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Distinctive rhetorical move: primary-evidence takedown of a 'Qualified Person' geologist's academic credentials via a Ukrainian private investigator and university class registry — a rare specimen of short-seller field investigation. Report pairs forensic credential attack with governance/association-based critique (SEC/ASIC-charged promoters, Stratton Oakmont-linked brokers, RedChip IR firm tied to past Chinese reverse-merger frauds) and a multiple-rerating valuation argument. Cover uses a hand-illustrated cartoon of a gold prospector — stylistic signature of Spruce Point decks. No named individual author; firm-level signature only. Stake percentage not disclosed (standard for Spruce Point). Document is initial thesis on this name.", "kpisCited": [ { "detail": "Nova at 48.7x vs Alaskan peer median 18.8x and trimmed mean 23.7x", "metric": "EV/M&I+I Gold oz multiple" }, { "detail": "$214M vs peer median $529M for Alaskan gold small-cap explorers", "metric": "Enterprise value" }, { "detail": "4.39M ounces basis for valuation, 9.9M ounces headline", "metric": "Gold resources (M&I+I, 85% owned)" }, { "detail": "$2.62 (low) to $3.60 (high) vs $6.31 current ADS price", "metric": "Share price target" }, { "detail": "45-60%; up to 100% in worst case", "metric": "Near-term downside" }, { "detail": "$43.5M antimony grant critical to thesis", "metric": "Department of War award at risk" }, { "detail": "Three firms dropped coverage; only Think Equity remains with $10 target", "metric": "Analyst coverage" }, { "detail": "Q4 2025: $1.2M administration plus $1.2M investor-relations professional fees", "metric": "Marketing/IR spending" }, { "detail": "Nova $39.5M vs peer Perpetua $788M for comparable-ambition project", "metric": "Remaining cash" } ], "closingAsk": "Investors should exercise extreme caution as Nova's shares are likely significantly overvalued with 45-60% near-term and up to 100% long-term downside risk.", "extraction": { "at": "2026-04-22 22:11:39+00", "model": "unknown-legacy", "runId": null, "seconds": 164.48012, "promptVersion": null }, "scqaReward": "Near-term 45-60% downside to $2.50-$3.50 per ADS on rerating toward Alaskan gold junior peer multiples (15x-24x resources), with up to 100% downside if DoW funding is lost or resource statements are retracted.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "Primary evidence shows Nova's 'Qualified Person' geologist did not graduate from his claimed Ukrainian university", "Management and board linked to figures charged by SEC/ASIC with market manipulation and stock fraud", "Nova trades at 48.7x gold resources vs 18.8x peer median — implying 45-60% downside" ], "scqaSituation": "Nova Minerals is a microcap Alaska gold and antimony explorer rallying on ambitions to become a Tier 1 gold miner and integrated U.S. antimony producer, buoyed by a $43.5M Department of War grant and RedChip-led IR promotion.", "thesisSummary": "Spruce Point argues Nova Minerals is a materially overvalued Alaskan gold and antimony promoter resting on compromised foundations. A Ukrainian private investigator obtained university records showing Nova's 'Qualified Person' consulting geologist Vannu Khounpakhdee did not graduate from Kryvyi Rih National University, undermining the Estelle Project Technical Report and the 9.9M-ounce gold resource claim. Management and board have ties to figures charged by the SEC and ASIC with market manipulation — predecessor chairman Joseph Gutnick, former CEO Avi Kimelman (who pleaded guilty to insider trading), and director Avi Geller's past dealings with former Stratton Oakmont brokers. Nova is also promoted by RedChip, an IR firm previously tied to Chinese reverse-merger frauds that Spruce Point itself exposed. Trading at 48.7x gold resources versus an 18.8x peer median, Spruce Point estimates 45-60% near-term downside to $2.50-$3.50 per ADS and up to 100% if the $43.5M Department of War antimony award is lost.", "primaryDemands": [ "Strong Sell: investors should short Nova Minerals shares", "Scrutinize the academic credentials of Nova's 'Qualified Person' consulting geologist Vannu Khounpakhdee", "Examine management and board connections to individuals charged by SEC/ASIC with market manipulation", "Reassess Nova's premium valuation multiple versus Alaskan gold junior peers" ], "scqaResolution": "Short the stock. Investors should exercise extreme caution given insider selling, shrinking analyst coverage, unverified resource credibility, reliance on a promotional IR firm, and risk to Department of War funding.", "thesisOneLiner": "Nova Minerals' 'Qualified Person' geologist can't be verified to have graduated, management ties to market-manipulation figures, and shares trade at 48.7x resources vs 18.8x peer median — 45-60% downside, up to 100%.", "precedentsCited": [ "Spruce Point's ZST Digital Networks (ZSTN) Chinese reverse-merger short", "Spruce Point's Comstock Mining (LODE) forensic report (2021, -93% post-report)", "RedChip's promotion of L&L Energy and ZST Digital Networks (delisted for fraud)" ], "scqaComplication": "A Ukrainian investigator's primary evidence shows Nova's 'Qualified Person' geologist did not graduate from Kryvyi Rih National University, and management/board connect to figures charged by SEC and ASIC with market manipulation and stock fraud.", "narrativeInterest": 4, "notableSlidePages": [ 1, 9, 10, 55, 59, 60 ], "peerCompaniesCited": [ "Northern Dynasty Minerals (NAK) - Pebble", "Freegold Ventures (FVL) - Golden Summit", "International Tower Hill Mines (THM) - Livengood", "U.S. GoldMining Inc. 