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  "documentTitle": "Nova Minerals Limited (NVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-02-20 00:00:00",
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  "notes": "The slide uses a red box to highlight the decline in exploration spending and yellow highlighting for 'None' in the impairment row to emphasize the lack of write-downs.",
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      "text": "We are concerned by Nova’s spending trends which show large growth in administrative, contractors and consulting expenses, but a sharp decline in exploration and evaluation payments.",
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      "text": "Exploration & Evaluation Payments: -72%",
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      "text": "We are concerned by Nova's spending trends which show large growth in administrative, contractors and consulting expenses, but a sharp decline in exploration and evaluation payments. This occurred despite Nova saying it increased its exploration budget...",
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      "text": "Source: Nova Annual Reports and SEC filings. Exploration budget comments in 2024 (65%) and 2025 (70%). Note: Nova said it would focus on near surface mineralization. Note: Administrative, contractor and consultant expenses reported on the income statement.",
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      "text": "We Are Concerned With Exploration Spending Slowing While Operating Expenses Rise",
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