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  "documentTitle": "Nova Minerals Limited (NVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-02-20 00:00:00",
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  "pageNumber": 54,
  "pageCount": 61,
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  "notes": "The slide uses a combination of a table detailing option terms and a stock price chart with annotations to suggest opportunistic behavior by management.",
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      "text": "We observe that Nova's management did extremely well when having shareholders approve a new ESOP (employee option) scheme for up to 19m shares at the AGM on November 11, 2025.",
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      "kind": "chart",
      "text": "Nova Share Price (A$) chart with annotations for key events.",
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      "text": "share price: A$0.75",
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      "text": "We observe that Nova's management did extremely well when having shareholders approve a new ESOP (employee option) scheme for up to 19m shares at the AGM on November 11, 2025. The largest proportion of options are Class A which vested on December 31, 2025 with the only condition being employment. The Class B also vested with a 5 day VWAP of A$0.75 per ordinary ($9.00 per ADS). We estimate that approximately 50% of the options are currently vested and exercisable.",
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      "kind": "source-note",
      "text": "Source: AGM Notice and Proxy Notice, Approval, Registration. Note. Class C and D have the same strike and term but are linked to commercial outcomes.",
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      "kind": "title",
      "text": "Well-Timed Option Grants With Classes That Vested, Allowing Insiders To Sell",
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