Adelong Gold Limited (ASX:ADG) has announced it has secured commitments for a $1.25 million strategic placement led by Nova Minerals Limited (ASX:NVA). Adelong Gold is an Australian mineral exploration company progressing towards gold production at its flagship Adelong Goldfield Project in NSW and advancing high-grade exploration at the recently acquired Apollo and Lauriston Gold Projects in Victoria. The placement will fund initial commitments to the Adelong Gold project in NSW, a joint venture with Great Divide Mining (ASX:GDM), and accelerate exploration at the Apollo and Lauriston Gold-Antimony Projects in Victoria.
Nova Minerals will invest $1 million, subscribing for 200 million Adelong shares at $0.005 per share, and will receive 200 million listed options. Clients of Barclay Wells Limited will invest $250,000 for 50 million shares on equivalent terms. Nova Minerals will also receive a First Right of Refusal on all Antimony offtake and options for introducing Antimony projects in the USA. Additionally, Nova may subscribe for up to 19.99% ownership in Adelong, subject to shareholder approval, and will nominate a new Adelong board member.
The company plans to use the funds to meet its JV funding requirements for the Adelong Gold project in NSW. This investment also preserves Adelong’s strong cash balance, allowing management to focus on the Lauriston drill program and interpretation of the Apollo drilling results. Initial sampling and field work for the expanded footprint around Apollo, including 18km of Strathbogie Granite contact, are also planned, targeting Antimony-Gold zones as part of Adelong’s broader critical minerals strategy.
Drill planning is underway at the Lauriston Gold-Antimony Project, with a maiden drill program targeting Q4 2025. This program builds on recent high-grade gold and antimony sampling results. An Induced Polarisation survey is also planned across priority targets. Adelong’s Managing Director, Ian Holland, expressed excitement about the partnership with Nova Minerals, noting the investment will enhance the company’s capacity to unlock value for shareholders.