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Instead, Nova has three research analysts that have dropped coverage. Nova now has only one analyst covering its story willing to offer a share price target of $10 per share. Given the target current price forecasts 58% upside, we think the market is expressing serious skepticism with the target price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:53.785+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81e15cc4-0b47-4513-8905-51df1d33e1ce", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.31 }, "kind": "paragraph", "text": "Based on our analysis, we believe investors should exercise extreme caution because the shares may be significantly overvalued relative to other Alaskan junior explorers. 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We plan on drilling in July.\" said Company President, Gregory Beischer.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:50:57.895+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b2a5f49-4d54-4e0f-84f1-b81a35326fb9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"What I observe at Estelle is reminiscent of the features of the Donlin Creek deposit, which now is known to contain more than 30 million ounces of gold. The abundance of high grade veins over a broad area, the presence of hydrothernal breccias, quartz stockwork veining, porphyritic intrusive rocks and widespread hydrothermal alteration are all indicators of a large scale deposit.\" — Philip St. George, Millrock Vice-President of Exploration. \"ITH's portfolio rationalization has resulted in a great opportunity for Millrock. 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We characterize each venture as a disappointment based on the prevailing share prices and Rotor X's bankruptcy. The CEO once proclaimed that Rotor X was a \"once in a lifetime opportunity that came up\".(1)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:57.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f6362bd-610a-4315-ad43-eb5b754cdd9a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The CEO once proclaimed that Rotor X was a “once in a lifetime opportunity that came up”. — CEO YouTube interview on Rotor X", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84bd-e48906894e6b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Nova Presentation (Aug 2021), Bloomberg, Rotor X Bankruptcy Docket. 1) CEO YouTube interview on Rotor X", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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A subsidiary Manitoba Minerals Pty Ltd is linked to an ASIC insider trading case against Nova’s former CEO Mr. Kimelman. Nova’s CEO Chris Gerteisen was entrusted with exercising control over the Snow Lake investment, paid consulting fees and ultimately shares have been sold. Nova’s Michael Melamed, Brian Youngs and Dale Schultz joined Snow Lake as CFO, VP of Exploration and COO, respectively. Snow Lake had a falling out with management and sued. Snow Lake claimed it would build the world’s first all-electric lithium mine and establish a lithium supply chain with Korea’s LG Energy through a non-binding MOU. 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But Nova’s directors and individuals associated with Nova, started to tire of Gross’s ambitious and expensive plans for the lithium property which remains in exploration. 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We have three wholly owned subsidiaries, Snow Lake Exploration, Snow Lake Crowduck and Thompson Bros (formerly Manitoba Minerals Pty Ltd).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:58.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "114fd41c-72eb-43d0-bbe5-5f515eab942d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.05, "y": 0.53 }, "kind": "paragraph", "text": "ASIC also alleged that Mr Kimelman procured the acquisition of 1,990,963 Quantum shares between 27 April 2016 and 5 May 2016, while in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada (20 -145MR).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:58.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e963d9d-7339-4a3f-9e5f-05db281dd228", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.05, "y": 0.63 }, "kind": "paragraph", "text": "(6) Christopher Gerteisen is the Chief Executive Officer of Nova and has voting and investment power over the securities held by it. Mr. Gerteisen disclaims beneficial ownership of the shares held by Nova except to the extent of his pecuniary interest, if any, in such shares. The address of Nova is Suite 602, 566 St Kilda Road, Melbourne, Victoria 3004 Australia.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:58.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1ea8de3-abde-4273-95a3-0a8af82306c2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "ASIC also alleged that Mr Kimelman procured the acquisition of 1,990,963 Quantum shares between 27 April 2016 and 5 May 2016, while in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada (20 -145MR).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f94-ed8cbbff7f3b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.05, "y": 0.87 }, "kind": "source-note", "text": "Source: Snow Lake Resources archived website (now: Snow Lake Energy website); “Snow Lake Resources Suing ex-CEO”, Winnipeg Press, April 2023; Kimelman Pleads Guilty, ASIC July 1, 2021; Snow Lake and LG Energy Press Release, September 23, 2022; Snow Lake F-1 SEC registration filing. 