NYSE: NVA

Nova’s
vision is to concurrently develop the Estelle Project to become a world class, tier-one, global gold producer, and to secure a U.S. domestic
supply chain for the strategic critical mineral antimony, from mining to a refined product.

The
Project encompasses multiple mineralized areas along a corridor extending approximately 35 kilometers and includes more than 20 identified
advanced-stage gold prospects. Mineral resources have been estimated for four deposits within the Project, with a combined S-K 1300-compliant
mineral resource of approximately 5.17 million ounces (“Moz”) of gold, comprising 0.18 Moz Measured, 2.54 Moz Indicated and
2.45 Moz Inferred. Based on the Company’s 85% interest in the Project, its attributable share of these mineral resources is approximately
4.41 Moz of gold, comprising 0.16 Moz Measured, 2.22 Moz Indicated and 2.03 Moz Inferred. 

The
Company has also identified occurrences of antimony and other critical minerals associated with gold mineralization through surface
sampling at multiple prospects within the Project area. Two of these prospects were drill tested during 2026, and assay results from
that drilling were still pending as of the date of this Annual Report. No mineral resource estimate has been established or reported
for antimony or any other critical minerals at the Estelle Project to date.

Figure
1: The Estelle Project contains the dual assets gold and antimony within the one U.S. project

In
October 2025, the Company’s wholly owned U.S. subsidiary, Alaska Range Resources, LLC, received a US$43.4 million award under Title
III of the U.S. Defense Production Act to advance the development of a pilot-scale antimony processing facility in Alaska capable
of producing military-grade antimony trisulfide.

6

Following
receipt of the award, the Company has advanced its plans to develop a secure, vertically integrated, domestic antimony supply chain,
in Alaska. As of the date of this Annual Report, approximately 500 tons of equipment has been delivered to Port MacKenzie, over 100 tons
of antimony-bearing material has been stockpiled from bulk sampling activities, permitted industrial zoned land has been secured, and
supporting infrastructure has been established, with first antimony production from the pilot-scale processing plant targeted in 2027.
The Company has also continued to engage with federal, state and local government agencies regarding the development of its planned commercial-scale
antimony supply chain.

Figure
2: Nova’s proposed secure, vertically integrated, U.S. domestic antimony supply chain in Alaska

Redomiciliation

On
June 16, 2026, Nova Minerals Corp completed its redomiciliation from Australia to the United States pursuant to a Scheme of
Arrangement under Australian law. The Scheme of Arrangement had been approved by Nova Minerals Limited’s shareholders and
warrantholders on May 29, 2026 and by the Supreme Court of New South Wales on June 2, 2026. As a result of the Redomiciliation, Nova
Minerals Corp, a Nevada corporation, became the ultimate parent company of the Nova Minerals group, and Nova Minerals Limited
became a wholly owned subsidiary of Nova Minerals Corp.

Prior
to the Redomiciliation, Nova Minerals Limited’s common shares were listed on the ASX and its American Depositary Shares (“ADSs”)
were listed on Nasdaq, with each ADS representing 12 ordinary shares of Nova Minerals Limited. In connection with the Redomiciliation:

●

holders
of Nova Minerals Limited ordinary shares received one CDI of Nova Minerals Corp for each Nova Minerals Limited ordinary share held
as of the Scheme record date, with each CDI representing a beneficial interest in 1/12 of a share of Nova Minerals Corp common
stock.

●
holders
of Nova Minerals Limited ADSs, each of which represented 12 ordinary shares, received one share of Nova Minerals Corp common stock for
every ADS held as of the Scheme record date.

●
holders
of ordinary shares of Nova Minerals Limited quoted on the OTC markets received one share of Nova Minerals Corp common stock for every
12 ordinary shares of Nova Minerals Limited held on the Scheme record date.

●
holders
of listed warrants of Nova Minerals Limited received 3 listed warrants of Nova Minerals Corp for every Nova Minerals Limited listed warrant
held on the Scheme record date.

