{
  "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": 57,
  "pageCount": 61,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses highlighted text within table cells to draw attention to specific spending categories.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-d4bf05137ac7/57",
  "deckHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-d4bf05137ac7#slide-57",
  "components": [
    {
      "bbox": {
        "x": 0.98,
        "y": 0.25
      },
      "kind": "callout",
      "text": "We are troubled to see that the real growth in Nova’s spending is in marketing and investor relations.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98defb89-df34-450d-a992-5ee5c1e52bb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Notable investing and operating cash flow items during the quarter included: A$10.5M cash proceeds from the sale of the Snow Lake shares, A$1.5M proceeds from the exercise of U.S. Nasdaq warrants, A$1.1M exploration and evaluation costs, principally related to the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$403k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$301k for antimony grant consulting costs, audit, tax and legal fees. — Nova Discussion of Investing and Operating Cash Flows (March 2025)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f97-76e01a2e9ec4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "x": 0.15,
        "y": 0.99
      },
      "kind": "source-note",
      "text": "Source: Quarterly reports",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4df590a1-351d-4b6d-b2f0-270324cc1887",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "x": 0.98,
        "y": 0.93
      },
      "kind": "table",
      "text": "Nova Discussion of Investing and Operating Cash Flows",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db0f4fa5-c325-455d-b852-1b7ef8732bc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "x": 0.98,
        "y": 0.13
      },
      "kind": "title",
      "text": "Management Has Recently Ramped Up Marketing And IR Expenses To Promote Its Story....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7795d0c3-962a-494e-94cc-8511adbc3d77",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5203952e-83cc-4b30-ac27-9a6186b1c9de",
      "evidence": "Highlighting suspicious spending patterns to undermine management credibility.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}