Under Performance Rights
There were no unissued ordinary shares of Nova Minerals Limited under performance rights outstanding at
the date of this report.
Shares Issued on the Exercise of Options
There were no ordinary shares of Nova Minerals Limited issued on the exercise of options during the year
ended 30 June 2022 and up to the date of this report.
Shares Issued on the Exercise of Performance Rights
There were no ordinary shares of Nova Minerals Limited issued on the exercise of performance rights during
the year ended 30 June 2022 and up to the date of this report.
Nova Minerals Ltd | Annual Report 2022 25
Indemnity and Insurance of Officers
The company has indemnified the directors and executives of the company for costs incurred, in their capacity
as a director or executive, for which they may be held personally liable, except where there is a lack of good
faith.
During the financial year, the company paid a premium in respect of a contract to insure the directors and
executives of the company against a liability to the extent permitted by the Corporations Act 2001. The
contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.
Indemnity and Insurance of Auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the
auditor of the company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor
of the company or any related entity.
Proceedings on Behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party
for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.
Non-Audit Services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year
by the auditor are outlined in note 17 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or
by another person or firm on the auditor's behalf), is compatible with the general standard of independence
for auditors imposed by the Corporations Act 2001.
The directors are of the opinion that the services as disclosed in note 17 to the financial statements do not
compromise the external auditor's independence requirements of the Corporations Act 2001 for the following
reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity
and objectivity of the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in
APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical
Standards Board, including reviewing or auditing the auditor's own work, acting in a management or
decision-making capacity for the company, acting as advocate for the company or jointly sharing
economic risks and rewards.
●
Officers of the Company Who are Former Partners of RSM Australia Partners
There are no officers of the company who are former partners of RSM Australia Partners.
Auditor's Independence Declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act
2001 is set out immediately after this directors' report.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
26 Nova Minerals Ltd | Annual Report 2022
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the directors
___________________________
Anna Ladd-Kruger
Chairperson
20 September 2022
Nova Minerals Ltd | Annual Report 2022 27
Nova Minerals Ltd | Annual Report 2022 27
Auditor’s Independence Declaration
28 Nova Minerals Ltd | Annual Report 2022
Financial Statements
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Director’s Declaration
Independent Auditor’s Report
31
32
33
35
36
66
67
Nova Minerals Ltd | Annual Report 2022 29
General Information
The financial statements cover Nova Minerals Limited as a consolidated entity consisting of Nova Minerals
Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented
in Australian dollars, which is Nova Minerals Limited's functional and presentation currency.
Nova Minerals Limited is a listed public company limited by shares, incorporated and domiciled in Australia.
Its registered office and principal place of business is:
Suite 602 566 St Kilda Road
Melbourne Victoria 3004 Australia
A description of the nature of the consolidated entity's operations and its principal activities are included in
the directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors. The directors
have the power to amend and reissue the financial statements.
30 Nova Minerals Ltd | Annual Report 2022
Consolidated Statement of Profit and Loss
and Other Comprehensive Income
For the Year Ended 30 June 2022
Revenue
Interest income
Other income
Fair value gain on investments
Gain from sale of investment
Gain from deconsolidation of Snow Lake Resources
Loss on disposal on Snow Lake Resources
Fair value gain/(loss) on derivative liabilities
Impairment of Investment in Snow Lake Resources
Foreign exchange gain
Share of profits of associate accounted for using equity method
Total revenue
Expenses
Administration expenses
Contractors & consultants
Share based payments
Reclassification of exploration and evaluation assets
Finance costs
Total expenses
Profit/(Loss) Before Income Tax Expense
Income tax expense
Consolidated
30 June
30 June
Note
2022
$
2021
$
20,000
2,145
8
8
7
7
7
7
565,317 2,485,131
-
232,596
-
91,778,097
-
(9,102,187)
133,649 (1,828,857)
-
-
-
658,419
(45,556,885)
1,533,601
29,088
39,633,276
4
4
25
4
5
(907,623)
(2,980,714) (1,693,195)
(637,524)
(1,200,053) (1,470,936)
(98,221)
-
(102,010)
(142,065)
(5,230,455) (4,001,886)
34,402,821 (3,343,467)
-
-
Profit/(Loss) After Income Tax Expense for the Year
34,402,821 (3,343,467)
Other Comprehensive Income/(Loss)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
3,694,472
(957,107)
Other comprehensive income/(loss) for the year, net of tax
3,694,472
(957,107)
Total Comprehensive Income/(Loss) for the Year
38,097,293 (4,300,574)
Profit/(loss) for the year is attributable to:
Non-controlling interest
Owners of Nova Minerals Limited
Total comprehensive income/(loss) for the year is attributable to:
Non-controlling interest
Owners of Nova Minerals Limited
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
(281,733)
(215,597)
34,684,554 (3,127,870)
34,402,821 (3,343,467)
272,558
(357,376)
37,824,735 (3,943,198)
38,097,293 (4,300,574)
Cents
Cents
24
24
19.61
18.35
(2.01)
(2.01)
The above consolidated statement of comprehensive income should be read in conjunction with the
accompanying notes
Nova Minerals Ltd | Annual Report 2022 31
Consolidated Statement of Financial Position
For the Year Ended 30 June 2022
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-Current Assets
Investment in associate
Other financial assets
Property, plant and equipment
Exploration and evaluation
Total non-current assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Convertible notes
Total current liabilities
Total Liabilities
Net Assets
Consolidated
30 June
30 June
Note
2022
$
2021
$
6
21,278,936 15,516,112
195,012
21,521,417 15,711,124
242,481
7
8
9
10
23,022,266
-
3,963,791 2,942,087
3,118,808 2,370,972
56,702,626 35,843,069
86,807,491 41,156,128
108,328,908 56,867,252
3,999,582 3,424,690
862,371
-
3,999,582 4,287,061
3,999,582 4,287,061
104,329,326 52,580,191
Equity
Issued capital
Foreign currency reserves
Share based-payment reserves
Accumulated losses
Equity attributable to the owners of Nova Minerals Limited
Non-controlling interest
11
12
13
2,226,051
7,309,323
125,713,259 114,922,698
(816,390)
6,733,118
(38,500,932) (74,055,061)
96,747,701 46,784,365
5,795,826
7,581,625
Total Equity
104,329,326 52,580,191
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes
32 Nova Minerals Ltd | Annual Report 2022
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2021
Share
Based
Payment
Foreign
Currency
Reserves Reserves
Issued
Capital
Consolidated
$
$
$
Non-
Controll-
ing
Interest
$
Accumulated
Losses
$
Total Equity
$
Balance at 1 July 2020
78,401,191 4,468,607
28,854
(67,386,819) 2,528,017 18,039,850
Loss after income tax
expense for the year
Other comprehensive
income/(loss) for the year,
net of tax
Total comprehensive
income/(loss) for the year
Movement in non-
controlling interest due to
increase in issued capital of
AKCM Pty Ltd
Transactions with owners in
their capacity as owners:
Share issued for cash (Note
11)
Options converted (Note
11)
Issue of shares as part of
derivative security (Note
11)
Share issue costs (Note 11)
Convertible (Note19)
Share-based payments
(Note 19)
Share buy back
-
-
-
-
-
-
(3,127,870)
(215,597)
(3,343,467)
-
(815,328)
-
(141,779)
(957,107)
-
(815,328)
(3,127,870)
(357,376)
(4,300,574)
-
(29,916)
(3,540,372)
3,625,185
54,897
21,000,000
15,441,257
-
-
3,142,857
(2,065,589)
-
-
-
81,031
-
(997,018)
2,183,480
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,000,000
-
15,441,257
-
3,142,857
- (2,065,589)
81,031
-
-
-
2,183,480
(997,018)
Balance at 30 June 2021
114,922,698 6,733,118
(816,390)
(74,055,061) 5,795,826 52,580,191
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes
Nova Minerals Ltd | Annual Report 2022 33
Consolidated Statement of Changes in Equity (Continued)
For the Year Ended 30 June 2022
Share
Based
Payments
Foreign
Currency
Reserves Reserves
Issued
Capital
Consolidated
$
$
$
Accumulate
d
Losses
$
Non-
Controll-
ing
Interest
$
Total Equity
$
Balance at 1 July 2021
114,922,698 6,733,118
(816,390) (74,055,061) 5,795,826 52,580,191
Profit/(loss) after income tax
expense for the year
Other comprehensive
income/(loss) for the year,
net of tax
Total comprehensive
income/(loss) for the year
Movement in non-
controlling interest due to
increase in issued capital of
AKCM Pty Ltd
Movement in equity of
Snow Lake Resources due
to loss of control
-
-
-
-
-
-
34,684,554
(281,733)
34,402,821
-
3,140,181
-
554,291
3,694,472
-
3,140,181
34,684,554
272,558
38,097,293
-
144,086
(3,029,107)
2,897,325
12,304
-
(1,043,848)
(241,826)
3,898,683
(1,384,085)
1,228,924
12,000,000
Transactions with owners in
their capacity as owners:
Issue of shares for cash
(Note 11)
Exercise of performance
rights
(Note 11)
Share issue costs (Note 11)
Share options expense for
period (Note 25)
Performance rights granted
(Note 25)
312,000
(1,521,439)
-
-
1,457,000
163,053
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,000,000
-
-
312,000
(1,521,439)
-
-
1,457,000
163,053
Balance at 30 June 2022
125,713,259 7,309,323 2,226,051 (38,500,931) 7,581,624 104,329,326
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes
34 Nova Minerals Ltd | Annual Report 2022
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2022
Consolidated
30 June
30 June
Note
2022
$
2021
$
Cash Flows from Operating Activities
Payments to suppliers and employees (inclusive of GST)
Interest received
Interest and other finance costs paid
(2,849,722) (2,161,971)
26,957
-
(3,322)
(6,039)
Net cash used in operating activities
23
(2,855,761) (2,138,336)
Cash Flows from Investing Activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Loans to Snow Lake Resources
Loans to other entity
Loans to related party
Payments to acquire investments
Proceeds from disposal of Investments
Loss of cash due to deconsolidation of Snow Lake Resources
(1,055,878)
(1,028,055)
(24,799,177) (20,015,645)
-
-
(219,052)
(200,000)
407,225
-
274,342
10,000
41,814
(648,988)
22,279,880
(59,719)
Net cash used in investing activities
(3,957,726) (21,055,527)
Cash Flows from Financing Activities
Proceeds from issue of shares
Proceeds from Issue of derivative financial liability
Proceeds from exercise of options