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"kind": "callout", "text": "We are further concerned that Nova's shareholder Kushkush Investments Pty Ltd, which appears linked to its ASIC-charged former CEO Kimelman through his wife, has a registered and head office address at 7 Sarah Crescent, Templestowe, Victoria, Australia which appears to be a residential address. The only other reference to this address at the SEC is to Kibush Capital Corp (OTC: DLCR). The SEC instituted an Administrative Proceeding for reporting delinquencies and revoked its registration. 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(\"Kibush\"), is a Nevada corporation with headquarters in Scottsdale, Arizona. Kibush's common stock is registered with the Commission pursuant to Section 12(g) of the Exchange Act, and the company files periodic reports with the Commission pursuant to Section 13(a) of the Exchange Act. 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Kibush registration revoked (May 2024). Note: No ownership change in the residential address since 2006.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Executive And Address", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:58.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec24cd73-a93d-439a-8c5a-8fbacbe4ef88", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "In December 2017, Nova entered into a JV agreement with AK Minerals Pty Ltd. (\"AK Minerals\") which owns 15% of the Estelle Gold Project. Nova's SEC filings say that Louie Siemens and Christopher Gerteisen are also shareholders of AK Minerals which makes them related party deals in our view. AK Mineral's registration is revoked in Alaska but recent filings in Australia indicate that its registered office and principal place of business is 7 Sarah Crescent, Templestowe, Victoria, Australia. This is the same address for Kibush Capital Corp. which was run by Warren Sheppard. 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"019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:59.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0471c84-dd32-434b-b635-8c0d2885e6ba", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.48, "x": 0.51, "y": 0.725 }, "kind": "paragraph", "text": "During the year ended June 30, 2022 the following payments were made to related parties. AS33,066 (approximately US$22,779) was paid to Benison Contractors Pty Ltd a company of Louie Siemens for Snow Lake Resources director fees. AS6,533 (approximately US$4,500) was paid to Christopher Gerteisen for Snow Lake Resources consulting fees", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:59.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b558bc61-18be-4415-898c-7a7557b294f7", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.97, "x": 0.015, "y": 0.165 }, "kind": "paragraph", "text": "Nova's CEO attested that he was an employee of the Company in January 2024. Nova's archived website two weeks earlier said that he is based in Alaska. The 20-F stated that Nova's sole employee has been based in Australia the past three years and in the \"accounts payable capacity\" as of June 30, 2024. In the 2022 Annual Report, Nova disclosed that CEO Gerteisen received \"consulting fees\" related to Snow Lake Resources. The Company's website (May 2022) also says he is a dual-citizen but based in Alaska. 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Red emphasis by Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0016 }, "kind": "paragraph", "text": "We are troubled by the recent departure of Director Louie Simens for unspecified \"personal reasons\" last month. Mr. Simens has been on the Board since 2017 when the name changed to Nova Minerals. Moreover, he is the largest insider shareholder owning ~2.25% of the stock and an owner in AK Minerals Pty Ltd, the JV partner owning 15% of the Estelle project, which is to be repurchased upon Nova’s U.S. domicile plan. Mr. Simens has been promoted as the \"construction guy\" and manager of \"core business operations\". This concerns us because Nova is now talking about pivoting towards construction in 2026.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:03.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fea01887-0a83-45ad-874e-efaefdc1478c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Well, of course, there's the antimony side. We received this $43 million award. You're going to start seeing news. We've already procured mining equipment and processing equipment, that will all be coming. I'm going to start construction on that Phase 1 plant next year. So news flow and things related to that to get into production with the antimony by mid to late next year. — CEO (Dec 2025)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f96-223aa83bab77", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Nova Annual Report, Director Resignation, JV Agreement and Simens Board Proposal, Nova SEC Filings. Spruce Point red emphasis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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notable for having been banned from the financial services industry by the ASIC for alleged stock market manipulation, false trading, market rigging, and not acting honestly, efficiently and fairly.