Australia's Nova Mineral rises on investment in smaller peer Adelong Gold

Amara Minerals

09/09/2025 03:51

** Shares of Nova Minerals NVA.AX advance as much as 7.9% to A$0.34, set for their strongest session since September 1, if gains hold

** The gold explorer subscribes 200 million shares in smaller peer Adelong Gold ADG.AX at A$0.005 apiece for A$1 million ($660,200) total

** ADG shares initially surge 40% on the news, marking their biggest intraday pct gain since February 13, before paring back to trade up 20% by midday in Sydney

** The investment aligns with co's strategy to partner with 'undervalued' resource firms offering near-term production upside, among others, Nova Minerals says

** More than 7.9 million shares change hands, 1.6x the 30-day avg

** YTD, NVA stock down 8.1% vs ADG's gains of 20%

($1 = 1.5147 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))