Payments for share buy-backs
Share issue transaction costs
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
11
12,000,000 21,110,883
-
805,000
- 15,446,247
(997,018)
-
(846,964) (1,481,130)
11,153,036 34,883,982
4,339,549 11,690,119
15,516,112 4,197,220
(371,227)
1,423,275
Cash and Cash Equivalents at the End of the Financial Year
21,278,936 15,516,112
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
Nova Minerals Ltd | Annual Report 2022 35
Notes to the Financial Statements
Note 1: Significant Accounting Policies
Note 2: Critical Accounting Judgements, Estimates and Assumptions
Note 3: Operating Segments
Note 4: Expenses
Note 5: Income Tax Expense
Note 6: Current Assets – Trade and Other Receivables
Note 7: Non-Current Assets – Investment in Associate
Note 8: Non-Current Assets – Other Financial Assets
Note 9: Non-Current Assets – Property, Plant and Equipment
Note 10: Non-Current Assets – Exploration and Evaluation
Note 11: Equity – Issued Capital
Note 12: Equity – Share Based-Payment Reserves
Note 13: Equity – Non-Controlling Interest
Note 14: Financial Instruments
Note 15: Fair Value Measurements
Note 16: Key Management Personnel Disclosures
Note 17: Remuneration of Auditors
Note 18: Contingent Liabilities
Note 19: Related Party Transactions
Note 20: Parent Entity Information
Note 21: Interests in Subsidiaries
Note 22: Events After the Reporting Period
Note 23: Reconciliation of Profit/(Loss) After Income Tax to Net Cash
Used in Operating Activities
Note 24: Earnings/(Loss) Per Share
Note 25: Share-Based Payments
37
45
46
47
47
48
48
49
50
51
51
52
52
53
55
55
56
56
56
57
58
59
60
61
61
36 Nova Minerals Ltd | Annual Report 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Note 1 Significant Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
New or Amended Accounting Standards and Interpretations Adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting
period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the
financial performance or position of the consolidated entity.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 10 Consolidated Financial Statements
The consolidated entity has applied AASB 10 from 1 January 2013, which has a new definition of 'control'.
Control exists when the reporting entity is exposed, or has the rights, to variable returns from its involvement
with another entity and has the ability to affect those returns through its 'power' over that other entity. A
reporting entity has power when it has rights that give it the current ability to direct the activities that
significantly affect the investee's returns. The consolidated entity not only has to consider its holdings and
rights but also the holdings and rights of other shareholders in order to determine whether it has the necessary
power for consolidation purposes.
Basis of Preparation
These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board
('IASB').
Historical Cost Convention
The financial statements have been prepared under the historical cost convention, except for, where
applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets
at fair value through other comprehensive income, investment properties, certain classes of property, plant
and equipment and derivative financial instruments.
Critical Accounting Estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the consolidated entity's
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are disclosed in note 2.
Parent Entity Information
In accordance with the Corporations Act 2001, these financial statements present the results of the
consolidated entity only. Supplementary information about the parent entity is disclosed in note 20.
Nova Minerals Ltd | Annual Report 2022 37
Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Nova Minerals
Limited ('company' or 'parent entity') as at 30 June 2022 and the results of all subsidiaries for the year then
ended. Nova Minerals Limited and its subsidiaries together are referred to in these financial statements as the
'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity
controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances, and unrealised gains on transactions between entities in the
consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity
of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling
interest in full, even if that results in a deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill,
liabilities, and non-controlling interest in the subsidiary together with any cumulative translation differences
recognised in equity. The consolidated entity recognises the fair value of the consideration received and the
fair value of any investment retained together with any gain or loss in profit or loss.
Operating Segments
Operating segments are presented using the 'management approach', where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM
is responsible for the allocation of resources to operating segments and assessing their performance.
Foreign Currency Translation
The financial statements are presented in Australian dollars, which is Nova Minerals Limited's functional and
presentation currency.
Foreign Currency Transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss.
Foreign Operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates
at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars
using the average exchange rates, which approximate the rates at the dates of the transactions, for the period.
All resulting foreign exchange differences are recognised in other comprehensive income through the foreign
currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is
disposed of.
38 Nova Minerals Ltd | Annual Report 2022
Revenue Recognition
The consolidated entity recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Income Tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and
liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior
periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or
substantively enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and that, at the time of the transaction,
affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled, and it is probable that the temporary difference
will not reverse in the foreseeable future.
●
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting
date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable
profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets
are recognised to the extent that it is probable that there are future taxable profits available to recover the
asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to
the same taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
Nova Minerals Limited (the 'head entity') and its wholly owned Australian subsidiaries have formed an income
tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax
consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated
group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of
taxes to allocate to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax
liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits
assumed from each subsidiary in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as
amounts receivable from or payable to other entities in the tax consolidated group. The tax funding
arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax
consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a
distribution by the subsidiaries to the head entity.
Current and Non-Current Classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
Nova Minerals Ltd | Annual Report 2022 39
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed
in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected
to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless
restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal
operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the
reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months
after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement
of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are
shown within borrowings in current liabilities on the statement of financial position.
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
Trade and Other Receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method, less any allowance for expected credit losses. Trade receivables are generally
due for settlement within 30 days.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Derivative Financial Instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes
in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature
of the item being hedged.
Associates
Associates are entities over which the consolidated entity has significant influence but not control or joint
control. Investments in associates are accounted for using the equity method. Under the equity method, the
share of the profits or losses of the associate is recognised in profit or loss and the share of the movements
in equity is recognised in other comprehensive income. Investments in associates are carried in the statement
of financial position at cost plus post-acquisition changes in the consolidated entity's share of net assets of
the associate. Goodwill relating to the associate is included in the carrying amount of the investment and is
neither amortised nor individually tested for impairment. Dividends received or receivable from associates
reduce the carrying amount of the investment.
When the consolidated entity's share of losses in an associate equal or exceeds its interest in the associate,
including any unsecured long-term receivables, the consolidated entity does not recognise further losses,
unless it has incurred obligations or made payments on behalf of the associate.
The consolidated entity discontinues the use of the equity method upon the loss of significant influence over
the associate and recognises any retained investment at its fair value. Any difference between the associate's
carrying amount, fair value of the retained investment and proceeds from disposal is recognised in profit or
loss.
40 Nova Minerals Ltd | Annual Report 2022
Investments and Other Financial Assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as
part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification
is determined based on both the business model within which such assets are held and the contractual cash
flow characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been
transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.
When there is no reasonable expectation of recovering part or all of a financial asset, it's carrying value is
written off.
Financial Assets at Amortised Cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held
within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii)
the contractual terms of the financial asset represent contractual cash flows that are solely payments of
principal and interest.
Financial Assets at Fair Value Through Profit or Loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either:
(i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of
making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value
movements are recognised in profit or loss.
