An investor has been sentenced to 12 months' imprisonment for manipulating the price of ASX shares.

The supreme court of Western Australia last week handed down the penalty to Don George Evans of Woodlands, Western Australia for conspiring to illegally push up the stock price of an ASX-listed mining company.

The court heard that Evans met then-director of Quantum Resources, Avrohom Kimelman, and corporate consultant Benjamin Heath Cooper to come up with a plan to pump up the Quantum share price to a certain level.

They then executed the manipulation on 16 November 2015 by coordinating a series of trades and encouraging other investors to buy in.

Quantum Resources is now known as Nova Minerals Ltd (ASX: NVA).

During sentencing, Justice McGrath stated the sentence needed to be sufficient to deter others who could be tempted into such behaviour.

"Compliance… is vital to maintain market integrity and promoting the confident and informed participation of investors in the financial market operated by the ASX."

Evans was also prohibited from managing corporations for five years.

All three conspirators now sentenced

According to Australian Securities and Investments Commission deputy chair Sarah Court, Evans' imprisonment wraps up its actions in relation to Quantum shares after the other two people involved were previously sentenced.

"ASIC is committed to acting against conduct that damages the integrity of Australia's markets," she said.

"Market manipulation undermines investor confidence and ASIC will take strong and considered action to combat it."

Evans was released immediately after the sentencing hearing on a recognisance of $5,000, contingent on two years of good behaviour.

Kimelman was sentenced to 18 months' imprisonment back in November 2021. Cooper was given 15 months in a decision handed down in December last year.

The post ASX investor gets 12-month sentence for share price manipulation appeared first on The Motley Fool Australia.

While some ASX lithium shares performed strongly in September, most of those with a market capitalisation of more than $100 million ended in the red.

Out of the 28 lithium shares we compared to create this list, only six of them reported positive movements in their share prices, with the rest either recording a loss or a neutral price movement.

As could be expected, some companies reported greater losses than others.

So let's cover September's biggest losers in the lithium space.

Nova Minerals Ltd (ASX: NVA)

The biggest loser for the month of September was Nova Minerals, which recorded a 31.38% decline in its share. While primarily a gold explorer, Nova Minerals also has a 37% stake in Snow Lake Resources Ltd (NASDAQ: LITM), a company that's exploring lithium at the Thompson Brothers Lithium Project in Manitoba, Canada.

Shares opened for 94 cents on 1 September and closed for 65 cents at the end of the month.

This may surprise those who follow the company, as Nova Minerals reported largely positive results in its annual report for FY22 on 20 September. One highlight for the financial year is that its total comprehensive income grew to $38.09 million, which is up from a $4.3 million loss in the previous corresponding period.

The company also posted a positive update for its lithium business to the market on 16 September. A resource upgrade was issued for Snow Lake Resources amid drilling of 20,000 additional metres. This drilling effort reportedly "accelerates Snow Lake's path towards commercial production".

Snow Lake is pursuing plans to make its lithium extraction site the world's first renewable energy-powered electric mine.

Lepidico Ltd (ASX: LPD)

Shares of Lepidico also had an atrocious month in September as they lost 26.66% of their value. The Lepidico share price opened at 0.03 cents on 1 September. It closed at 0.022 cents at the end of the month.

The miner's shares were sold off following the company reporting a total comprehensive loss of $7.78 million for FY22 on 23 September.

Other updates for the company included drill results from its Helikon 4 pegmatite at its Karibib project in Namibia. Assay results from the drilling effort uncovered high yields of lithium oxide.

The release also stated that front-end engineering and design (FEED) for its Phase 1 chemical plant is due to complete in November 2022.

Lake Resources N.L. (ASX: LKE)

Finally, the Lake Resources share price dropped 21.49% in September. Shares opened for $1.14 on 1 September and closed at 90 cents each at month close.

A large part of the sell-off unfolded over the course of a week. The company lost 17% during this time.

The miner has been contending with interest from short sellers. Its short interest ratio shot up to 9.9% on 26 September.

As the Fool reported earlier, J Capital believes that its lithium extraction technology is unproven and could generate toxic waste as part of the production process. Lake Resources denies these claims. Though this commentary by J Capital has seemingly done nothing to improve the sentiment around Lake Resources' shares.

On a greater level, ASX lithium shares could be feeling the pinch of rising interest rates, which has led to more volatility than usual in the market over the past couple of weeks.

The post Here were the 3 worst performing ASX lithium shares in September appeared first on The Motley Fool Australia.

ASX lithium shares are putting in a mixed performance today.

While a few lithium stocks are smashing the 1.2% loss posted by the All Ordinaries Index (ASX: XAO) on Friday afternoon, others are significantly trailing the benchmark index.

This comes as lithium prices remain near record highs amid strong global demand for electric vehicle and grid storage batteries.

We'll kick off with today's two worst-performing ASX lithium shares.

