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Nova Minerals, Australia's antimony producer, receives US grant to produce antimony at Alaskan project

Nova Minerals, an Australian critical minerals explorer, announced on Wednesday that it received a U.S. grant of $43.4 million to produce antimony trisulfide in Alaska at its Estelle Project. This sent its shares to more than a two-and-a half-year high.

The U.S. Department of Defense will grant Alaska Range Resources a grant to assist in the development of local supply chains to produce antimony trisulfide and meet the demand of domestic defence-related businesses.

Nova stated in a press release that the grant would be used to fund the first phase of Nova's plan to establish a hub for antimony mining in Alaska.

In a recent statement, Mike Cadenazzi, Assistant Secretary of the War for Industrial Base Policy, said that antimony metal and trisulfide are used to harden cases and produce primers in low- and medium-caliber munitions.

The U.S. president Donald Trump ordered that the Department of Defense renamed itself as the Department of War. This change will require the action of Congress.

The shares of the company rose 45.5% during early trading. This was their largest intraday percentage gain since October 20,21, and their highest level since Feb 9, 2023. The benchmark index is trading up by 0.1%.

(source: Reuters)