Nova Minerals targets NASDAQ dual listing to improve US investor access
Nova Minerals (ASX: NVA) has confirmed its proposed dual US listing on the NASDAQ exchange is expected to be completed in the June quarter.
The gold explorer with operations in Alaska says it has made strong progress in completing the paperwork for the US listing and is now waiting on NASDAQ approval and satisfaction of US regulatory requirements.
Nova has appointed a lead underwriter and lodged confidential submissions with the US Securities and Exchange Commission in the lead-up to the proposed listing.
As part of its listing plans, the company is preparing to undertake a US initial public offering and list American depositary shares on the NASDAQ exchange.
Chief executive officer Christopher Gerteisen said the company has received many enquiries from US investors and institutions due to Nova’s “flagship” Estelle gold project being a US asset.
He said potential US shareholders can find it difficult to purchase the company’s ordinary shares on the ASX and having a dual listing on the NASDAQ would make it easier for them to invest in the company.
He added having a US listing could also help the company potentially obtain US state and federal grants and funding options.
Gathering momentum
“We are pleased with the momentum of the US listing process which has been a long, hard road and I give credit to the amazing team that we have established to get it to this stage and we look forward to updating shareholders in due course,” Mr Gerteisen said.
He added that many of Nova’s peers that trade on the North American exchanges have increased liquidity and enhanced valuations.
“In our opinion, these capital markets are more in tune with large bulk tonnage projects like Estelle which we believe is evident in the higher valuations of our North American peers.”
Based in New York, the NASDAQ is the most active stock trading venue in the US by volume and ranked second on the list of stock exchanges by market capitalisation of shares traded, only behind the New York Stock Exchange.
It has a total market capitalisation of around $30 trillion.
Estelle continues to shine
The Estelle gold project’s attractiveness to US investors continues to grow with Nova announcing significant exploration success in 2024.
Earlier this week the company reported more quality results from the Stoney, West Wing and T5 prospects in the central portion of the claim tenements at Estelle.
A combination of field observations, assay results from 2023 surface samples and the re-examination of multi-element data from historical samples have confirmed the presence of high-grade gold and coincident, silver, copper and antimony in the greater Stoney area.
Extensive field campaign
Stoney was one of many areas identified during an extensive surface exploration mapping and sampling program across the entire Estelle gold project during the 2023 field season.
Earlier in the month, Nova reported the new studies had uncovered significant new gold opportunities at the Tomahawk and Trundle prospects in the central portion of the Estelle project located in the prolific Tintina Gold Belt in Alaska.
Previous finds made at Estelle in the latest examination of results from the 2023 field season program include the Discovery, Muddy Creek, Stibium, Styx, Train, Trumpet and Wombat prospects.