Impairment of Financial Assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are
either measured at amortised cost or fair value through other comprehensive income. The measurement of
the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as
to whether the financial instrument's credit risk has increased significantly since initial recognition, based on
reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss
recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls
over the life of the instrument discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other comprehensive income, the loss
allowance is recognised in other comprehensive income with a corresponding expense through profit or loss.
In all other cases, the loss allowance reduces the asset's carrying value with a corresponding expense through
profit or loss.
Property, Plant and Equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful lives as follows:
Plant and equipment
5-10 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
Nova Minerals Ltd | Annual Report 2022 41
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds
are taken to profit or loss.
Exploration and Evaluation
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are
current is carried forward as an asset in the statement of financial position where it is expected that the
expenditure will be recovered through the successful development and exploitation of an area of interest, or
by its sale; or exploration activities are continuing in an area and activities have not reached a stage which
permits a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where a
project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year
in which the decision is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the
life of the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest.
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end
of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised
cost and are not discounted.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in
the statement of financial position, net of transaction costs.
On the issue of the convertible notes the fair value of the liability component is determined using a market
rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on the
amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the
passage of time is recognised as a finance cost. The remainder of the proceeds are allocated to the
conversion option that is recognised and included in shareholders equity as a convertible note reserve, net
of transaction costs. The carrying amount of the conversion option is not remeasured in the subsequent years.
The corresponding interest on convertible notes is expensed to profit or loss.
Finance Costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred.
Employee Benefits
Short-Term Employee Benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave, long service leave and
accumulating sick leave expected to be settled wholly within 12 months of the reporting date are measured
at the amounts expected to be paid when the liabilities are settled. Non-accumulating sick leave is expensed
to profit or loss when incurred.
42 Nova Minerals Ltd | Annual Report 2022
Other Long-Term Employee Benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the
reporting date are measured at the present value of expected future payments to be made in respect of
services provided by employees up to the reporting date using the projected unit credit method.
Consideration is given to expected future wage and salary levels, experience of employee departures and
periods of service. Expected future payments are discounted using market yields at the reporting date on
high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the
estimated future cash outflows.
Termination Benefits
Termination benefits are recognised when a detailed plan of termination has been communicated to affected
employees. They are measured as short-term employee benefits when expected to be settled wholly within
12 months of the reporting date or as long-term benefits when not expected to be settled within 12 months
of the reporting date.
Retirement Benefit Obligations
All employees of the consolidated entity are entitled to benefits from the consolidated entity's superannuation
plan on retirement, disability or death. The consolidated entity has a defined benefit section and a defined
contribution section within its plan. The defined benefit section provides defined lump sum benefits based on
years of service and final average salary. The defined contribution section receives fixed contributions from
entities in the consolidated entity and the consolidated entity's legal or constructive obligation is limited to
these contributions.
A liability or asset in respect of defined benefit superannuation plans is recognised in the statement of financial
position, and is measured at the present value of the defined benefit obligation at the reporting date less the
fair value of the superannuation fund's assets at that date and any unrecognised past service cost. The present
value of the defined benefit obligation is based on expected future payments which arise from membership
of the fund to the reporting date, calculated annually by independent actuaries using the projected unit credit
method. Consideration is given to expected future wage and salary levels, experience of employee departures
and periods of service.
Expected future payments are discounted using market yields at the reporting date on high quality corporate
bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash
outflows.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised, in the period in which they occur, in other comprehensive income.
Past service costs are recognised immediately in profit or loss, unless the changes to the superannuation
fund are conditional on the employees remaining in service for a specified period of time ('the vesting period').
In this case, the past service costs are amortised on a straight-line basis over the vesting period.
Share-Based Payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees and advisors.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of
services, where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the
exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price
volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the
option, together with non-vesting conditions that do not determine whether the consolidated entity receives
the services that entitle the employees to receive payment. No account is taken of any other vesting
conditions.
Nova Minerals Ltd | Annual Report 2022 43
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value
of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the
vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at
each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by
applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and
conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the
liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
●
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to
market conditions are considered to vest irrespective of whether or not that market condition has been met,
provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not
been made. An additional expense is recognised, over the remaining vesting period, for any modification that
increases the total fair value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy
the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or
employee and is not satisfied during the vesting period, any remaining expense for the award is recognised
over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principal market; or in the absence of a principal market, in the most
advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the use
of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each
reporting date and transfers between levels are determined based on a reassessment of the lowest level of
input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are selected
based on market knowledge and reputation. Where there is a significant change in fair value of an asset or
liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs
applied in the latest valuation and a comparison, where applicable, with external sources of data.
44 Nova Minerals Ltd | Annual Report 2022
Issued Capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Earnings per share
Basic Earnings Per Share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Nova Minerals
Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number
of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares
issued during the financial year.
Diluted Earnings Per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no
consideration in relation to dilutive potential ordinary shares.
Goods and Services Tax ('GST') and Other Similar Taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred
is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of
the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount
of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in
the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as operating
cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
tax authority.
New Accounting Standards and Interpretations Not Yet Mandatory or Early Adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not
yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended
30 June 2022. The consolidated entity has not yet assessed the impact of these new or amended Accounting
Standards and Interpretations.
Note 2. Critical Accounting Judgements, Estimates and Assumptions
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual
results. The judgements, estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Nova Minerals Ltd | Annual Report 2022 45
Coronavirus (COVID-19) Pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has
had, or may have, on the consolidated entity based on known information. This consideration extends to the
nature of the products and services offered, customers, supply chain, staffing and geographic regions in
which the consolidated entity operates. Other than as addressed in specific notes, there does not currently
appear to be either any significant impact upon the financial statements or any significant uncertainties with
respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting
date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
Share-Based Payment Transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by using
either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual
reporting period but may impact profit or loss and equity.
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is
based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to
allocate an overall expected credit loss rate for each group. These assumptions include recent sales
experience and historical collection rates.
Fair Value Measurement Hierarchy
The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three
level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement,
being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the
asset or liability. Considerable judgement is required to determine what is significant to fair value and therefore
which category the asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These
include discounted cash flow analysis or the use of observable inputs that require significant adjustments
based on unobservable inputs.
Estimation of Useful Lives of Assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation
charges for its property, plant and equipment and finite life intangible assets. The useful lives could change
significantly as a result of technical innovations or some other event. The depreciation and amortisation
charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or
non-strategic assets that have been abandoned or sold will be written off or written down.
Exploration and Evaluation Costs
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will
commence commercial production in the future, from which time the costs will be amortised in proportion to
the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads between
those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be
recovered either through successful development or sale of the relevant mining interest. Factors that could
impact the future commercial production at the mine include the level of reserves and resources, future
technology changes, which could impact the cost of mining, future legal changes and changes in commodity
prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be
written off in the period in which this determination is made.
Note 3. Operating Segments
Operating segment information is disclosed on the same basis as information used for internal reporting
purposes
46 Nova Minerals Ltd | Annual Report 2022
At regular intervals, the board is provided management information for the Company’s cash position, the
carrying values of exploration permits and Company cash forecast for the next twelve months of operation.
On this basis, the board considers the consolidated entity operates in one segment being exploration
of minerals and two geographical areas, being Australia and United States. For the 30 June 2022 period the
Canadian assets relate to the investment in associate and the exploration asset as been eliminated due to the
deconsolidation.
Geographical Information
Interest Income
Geographical Non-
Current Assets
30 June
30 June
30 June
30 June
2022
$
2021
$
2022
$
2021
$
20,000
-
-
1,800 4,527,957 2,734,349
- 23,022,266 8,674,650
313 59,257,269 29,747,129
20,000
2,113 86,807,492 41,156,128
Australia
Canada
United States
Note 4. Expenses
Profit/(loss) before income tax includes the following specific expenses:
Depreciation
Superannuation
Corporate and Consultants
Finance Charges
Note 5. Income Tax Expense
Consolidated
30 June
30 June
2022
$
2021
$
350,873
2,291
907,623
142,065
205,736
7,270
637,524
102,010
1,402,852
952,540
Consolidated
30 June
30 June
2022
$
2021
$
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit/(loss) before income tax expense
34,402,821 (3,343,467)
Tax at the statutory tax rate of 25% (2021: 26%)
8,600,705
(869,301)
Tax effect amounts which are not deductible/(taxable) in calculating taxable
income:
Share-based payments
Share of profits - associates
Reclassification of Exploration and Evaluation Assets
Current year temporary differences not recognised
Income tax expense
300,013
(7,272)
-
382,443
-
25,537
8,893,446
(8,893,446)
(461,321)
461,321
-
-
Nova Minerals Ltd | Annual Report 2022 47
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 25%
Consolidated
30 June
30 June
2022
$
2021
$
19,808,028 28,701,474
4,952,007 7,175,369
The tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in
respect of these items because it is not probable that future taxable profit will be available against which the
Company can utilise the benefits.