ASX lithium shares in the red

The leading loss maker today is Nova Minerals Ltd (ASX: NVA). The small-cap explorer is focused on both gold and lithium, with a 37% stake in the Snow Lake Lithium Project in Manitoba, Canada. The Nova Minerals share price is down 8.7% today and down 47% in 2022.

Also losing ground today is Global Lithium Resources Ltd (ASX: GL1). The emerging lithium exploration company is primarily focused on the Marble Bar Lithium Project, located in Western Australia. The Global Lithium share price is down 7% today but remains up 87% year-to-date.

With the two leading loss makers covered, here are the top two ASX lithium shares today.

Charging higher

The broader selling pressure hitting the market today hasn't impacted investor appetite for today's second-best performer, Prospect Resources Ltd (ASX: PSC). The battery minerals explorer share price is up 4.8% at the time of writing.

And the best performing ASX lithium share today is Aurora Energy Metals Ltd (ASX: 1AE). The United States-focused uranium and lithium explorer commenced trading on the ASX on 18 May this year with a focus on its Aurora Energy Metals Project in Oregon. The Aurora Energy share price is up 9.3% today.

As for the top name ASX lithium shares?

Rounding off the list with some of the biggest lithium stocks, the Core Lithium Ltd (ASX: CXO) share price is frozen today after the company requested a trading halt pending an announcement regarding the launch of its $100 million capital raise.

Meanwhile, the Pilbara Minerals Ltd (ASX: PLS) share price is down 2.4% and Allkem Ltd (ASX: AKE) shares are down 2.8%.

The post Here are the big ASX lithium share winners and losers on Friday appeared first on The Motley Fool Australia.

A Sydney man has pleaded guilty in a Perth court to conspiring to manipulate the price of ASX shares.

Benjamin Heath Cooper of Brighton-Le-Sands made the plea to one charge at the Stirling Gardens Magistrates' Court in Western Australia.

He now faces up to 10 years' imprisonment. In 2019 the maximum penalty was increased to 15 years, but Cooper's offence occurred in 2015.

The conviction was the result of an investigation by the corporate watchdog Australian Securities and Investments Commission.

Cooper, on 16 November 2015, conspired with Quantum Resources Limited director Avrohom Kimelman and one other person to manipulate the company's shares.

Quantum Resources Limited is now known as Nova Minerals Ltd (ASX: NVA).

Kimelman was convicted last year after pleading guilty.

Cooper's case was adjourned to a directions hearing at the Supreme Court of Western Australia on 30 August.

The post Sydney man faces 10 years' jail for manipulating ASX shares appeared first on The Motley Fool Australia.

In late trade, the gold developer's shares are down 10% to 85.5 cents.

Why is the Nova Minerals share price sinking today?

The Nova Minerals share price has come under pressure today following news that the company has completed the sale of a portion of its investment holding in lithium developer Snow Lake Resources.

According to the release, the company has sold 3 million Snow Lake Resources shares in an underwritten secondary offering, which represented approximately 31% of its holding, at a price of US$6.00 per share.

This represents a 6.25% discount to the closing price on the day but an 11.6% discount to the current Snow Lake Resources share price on the Nasdaq.

The release advises that the company received total proceeds of US$18 million (A$24 million) before underwriting fees and offering expenses.

In light of this sale, the company is now fully funded to continue its aggressive resource development drilling and study programs at its 9.6 Moz Estelle Gold Project. Funds will also be used for general working capital purposes.

Based on the Nova Minerals share price performance today, some investors appear to be disappointed with the selldown given booming lithium prices.

Management commentary

Nova's CEO, Christopher Gerteisen, believes the sale was the right move and represents a major milestone. He commented:

"This funding represents another milestone achievement for the Company and illustrates our strict capital management strategy, of identifying and entering strategic investments cheaply, growing them over time, and then monetising them to fund our path to production at the Estelle Gold Project, all while minimising dilution to Nova shareholders and keeping debt off our balance sheet.

"The price obtained for the sale of our Snow Lake shares, which was a complex transaction given Nova's position as a major founding shareholder, was dictated by the regulatory approval timeframe and market conditions, with the LIT ETF, NASDAQ, many of the lithium juniors, and other major lithium indicators all heavily down having experienced a correction at the time of pricing.

"Nova is a gold company focused with passion, determination, and purpose on developing our flagship Estelle Gold Project. The opportunity cost of not being fully funded and committed to completing the full slate of aggressive 2022 work programs, which are expected to add enormous value to the Company with so much resource upside at play, was not an option we considered."

The post Here's why the Nova Minerals share price is tumbling 10% today appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price is surging today after the company emerged from Tuesday's trading halt.

The jump follows this morning's release of a comprehensive company report — detailing a large increase in the gold extraction expected to be reaped from its Alaskan project.

Nova Minerals estimates another 55% will be extracted from the site, totalling around 9.6 million ounces. 

At the time of writing, the Nova Minerals share price is up 10.78% at $1.14. In early trading, it was as high as $1.20 — a near 17% gain on its last closing price.

