Sunnova Energy reports $9.4M in cash, liquid investments

Corporate: Nova continues to hold circa $9.4m in cash and liquid investments, including $6.1m in the bank and valuable positions in both Snow Lake Lithium Ltd and Asra Minerals Limited, at the end of the quarter. During the quarter, the Company completed its US NASDAQ listing with an associated approximate US$3.3m capital raising before costs, with the ADSs trading under the ticker symbol NVA and the Company’s warrants trading under the ticker code NVAWW. The Company also subsequently raised a further US$2.4m before costs in late September for resource and exploration field programs, including additional drilling and exploration, feasibility studies to progress the RPM starter mine option, and general working capital. Richard Beazley, an internationally experienced mining professional and director with over 35 years of experience in senior corporate, operational and project development roles, was formally appointed as Non-Executive Chairman in July. In return for Nebari’s support in reducing the month end cash covenant from USD$2m to AUD$1m and providing Nova with the option to extend the convertible facility for an additional 12 months to 29 November 2026, Nova has agreed, subject to shareholder approval at the upcoming AGM, to amend the conversion price of the convertible note from A$0.53 to A$0.25. At the end of September Nova announced its 2024 annual and sustainability reports. Effective from 1 October 2024 the Company has agreed to increase Craig Bentley’s monthly directors fee by $6,667. The increase reflects the significant extra work required now that Nova is also listed in the US, and also takes into account the additional roles Craig has been undertaking for marketing, website development, etc, which has saved the Company thousands of dollars each month in external contractor payments. The Company subsequently announced that its Annual General Meeting (AGM) will be held virtually at 10am on Thursday, 14 November 2024. Notable investing and operating cash flow items during the quarter included: Exploration and evaluation costs of $1.5m principally related to the 2024 drilling and surface exploration program, $742k for audit, tax and legal fees, the majority of which were related to the Company’s US NASDAQ listing, and $240k for other US listing related costs, including NASDAQ fees. Payments to related parties in Q1 FY25 were $218K and included CEO and Executive remuneration and non-executive director fees.