Market capitalization of Nova's ADS on Nasdaq was approximately $24.8 million as of the market close on August 23

ANCHORAGE, AK / ACCESSWIRE / August 26, 2024 / Nova Minerals Limited ("Nova" or the "Company") (NASDAQ:NVA)(ASX:NVA)(FSE:QM3) wishes to clarify the correct number of shares outstanding and the accurate market capitalization of the Company, following recent discrepancies reported by multiple U.S. financial data vendors.

As of the most recent close, the correct market capitalization of Nova, based on the properly reported ADS, was approximately $24.8 million. This contrasts sharply with the $1.5 billion market cap being erroneously displayed by some financial data vendors who are multiplying the current ADS price by the total ordinary shares outstanding on the ASX rather than the ADS count.

Since Nova's successful dual listing on the Nasdaq in July 2024, the Company has identified that a number of U.S. financial data providers, including those supplying major platforms such as Yahoo Finance, have incorrectly reported Nova's outstanding shares and market capitalization. This issue has resulted from a misunderstanding of the ratio between Nova's American Depository Shares (ADS) listed on the Nasdaq and its ordinary shares listed on the Australian Securities Exchange (ASX).

When Nova listed on the Nasdaq, it did so by issuing American Depository Shares (ADS) at a ratio of 1 ADS for every 60 ordinary shares listed on the ASX. However, many data vendors have erroneously reported Nova's outstanding shares on the Nasdaq as if they were equivalent to the total number of ordinary shares on the ASX, leading to significant overstatements of the Company's market capitalization in the United States.

Nova is actively working with these vendors to correct this misinformation.

About Nova Minerals Limited

Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 513 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the 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, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also host significant Antimony deposits and was a major historical North American Antimony producer. For more information, please visit www.novaminerals.com.au.