Exhibit 99.1

Review of Operations

US NASDAQ Listing Completed

On 24 July 2024 Nova announced that it had successfully completed its US listing on the NASDAQ under the symbol NVA, along with an associated US$3.3M (AUD$4.9M) capital raising, which was followed up by a further NASDAQ raising of US$2.4M (AUD$3.5M) on 26 September 2024, before deducting underwriting discounts and offering expenses.

RPM Resource and Extensional Drill Program Completed

During the 1^st half of the 2025 financial year, Nova undertook a highly targeted 21 hole reverse cycle (RC) drill program in the RPM starter pit area (Figure 2) using the Company owned drill rig. The primary objective of the shallow drilling program, which was conducted on a new pad (Pad 24-1) located between the 2 previous RPM North pads (pad 1 and Pad 23-1), was to prove up near surface mineralization <50m in depth in support of the RPM starter mine PFS currently underway.

The 2024 infill and step-out drill program extended the high-grade core zone at RPM North to surface with over 20 significant broad intercepts grading > 5 g/t Au and a high of 52.7 g/t Au. All holes ended in mineralization with significant results including (Figure 1):

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These results prove high-grade gold mineralization greater than 2 g/t Au extend to surface above the current Measured (180,000 oz @ 4.1 g/t Au) and Measured and Indicated (340,000 oz @ 2.3 g/t) high-grade core within the existing RPM North resource area. In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive, particularly to the South which remains largely untested by drilling.

Figure 1. 3D Vrify model looking at RPM North with 2024 drill result highlights

Figure 2. RPM area showing potential RPM starter pit

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The secondary objective of the shallow 2024 drill program was to extend drilling to the South and Southwest of the current RPM North resource to begin to test a potential link with the RPM Valley zone situated approximately 150m to the Southwest (Figure 2). Highly prospective mineralized intrusive rocks have been observed in this area in recent geological mapping and confirmed with anomalous surface sample results. The results returned from holes RPMRC-24001 to RPMRC -24004 as shown below indicate that the RPM North deposit remains wide open to the South-Southwest and is potentially connected to the RPM Valley zone. This warrants further follow-up diamond drilling to test the considerable resource upside potential.

New Gold and Antimony Discoveries from the 2024 Surface Exploration Program

During the 2024 field season Nova’s Head of Exploration, Mr Hans Hoffman, undertook another extensive surface exploration mapping and sampling program across the entire Estelle Project focused on gold and antimony and comprising of 511 soil samples, 225 rock samples, and 5 tons of bulk sample material. This program resulted in a number of significant new discoveries of both gold and antimony including:

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Figure 3. Stibium antimony soils heat map highlighting resource drill targets

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Figure 4. Stibium gold soils heat map highlighting resource drill targets

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Figure 5. High-grade rock and soil samples discovered in 2024 at the Styx, Muddy Creek, Wombat and RPM Regional areas

Dual Commodity Focus – Gold and Antimony in Alaska

With the discovery of the rare critical mineral antimony, for which the U.S. currently has no domestic supply and which China recently banned all exports of, on numerous prospects across the Estelle claim blocks last year, and followed up by further high grade discoveries in this year’s surface sampling program as well, especially at the Styx and Stibium prospects, Nova’s vision is to now develop Estelle’s gold assets into a tier one globally significant gold producer and to concurrently develop the projects antimony assets to help secure a U.S. domestic supply chain for antimony from mining to a refined product. To achieve this vision the Company is both progressing the RPM Pre-Feasibility Study (PFS) for a starter mine at RPM and an updated scoping level study for the Estelle wide project including Korbel, as well as advancing potential U.S. government grants to progress the antimony assets with the aim to produce antimony product late in 2025 or early 2026. Nova was a first mover in recognizing the potential value of its antimony assets and has developed strong relationships with both State and Federal government departments and is now advanced in the U.S. government grants process.

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Figure 6. Estelle’s gold and antimony assets

Figure 7. Nova’s antimony vision – From mining to a refined product in Alaska

Sale of Snow Lake Resources Ltd

On 31 December 2024 Nova sold its entire investment of 6.6 million shares in Snow Lake Resources realizing US$6.73M (A$10.85M) in gross proceeds, or US$6.53M (A$10.5M) net of sale costs. These proceeds were recorded as a receivable awaiting settlement in the statement of financial position as at 31 December 2024.

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US NASDAQ Warrants Conversion Proceeds

During the half year to 31 December 2024 Nova received approximately US$0.79m ($A1.21M) in proceeds from the conversion of US NASDAQ listed warrants. Subsequent to the reporting date the Company has also received a further ~ US$0.83M (A$1.34M) in NASDAQ warrants conversion proceeds.