Alaskan project a 'company-making' development

The Australian-based resource exploration company operates a flagship gold exploration site in Alaska, in an area deemed the Tintina gold province.

Within its 'Estelle' site, two out of 15 extraction zones have shown the promising gold deposits which are driving the Nova Minerals share price today.

These two sites are the Korbel Main deposit and the RPM deposit.

The company entered a trading halt back in October as it released its initial maiden gold resource estimate of 1.5 million ounces at the RPM deposit.

Commenting on today's announcement, Nova Minerals chief executive Christopher Gerteisen said:

Korbel Main at our Estelle gold project is a 'company-making' deposit with high grades continuing to highlight the massive upside potential that remains. Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.

Nova's management, with much credit to our team on the ground, has taken the Estelle gold project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting point is that we're only getting started.

Further updates for Nova Minerals

With further goals on target, Gerteisen said the company had discovered minerals at two more zones within the Estelle project. He said he was confident its "global resource inventory will continue to grow for many years to come".

Gerteisen also said the company was still awaiting assay results for an already drilled 8,000m at the Korbel Main site, which are set to be released to shareholders in a mineral resource update next year.

In the meantime, multiple diamond rigs would be mustered at the site.

Pre-feasibility studies in "metallurgy, geotechnical, mining, environmental, infrastructure, and hydrogeology" are also continuing amid the drilling projects.

Nova Minerals share price snapshot

The Nova Minerals share price has dropped around 31% over the last month and year. 

The company, which also has an indirect interest in lithium, has a market capitalisation of $183.8 million based on its current share price.

The post Here's why the Nova Minerals (ASX:NVA) share price jumped 17% today appeared first on The Motley Fool Australia.

However, all may not be what it seems if you dig a little deeper.

What's going on with the Nova Minerals share price today?

At the time of writing, the Nova Minerals share price is trading at $1.16. This is up 800% from 13 cents at Friday's close.

While the difference in its share price may technically be accurate, something occurred between Friday's close and Monday's open that means the gains are not.

Last week shareholders approved a share consolidation that will see the gold explorer's share count reduce ten times from 1,802,037,557 shares to approximately 180,203,755 shares.

This meant that the Nova Minerals share price would be $1.30 post-consolidation (13 cents x 10).

As a result, rather than gaining 800% today, Nova Minerals' shares have actually lost approximately 11% of their value instead.

Why is the company consolidating its shares?

Management provided a number of reasons for why it is consolidating its shares. These includes greater investor interest, improved trading liquidity, and brand image.

It commented: "As a gold developer with a rapidly increasing resource base, Nova is expected to appeal to many new investors over the coming year. The primary motive for the equity consolidation is to expand the eligibility of Nova ordinary shares for institutional investors, stock exchanges, indexes and investment funds, including exchange traded funds (ETF's). With the increasing prevalence of passive trading rather than active fundamental investing, we intend to ensure that Nova is not prohibited due to minimum share price screening."

As for improving trading liquidity, it explained: "An increased interest from investors may improve trading liquidity of the ordinary shares."

Finally, in respect to its brand image, the company said: "Nova is graduating from an explorer to a developer and growing its intrinsic value through its investments. An analysis of Nova's new peer group of junior developers indicates that this restructuring of ordinary share capital is appropriate for the company at this time with such a large asset base."

The post Is the Nova Minerals (ASX:NVA) share price really shooting 800% higher today? appeared first on The Motley Fool Australia.

Shares in minerals explorer Nova Minerals Ltd (ASX: NVA) lifted in early trading today after the company announced a key update regarding its Estelle Gold project.

Shortly after exiting a company-requested trading halt from this morning, the Nova Minerals share price is now trading around 7% higher at 16 cents.

Here are the details.

What did Nova Minerals announce?

Nova advised of the "maiden inferred gold resource estimate of 1.5 million ounces for the RPM North Prospect" at its Estelle site northwest of Anchorage in Alaska.

The prospect is one of 15 additional known gold occurrences at the Estelle site and remains "open at depth and along strike with further upside at the RPM South".

According to the update, the resource begins less than 2 metres from the surface and is less than half a percent of the entire project area.

Estimations were obtained from drill hole data. As it stands, the "much larger footprint RPM South Zone has yet to be drill tested".

Nova is now mobilising several diamond drilling rigs to the RPM North prospect as early as possible in 2022. It plans to set up multiple rigs operating 24 hrs a day 7 days a week to beef up the maiden resource.

Speaking on the announcement, Nova Minerals CEO Christopher Gerteisen stated the discovery highlights the "massive upside potential" of the Estelle project.

He added:

Nova's management, with much credit to our team on the ground, has taken Estelle Gold Project from discovery to a multi deposit Tier 1 scale 6.2 Moz gold district in a short timeframe and on relatively limited funding. Five drill rigs are currently focused on growing Korbel and RPM with more rigs to follow…I have no doubt we will be drilling and growing our total global resource inventory for many years to come. We now look forward to a Resource Upgrade for Korbel Main, incorporating the high-grade feeder zones, in Q4.