These tax losses are also subject to final determination by the taxation authorities when the company derives
taxable income.
The tax losses are subject to further review to determine if they satisfy the necessary legislative requirements
under Income Tax legislation for carry forward and recoupment of tax losses.
Note 6. Current Assets - Trade and Other Receivables
Other receivable
Placement funds receivable
Rent bond
Prepayments
GST receivable
Consolidated
30 June
30 June
2022
$
2021
$
29,216
-
5,830
64,575
142,860
-
55,023
5,830
152,768
(18,609)
242,481
195,012
The Company’s exposure to credit risk related to trade and other receivables are disclosed in note 14.
Note 7. Non-Current Assets - Investment in Associate
Consolidated
30 June
2022
$
30 June
2021
$
Investment in Snow Lake Resources
23,022,266
-
Reconciliation
Reconciliation of the carrying amounts at the beginning and end of the current
and previous financial year are set out below:
Opening carrying amount
Fair value of Snow Lake Resources investment at date of deconsolidation
Disposals
Loss on disposal on Snow Lake Resources
Share of Snow Lake Resources profits for period
Impairment of investment in Snow Lake Resources
Closing carrying amount
48 Nova Minerals Ltd | Annual Report 2022
-
99,709,182
(22,056,932)
(9,102,187)
29,088
(45,556,885)
23,022,266
-
-
-
-
-
-
-
Gain on sale and deconsolidation of Snow Lake Resources
Fair value of Snow Lake Resources investment at date of deconsolidation
Less carrying value of net assets on deconsolidation
Gain on sale and deconsolidation of Snow Lake Resources
Consolidated
30 June
30 June
2022
$
2021
$
99,709,182
(7,931,084)
91,778,098
-
-
-
On the 23 November 2021 Nova Minerals’ 73.8% owned subsidiary Snow Lake Resources completed an
initial public offering on the NASDAQ stock exchange. Following the flotation Nova’s shareholding in Snow
Lake Resources was reduced to 54.5% and 46.1% on a fully diluted basis.
As a result of the shareholding dilution, as well as the company having limited oversight in management of
the Snow Lake Resources, the directors of Nova Minerals determined the company had lost control of its
subsidiary as at 23 November 2021.
In line with AASB 10 Consolidated Financial Statements Nova Minerals therefore derecognised the assets
and liabilities of the Snow Lake Resources group in its consolidated statement of financial position as at 23
November 2021, generating a loss on deconsolidation recognised in the consolidated profit and loss
statement of the group in the period.
Nova Minerals was determined by the directors to retain significant influence over Snow Lake Resources and
therefore Nova Mineral’s remaining interest in Snow Lake Resources has been recognised as an investment
in an associate at fair value as at the date of control loss and the equity method of investment accounting
applied.
The initial fair value of the investment recognised on deconsolidation was determined as being Nova Minerals
shareholding in Snow Lake Resources at the initial public offering price of $7.50 USD.
On the 12 April 2022 Nova Minerals sold 3,000,000 Snow Lake shares at $5.49 USD after costs, resulting in
a $9,102,187 AUD loss. Following the sale of shares, Nova’s shareholding in Snow Lake Resources was
reduced to 37.5% and 31.7% on a fully diluted basis.
As of the 30 June 2022, the board has determined the shares in Snow Lake Resources should be impaired
due to a fall in the share price. As of the 30 June 2022 the fair value of the investment recognised was
determined as being Nova's shareholding of 6,600,000 shares in Snow Lake Resources at $2.40 USD
resulting in an impairment of $45,556,885.
Note 8. Non-Current Assets - Other Financial Assets
Investments in Asra Minerals Limited at fair value
Loans granted to related parties note 19
Consolidated
30 June
30 June
2022
$
2021
$
3,797,443 2,734,349
207,738
166,348
3,963,791 2,942,087
Nova Minerals Ltd | Annual Report 2022 49
Reconciliation Investments at fair value
Reconciliation of the carrying amounts at the beginning and end of the current
and previous financial year are set out below:
Opening balance
Addition
Conversion of Asra Minerals convertible note and interest
Aara Minerals Shares
Asra Minerals Options
Disposal
AX8 shares
Asra Minerals Shares
Gain on disposal
Asra Minerals shares
Movement in fair value
Asra Minerals Shares
Asra Minerals ASROB options
Consolidated
30 June
30 June
2022
$
2021
$
2,734,349
30,719
-
495,590
46,509
-
(238,927)
425,725
200,000
-
-
(93,623)
-
232,596
62,904
62,238 2,108,624
-
465,088
Closing fair value
3,797,443 2,734,349
The Investment in Asra Minerals Limited comprises shares and options held by the group measured at fair
value. The group shareholding in Asra Minerals comprises 8.75% ownership.
Note 9. Non-Current Assets - Property, Plant and Equipment
Consolidated
30 June
30 June
2022
$
2021
$
3,854,410 2,729,709
(358,737)
(735,602)
3,118,808 2,370,972
Consolidated
30 June
30 June
2022
$
2021
$
2,370,972 1,258,034
937,981 1,379,500
(60,824)
156,683
(205,738)
(346,828)
3,118,808 2,370,972
Plant and equipment - at cost
Less: Accumulated depreciation
Reconciliations
Opening balance
Additions
Foreign exchange movement
Depreciation expense
Carrying amount at end of period
50 Nova Minerals Ltd | Annual Report 2022
Note 10. Non-Current Assets - Exploration and Evaluation
Exploration and evaluation expenditure
56,702,626 35,843,069
Reconciliations
Consolidated
30 June
30 June
2022
$
2021
$
Opening balance
Additions
Deconsolidation of Snow Lake Resources
Revaluation due to foreign exchange
Reclassification of exploration expenditure to profit and loss
Carrying amount at end of year
Note 11. Equity - Issued Capital
Consolidated
30 June
30 June
2022
$
2021
$
35,843,069 15,033,203
26,910,709 21,439,198
(8,532,572)
-
(531,111)
2,481,420
(98,221)
-
56,702,626 35,843,069
Consolidated
30 June 2022 30 June 2021 30 June 2022 30 June 2021
Shares
Shares
$
$
Issued capital
Share issue costs
180,202,285 1,680,946,647
-
-
130,246,297
(4,533,038)
117,934,296
(3,011,598)
180,202,285 1,680,946,647
125,713,259
114,922,698
Ordinary share - issued and fully paid
June 2022
No
June 2022 June 2021
$
No
June 2021
$
At the beginning of the period
- Contributions of equity
- Shares issued on conversion of options
- Shares issued on conversion of derivative
security
- Share buy back
- Performance rights exercised
- Consolidation of shares adjustment (a)
- Share issue costs - share based payments
note 25
- Share issue costs - cash payments
1,680,946,647 114,922,698 1,079,512,182 78,401,191
109,090,910 12,000,000 123,529,412 21,000,000
- 453,476,481 15,441,257
-
-
-
12,000,000
(1,621,835,272)
-
-
312,000
-
31,428,572
(7,000,000)
-
-
3,142,857
(997,018)
-
-
-
-
(732,000)
(789,439)
-
-
(699,790)
(1,365,799)
Closing balance
180,202,285 125,713,259 1,680,946,647 114,922,698
(a) On the 29 November 2021 the company completed share consolidation on a 10:1 basis
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares
have no par value and the company does not have a limited amount of authorised capital.
Nova Minerals Ltd | Annual Report 2022 51
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon
a poll each share shall have one vote.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going
concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain
an optimum capital structure to reduce the cost of capital.
Note 12. Equity - Share Based-Payment Reserves
Share-based payments reserve
Convertible note reserve
Consolidated
30 June
30 June
2022
$
2021
$
7,309,323 6,652,087
81,031
-
7,309,323 6,733,118
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of
their remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the financial years are set out below:
Consolidated
30 June
30 June
2022
$
2021
$
Opening balance
Movement in reserve due to deconsolidation of Snow Lake Resources (note 7)
Options expense in period (note 25)
Performance rights granted (note 25)
6,733,118 4,468,607
(1,043,848)
-
1,457,000 2,183,480
-
163,053
Closing balance
7,309,323 6,652,087
Note 13. Equity - Non-Controlling Interest
Issued capital
Reserves
Accumulated losses
Consolidated
30 June
30 June
2022
$
2021
$
7,357,911 6,326,958
222,783
(753,915)
392,832
(169,118)
7,581,625 5,795,826
In line with AASB 10 Consolidated Financial Statements Nova Minerals derecognised Snow Lake Resources
in its consolidated statement of financial position as at 23 November 2021. The non-controlling interest as of
30 June 2022 is 0% (30 June 2021: 26.20%).
As of the 30 June 2022 the non-controlling interest is 15% (30 June 2021: 15%) equity holding in AKCM Pty
Ltd.