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f98-360e6d972a1b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.43, "x": 0.39, "y": 0.76 }, "kind": "paragraph", "text": "17 people permanently banned from financial services", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cdde08a-0d7f-41ce-bdac-af117e7585be", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.63, "x": 0.29, "y": 0.84 }, "kind": "paragraph", "text": "Levi Mochkin, undertook never to advise or deal. Alleged stock market manipulation, false trading and market rigging transactions, allegedly not acting honestly, efficiently and fairly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8eb65a8b-dd22-4bf8-8368-c67e6e358aca", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "We are concerned that Ledger Holdings Pty Ltd, an entity affiliated with Levi Mochkin, appeared in the 2022 and 2023 Nova Minerals Annual Reports as controlling unlisted options. There is no mention of why Nova granted his entity control of the options, though we speculate it could be for advisory services. Mr. Mochkin is notable for having been banned from the financial services industry by the ASIC for alleged stock market manipulation, false trading, market rigging, and not acting honestly, efficiently and fairly. There are no allegations of bad faith in relation to his involvement in Nova.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddfc359b-3435-47a9-bb3e-4f5b25c1db07", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Levi Mochkin, undertook never to advise or deal — ASIC 2001-02 Enforcement and Enforceable Undertaking", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f98-399ce2e57a6b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Nova 2022 and 2023 Annual Report, ASIC 2001-02 Enforcement and Enforceable Undertaking, Piedmont Lithium filing also linking Mochkin to Ledger.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44fe32d6-5ca2-4316-8518-949f4b1b6c61", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "tension", "title": "The slide uses a table to link a specific individual to a pattern of failed or litigious microcap investments.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 5, "textChars": 1443, "nDataPoints": 6, "notes": "The slide uses a table to link a specific individual to a pattern of failed or litigious microcap investments.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:59.339+00", "seconds": 3.654, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-d4bf05137ac7/42", "deck": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7", "deckAnchor": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While we admire Director Geller’s entrepreneurship and acknowledge that microcap investing is a high-risk venture, we find instances where companies that Director Geller’s Leonite Capital funded were the subject of litigation, allegations of bad faith and SEC investigation or charges.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f95-f2c31ccdca64", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.96, "x": 0.02, "y": 0.165 }, "kind": "paragraph", "text": "While we admire Director Geller’s entrepreneurship and acknowledge that microcap investing is a high-risk venture, we find instances where companies that Director Geller’s Leonite Capital funded were the subject of litigation, allegations of bad faith and SEC investigation or charges.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:59.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": 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Blue Sphere: Leonite Convertible Promissory Note: (Nov 2018, 10-Q), Prassas Capital LLC vs. Leonite Capital LLC et al, SEC Inquiry details (Note 9, 10-Q). Cardiff: Gastelum vs. Leonite et al. Founders Bay: Founders Bay Holdings vs. Leonite Capital et al. Note: Barry Kiront and Stephen Kiront were indicated in a high-profile case at Monroe Parker Securities, but were acquitted in the case. The SEC described Monroe as a Stratton Oakmont spin-off (Note: The Kironts also worked at Stratton Oakmont made famous in the movie The Wolf of Wall Street).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Mr. Kopelowitz also appears as a former shareholder in Snow Lake Resources. Full circle, Mr. Geller was recently appointed to the Board of US1 Critical Minerals (ASX: USC) with Snow Lake Energy as an investor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27712d17-9edb-4fad-ac38-426fa9f5feb2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.46, "x": 0.03, "y": 0.33 }, "kind": "paragraph", "text": "Halevi's due-diligence team consisted of Avi Geller and Shaul Kopelowitz. Geller was the Chief Investment Officer of Leonite Capital (“Leonite”). Kopelowitz was an officer of Leonite. Leonite “co-participated” in the loan agreement, providing “about half” of the funding for Halevi's loan. 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Halevi failed to investigate further and review Appellants' publicly available filings to determine whether Boyer had authority to bind Appellants.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af6bbfe5-965d-42e8-8b91-f02bad021832", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.46, "x": 0.51, "y": 0.33 }, "kind": "paragraph", "text": "Avi Geller. Mr. Geller has served as a member of our board of directors since November 2018. Mr. Geller has extensive investment experience and a deep knowledge of corporate finance, including capital markets, venture capital, hybrid, debt and private equity. He has been serving as the Chief Investment Officer of Leonite Capital LLC, a family office he co-founded focusing on real estate and capital markets, since January 2017. Mr. Geller has also served as a director of DealFlow Financial Products, Inc. since January 2017. May 2018, he has also served as a Director of Parkit Enterprise Inc., a publicly traded real estate company (TSX-V:PKT; OTCQX:PKTEF). In the past he served