Aside from this update, Nova also advised that "aggressive infill and extension drilling is ongoing" at its Korbel Main site with the aim of increasing the 4.7 million ounce resource size to expedite feasibility studies.

The main resource update for Korbel Main "remains on track for update before EOY [end of year] 2021". As well, there are assays for more than 10,000m of drilling still to interpret from this site.

It also advised that its "Snow Lake Resources (majority-owned lithium company) status [is] due shortly".

Nova Minerals share price snapshot

The Nova Minerals share price has had a stagnant year to date, finding itself at the same level it was at on January 1. Things aren't any better zooming out with a 3% dip into the red over the last 12 months.

Each of these returns have lagged the benchmark S&P/ASX 200 Index (ASX: XJO)'s return of around 21% in that time.

The post Nova Minerals (ASX:NVA) share price jumps 7% on maiden gold update appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price is off to a flying start this week and is trading 50% higher at 16.5 cents.

Nova Minerals shares are on the move after the company announced a key update regarding its flagship Estelle Gold Project.

Here's what we know from what Nova released.

Nova Minerals share price spikes on 'bonanza' gold results

Nova announced it had intersected a broad zone of high-grade "bonanza" gold grades when drilling at the Estelle site's RPM North mineralised prospect.

Drilling is now complete at this section with a further three holes pending. According to Nova, the goal is to "delineate a maiden resource by late 2021" and then advance through the project's pipeline.

This marks the end of the maiden drill program at RPM North, and a follow-up work program is now being planned for the next round of drilling.

Aside from this, the work program also intends to extend the gold zone's footprint for the RPM South prospect as early as possible in 2022.

Furthermore, the RPM prospect is "now confirmed to be the second significant project development area at Estelle, and will be a key component" in the path to production at its Estelle site.

The results build on previous drill results Nova announced last month regarding its RPM North prospect. The company now has assay results pending for over 10,000m of drilling from both its RPM prospect and additional Korbel Main site.

Nova also advised that all rigs have moved back to the Korbel Main site, to maximise infill and drill data for upcoming mineral resource updates.

In a separate point, Nova also exclaimed that a "Snow Lake Resources update (is) due shortly".

What did management say?

Speaking on the announcement, Nova Minerals CEO, Christopher Gerteisen said:

This marks a major milestone for Nova Minerals. RPM is now confirmed to be the second significant project development area at Estelle and will be a key component of our ongoing resource development work on our path towards production at the Estelle Gold Project. This is what unlocking a district looks like, and we will continue to do so with Korbel and RPM representing only 2 of 15 known prospects with the wider Estelle Gold Project claims. In addition to these, there are numerous unnamed colour anomalies across our 324km2 claim block.

Nova Minerals share price snapshot

The Nova Minerals share price has had a difficult year to date, having posted a return of just 3% since the beginning of the year.

Despite this, it has climbed over 68% into the green in the past year of trade, after rallying 14% in the last month.

This result outpaces the S&P/ASX 200 Index (ASX: XJO)'s gain of around 20% in the past year.

The post Nova Minerals (ASX:NVA) share price rockets 52% on gold update appeared first on The Motley Fool Australia.

Nova Minerals Ltd (ASX: NVA) share price has stepped well into the red during afternoon trade today and now trades at 11.8 cents each.

Nova Minerals shares are on the move after the company successfully completed a capital raise to fund its growth vision in Alaska.

Here's what we know.

What did Nova Minerals announce?

Nova successfully raised $12 million to finance developments across its Estelle gold district in Alaska.

It raised the funds through the issue of 109 million ordinary shares at a price of 11 cents each.

The company has released a flurry of market sensitive announcements over the last week regarding this site, and also released its annual report today as well. 

In its results, the company outlined its financial development for the year, where it ended FY21 with just over $15 million in cash.

The $12 million raised today is therefore a welcome addition to provide working capital and additional cash for the Estelle project.

Now it will put the funds to work to accelerate the development and growth of this site, hoping to potentially unlock further gold resources.

Primarily it will fund drilling projects at the site to identify more gold targets.

Nova will also use some of the funds to complete a pre-feasibility study for the project, whilst beefing up infrastructure there to make things more efficient.

Today's equity raise follows a previous $21 million that was drawn in for investors in November of last year to finance the Estelle project.

Investors certainly aren't impressed by the news and have sold Nova minerals shares in droves this afternoon. Perhaps they are seeking more juice for the squeeze out of Estelle.

The Nova minerals share price now trains 19% lower from the market open, extending its loss over the past week to 16%.

Nova minerals share price snapshot

The Nova minerals share price has had an incredibly bumpy year to date and has posted a loss of 27% since January 1.

Despite this, it is 7% in the green over the past 12 months.

Nonetheless, this is not enough to get ahead of the S&P ASX 200 index (ASX: XJO)'s return of around 25% this last year.