Following
completion of the Redomiciliation, Nova Minerals Corp’s common stock and listed warrants commenced trading on the NYSE American
on June 17, 2026 under the symbols “NVA” and “NVAWS,” respectively, while the Company’s CDIs commenced
trading on the ASX under the symbol “NVA.” The Redomiciliation did not result in a change in the Company’s underlying
business, mineral exploration and development activities, management or strategic objectives. The transaction primarily resulted in changes
to the Company’s corporate structure, jurisdiction of incorporation, capital structure and reporting requirements.

7

Recent
Corporate Developments

Key
recent developments include:

●
Equity
financing: In December 2025, Nova Minerals Limited completed an underwritten public offering of approximately 2.93 million ADSs
at US$6.83 per ADS, generating approximately US$20.0 million of gross proceeds. Following a partial exercise of the
underwriters’ over-allotment option, total gross proceeds increased to approximately US$22.3 million. The proceeds are being
used to support exploration and development activities at Estelle, pre-feasibility and environmental studies, permitting, initial
development activities and general corporate purposes and working capital.

●
Antimony
development: In October 2025, our wholly-owned U.S. subsidiary, Alaska Range Resources, LLC, received a US$43.4 million Defense
Production Act Title III award to support the development of a U.S. domestic, secure, vertically integrated antimony supply chain,
with ore derived from Estelle and downstream processing and refining activities at Port MacKenzie in Alaska. During fiscal 2026 the
Company has been actively procuring mining and processing plant equipment using the award funds. This culminated with the largest
snow road operation the Company has undertaken to date with over 1.5 million pounds of freight, including mining and processing equipment, being transported to the Estelle
site, as well as approximately 500 tons of equipment being delivered to Port
MacKenzie by barge in early September 2026, in preparation for construction of the antimony pilot plant processing
facility.

●
Exploration
and technical work: During fiscal 2026, the Company completed approximately 6,500 meters of drilling targeting gold and antimony
mineralization and continued geophysical surveys, geological mapping, surface sampling and metallurgical testing. Subsequent to fiscal
2026 the company has continued its exploration and drilling programs at Estelle, with another extensive surface and mapping exploration
program undertaken and approximately 9,000 meters drilled in the 2026 Alaskan summer field season, with all assays pending as of
the date of this Annual Report.

●
Estelle
development: The Company continues to advance gold technical studies, including pre-feasibility work, while progressing exploration
and development activities related to the Estelle Project’s antimony mineralization.

●
Infrastructure
and processing: The Company is advancing site infrastructure at Estelle, including camp and airstrip improvements, Stibium internal
access road construction, as well as crushing, ore-sorting and antimony processing and refining infrastructure. RPM and Korbel access
road studies have also been completed, with permitting underway.

●
Port
MacKenzie: The Company secured 42.81 acres of industrial zoned land at Port MacKenzie, Alaska for the proposed downstream antimony
processing and refining facilities.

●
Access
infrastructure: The Company continues to support development of the proposed West Susitna Access Road, which is expected to improve
long-term access to the Estelle Project. Subsequent to fiscal 2026 the Alaska Industrial Development and Export Authority (AIDEA)
announced that it has approved an additional US$25M in funding for the West Susitna Access Road studies and geotechnical drilling
over 2026/2027.

The
timing and scope of future exploration, development, infrastructure and processing activities remain subject to exploration results,
technical studies, permitting and regulatory approvals, available funding, construction and procurement schedules, and other risks and
uncertainties. For more information, see Item 1A “Risk Factors.”

8

Principal
Products, Revenues and Market Overview

Revenues

During
the fiscal years ended June 30, 2026 and 2025, the Company generated no production related revenues as the Estelle Project is
currently in the exploration stage. We do not expect to generate revenues from gold sales until the Estelle Project is developed and
commercial mining commences. While we are targeting initial production of military grade antimony trisulfide in 2027, this
production is initially pilot scale in nature to meet the requirements of the U.S. Department of War (“DoW”) award, and
is not expected to generate material revenues during the fiscal year ended June 30, 2027.

Gold

Gold
is a precious metal used primarily in jewelry and investment products and also in a variety of industrial and commercial applications.
Gold recovered from mineralized material generally requires processing to separate and concentrate the gold and may ultimately be sold
in the form of doré or other gold-bearing products to refiners and other participants in the precious metals market.

