3 questions lodged at 2025 Nova Minerals hybrid AGM
November 10, 2025
Below is the text of the 3 written questions submitted at the Nova Minerals (NVA) 10am AEDT virtual AGM via this Zoom link. Market cap $360m. 13 resolutions, lots of director equity plays, seeking extra placement capacity. Caulfield based company with Alaskan prospect. See notice of meeting and voting results. The proxies were disclosed early in the formal addresses.
Q1. Why haven't the formal addresses and proxy votes been disclosed to the ASX prior to the commencement of the meeting? Do any proxy advisers cover us and, if so, did any recommend a vote against this remuneration report item. Has there been a material proxy protest vote on the rem report and if so, are you aware of what the issue was? If there was strong support, well done.
Answer: The chair... Watch video of exchange via Twitter.
Resolution 5 questions: Based on the proxy votes disclosed, why haven't any shares been excluded from voting on this item. Have no placement recipients voted today and does that explain why the turnout on all items is so unusually low at less than 10% of issued capital?
Q2. "I'm generally against proposals which give boards the unfettered power to issue 25% of the company's capital to anyone they like with no shareholder approval or rights for the existing shareholders to participate and avoid being diluted without compensation. Could the chair please comment on why we continue to raise capital through selective placements, rather than doing pro-rata raisings which treat all shareholders equally and don't require any specific shareholder approvals. Please focus on pro-rata raisings in future and don't ask for this extra 10% placement capacity at next year's AGM."
Resolution 7 question The biggest proxy protest vote today was 13.8% against this employee incentive scheme option. Have any of the protesting shareholders communicated what their concerns are? Are we going to make any changes in future employee incentive proposals based on these concerns? What is the issue here?
Q3. Answer: Resolution 9: appointment of new auditor: "We've now got a market cap of $353m, isn't that big enough to justify having one of the Big Four global audit firms as our external auditor? Did any of the Big Four tender for the job and how much more expensive would they be compared with the firm we have chosen?
Answer: The chair... Watch video of exchange via Twitter.
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