The post Nova Minerals (ASX:NVA) share price tanks 18% on cap raise news appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price has soared into the green on Thursday after the company made a key announcement.

At the time of writing, Nova shares are up 7.69% to 14 cents.

Let's investigate further.

What did Nova Minerals announce?

In what was deemed a positive for the Nova Minerals share price, the company announced that a "large scale gold discovery" has been confirmed at its flagship Estelle Gold Project in Alaska.

Nova advised the maiden drill program at its RPM prospect at the project had "returned impressive results". As such, drilling at this site is complete and the goal is now set on "delineating a maiden resource by late 2021".

An additional diamond drill rig is expected on site "in the coming weeks to ramp up Korbell infill drilling". This will "expand and prove-up resource to indicated status", according to the release. Investors can expect an update on this in the fourth quarter.

The "significant intercepts" at the prospecting site "validates Nova's strategy to unlock" the greater Estelle gold district, the company said.

What did management say?

Speaking on the announcement that is driving the Nova Minerals share price, CEO Christopher Gerteisen said:

This marks a major milestone for Nova Minerals. RPM is now confirmed as the next discovery within the Estelle Gold Project. Unlocking the district is no longer merely a plan — we HAVE unlocked it.

The gravity of this is huge for the company as well as the greater resource sector as it positively demonstrates we have another gold deposit that will add significant ounces to the global resource inventory at the Estelle Gold Project.

What's next for the Nova Minerals share price?

According to the announcement, Nova's "geological reconnaissance team" has completed field programs and has "unlocked further targets within the Estelle gold district".

As a result, investors can expect more news on this as results and findings become available.

In addition, assay results are now pending for "over 10,000 metres of drilling" from Nova's Korbel and RPM sites.

Finally, the company advised that a Snow Lake Resources update is due shortly. For reference, Snow Lake is Nova's majority-owned lithium company.

Nova Minerals share price snapshot

The Nova Minerals share price has had a choppy year to date, posting a loss of 12.5% since January 1.

Despite this, Nova shares have still climbed 57% into the green over the last 12 months. In the last month alone, Nova shares have gained a further 27%.

This has outpaced the S&P/ASX 200 index (ASX: XJO)'s return of around 25% over the past year.

The post Nova Minerals (ASX:NVA) share price jumps on gold discovery appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price has jumped out of the starting blocks in early trade on Friday.

Nova shares are now exchanging hands at 13 cents apiece, a 13% gain from the open.

What's up with the Nova Minerals share price today?

The Nova Minerals share price is on the move after the company released a key announcement regarding its current infill drilling program.

The announcement expands on an update provided to investors on 1 September regarding the same infill program.

In Friday's release, Nova advised it had confirmed the "continuity of mineralisation" within the "Korbel main resource" as a part of its flagship Estelle Gold project.

Nova explained that infill drilling at the site is "designed to prove up inferred resource" and also "extend strike length of resource".

As a result of the drilling, Nova advised that the Korbel Feeder structure has "significant scale with high grade 'blow out' zones within the continuous mineralisation".

Nova advised that "aggressive infill and extension drilling" is still ongoing at Korbel. The company is focused on the goal of "substantially increasing the 4.7 Moz resource" at the site to a size and confidence to "expedite feasibility studies".

What did management say?

Speaking on the announcement, Nova CEO, Christopher Gerteisen said:

The infill diamond drilling at Korbel is showing strong support and confidence in the consistency and continuity of gold mineralisation in the Korbel's large mineralised system. The significant intercepts we continue to intersect within the high-grade feeder zone are very encouraging indeed. We have almost 30 holes in the lab awaiting assays and with drilling ongoing at a fierce pace more results will continue to stream in every week.

Touching on the company's growth vision, Gerteisen added:

Nova's multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being a bankable project by 2023. We are focusing on proving up the resource to Indicated status, which can then translate into reserve ounces for our planned starter operation. At the same time, we are pushing forward the resource development program at the RPM prospect and unlocking the wider Estelle Gold District, with additional prospects rapidly coming on line. We aim to grow the global resource inventory and advance the Korbel project in parallel.

Nova Minerals share price snapshot

The Nova Minerals share price has had a choppy year to date, posting a loss of 19% since January 1. Despite this, Nova shares have climbed 88% into the green over the last 12 months.

This has outpaced the S&P/ASX 200 index (ASX: XJO)'s return of about 25% over the past year.

At the time of writing Nova Minerals has a market capitalisation of $193 million.

The post Here's why the Nova Minerals (ASX:NVA) share price is up 13% on Friday appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price is sinking today despite no new news being released by the company.

At market close, the gold explorer's shares are down a sizable 4.17% to 12 cents. This means that Nova Minerals shares have now lost around 19% of their value in a month.

Quick take on Nova Minerals

Founded in 1987, Nova Minerals is an Australian exploration company that is focused on gold deposits in Alaska.

