Nova Minerals skyrockets on Australia-US summit briefing request

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Estelle project. Credit: Nova Minerals

Nova Minerals’ (NASDAQ, ASX: NVA) shares skyrocketed on Tuesday after the Australian miner announced that it had been requested by the US government to provide a brief on its antimony project in Alaska ahead of a planned meeting between the nations’ leaders.

Australian Prime Minister Anthony Albanese is scheduled to meet with US President Donald Trump on Oct. 20 in Washington DC, where the pair are likely to discuss critical minerals partnerships amid surging American interest in the sector and speculation that the Trump government could buy stakes in Australia’s miners.

Local media in Australia also reported that its government is mulling a A$1.2 billion strategic minerals reserve.

According to reports, mining firms looking to be involved in the talks are expected to brief the Australian government before what would be the first official sitdown between Albanese and Trump. Amongst those are Nova Minerals, which seeks to build a vertically integrated US antimony operation in Alaska and recently secured a land permit for its proposed refinery at Port MacKenzie.

In the Australian market, Nova Minerals soared 16.1% to a new 52-week high of A$0.90 on the news. The stock has now nearly doubled over the past month, with a current market capitalization of A$359.6 million.

Meanwhile, its Nasdaq-listed shares have had an even bigger gain, with the stock price rising over 400% over that period. On Tuesday, Nova jumped nearly 70% to a new high of $58.72, with a market capitalization of $310 million.

Government backing

The briefing follows a site visit by the Australian Consular-General, Tanya Bennett, in August, during which she recognized the company’s Estelle project in Alaska as a “leading example of the deepening Australia–US collaboration in critical minerals and strategic resource development,” Nova said.

“Being invited to brief the Australian government for this high-level meeting between Prime Minister Albanese and President Trump is a testament to the strategic importance of the Estelle project,” CEO Christopher Gerteisen stated in a press release on Tuesday.

“With antimony recognized as a critical mineral and our gold resources adding significant value, Nova is well-positioned to contribute to both US and Australian critical minerals strategies,” he added.

Earlier this month, the company was awarded $43.4 million by the US Department of War in support of its proposed antimony operations. Gerteisen stated that the funding to help fast-track its production of military-spec antimony, targeting first delivery of products within 24 months.