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  "documentTitle": "Nova Minerals Limited (NVA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-02-20 00:00:00",
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  "notes": "The slide uses historical press releases and archived website screenshots to prove that the project was previously abandoned.",
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      "kind": "callout",
      "text": "To believe in Nova's story that it has attractive gold prospects, one has to believe that management found a diamond in the rough where previous explorers failed to see the vast opportunity.",
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      "kind": "callout",
      "text": "To believe in Nova's story that it has attractive gold prospects, one has to believe that management found a diamond in the rough where previous explorers failed to see the vast opportunity.",
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      "kind": "image",
      "text": "Millrock Resources website screenshot showing Estelle project status as Joint Venture with Teck",
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      "text": "VANCOUVER, BRITISH COLUMBIA, January 29, 2016 - Millrock Resources Inc. (TSX-V: MRO) (\"Millrock\") announces that the company and joint venture partner Teck American Inc. have elected to terminate the joint venture concerning the Estelle project in Alaska. The project has been inactive since 2014 and efforts to attract a third party to the project have been unsuccessful. The claims that comprise the project have been allowed to lapse.",
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      "kind": "paragraph",
      "text": "VANCOUVER, BRITISH COLUMBIA, April 9, 2008 - Millrock Resources Inc. (TSX-V: MRO), is pleased to announce that it has struck an agreement with International Tower Hill Mines Ltd. (TSX-V: ITH) to acquire its rights to the South Estelle gold property...",
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      "kind": "quote",
      "text": "\"ITH's portfolio rationalization has resulted in a great opportunity for Millrock. We plan on drilling in July.\" said Company President, Gregory Beischer.",
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      "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. We plan on drilling in July.\" — Gregory Beischer, Company President.",
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      "kind": "source-note",
      "text": "Source: Wayback Machine (2008, 2014, 2016)",
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      "kind": "title",
      "text": "Project Estelle Passed Through Multiple Hands With The Prior Owner Allowing Claims To Lapse",
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