52 Nova Minerals Ltd | Annual Report 2022
Note 14. Financial Instruments
The consolidated entity activities expose it to a variety of financial risks, market risk, credit risk and liquidity
risk.
The Company’s overall risk management program focuses on the unpredictability of financial markets and
seeks to minimize potential adverse effects of the financial performance of the entity.
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange risk, interest rates and equity
prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.
The Company operates internationally and therefore there is exposure to foreign exchange risk arising from
currency exposures. The Company is not exposed to equity security price risk and holds no equity
investments. The Company is not exposed to commodity price risk as the Company is still carrying out
exploration.
Interest Rate Risk
Interest rate risk arises from investment of cash at variable rates. The consolidated entity income and
operating cash flows are not materially exposed to changes in market interest rates. At the reporting date,
the interest rate profile of the Company’s interest-bearing financial instruments was:
Variable Rate Instruments
Cash and cash equivalents
Consolidated
30 June
30 June
2022
$
2021
$
21,278,936 15,516,112
Interest rate risk arises from investment of cash at variable rates. The Company’s income and operating cash
flows are not materially exposed to changes in market interest rates.
An increase of 100 basis points (decrease of 100 basis points) in interest rates at the reporting date would
have increased (decreased) equity and profit or loss by the amounts presented below. This analysis assumes
that all other variables remain constant. The analysis was performed on the same basis for June 2021. The
following table summarises the sensitivity of the Company’s financial assets (cash) to interest rate risk:
Carrying
Amount
$
Profit or Loss Profit or Loss Equity
100 bp
100 bp
100 bp
Increase
Decrease
Increase
$
$
$
Equity
100 bp
Decrease
$
30 June 2022
Variable rate instruments
Cash and cash equivalents 21,278,936
212,789
(212,789)
212,789
(212,789)
Carrying
Amount
$
Profit or Loss Profit or Loss Equity
100 bp
100 bp
100 bp
Increase
Decrease
Increase
$
$
$
Equity
100 bp
Decrease
$
30 June 2021
Variable rate instruments
Cash and cash equivalents 15,516,112
155,161
(155,161)
155,161
(155,161)
Nova Minerals Ltd | Annual Report 2022 53
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations.
The Company has no significant concentration of credit risk. Credit risk arises from cash and cash equivalents
held with the bank and financial institutions and receivables due from other entities. For banks and financial
institutions, only independently rated parties with a minimum rating of ‘A’ are accepted.
The maximum exposure to credit risk is the carrying amount of the financial asset. The maximum exposure
to credit risk at the reporting date was:
Cash and cash equivalents
BAS Receivables
Liquidity Risk
Consolidated
30 June
30 June
2022
$
2021
$
21,278,936 15,516,112
-
142,860
21,421,796 15,516,112
Liquidity risk is the risk that the consolidated entity will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset. The
Company’s liquidity risk arises from operational commitments. Prudent liquidity risk management implies
maintaining sufficient cash and marketable securities. Management aims at maintaining flexibility in funding
by regularly reviewing cash requirements and monitoring forecast cash flows.
The following are the contractual maturities of financial liabilities:
Weighted
Average
Interest
Rate
6 Months
or Less
6 to 12
Months
Between
2 and 5
Years
Over 5
Years
Carrying
Amount
Total
Contract-
ual
Cash
Flows
%
$
$
$
$
$
$
-
3,999,852
3,999,852
-
-
-
-
- 3,999,852 3,999,852
- 3,999,852 3,999,852
Weighted
Average
Interest
Rate
6 Months
or Less
6 to 12
Months
Between
2 and 5
Years
Over 5
Years
Carrying
Amount
Total
Contract-
ual
Cash
Flows
%
$
$
$
$
$
$
-
12.00%
3,424,690
-
- 862,371
3,424,690 862,371
-
-
-
- 3,424,690 3,424,690
- 862,371 862,371
- 4,287,061 4,287,061
Consolidated - 30 June
2022
Non-derivatives
Non-interest bearing
Trade payables
Total non-derivatives
Consolidated - 30 June
2021
Non-derivatives
Non-interest bearing
Trade payables
Convertible note
Total non-derivatives
54 Nova Minerals Ltd | Annual Report 2022
Fair Value
The carrying amount of the financial assets and financial liabilities recorded in the financial statements
represent their respective net fair value determined in accordance with the accounting policies.
Capital Management
The Company’s policy in relation to capital management is for management to regularly and consistently
monitor future cash flows against expected expenditures for a rolling period of up to 12 months in advance.
The Board determines the Company’s need for additional funding by way of either share placements or loan
funds depending on market conditions at the time. Management defines working capital in such
circumstances as its excess liquid funds over liabilities, and defines capital as being the ordinary share capital
of the Company. There were no changes in the Company’s approach to capital management during the year.
The Company is not subject to externally imposed capital requirements.
Note 15. Fair Value Measurement
The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value,
using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value
measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly
Level 3: Unobservable inputs for the asset or liability
Consolidated - 30 June 2022
Assets
Investments at fair value
Total assets
Consolidated - 30 June 2021
Assets
Investments at fair value
Total assets
Liabilities
Convertible Note
Total liabilities
Level 1
Level 2
Level 3
$
$
$
Total
$
3,797,443
3,797,443
-
-
- 3,797,443
- 3,797,443
Level 1
Level 2
Level 3
$
$
$
Total
$
2,734,349
2,734,349
862,371
862,371
-
-
-
-
- 2,734,349
- 2,734,349
-
-
862,371
862,371
Note 16. Key Management Personnel Disclosures
The aggregate compensation made to directors and other members of key management personnel of the
consolidated entity is set out below:
Short-term employee benefits
Share-based payments
Consolidated
30 June
30 June
2022
$
2021
$
597,673
229,277
526,184
975,788
826,950 1,501,972
Nova Minerals Ltd | Annual Report 2022 55
Note 17. Remuneration of Auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia
Partners (2021), the auditors of the company:
Audit services - RSM Australia Partners
Audit or review of the financial statements
Other services - RSM Australia Partners
Preparation of the tax return
Note 18. Contingent Liabilities
Consolidated
30 June
30 June
2022
$
2021
$
77,500
95,920
3,656
6,500
81,156
102,420
There are no contingent liabilities that the consolidated entity has become aware of at 30 June 2022 and 30
June 2021.
Note 19. Related Party Transactions
Parent entity
Nova Minerals Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in Note 21.
Key management personnel
Disclosures relating to key management personnel are set out in Note 16 and the remuneration report
included in the directors' report.
The following transactions occurred with related parties:
Consolidated
30 June
30 June
2022
$
2021
$
Payment for goods and services:
Payment to Benison Contractors Pty Ltd a company of Louie Siemens for Snow
Lake Resources director fee
Payment to Christopher Gerteisen for Snow Lake Resources consulting fees
Payment to Speedy Investments Pty Ltd a company of Craig Bentley for
consulting fees
Payment to Harpia Group AG a company of Rodrigo Pasqua for consulting fees
33,066
6,533
1,700
12,160
-
-
-
-
During the 2021 year there were no related party transactions.
56 Nova Minerals Ltd | Annual Report 2022
Loans to/from related parties
The following balances are outstanding at the reporting date in relation to loans with related parties:
Current Receivables:
Snow Lake Resources other receivable
Non-Current Receivables:
Loan to Rotor X
Consolidated
30 June
30 June
2022
$
2021
$
29,216
-
166,348
207,738
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates
Note 20. Parent Entity Information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Profit/(loss) after income tax
Total comprehensive income/(loss)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Parent
30 June
30 June
2022
$
2021
$
39,569,245 (2,397,162)
39,569,245 (2,397,162)
Parent
30 June
30 June
2022
$
2021
$
6,338,838 12,190,488
103,094,398 50,960,105
256,494
101,595
256,494
101,595
125,713,259 114,922,699
5,689,270
(30,184,678) (69,753,459)
7,309,323
102,837,904 50,858,510
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2022 and 30 June 2021.
Nova Minerals Ltd | Annual Report 2022 57
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2022 and 30
June 2021.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed
in note 1.