The miner currently operates its flagship project, the Estelle Gold District along the Tintina Gold Belt, covering 324 square kilometres. The project is estimated to contain 4.7 million ounces of gold within just 2% of the project area.

In addition to the gold assets, Nova Minerals has an indirect interest in the Canadian Thompson Brothers Lithium Project. This is through a substantial stake in Snow Lake Resources, an aspiring lithium developer in Manitoba.

What's happened over the month?

Since the middle of July, there have been a few releases from Nova Minerals in regards to its assets.

The first came on 19 July regarding significant drilling results at Korbel Main, within the Estelle Gold Project. Infill drilling returns impressive gold grades over wide intervals. Most notably, 2 intercepts indicated an average grade of 0.7g/t of gold over 308 meters and 0.4g/t of gold over 323 metres.

In the weeks following, Nova Minerals commissioned a preparation lab to process up to 7,500 samples per month. The onsite lab is expected to reduce costs and improve assay turnaround times.

However, just a few days ago, the company advised an update on its 74% owned Snow Lake Resources. It said that the lithium miner finalised its F-1 form to the Securities and Exchange Commission (SEC) to raise up to $23 million in an Initial Public Offering (IPO). The F-1 form is the registration required for foreign companies wanting to be listed on a United States stock exchange.

It appears that investors have been selling their shares for a profit today following a 14.29% gain the day earlier.

Nova Minerals share price summary

Over the past 12 months, Nova Minerals shares have more than doubled in value, up 120%. Year-to-date hasn't been so positive, with the company share price down around 30%.

Based on valuation grounds, Nova Minerals presides a market capitalisation of roughly $184.9 million, with 1.6 billion shares on issue.

The post Why the Nova Minerals (ASX:NVA) share price is down 19% in a month appeared first on The Motley Fool Australia.

A former chief executive of Nova Minerals Ltd (ASX: NVA) has pleaded guilty to charges of insider trading and manipulating the share market.

The County Court of Victoria heard that Avrohom Mordechai Kimelman of St Kilda East, Victoria allegedly conspired with others in November 2015 to manipulate the shares of Nova, which was then known as Quantum Resources Ltd.

He later became both the chief executive officer and a board member of the business.

The Australian Securities and Investments Commission alleged that Kimelman knew non-public information that Quantum was about to acquire Manitoba Minerals Pty Ltd, which itself had a deal to buy into a lithium resource in Canada.

Kimelman is accused of using that inside information to buy 1,990,963 shares in Quantum over 8 days in April and May 2016.

The former executive faces 10 years in prison for the offences.

The maximum penalty for insider trading was increased to 15 years' jail in 2019, but cannot apply in this case as the alleged acts were committed before the change.

Kimelman first appeared before the Perth Magistrates' Court last year in relation to this case. He will appear at the Melbourne County Court on 23 February for a plea hearing.

The post Former ASX CEO admits to insider trading appeared first on The Motley Fool Australia.

In late trade, the gold explorer's shares are up 10% to 16.5 cents.

Why is the Nova Minerals share price charging higher?

Investors have been bidding the Nova Minerals share price higher today following the release of a positive announcement.

According to the release, Nova Minerals has achieved significant grades at Korbel Main, within its flagship Estelle Gold Project located in the prolific Tintina Gold Belt in Alaska.

The release explains that Korbel drilling is ongoing, with almost 10,000 metres drilled to date and further results to follow in the near term. The results to date are geologically looking very promising.

Management notes they show encouraging gold grade indicators. In fact, wide zones of mineralised intrusive containing internal higher grade "blow out zones" continue to be intersected in infill drilling. This could lead to a significant upgrade to the resource estimate in its next update.

Management commentary

Nova's CEO, Christopher Gerteisen, appeared to be delighted with the drilling results.

He commented: "The significance of these grades obtained this early in the infill program further confirms a higher-grade feeder zone within the SE Block B area of the Korbel Main deposit. Our expectation is that we will start to consistently intersect internal high-grade 'blow-out' zones, and that is exactly what these results show."

"This could mean a significant upgrade to the resource, with the next update to be released later this year. It will also have a major impact on our pit optimizations moving forward. As such, we see this upcoming interim scoping study as a 'snap-shot in time', a starting point, one which we are only set to grow from."

"We are starting to get a clearer structure of the deposit, which bodes for our move into PFS [pre-feasibility study] after this interim scoping study, where we will continue to hone and improve our capital expenditure and operating expenditure estimates," he added.

The post Here's why the Nova Minerals (ASX:NVA) share price is jumping 10% today appeared first on The Motley Fool Australia.

It has been a difficult week for JB Hi-Fi Limited (ASX: JBH) shareholders. Mostly due to losing its illustrious CEO, Mr Richard Murray, to Premier Investments Ltd (ASX: PMV), but also the decline in the JB Hi-Fi share price.

In the last week of trading, shares in the Australian retailer have fallen over 12%. Although, industry experts are pointing towards the suspicious 10% fall that occurred prior to Murray's departure announcement.

