{ "docId": "019dd923-622c-750b-8b99-d4bf05137ac7", "docSlug": "e4c92966d8ab", "documentTitle": "Nova Minerals Limited (NVA)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-02-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 28, "pageCount": 61, "prevPage": 27, "nextPage": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "The slide uses red underlining to highlight specific incriminating or contradictory text within corporate filings.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-d4bf05137ac7/28", "deckHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7#slide-28", "components": [ { "bbox": { "h": 0.21, "w": 0.95, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Nova’s control over Snow Lake Resources has a controversial history. 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. However, it has since changed its name to Snow Lake Energy and describes its focus on “nuclear fuel cycle & critical metals” while still showing the lithium project as an opportunity.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7bd5247b-2e86-4d5a-bb1b-514022417621", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Nova’s control over Snow Lake Resources has a controversial history. A subsidiary Manitoba Minerals Pty Ltd is linked to an ASIC insider trading case against Nova’s former CEO Mr. Kimelman.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5372-7340-8f94-eafa176d000a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.95, "x": 0.05, "y": 0.73 }, "kind": "list", "text": "The former owners of Snow Lake Resources Ltd.’s property, Nova Minerals of Australia, was clearly supportive of management at first and early in 2022 actually sold shares in Snow Lake for $18 million in proceeds. 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. The company has not yet filed a feasibility study,a comprehensive analysis of the business case for investing the actual construction of a mine that every exploration property has to undertake.", "attrs": null, "subkind": "comparison", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bbafda58-f82b-4f36-bfb2-ca507b456583", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.95, "x": 0.05, "y": 0.44 }, "kind": "paragraph", "text": "Our Corporate History: We were incorporated in the Province of Manitoba, Canada under The Corporations Act (Manitoba) on May 25, 2018. We have three wholly owned subsidiaries, Snow Lake Exploration, Snow Lake Crowduck and Thompson Bros (formerly Manitoba Minerals Pty Ltd).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "114fd41c-72eb-43d0-bbe5-5f515eab942d", "frameworkName": null, "frameworkSlug": 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e963d9d-7339-4a3f-9e5f-05db281dd228", "frameworkName": null, "frameworkSlug": 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b1ea8de3-abde-4273-95a3-0a8af82306c2", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5372-7340-8f94-ed8cbbff7f3b", "frameworkName": null, "frameworkSlug": 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. Red emphasis by Spruce Point. Nova’s disclosure of consulting fees paid to CEO Gerstein for Snow Lake Resources (Note 21: Related Party Transactions).", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b253732d-1552-4cc4-b5bf-d6385c1187d6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "A Closer Look At Nova’s Snow Lake Resources And Its Very Concerning History", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4a24aa4d-8e5a-492f-9a9c-d0eabe989de5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.95, "x": 0.05, "y": 0.38 }, "kind": "title", "text": "Snow Lake Resources", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "38d43cba-e5a8-474c-92b2-fe8336d86f4d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "7c37b8a3-ed15-46f4-93fa-6e2a0e9451d1", "evidence": "The slide explicitly highlights insider trading allegations and contradictory corporate disclosures.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }