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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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  "notes": "The slide uses a callout box to emphasize the contradiction between RedChip's promotional activities and its divestment of shares.",
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      "kind": "callout",
      "text": "The depth of RedChip’s promotional campaign can be read in the fine print. 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.",
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      "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.",
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      "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.",
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      "text": "Source: RedChip. Note: We make no allegation of bad faith at RedChip as it relates to NVA.",
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      "text": "Details of Nova's Relationship With RedChip",
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