The
ore we expect to mine from the Estelle Project in Alaska contains gold, antimony and other critical minerals. The Company expects that
gold recovered from the Estelle Project may be processed into doré or other saleable gold-bearing products, depending on the Company’s
processing methods and the characteristics of the ore. The Company may also recover antimony and other minerals as separate saleable
products or by-products. The Company’s ability to produce and sell gold will depend on the successful exploration, development,
permitting, construction and operation of the Estelle Project and the Company’s ability to establish economically recoverable mineral
resources and reserves.

Antimony

Antimony
is included on the U.S. Government’s critical minerals lists. Antimony ore is mined from the ground in the form of stibnite. The
Company expects to process the ore to remove impurities, refine particle size, and improve recoveries in order to produce saleable antimony
products. Finished products, including antimony trisulfide, antimony trioxide, and antimony metal ingots, may be sold to customers across
a range of industrial applications, as well as government agencies.

Antimony
trisulfide is used as a primer for ammunition and in other applications. Antimony trioxide is used to form a flame-retardant system for
plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent
in fluorescent light bulbs. Antimony metal ingots are used in bearings, storage batteries, and ordnance. Initially, the Company will
be focused on producing antimony trisulfide to meet the terms of the DoW award discussed below. As the Company moves into additional
phases of production, it may explore other saleable products in addition to antimony trisulfide, including antimony trioxide and antimony
metal ingots.

In
October 2025, our wholly-owned subsidiary, Alaska Range Resources, LLC, was awarded $43.4 million in Defense Production Act Title III
funding by the DoW to produce antimony trisulfide at its Estelle Project. The 24-month firm fixed-price project sub-agreement will help
enable the Company to accelerate development of a fully integrated U.S. antimony supply chain to extract, concentrate, and refine stibnite
to produce military grade antimony trisulfide to assist in meeting the U.S. defense industrial base demands. The funding is through the
DoW Manufacturing Capability Expansion & Investment Prioritization directorate’s Defense Production Act Purchases office and
awarded through the Defense Industrial Base Consortium Other Transaction Agreement. The DoW award may be modified or terminated, in part
or whole, and adjusted as needed by the U.S. government.

9

Competition

The
mineral exploration and mining industry is highly competitive. The Company competes with other mineral exploration and mining companies
for mineral properties, exploration opportunities, financing, personnel, equipment, contractors and other resources necessary to explore
and develop mineral properties. The Company also competes with other companies for government funding and other forms of financial and
strategic support.

The
Company’s ability to successfully develop the Estelle Project will depend, in part, on its ability to obtain adequate financing,
retain and attract qualified technical and management personnel, secure necessary equipment and services, obtain required permits and
approvals and develop commercially viable processing and production capabilities. The Company may also face competition from other sources
of gold and antimony supply.

The
Company believes that the location, scale and mineral potential of the Estelle Project, together with its exploration results and the
Company’s plans for an integrated gold and antimony development, provide opportunities for the Company to compete in the markets
in which it operates. However, there can be no assurance that the Company will be successful in competing with current or future competitors.

Government
Regulation

Our
exploration and potential future mining activities at the Estelle Project are subject to extensive federal, state and local laws, regulations,
permits and other governmental authorizations relating to mineral exploration, mine development, environmental protection, water use,
air quality, waste management, reclamation, fish and wildlife, cultural resources, land use and other matters. The regulatory framework
applicable to the Estelle Project may change over time, and changes in applicable laws, regulations, permit requirements or their interpretation
or enforcement could increase the cost or timing of our activities or otherwise adversely affect the Estelle Project.

The
Estelle Project is located on State of Alaska public lands and is subject to the laws and regulations of the State of Alaska governing
mineral exploration and development. Exploration and mining activities are conducted under the Application for Permits to Mine in Alaska
(“APMA”) regulatory framework and are subject to requirements administered by various state agencies, including the Alaska
Department of Natural Resources (“DNR”) and the Alaska Department of Environmental Conservation (“ADEC”), as
well as other applicable federal and state agencies.

