There have been some big moves on the local market this week, but few ASX stocks have moved as much as the one named below.
Thanks to another strong gain on Wednesday, this ASX mining stock is up over 180% since the end of last week.
Image source: Getty Images
Which ASX mining stock?
The stock that is getting investors excited this week is Nova Minerals Ltd (ASX: NVA).
It is a gold, antimony, and critical minerals exploration and development company focused on advancing the Estelle Project in the United States.
The company notes that it comprises 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralised corridor of over 20 advanced gold and antimony prospects. This includes two already defined multi-million-ounce resources and several drill ready antimony prospects with massive outcropping stibnite vein systems observed at surface.
Why are its shares rocketing?
It is the ASX mining stock's exposure to antimony that is catching the eye of the market this week.
Antimony is a critical mineral for defence and high-tech applications, and has seen growing demand due to its use in munitions, semiconductors, and energy systems.
On Tuesday, the company announced that it has been requested by Kevin Rudd AC, Australian ambassador to the United States, to provide a briefing on its Estelle Gold and Critical Minerals Project ahead of the meeting between Australian Prime Minister Anthony Albanese and U.S. President Donald Trump on 20 October in Washington DC.
This follows a site visit by the Australian Consular-General, Tanya Bennett in August this year which it highlights recognised the Estelle Project as a leading example of the deepening Australia–United States collaboration in critical minerals and strategic resource development.
Commenting on the invite, Nova's CEO, Christopher Gerteisen, 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. With antimony recognized as a critical mineral and our gold resources adding significant value, Nova is well-positioned to contribute to both U.S. and Australian critical minerals strategies.
The US$43.4 million DoW [Department of War] award and our secured land at Port MacKenzie underscore our commitment to building a secure, domestic supply chain for antimony and supporting U.S. defense and industrial needs. We look forward to continued collaboration with both governments as we advance the Estelle Project toward production.