Something more insidious in the JB Hi-Fi share price?

Given the abnormal slip in an otherwise quiet week for the company, some eyebrows have been raised following the subsequent announcement. As such, industry expert, Paul Rickard, has called for the corporate watchdog to investigate claims of insider trading in JB Hi-Fi shares.

Rickard's perspective is the downward move in the retailer's share price was completely understandable. In Richard's words:

It is a huge coup for Solomon Lew (chairman of Premier Investments) because he has just hired Australia's best retail executive… Murray's exit is a huge loss for JB Hi-Fi.

The events leading up to this news are what have drawn calls for action. Mr Rickard laid out circumstantial evidence, mostly pertaining to the lack of news leading up to the big event while the share price collapsed.

Additionally, volume reportedly spiked to 1,085,000 shares across the 3 days prior to the news. This is compared to an average of 436,000 shares over the preceding 10 trading sessions.

Other cases of insider trading

The ASX is no stranger to cases of insider trading. It is likely there is plenty of insider trading that goes undetected. However, over the years there have been occurrences that have been uncovered.

We covered two such cases previously. These included a director of the company now called Weebit Nano Ltd (ASX: WBT) who was sentenced for illegally manipulating the company's share price. The other incident involved a former director of the company now known as Nova Minerals Ltd (ASX NVA).

Who stands to benefit? 

In the case of JB Hi-Fi's share price, Rickard gives an estimation of 50 people could have had inside knowledge. This list extended from both JB and Premier Investments' directors down to investor relations teams and lawyers. In addition to those who had to work with sensitive information, other colleagues could have been privy to the move ahead of time.

Closing out, Rickard stated:

I am not pointing the finger at any Director, family member, work colleague or individual. But the recent trading in JB Hi-Fi shares stinks, and prima-facie, "insiders" were acting. Over to ASIC to investigate.

The post Claims of insider trading in JB Hi-Fi (ASX:JBH) shares appeared first on The Motley Fool Australia.

Confusing some shareholders today, the Nova Minerals Ltd (ASX: NVA) share price is sinking, despite the mining company upgrading its Korbel Main resource estimate.

Perplexingly, the Nova Minerals share price has experienced a 9.1% selloff to 15 cents per share. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has added a further 0.32% at the time of writing.

Expectations meet reality

I think it was Shakespeare that said "expectation is the root of all heartache", which is a bit of an exaggeration in this case – but the point holds true. The reaction to Nova's update is likely the consequence of expectations. With that being said, let's go through the details so you can make your own mind up.

The update that sparked the share price fall relates to Nova Mineral's Korbel Main deposit. Located in Alaska, Korbel forms part of the company's flagship Estelle gold project. Nova now estimates the deposit to contain 4.7 million ounces of gold.

The revised update is the result of an additional 48 diamond core holes drilled last year. As a result, independent consultants determined an increased inferred mineral estimate. Additionally, the resource was found to start from the surface and is open along strike to the North-West and South-East.

Furthermore, ore sorting results indicate a substantial grade increase, which assisted in lowering the reported gold cut-off grade to 0.15 grams per tonne. This is a reduction from the previously reported 0.18 grams per tonne cut-off.  

Nova Minerals share price unfazed by further potential

On top of the resource upgrade today, Nova Minerals pointed to further potential in unexplored targets. Specifically, Korbel blocks C and D, Cathedral, You Beauty, Isabella, Sweet Jenny, and other priority targets were not included in the upgrade.

The company insisted these targets could potentially provide substantial resource growth across the Estelle gold project. Nova Minerals CEO Christopher Gerteisen commented further:

Estelle is a district scale project, and Nova is on a mission to unlock it, with multiple exciting targets that offer huge potential to continue growing the overall resource inventory across the project area.

Mineralisation remains open in multiple directions and we have numerous well-established targets, some with historic drilling such as RPM, which we plan to drill and release a Maiden Resource on this year.

The post Nova Minerals (ASX:NVA) share price sinks as gold estimate grows appeared first on The Motley Fool Australia.

The corporate watchdog will now offer immunity from prosecution for people who have manipulated the stock market.

On Wednesday, the Australian Securities and Investments Commission (ASIC) revealed its new immunity policy.

The new rules indicate that if certain criteria are met, those who conspired with others to breach the Corporations Act can apply for both criminal and civil immunity.

Such breaches can include serious share market offences like insider trading, market manipulation and dishonest conduct.

Those offences can attract up to 15 years in jail, a fine of $1 million or a penalty of 3 times the benefit derived from the crime.

"The Immunity Policy enhances ASIC's ability to identify and take enforcement action against complex markets and financial services contraventions," ASIC commissioner Sean Hughes said.

Applications can only be made by people, not corporations.

What's the catch?

The biggest condition is that the person must be the first applicant who meets all the immunity criteria and reports the misconduct to ASIC before any investigation has started.