The
Company has obtained permits and authorizations necessary to conduct its current exploration activities and operate its existing exploration
camp and associated facilities. The Estelle Project’s existing exploration-related authorizations include permits and authorizations
administered through the APMA process relating to hard-rock exploration, water use, fish habitat and fish passage, and camp operations.
These permits and authorizations are subject to applicable terms and conditions, including environmental protection and reclamation requirements.

10

Future
development of a mine and processing facilities at the Estelle Project would require additional permits, approvals and authorizations.
These may include approvals relating to a mine plan and reclamation plan, reclamation financial assurance, air quality, wastewater and
stormwater discharges, solid waste and tailings management, water rights or temporary water use, wetlands, fish habitat and passage,
rights-of-way and other infrastructure, cultural resources, dam safety and other applicable federal, state and local requirements. The
specific permits required will depend on the final Project design and development plan.

Environmental
requirements applicable to the Project include requirements relating to water quality, air quality, wetlands and aquatic resources, fish
and wildlife, hazardous and solid waste, cultural resources, reclamation and closure. Environmental baseline studies relating to hydrology
and water quality, aquatic resources, air quality, fish habitat and other environmental matters are important components of the permitting
and development process, and the Company has made substantial progress toward completing these
baseline environmental studies. Additional environmental studies and monitoring may be required as the Estelle Project advances.

Reclamation
and closure obligations may require the Company to reclaim, remediate or otherwise restore areas affected by its activities. The State
of Alaska may require financial assurance for reclamation and, depending on the facilities and activities ultimately developed, financial
assurance may also be required under applicable environmental permits. Reclamation requirements and associated costs may change as the
Estelle Project design develops and as applicable laws and regulations change.

Failure
to obtain, maintain or comply with required permits and authorizations could result in delays, additional expenditures, enforcement actions,
penalties, suspension of activities or other adverse consequences. In addition, future changes in environmental, mining, land-use, reclamation
or other regulatory requirements could materially increase the costs or timing associated with exploration, development, construction
or potential future operations at the Estelle Project.

Human
Capital Resources

As
of June 30, 2026, the Company had two employees and approximately 65 contractors and consultants. The Company’s workforce includes
personnel involved in corporate management, finance, exploration, geology, and other functions.

The
Company relies on a combination of employees, independent contractors and specialized consultants to conduct its exploration and development
activities. The Company’s ability to successfully execute its business strategy depends in part on its ability to attract, retain
and motivate qualified personnel with experience in mineral exploration, mining, metallurgy, engineering, project development, finance
and U.S. securities and financial reporting requirements.

The
Company competes with other mining and natural resources companies for qualified personnel, particularly personnel with specialized technical
and operational experience. The Company expects to expand its workforce and engage additional contractors and consultants as its exploration,
development and potential production activities progress.

Intellectual
Property

As
of June 30, 2026, we hold no material patents, licenses, or other intellectual property.

11

Available
Information

The
Company’s mailing address is 6312 South Fiddlers Green, Suite 300E Greenwood Village, CO 80111. Our telephone number is (720)
550-4223. Our website is www.novamineralscorp.com. We use our website as a channel for routine distribution of important
information, including news releases, investor presentations and financial information. We also make available, free of charge on
our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to
these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”), as soon as reasonably practicable after we electronically file these documents with, or furnish them to, the SEC. In
addition, we also make publicly available, free of charge, our corporate governance information (including our Code of Business
Conduct & Ethics). A link to the SEC filings is available by selecting “Investors” then “Investor
Centre” and
corporate governance materials are available by selecting “Company” then “Corporate Governance.” The
information on the Company’s website is included as an inactive textual reference only and is not a part of, or incorporated
by reference in, this Annual Report.

The
SEC maintains a website at www.sec.gov that also contains annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports
on Form 8-K, proxy and information statements and other information regarding Nova and other issuers that file electronically with the
SEC.

Paper
copies of the above referenced information will be furnished to any stockholder upon request, free of charge, by calling (720) 550-4223
or by written request to our mailing address referenced above.