Nova Minerals says its Port MacKenzie plant could support far more than its funded first phase

Nova Minerals said Tuesday that the secondhand processing plant it shipped to Port MacKenzie can crush and grind about 216,000 metric tons of ore a year once it's assembled. That's enough, the company says, to support a much bigger antimony operation than its federally funded first phase.

The plant came from Agnico Eagle's Hope Bay gold project, according to the release Nova filed with the U.S. Securities and Exchange Commission. The capacity figure is based on an assessment by Damian Connelly of METS Engineering, a Nova contractor.

The first phase, a $43.4 million project supported by the U.S. Department of War, is designed to produce up to about 600 tons a year of refined antimony, a metal that goes into ammunition and military optics. It targets military-grade antimony trisulfide in 2027. Nova calls it a deliberately staged pilot that is "not representative" of what the plant could support.

With more refining equipment, Nova's modeling shows the plant could produce about 9,400 tons of antimony a year from ore that's 5% antimony, or about 20,000 tons from 10% ore. The release says those numbers depend on ore grade and added equipment. It doesn't estimate what that equipment would cost or say whether Nova's Estelle project or other sources could supply ore at those grades.

Nova has said its cash won't cover its plans. Its September annual report says it depends on selling stock or borrowing and that there is "substantial doubt" about its ability to continue as a going concern.

The company also pitches Port MacKenzie as a hub that could process ore from other Alaska producers and metals such as tungsten and gallium. Last month, Nova said the state had approved its plans to mine antimony at Estelle and refine it at Port MacKenzie.