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Nova Minerals Limited (NASDAQ:NVA) announced that its wholly owned U.S. subsidiary, Alaska Range Resources, LLC (ARR), has secured $43.4 million in funding under the Defense Production Act Title III.
The award, granted by the U.S. Department of War (DoW), is designated for the production of antimony trisulfide at Nova’s Estelle Gold and Critical Minerals Project in Alaska.
The funding is part of a broader U.S. strategy to strengthen domestic production of critical minerals essential for national defense and advanced technologies.
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Antimony trisulfide, a key component in flame retardants and munitions, has increasingly become a focus of strategic resource initiatives amid global supply chain uncertainties.
ARR will extract and refine stibnite into military-grade antimony trisulfide to meet national defense needs.
Christopher Gerteisen, Nova’s CEO, said the award supports U.S. security and broader industrial applications. “We are proud to have ARR partner with the U.S. Department of War to help secure a fully domestic, redundant supply chain for the munitions and other defense products our troops need to keep our nation and allies safe,” Gerteisen said.
The Estelle Project will serve as a hub for mining and refining antimony. Federal and state officials, including Sen. Lisa Murkowski (R-AK), Sen. Dan Sullivan (R-AK), Rep. Nick Begich (R-AK), and Gov. Mike Dunleavy, have supported the project as a way to strengthen America’s critical minerals supply.
Nova is working with the University of Alaska Fairbanks, the Alaska Department of Natural Resources, the Alaska Industrial Development and Export Authority, and Native Corporations to move the project forward.
The company recently announced a strategic investment in Adelong Gold, part of its broader effort to expand its presence in gold and critical minerals.
Price Action: NVA shares were trading higher by 29.88% to $21.30 premarket at last check Wednesday.
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Posted In: NVA