as an Interim Chief Executive Officer. From November 2020, He served as a Director at Australis Capital Inc., (AUSA.CN; OTCQB:AUSAF) a publicly traded company that is implementing a capital light growth strategy towards establishing a highly competitive and profitable MSO in the U.S. and global cannabis markets. He previously served as the Executive Chairman at Axios Mobile Assets Corp. from September 2017 to June 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4b74d08-d471-4a1a-855f-be50386b5af0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Caribbean Sun Airlines vs. Halevi Enterprises LLC, Supreme Court of Delaware, Jan 2025 and July 2024; Nova Minerals 2025 20-F, Snow Lake Shareholders", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, there is no mention of the firm's involvement in MetroButler of Nexeon. The New York City Mayor's Office of Special Enforcement sued rental concierge company MetroButler for deceiving tourists and illegally advertising short-term rentals. In Nexeon's case, it settled allegations of inappropriately drawing down funds from NIH Small Business Innovation Grants. There are no allegations that Mr. Geller or Leonite Capital acted improperly in either case.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:00.131+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b70be36-4ef2-4116-8197-901ba0811966", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The Mayor's Office of Special Enforcement Sues 'Concierge Service' to Illegal Short-Term Rentals for Raking in Millions from Airbnb — NYC Office of Special Enforcement.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f96-42e9d6f797b6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: NYC Office of Special Enforcement, US Dept of Health and Human Services OIG Nexeon Enforcement, Leonite Capital archived website (2019)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Brookmount was promoted by IR services company The Chesapeake Group and CEO Tim Rieu. In a separate matter, Chesapeake and Mr. Rieu were charged in a \"Multi-Year Microcap Fraud Scheme\" by the SEC. In August 2025, Brookmount appointed Nova's CFO Michael Melamed as Director, Finance and Operations. We are clearly concerned that Mr. Melamed's and Director Geller are both associating with Mr. Rieu given his open SEC case. 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Securities and Exchange Commission v. John S. Clayton et al., No. 2:24-cv-00918 (D. Utah, filed Dec. 11, 2024). SEC Charges Five Individuals and Three Entities in Multi-Year Microcap Fraud Scheme...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:05.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9497360-f1fe-47ef-a72f-03a56c6c6dab", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "SEC Charges Five Individuals and Three Entities in Multi-Year Microcap Fraud Scheme — Securities and Exchange Commission v. John S. Clayton et al., No. 2:24-cv-00918 (D. 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SEC: “Modernization of Property Disclosures for Mining Registrants: A Small Entity Compliance Guide”, JORC competent person, AIG membership application.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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He might be in Laos and this calls into question his English comprehension.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a2729aa-ad7f-4075-b79c-c4fa7ccbaae3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.33, "x": 0.65, "y": 0.05 }, "kind": "callout", "text": "Our verification with the Australian AIG confirmed the last name is Khounphakdy. Primary evidence contradicts his graduation claim.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3810b25a-9fc3-4a4f-8bd6-08879cf32282", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.33, "x": 0.65, "y": 0.082 }, "kind": "callout", "text": "No attestation that he visited the project site in Alaska which we would have liked to see.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b567235-605b-4bf3-9278-2db5a6efad8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.33, "x": 0.65, "y": 0.07 }, "kind": "callout", "text": "He is unlikely an employee, but rather a contractor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c67c6615-e614-438a-9e9a-9691a722090e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Foremost, he has a non-existent internet presence other than as a geologist for one public company: Nova Minerals.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f96-7e4d7650ea7f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.55, "x": 0.05, "y": 0.035 }, "kind": "image", "text": "Vannu Khounphakdee, Nova Minerals certification document snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:01.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98a9c651-e423-4f69-8edf-5b5b3dfccbc4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "After conducting a background check on Nova's key geologist, we have multiple concerns. 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AIG member directory. 1) The official language of Laos is Lao or Laotian, not English.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Delisted", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59b1bf4a-6da1-4635-93e6-351ce71e5128", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.22, "x": 0.05, "y": 0.82 }, "kind": "callout", "text": "CEO Pleaded Guilty To Fraud. Delisted.