Note 21. Interests in Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following
subsidiaries with non-controlling interests in accordance with the accounting policy described in note 1:
Parent
Non-Controlling
Interest
Principal Place
of Business /
Country of
Incorporation
Ownership
Interest
30 June
Ownership
Interest
30 June
Ownership
Interest
30 June
Ownership
Interest
30 June
Class of Shares
2022
%
2021
%
2022
%
2021
%
Canada
Ordinary
Canada
Ordinary
Canada
Ordinary
Australia
Ordinary
-
-
-
-
73.80%
100.00%
100.00%
100.00%
-
-
-
-
26.20%
-
-
-
Australia
Ordinary
85.00%
85.00%
15.00%
15.00%
USA
USA
Ordinary
100.00%
100.00%
Ordinary
100.00%
100.00%
-
-
-
-
Name
Snow Lake
Resources Ltd^
Snow Lake
(Crowduck) Ltd
Snow Lake
Exploration Ltd
Thompson Bros
Lithium Pty Ltd
AKCM (Aust)
Pty Ltd*
AK Operations
LLC
AK Custom
Mining LLC
^ Snow Lake Resources Ltd is the immediate parent of Snow Lake (Crowduck) Ltd, Snow Lake Exploration
Ltd and Thompson Bros Lithium Pty Ltd (Formerly “Manitoba Minerals Pty Ltd”).
In line with AASB 10 Consolidated Financial Statements Nova Minerals derecognised Snow Lake Resources
in its consolidated statement of financial position as at 23 November 2021. The Non-Controlling interest as of
30 June 2022 is 0% (30 June 2021: 26.20%).
*ACKM (AUS) Pty Ltd is the immediate parent of AK Operations LLC and Ak Custom Mining LLC.
In December 2017 Nova entered into a JV agreement with AK Minerals Pty Ltd, a private company registered
in NSW, comprising a farm-in for a number of exploration projects. As part of the agreement the JV entity
AKCM (AUST) Pty Ltd was formed, with tenements transferred from AK Minerals to the JVCo. Based on a
number of stages of expenditure as set out per the agreement Nova is entitled to increasing shareholding in
the entity, acquiring 51% of shares after Stage 2 and 70% after Stage 3 per the original agreement.
Nova now has a 85% interest in the Estelle Gold Project through surpassing ongoing expenditure
requirements.
58 Nova Minerals Ltd | Annual Report 2022
Summarised financial information
Summarised financial information of subsidiaries with non-controlling interests that are material to the
consolidated entity are set out below:
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
AKCM (Aust) Pty Ltd
30 June
30 June
Snow Lake Resources
Ltd
30 June
30 June
2022
$
2021
$
2022
$
2021
$
15,182,579 3,081,182
59,691,189 29,764,042
-
439,453
- 6,120,100
74,873,768 32,845,224
- 6,559,553
3,743,091 2,978,781
-
-
-
-
662,987
862,370
3,743,091 2,978,781
- 1,525,357
71,130,677 29,866,443
- 5,034,196
Summarised statement of profit or loss and other
comprehensive income
Revenue
Expenses
-
(450,134)
345
(289,051)
-
(817,608)
-
(657,599)
Loss before income tax expense
Income tax expense
(450,134)
-
(288,706)
-
(817,608)
-
(657,599)
-
Loss after income tax expense
(450,134)
(288,706)
(817,608)
(657,599)
Other comprehensive income/(loss)
-
-
-
-
Total comprehensive income/(loss)
(450,134)
(288,706)
(817,608)
(657,599)
Statement of cash flows
Net cash used in operating activities
Net cash from/(used in) investing activities
Net cash from financing activities
(9,139,831) (7,944,812)
19,980,149 10,316,343
-
-
(274,751)
(11,149)
-
(660,456)
-
825,235
Net increase/(decrease) in cash and cash equivalents 10,840,318 2,371,531
(285,900)
164,779
Other financial information
Loss attributable to non-controlling interests
Accumulated non-controlling interests at the end of
reporting period
(67,520)
(43,306)
(214,213)
(172,291)
(237,712)
(170,192)
(868,653)
(654,440)
Note 22. Events After the Reporting Period
The following events have occurred subsequent to the period end:
On 5 September 2022, the Company announced that it has issued 3,458,990 fully paid shares (“Shares”)
upon the exercise of 6,250,000 unlisted options (“Options”) issued under the Company’s Employee Share
Option Plan (“ESOP Plan”) of which:
Nova Minerals Ltd | Annual Report 2022 59
NVAUOP4 (ASX: NVAAA)
3,303,372 Shares were issued on exercise of 6,000,000 Options pursuant to the cashless exercise facility
under the ESOP Plan; and
100,000 Shares were issued on exercise of the same number of Options.
NVAEIOPT (ASX: NVAAB)
55,618 Shares were issued on exercise of 150,000 Options pursuant to the cashless exercise facility under
the ESOP Plan.
COVID-19 Impact
The impact of the Coronavirus (COVID-19) pandemic is ongoing and it is not practicable to estimate the
potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is
dependent on measures imposed by the Australian Government and other countries, such as maintaining
social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be
provided.
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may
significantly affect the consolidated entity's operations, the results of those operations, or the consolidated
entity's state of affairs in future financial years.
Note 23. Reconciliation of Profit/(Loss) After Income Tax to Net Cash Used in Operating
Activities
Consolidated
30 June
2022
$
30 June
2021
$
Profit/(loss) after income tax expense for the year
34,402,821 (3,343,467)
Adjustments for:
Gain from sale of investment
Fair value gain on investments
Exploration costs reclassified
Depreciation
Share based payments (Note 19)
Non-cash finance costs
Gain from deconsolidation of Snow Lake Resources
Loss on disposal of Snow Lake Resources
Fair value gain/(loss) on derivative liabilities
Interest income
Impairment of Investment in Snow Lake Resources
Share of profit - associates
Foreign exchange gain intercompany loans
Change in operating assets and liabilities:
Increase in trade and other receivables
Increase in trade and other payables
Net cash used in operating activities
60 Nova Minerals Ltd | Annual Report 2022
-
-
346,828
(376,507)
(565,317) (2,108,624)
98,222
205,739
1,200,053 1,470,936
102,010
(133,649)
-
(91,778,097)
-
9,102,187
- 1,828,857
-
-
-
-
(20,000)
45,556,885
29,088
(1,533,601)
(47,469)
584,510
(15,502)
-
(2,855,761) (2,138,336)
Note 24. Earnings/(Loss) Per Share
Profit/(loss) after income tax
Non-controlling interest
Profit/(loss) after income tax
Consolidated
30 June
30 June
2022
$
2021
$
34,402,821 (3,343,467)
215,597
281,733
34,684,554 (3,127,870)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings
per share
Adjustments for calculation of diluted earnings per share:
Options over ordinary shares
176,847,043
155,460,563
12,150,000
-
Weighted average number of ordinary shares used in calculating diluted
earnings per share
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
188,997,043
155,460,563
Cents
Cents
19.61
18.35
(2.01)
(2.01)
The weighted average number of ordinary shares for 30 June 2021 has been restated for the effect of the
share consolidation completed in November 2021, in accordance with AASB 133 'Earnings per share'.
Number
Weighted average number of ordinary shares used in calculating basic earnings per
share (before restatement)
Restatement following consolidation
1,554,605,632
(1,399,145,069)
Weighted average number of ordinary shares used in calculating basic earnings per
share (after restatement)
155,460,563
- As of the 30 June 2021 there were 97,500,000 (9,750,000 restated) outstanding unlisted options that would
be included in the diluted calculation.
- As of the 30 June 2022 there were 12,150,000 outstanding unlisted options that have been included in the
diluted calculation.
Note 25. Share-Based Payments
From time to time, the Group provides Incentive Options and Performance Rights to officers, employees,
consultants and other key advisors as part of remuneration and incentive arrangements. The number of
options or rights granted, and the terms of the options or rights granted are determined by the Board.
