Nova Minerals Corp — FY2026 Form 10-K Summary
Business context and reporting period
For the fiscal year ended June 30, 2026, Nova was an exploration-stage gold, antimony and critical-minerals company focused on its 85%-owned Estelle Project in Alaska. The project covers approximately 127,102 acres and is subject to a 2% net smelter royalty. Nova redomiciled from Australia to Nevada on June 16, 2026; the company says the transaction changed its corporate structure and reporting framework, not its underlying business. Its common stock and warrants trade on NYSE American as NVA and NVAWS; CDIs trade on the ASX as NVA.
Financial and operating metrics
| Metric | FY2026 / June 30, 2026 | FY2025 / June 30, 2025 |
|---|---|---|
| Production revenue | None | None |
| Government grant income, net | $11.21 million | None |
| Exploration and evaluation expense | $20.00 million | $4.37 million |
| General and administrative expense | $6.46 million | $5.13 million |
| Net loss | $25.60 million | $11.77 million |
| Basic and diluted loss per share | $0.72 | $0.49 |
| Cash used in operating activities | $8.80 million | $7.71 million |
| Cash and cash equivalents | $26.78 million | $5.95 million |
| Total assets / total liabilities | $46.17 million / $22.61 million | $10.83 million / $1.95 million |
Current assets were $36.19 million and current liabilities $11.55 million, implying working capital of approximately $24.64 million. Cash increased mainly from two equity offerings, grant receipts and equipment reimbursements. Financing activities provided $33.20 million; investing activities used $3.53 million. The company reported no off-balance-sheet arrangements.
Balance-sheet financing obligations included $1.28 million of notes payable and $1.87 million of finance lease liabilities. Contractual future payments on these obligations totaled $3.47 million: $1.00 million due within one year, $2.00 million in years one to three, and $0.47 million in years three to five.
Nova reported an approximately 5.17 million-ounce gold resource across four deposits, of which approximately 4.41 million ounces are attributable to its 85% interest. The estimate includes 0.18 million ounces measured, 2.54 million indicated and 2.45 million inferred on a project basis. The estimate is based on drilling available through March 31, 2023. The company has no mineral reserves and no reported antimony or other critical-minerals resource.
Material changes versus the prior year
- Net loss increased to $25.60 million from $11.77 million, while operating cash use rose to $8.80 million from $7.71 million.
- Exploration expense rose by $15.63 million, reflecting increased drilling, logistics, contractor work, studies and site activity. General and administrative expense increased, partly due to redomiciliation costs.
- FY2026 included $11.21 million of net government grant income and a $2.69 million income-tax expense. Stock-based compensation expense was $7.96 million, compared with a $0.61 million expense reversal in FY2025.
- Cash rose to $26.78 million from $5.95 million, supported by $31.90 million of net share-issuance proceeds and government-award receipts. Shares issued and outstanding at year-end increased to 38.18 million from 26.92 million.
Outlook, commentary, risks and unusual items
- Antimony award and target: A $43.4 million U.S. Department of War (DoW) award supports a two-year pilot-scale antimony processing project, ending September 29, 2027. The company targeted first pilot production of military-grade antimony trisulfide in 2027, but does not expect material revenue from it in FY2027. At June 30, 2026, $22.50 million had been received under the award; a further $5.5 million invoiced amount was received after year-end, and approximately $20.9 million was expected during FY2027 subject to award requirements and milestones. The government may modify or terminate the award.
- Exploration and development: Nova completed approximately 6,500 meters of drilling in FY2026. It reported approximately 9,000 meters drilled in the subsequent 2026 Alaska summer season, with assays pending when the 10-K was filed. Gold pre-feasibility work, permitting, infrastructure and antimony pilot-plant development are ongoing. No completed pre-feasibility or feasibility study or detailed economic analysis is presented.
- Going concern: Management and the auditor state that recurring losses, negative operating cash flows and forecast funding needs raise substantial doubt about Nova’s ability to continue as a going concern for the next 12 months. Management plans to seek financing and control spending; financing is not assured. The audited statements are prepared on a going-concern basis and include no adjustments for the outcome of this uncertainty.
- Controls and reporting: Management concluded internal control over financial reporting and disclosure controls were ineffective at June 30, 2026, due to material weaknesses in staffing, process consistency, segregation of duties and financial-close controls. Remediation is underway but not complete. The auditor issued an unqualified opinion on the financial statements, with a going-concern explanatory paragraph, and did not opine on internal-control effectiveness.
- Key project risks: Estelle is remote and remains an exploration-stage project with no reserves or commercial production. Development depends on resource conversion, technical and economic studies, financing, permits, infrastructure, commodity prices, equipment and labor availability, and continued government support. Future equity financing may dilute shareholders. Nova reported no material pending legal proceedings and no material cybersecurity incident during FY2026.
Important facts for investors to verify
- Confirm the audited FY2025 comparative figures: the filing’s narrative elsewhere gives conflicting prior-year net-loss and operating-cash-flow amounts. The audited statements report net loss of $11.77 million and operating cash use of $7.71 million.
- Check the operating-loss comparison: the audited statement appears to show FY2025 operating income of $9.23 million, while MD&A reports an operating loss of $9.23 million. The filing text does not provide a consistent value.
- Track DoW award milestones, cash collections, reimbursement eligibility and the remaining award balance, as well as the 2027 pilot-production schedule and expected economics.
- Assess updated gold resource estimates and pending antimony drill assays against the current resource basis, which uses drilling through March 31, 2023; verify that no resource estimate or reserve has yet been established for antimony.
- Monitor liquidity and financing plans against forecast expenditures and the stated going-concern uncertainty; review dilution from share issuance, options and warrants.
- Follow progress on internal-control remediation and future filings for evidence that controls have been implemented and operated effectively.