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "631e347c-f0a2-43a8-8cbf-ae8634f88535", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Nova is being promoted by RedChip, a company that provides IR services to many speculative small-cap companies. In fact, RedChip was heavily involved in promoting fraudulent Chinese reverse merger companies that ultimately went dark, were deregistered from the SEC, and became worthless. Notably, Spruce Point’s first short report was ZST Digital Networks (Nasdaq: ZSTN), a fraud that concealed cash from auditors, went dark, and was deregistered with the SEC. RedChip ultimately exited the promotion of Chinese small-caps and praised the role of short sellers in uncovering fraud.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65b7485b-3d43-4cf2-b14c-a09854bfc4c9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nova is being promoted by RedChip, a company that provides IR services to many speculative small-cap companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5372-7340-8f98-102ebd60d964", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.35 }, "kind": "image", "text": "Nova Minerals profile on RedChip website", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52280c9a-8b18-40d5-9242-2a1e4e8673fd", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "RedChip website showing L&L Energy and ZST Digital Networks", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f88c1c4-0657-474c-8a82-7baed031b1cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Wayback Machine (Dec 2010) and Redchip.com, Spruce Point’s ZSTN report, ZST Auditor resignation due to inability to verify cash (8-K), CFO registration, SEC (8-K) and SEC registration termination. L&L Energy CEO Pleads Guilty To Securities Fraud (Justice.gov), RedChip Exists China Small-Cap Sector (Jan 2013).", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We applaud RedChip for having a stake in the race by owning shares in Nova, although it has sold ~66% of its NVA stock according to its last disclosure as of October 3, 2025. That being said, it appears that RedChip has more at stake than at least two of Nova’s Board members, including the Chairman.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e1eb151-7526-4813-9e43-fcb73c057949", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "That being said, it appears that RedChip has more at stake than at least two of Nova’s Board members, including the Chairman.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5373-719d-a973-c46b19dc6627", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "paragraph", "text": "Nova Minerals (NVA) is a client of RedChip Companies, Inc. NVA agreed to pay RedChip Companies, Inc. a $5,000 monthly cash fee, beginning in August 2024, and 600,000 shares of NVA's ASX-listed shares, for 12 months of investor awareness services. RedChip will receive an additional 600,000 shares of NVA's ASX-listed shares when the average five-day trading volume reaches 100,000 ADS per day or NVA's market cap reaches $75 million within 12 months of the agreement. As of November 21, 2024, RedChip received the 1.2 million ASX-listed shares outlined above. As of October 3, 2025, RedChip has sold 800,000 shares, and RedChip intends to and will, if possible, sell all of its remaining shares immediately. Therefore, you may be buying as RedChip is selling. NVA also agreed to pay RedChip a $10,000 digital ad budget, a $50,000 fee for a national TV ad campaign aired weekdays in August 23 to September 13, 2024, a one-time $90,000 cash fee for a national TV ad campaign aired in September 30 to October 24, 2024, and a one-time $50,000 cash fee for a national TV ad campaign aired July 23 to August 5, 2025. NVA also agreed to pay RedChip a $50,000 cash fee for a three-month accelerated digital media campaign run between February 18 and May 16, 2025.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "373cc023-c98e-4946-a9f7-e5f76ade852f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RedChip. Note: We make no allegation of bad faith at RedChip as it relates to NVA.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Antimony Production Faster antimony production than the 24-month guidance it provided in October 2025.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cd3bf7d-31cb-40a3-84d7-b364fe47be7b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.03 }, "kind": "title", "text": "Where We Could Be Wrong And What Could Go Right For Nova Minerals", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:02.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19cba471-3ae9-4f34-8c5e-8e828534a779", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "88600feb-8e36-46d7-a850-a0c953da900a", "evidence": "The slide explicitly lists factors where the activist's thesis could be wrong to preempt counter-arguments.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:24:02.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Hook", "description": "The document starts with a strong sell opinion" }, { "from": 8, "to": 12, "label": "Villain Critique", "description": "The document critiques Nova Minerals' commercial efforts and management" }, { "from": 10, "to": 23, "label": "Expose Contradiction", "description": "The document exposes contradictions in Nova Minerals' statements and actions" }, { "from": 8, "to": 9, "label": "Problem Statement", "description": "The document presents a problem statement regarding Nova Minerals' commercial efforts" }, { "from": 6, "to": 7, "label": "Thesis Headline", "description": "The document presents a clear thesis headline" }, { "from": 3, "to": 3, "label": "Preempt Rebuttal", "description": "The document preempts a rebuttal from Nova Minerals" } ], "loops": [] }