Shareholder approval is sought where required. During the period the following share-based payments have
been recognised:
Share-Based Payments
During the period, the following share-based payments have been granted:
Nova Minerals Ltd | Annual Report 2022 61
Recognised in Profit & Loss:
Advisor options 2
Advisor options 3
Performance rights exercised (note 11)
Performance rights granted
Employee stock options 4
Director stock options 5
Consultant options 6
Total
Recognised in Equity
Options issued to brokers 1
Options Granted
Consolidated
30 June
30 June
2022
$
2021
$
395,000
330,000
312,000
163,053
-
-
-
-
-
-
-
97,579
975,788
397,569
1,200,053 1,470,936
Consolidated
30 June
30 June
2022
$
2021
$
732,000
-
For the options granted during the June 2022 financial year, the valuation model inputs used to determine
the fair value at the grant date, are as follows:
1 Broker
Options
2 Advisor
Options
3 Advisor
Options
Recognised in
Grant date
Issued date
Number of options issued
Expiry date
Vesting date
Share price at grant date
Exercise Price
Expected Volatility
Risk-Free Interest Rate
Underlying fair value at grant date
Fair Value
Equity Note 11
27/09/2021
27/09/2021
1,200,000
27/09/2023
27/09/2021
$1.45
$2.20
100%
0.26%
$0.61
732,000
Profit & Loss
20/10/2021
20/10/2021
500,000
20/05/2023
20/10/2021
$1.55
$1.35
100%
0.26%
$0.79
395,000
Profit & Loss
20/10/2021
20/10/2021
500,000
7/10/2023
20/10/2021
$1.55
$2.20
100%
0.26%
$0.66
330,000
For the options granted during the June 2021 financial year, the valuation model inputs used to determine
the fair value at the grant date, are as follows:
62 Nova Minerals Ltd | Annual Report 2022
Recognised in
Grant date
Issued date
Number of options issued
Expiry date
Vesting date
Share price at grant date
Exercise price
Expected volatility
Risk-free interest rate
Dividend yield
Early exercise factor
Trinomial step
Underlying fair value at grant date
Fair value
Option Movement June 2022
4 Employee
Stock Options
5 Director
Stock Options
6 Consultant
Options
Profit & Loss
29/12/2020
29/12/2020
1,000,000
29/12/2023
29/12/2020
$0.17
$0.075
100%
1%
0
2.50
200
$0.10
97,579
Profit & Loss
29/12/2020
29/12/2020
10,000,000
29/12/2023
29/12/2020
$0.17
$0.075
100%
1%
0
2.50
200
$0.10
975,788
Profit & Loss
20/05/2021
20/5/2021
6,000,000
20/05/2023
20/05/2021
$0.14
$0.135
100%
0.26%
0
2.50
200
$0.066
397,569
Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the
30 June 2022 financial year:
Exercise Period
Exercise
Price
Beginning
Balance
Issued
Exercised
Lapsed
Ending
Balance
On or before 19 September 2022
On or before 28 October 2022
On or before 28 January 2023
On or before 2 December 2022
On or before 29 December 2023
On or before 20 May 2023
On or before 27 September 2023
On or before 20 May 2023
On or before 7 October 2023
Total
$0.40 6,100,000
150,000
$0.56
$0.60
750,000
$3.00 1,050,000
$0.75 1,100,000
$1.35
600,000
$2.20
$1.40
$2.20
-
-
-
-
-
-
- 1,200,000
-
500,000
500,000
-
- 9,750,000 2,200,000
-
-
-
-
-
-
-
-
-
-
- 6,100,000
150,000
-
-
750,000
- 1,050,000
- 1,100,000
-
600,000
- 1,200,000
-
500,000
500,000
-
- 11,950,000
On the 29 November 2021 the company completed share consolidation on a 10:1 basis
The weighted average year remaining contractual life
The weighted average year remaining contractual life for share-based payment options outstanding as of the
30 June 2022 was 0.60 years
Nova Minerals Ltd | Annual Report 2022 63
Option Movement June 2021
Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the
30 June 2021 financial year:
Exercise period
Exercise
Price
Beginning
Balance
Issued
Exercised
Lapsed
Ending
Balance
On or before 31 August 2020
On or before 19 September 2022
On or before 28 October 2022
On or before 28 January 2023
On or before 2 June 2022
On or before 25 November 2022
On or before 2 December 2023
On or before 20 May 2023
Total
(329,610)
$0.325 43,877,258
$0.40 6,100,000
$0.56 150,000
$0.60 750,000
$0.70 1,800,000
$3.00
$0.80
$1.35
-
- 6,100,000
150,000
-
750,000
-
-
-
- 1,050,000
- 1,100,000
600,000
-
52,677,258 2,750,000 (45,347,648) (329,610) 9,750,000
- (43,547,648)
-
-
-
-
-
-
- (1,800,000)
-
-
-
- 1,050,000
- 1,100,000
- 600,000
The weighted average year remaining contractual life
Performance Rights
2022 Performance Rights:
During the period the Company issued 24 million performance rights (2.4 million post-consolidation) to three
directors. The terms of the performance rights issued were disclosed in the annual general meeting notice
announced 22 October 2021. The performance rights are long-term incentives to offer conditional rights to
fully paid ordinary shares in the Company upon satisfaction of vesting criteria over the vesting periods for no
cash consideration. Fair value has been measured using the share price at grant date.
Vesting conditions for the rights are set out in the table below:
Class of
Performance
Rights
Class A
Performance Rights
Applicable
Milestone
Completion of either a pre-feasibility study or a definitive
feasibility study of the Korbel Main deposit that
demonstrates at the time of reporting that extraction is
reasonably justified and economically mineable indicating
an internal rate of return to the Company of greater than
20% and an independently verified JORC classified
mineral reserve equal to or greater than 1,500,000 oz Au
with an average grade of not less than 0.4g/t for not less
than 116Mt.
Number
Rights
Issued
600,000
Lapse
Date
5 years
from issue
Class B
Performance Rights
Completion of the first gold pour (defined as a minimum
quantity of 500 oz.) from the Korbel Main deposit.
5 years
from issue
600,000
Class C
Performance Rights
Achievement of an EBITDA of more than $20m in the
second half-year reporting period following the
commencement of commercial operations at the Korbel
Main deposit.
5 years
from issue
1,200,000
The performance rights were valued as the closing share price $1.30 on the grant date 24 November 2021.
The total share-based payment expense recognised from the amortisation of the 2022 issued performance
rights was $163,053.
64 Nova Minerals Ltd | Annual Report 2022
Set out below are the summaries of Performance rights granted during period as share-based payments
Grant date
Expiry Date
Class
24/11/2021
24/11/2021
24/11/2021
24/11/2026
24/11/2026
24/11/2026
A
B
C
2020 Performance rights issue:
Price at
Grant
Date
Granted
Exercised Other
Expired/
Lapsed/
600,000
$1.30
$1.30
600,000
$1.30 1,200,000
-
-
-
Balance at
the End of
the Year
600,000
-
-
600,000
- 1,200,000
On 2 April 2020 36 million performance rights were issued to directors and key management as disclosed in
the 2020 annual general meeting notice announced 26 February 2020. The performance rights were long-
term incentives to offer conditional rights to fully paid ordinary shares in the Company upon satisfaction of
vesting criteria over the vesting periods for no cash consideration. Achievement of the vesting conditions
attached to the rights within the expiry period was initially assessed by the directors as highly improbable and
therefore no charge was recognised.
During the period 12 million of the 2020 performance rights issue vested and were exercised by holders
resulting in 12 million ordinary shares being issued on 29 October 2021 - see issued capital Note 11
Fair value of the exercised rights has been measured using the share price at grant date and a charge of
$312,000 recognised in share-based payment expenses in the current period in respect of the issue.
The remaining 24 million performance rights as part of the 2020 issue expired on 28 October 2021.
Nova Minerals Ltd | Annual Report 2022 65
Nova Minerals Ltd | Annual Report 2022 65
Director’s Declaration
In the Directors' opinion:
●
●
●
●
The attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
The attached financial statements and notes comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board as described in note 1 to the financial
statements;
The attached financial statements and notes give a true and fair view of the consolidated entity's financial
position as at 30 June 2022 and of its performance for the financial year ended on that date; and
There are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations
Act 2001.
On behalf of the directors
___________________________
Anna Ladd-Kruger
Chairperson
20 September 2022
66 Nova Minerals Ltd | Annual Report 2022
Independent Auditor’s Report
Nova Minerals Ltd | Annual Report 2022 67
68 Nova Minerals Ltd | Annual Report 2022
Nova Minerals Ltd | Annual Report 2022 69
70 Nova Minerals Ltd | Annual Report 2022
ASX Additional Information
Nova Minerals Ltd | Annual Report 2022 71
Nova Minerals Ltd | Annual Report 2022 71
Additional Information for ASX Listed Companies
In accordance with ASX Listing Rule 4.10, the Company provides the following information to
shareholders not elsewhere disclosed in this Annual Report. The following additional information is
required under the ASX Listing Rules and is current as of 7 September 2022. (Reporting Date)
Corporate Governance Statement
The Company has prepared a Corporate Governance Statement which sets out the corporate
governance practices that were in operation throughout the financial year for the Company. In
accordance with ASX Listing Rule 4.10.3, the Corporate Governance Statement will be available for
review on the Company’s website (www.novaminerals.com.au), and will be lodged with ASX at the
same time that this Annual Report is lodged with ASX.