Significant Subsequent Events

Receipt of Snow Lake Share Sale Proceeds

On 3 January 2025 the Company received the net cash proceeds of $10.5M from the sale of the Snow Lake shares which were recorded in the statement of financial position as a receivable as at 31 December 2024.

Conversion of Nebari Convertible Loan

On 8 January 2025 Nebari Gold Fund 1, LLP converted the full outstanding balance of the Nebari convertible loan note of US$5.42M (A$8.75M) into ordinary shares in the Company at A$0.25c per share in accordance with the terms of the Nebari Note, which was approved by shareholders at the Company’s Annual General Meeting held on 14 November 2024. With the conversion, which resulted in the Company issuing Nebari with 35,007,644 shares on 13 January 2025, the Company is now debt free and funded to progress its gold and antimony assets.

2025 Financial Year Next Steps

With a strengthened balance sheet, including a significant cash balance of ~US$9.9 million (~A$15.9 million), after the receipt of the Snow Lake share sale proceeds and the proceeds from additional Nasdaq warrant conversions in early January 2025, and no debt, advanced progress with its U.S. grant applications for antimony, and five drill rigs (four diamond and one RC) parked on site at the Whiskey Bravo Camp, Nova is looking forward to another highly exciting exploration program in 2025 for both gold and antimony as we continue to advance the project towards production to potentially become a significant supplier of both minerals in the near to medium term.

While the scale and exact nature of the 2025 program is still to be finalized, it will primarily consist of targeted drill programs at RPM to further grow the existing resource and expand drilling along the ridgeline to the North and in the glacial till in the valley which has shown promising surface samples, and at Stibium to define a maiden antimony and gold resource.

In addition to the drill program, 2025 potential catalysts include:

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Directors’ Report

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Nova Minerals Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the half-year ended 31 December 2024.

Directors

The following persons were directors of Nova Minerals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Richard Beazley (Appointed 24 July 2024)

Christopher Gerteisen

Louie Simens

Craig Bentley

Avi Geller

Rodrigo Capel Pasqua (Resigned 12 November 2024)

Principal Activities

During the financial half-year the principal continuing activities of the consolidated entity consisted of exploration for and evaluation of mineral deposits.

Dividends

There were no dividends paid, recommended, or declared during the current or previous financial half-year.

Significant Changes in the State of Affairs

There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters Subsequent to the End of the Financial Half-Year

The following events have occurred subsequent to the period end:

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No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors
Richard Beazley
Chairman
12 March 2025

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Auditor’s Independence Declaration

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Nova Minerals Limited and its controlled entities for the half year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

RSM AUSTRALIA PARTNERS
A L WHITTINGHAM
Partner
Date: 12 March 2025 Melbourne, Victoria

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General information

The financial statements cover Nova Minerals Limited as a consolidated entity consisting of Nova Minerals Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Nova Minerals Limited’s functional and presentation currency.

Nova Minerals Limited is a listed public company limited by shares, incorporated, and domiciled in Australia. Its registered office and principal place of business is:

Suite 5

242 Hawthorn Road

Caulfield Victoria 3161

Australia

A description of the nature of the consolidated entity’s operations and its principal activities are included in the directors’ report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors.

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Consolidated Statement of Profit or Loss

and Other Comprehensive Income

For the Half-Year Ended 31 December 2024

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Consolidated Statement of Financial Position

For the Half-Year Ended 31 December 2024

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Consolidated Statement of Changes in Equity

For the Half-Year Ended 31 December 2024

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Consolidated Statement of Cash Flows

For the Half-Year Ended 31 December 2024

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Notes to the Consolidated Financial Statements

For the Half-Year Ended 31 December 2024

Note 1. Material Accounting Policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Note 2. Operating Segments

Operating segment information is disclosed on the same basis as information used for internal reporting purposes by the Board of Directors.

At regular intervals, the board is provided management information for the Company’s cash position, the carrying values of exploration permits and Company cash forecast for the next twelve months of operation. On this basis, the board considers the consolidated entity operates in one segment being exploration of minerals and two geographical areas, being Australia and United States.

For the December 2023 period the Canadian assets relate to the investment in associate and the exploration asset as been eliminated due to the deconsolidation.

Geographical information

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Note 3. Expenses

Note 4. Trade and Other Receivables

Note 5. Investment in Associate

As of 31 December 2024, Nova Minerals owns 0% of Snow Lake Resources due to the sale of 6,600,000 shares during the period.

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Note 6. Other Financial Assets

The Investment in Asra Minerals Limited comprises shares and options held by the group measured at fair value. The group shareholding in Asra Minerals comprises 5.52% ownership.

Note 7. Property, Plant and Equipment