Nova Minerals (ASX:NVA) announces full year results

Nova Minerals (ASX:NVA) announced financial results for the full-year ended 30 June 2022.

There were no dividends paid, recommended, or declared during the current or previous financial year.

Administration expenses increases from $1,693,195 in 2021 to $2,980,714 in 2022 primarily due to increases in director fees, legal fees, and marketing costs. Share based expense was $1,470,936 in 2021 compared to $1,200,053 in 2022.

At 30 June 2022, the Company had cash at bank of $21,278,936 (2021: $15,516,112).

As a result, the Company had net assets of $104,329,326 on 30 June 2022 (2021: $52,580,191).

During the year, the Company paid $2,855,761 (2021: $2,138,336) for operating activities; paid $3,957,726 (2021: $21,055,527) for investing activities; and received $11,153,036 (2021: $34,883,982) from financing activities.

There were no significant changes in the state of affairs of the consolidated entity during the financial year.

Following the announcement the company?s share price fell 6.024%.