Capital Structure
Security
Fully Paid Ordinary Shares
Unlisted - Unl Opt @ $1.35 Exp 20/05/23
Unlisted - Unl Opt @ $2.20 Exp 7/10/23
Unlisted - Unl Opt @ $0.60 Exp 28/01/23
Unlisted - Unl Opt @ $0.60 Exp 28/01/23
Unlisted - Unl Opt @ $3.00 Exp 02/12/22
Unlisted - Unl Opt @ $0.75 Exp 29/12/23
Performance Rights – Various Vesting Conditions
Number
183,661,275
1,100,000
1,700,000
250,000
500,000
1,050,000
1,100,000
2,400,000
Distribution Schedule
Fully paid ordinary shares
Holding Ranges
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
Total
Unmarketable Parcels
Unmarketable Parcels
Securities
130,077,696
39,908,011
6,627,319
6,082,331
965,918
183,661,275
301,171
% of Share
Capital
No. of holders
% Issued of
Holders
70.82
21.73
3.61
3.31
0.53
100.00
0.16
230
1,238
858
2,337
1,757
6,420
916
3.58
19.28
13.36
36.40
27.38
100.00
14.27
Based on the price per security, number of holders with an unmarketable holding: 916, with total
301,171, amounting to 0.16% of Issued Capital.
72 Nova Minerals Ltd | Annual Report 2022
Top Holders
The 20 largest registered holders of fully paid ordinary shares were:
Name
Shares Held at 7 Sept 2022 % Held
1
2
3
4
5
6
BNP PARIBAS NOMS PTY LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
SL INVESTORS PTY LTD
SWIFT GLOBAL LTD
KUSHKUSH INVESTMENTS PTY LTD
BNP PARIBAS NOMINEES PTY LTD
7 MR PETER ANDREW PROKSA
8 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
9
MR JUSTIN BRUCE GARE & MRS KRISTIN DENISE PHILLIPS
10 MR MAHMOUD EL HORR
11 MURTAGH BROS VINEYARDS PTY LTD
12
MURTAGH BROS VINEYARDS PTY LTD
13 LETTERED MANAGEMENT PTY LTD BALMORAL FAMILY
14 CITICORP NOMINEES PTY LIMITED
12,563,931
6.84%
6,764,076
3.68%
5,388,488
2.93%
5,364,821
2.92%
5,000,000
2.72%
4,127,076
2.25%
2,850,000
1.55%
2,644,166
1.44%
2,542,796
1.38%
2,500,000
1.36%
2,440,000
1.33%
2,167,380
1.18%
2,050,000
1.12%
2,021,083
1.10%
15 PATRON PARTNERS PTY LTD
1,983,214
1.08%
16 MR DAVID FAGAN
17 HERSHAM HOLDINGS PTY LTD
18 KIKCETO PTY LTD
1,651,308
0.90%
1,633,669
0.89%
1,601,124
0.87%
19 MR JAGDISH MANJI VARSANI
1,500,000
0.82%
20 M & T K PTY LTD
Total of Top 20
Balance of Register
Grand Total
Substantial Shareholders
As at the Reporting Date, there are no substantial shareholders.
1,431,441
0.78%
68,224,573
37.14%
115,436,702
62.86%
183,661,275 100.00%
Nova Minerals Ltd | Annual Report 2022 73
Unquoted Securities
Unquoted securities on issue were:
Class
Expiry Date
Exercise
Price
Number of
Options
Number of
holders
Unlisted - Unl Opt @$1.35 Exp
20/05/23
Unlisted - Unl Opt @ $2.20 Exp
7/10/23
Unlisted - Unl Opt @ $0.60 Exp
28/01/23
Unlisted - Unl Opt @ $0.60 Exp
28/01/23
Unlisted - Unl Opt @ $3.00 Exp
02/12/22
Unlisted - Unl Opt @ $0.75 Exp
29/12/23
NVAUOP10
(NVAAK)
NVAUOP11
(NVAAL)
NVAUOP5
(NVAAJ)
NVAUOP6
(NVAAJ)
NVAUOP8
(NVAAF)
NVAUOP9
(NVAAH)
28 Oct 2022
$1.35
1,100,000
7 Oct 2023
$2.20
1,700,000
28 Jan 2023
$0.60
250,000
28 Jan 2023
$0.60
500,000
02 Dec 2022
$3.00
1,050,000
29 Dec 2023
$0.75
1,100,000
2
4
1
1
4
3
NVAUOP10.ASX [Unlisted Options @ $1.35 Exp 20/05/23] – 2 Holders
Name
Held at 7 Sept 2022 % Held
1
2
INTERNATIONAL MARKETING CORP LLC
LEDGER HOLDINGS PTY LTD
Total
600,000
54.55
500,000
45.45
1,100,000
100.00
NVAUOP11.ASX [Unlisted Options @ $2.20 Exp 7/10/23] – 4 Holders
Name
Held at 7 Sept 2022 % Held
1
2
EVOLUTION CAPITAL PTY LTD
LEDGER HOLDINGS PTY LTD
3 CHELSEA LANE CAPITAL PTY LTD
4 MR GREGORY CHALOM
Total
NVAUOP5.ASX [Unlisted Options @$0.60 Exp 28/01/23] – 1 Holder
Name
1 DALE JOEL SCHULTZ
Total
NVAUOP6.ASX [Unlisted Options @$0.60 Exp 28/01/23] – 1 Holder
Name
1 DALE JOEL SCHULTZ
Total
1,050,000
61.76
500,000
29.41
100,000
50,000
1,700,000
5.88
2.94
100.00
Held at 7 Sept 2022 % Held
250,000
100.00
250,000
100.00
Held at 7 Sept 2022 % Held
500,000
100.00
500,000
100.00
74 Nova Minerals Ltd | Annual Report 2022
NVAUOP8.ASX [Unlisted Options @ $3.00 Exp 02/12/22] – 4 Holders
Name
LTL CAPITAL PTY LTD
1
2 YUKOR MIPOZ PTY LTD
3 MARVEN PTY LTD
3 BENTMONT PTY LTD
Total
Held at 7 Sept 2022
% Held
850,000
120,000
40,000
40,000
1,050,000
80.95
11.43
3.81
3.81
100.00
NVAUOP9.ASX [Unlisted Director & Consultant Options @$0.75 Exp 29/12/23] – 3 Holders
Name
1 HERSHAM HOLDINGS PTY LTD < HERSHAM FAMILY>
1 AJ HOLDINGS INTERNATIONAL LIMITED
2
Total
IAN CRAIG PAMENSKY
Held at 7 Sept 2022
500,000
500,000
100,000
1,100,000
% Held
45.45
45.45
9.09
100.00
Restricted Securities
Not applicable
Voting Rights
The voting rights attached to each class of equity security are as follows:
Ordinary shares: each ordinary share is entitled to one vote when a poll is called, otherwise
each member present at a meeting or by proxy has one vote on a show of hands.
Options: options do not entitle the holders to vote in respect of that equity instrument, nor
participate in dividends, when declared, until such time as the options are exercised and
subsequently registered as ordinary shares.
Performance rights: performance rights do not entitle the holders to vote in respect of that
equity instrument, nor participate in dividends, when declared, until such time as the
performance rights are vested and converted and subsequently registered as ordinary shares.
ASX Admission Statement
During the financial year, the Company applied its cash in a way that is consistent with its business
objectives.
On-Market Buy-Back
There is no current on-market buy-back.
Item 7, Section 611 Issues of Securities
There are no issues of securities approved for the purposes of item 7 of section 611 of the
Corporations Act 2001 (Cth) which have not yet been completed
Nova Minerals Ltd | Annual Report 2022 75
Competent Person Statement
Mr Vannu Khounphakdee P.Geo., who is an independent consulting geologist of a number of mineral
exploration and development companies, reviewed and approves the technical information in this
report and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted
for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdee has
sufficient experience relevant to the gold deposits under evaluation to qualify as a Competent Person
as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Vannu Khounphakdee is also a Qualified Person as defined by S-
K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdee consents to the inclusion in
the report of the matters based on information in the form and context in which it appears.
Schedule of Interests in Mining Tenements
Tenement/Claim/ADL Number
725940 - 725966
726071 - 726216
727286 - 727289
728676 - 728684
730362 - 730521
737162 - 737357
Location
Alaska, USA
Alaska, USA
Alaska, USA
Alaska, USA
Alaska, USA
Alaska, USA
Beneficial % Held
85%
85%
85%
85%
85%
85%
76 Nova Minerals Ltd | Annual Report 2022
Main Operations:
Whiskey Bravo Airstrip
Matanuska-Susitna Borough,
Alaska, USA
1150 S Colony Way Suite 3-440,
Palmer, AK 99645
Corporate:
Suite 602
566 St Kilda Road, Melbourne
VIC 3004 Australia
Telephone: +61 3 9537 1238
www.novaminerals.com.au