The immunity also doesn't shield the applicant from any administrative (such as a ban on running companies) or compensation orders.

"Individuals who do not meet the criteria for immunity are still encouraged to cooperate with ASIC and will be given due credit for any cooperation received," stated the commission.

"Any cooperation provided by an individual will be considered in determining whether to take administrative action against the individual."

Share market offences are hard to convict

The immunity offer has been introduced to catch more cases of share market manipulation. Crimes such as insider trading and market manipulation are notoriously difficult to detect and prove in court. 

However, ASIC has had some wins in recent months.

Just this month, The Motley Fool reported a director of the company now called Weebit Nano Ltd (ASX: WBT) was sentenced to 12 months' jail for illegally pumping up the share price.

A series of WhatsApp messages between Ananda Kathiravelu and alleged co-conspirator Ariel Malik showed the court they commissioned a third party to buy up shares immediately before a capital raising round.

In September, a former director of the company now known as Nova Minerals Ltd (ASX: NVA) and an alleged collaborator faced 10 years' prison on charges of insider trading.

Don George Evans was accused of buying up 1.5 million shares in 2015 with non-public information about plans for a reverse-merger with a technology firm.

The post ASX cheats offered immunity… with one catch appeared first on The Motley Fool Australia.

The Nova Minerals Ltd (ASX: NVA) share price is trading 7.5% higher today following the release of a project update and a letter from the CEO.

Today's latest share price rally means Nova has now returned more than 233% in the last year. This is in contrast to the S&P/ASX 200 Index (ASX: XJO), which has seen a loss of 5.72% over the same period.

What's pushing the Nova Minerals share price higher?

After temporarily entering a trading halt this morning, Nova Minerals released an update on its Thompson Brothers lithium project located in Manitoba, Canada. This project is owned by Nova's unlisted subsidiary, Snow Lake Resources.

In the update, Nova outlines its intentions to advance the Thompson Brothers Project. The reasoning behind this decision relates to the recent strength in the lithium market.

Reportedly, Snow Lake Resources is commencing a preliminary economic assessment (PEA), anticipated to be completed over the coming months. Upon completion, a preliminary feasibility study (PFS) will be conducted to form a basis for gaining project development funding.

According to the announcement, upon re-evaluation of data on the Thompson Brothers Project, Snow Lake sees potential in updating the resource numbers. Currently, the resource is estimated to be 6.3 million tonnes at 1.3 lithium oxide, containing 86,940 tonnes of lithium oxide.

Lastly, Nova Minerals noted that Snow Lake has commenced the necessary procedure to list on a New York exchange.

CEO readying for an eventful year ahead

In this morning's letter, Nova CEO Mr Christopher Gerteisen included a recap of 2020's highlights, as well as a look at the company's areas of focus for 2021.

As per the CEO's letter, 2020 highlights include:

• 3.3 million ounces interim gold resource at Estelle
• Created the premier large scale gold developer
• Strong safety and environmental performance with proactive implementation of COVID-19 "test, trace, isolate" policies
• Phase 1 Leach studies demonstrate exceptional gold leach recoveries averaging 76% at the Korbel deposit
• Continued Exploration Success with priority targets set on the Estelle Gold Property to increase ounces significantly.

After what the company labels a successful year of growth, the focus for 2021 is to continue expansion. Nova remains determined to be the next low-cost gold producer in Alaska. Consequently, the miner plans to build upon the existing Estelle Gold Project and identify new targets.

Mr Gerteisen closed the letter with the following remarks:

This is a transformational time for Nova Minerals with an interest in two company-making assets moving at the same time at different stages in with key minerals in long term bull markets, with the two holding significant near-term upside and further value creation over the long term. I am committed to delivering on our objectives, meeting your expectations, maintaining open communication, and delivering on our value creation strategy.

Based on the current Nova Minerals share price, the company's market capitalisation now comes in at $287 million.

The post Why the Nova Minerals (ASX:NVA) share price is flying 7% higher today appeared first on The Motley Fool Australia.

Two men face 10 years' in prison for alleged illegal share market manipulation.

Former director of Quantum Resources Ltd (now known as Nova Minerals Ltd (ASX: NVA)) Avrohom Mordechai Kimelman and Don George Evans of Inglewood, WA, appeared in Perth Magistrates' Court on Friday facing multiple charges.

The Australian Securities and Investments Commission (ASIC) accused Kimelman and Evans of conspiring to manipulate NVA's share price in November 2015.

Evans, who did not work for the company, acquired 1.5 million NVA shares on 5 and 6 November 2015. The corporate watchdog alleges he held inside information at the time.

The non-public tip related to NVA's plans for a reverse-merger with a technology company from Israel. The combined company would have "likely" listed on the NASDAQ.

ASIC also alleges Evans told this information to other people between 4 and 6 November.

Records show NVA shares went from 3 cents at the end of October to 8 cents by 13 November 2015.

As well as the market manipulation charge, Evans faces 6 counts related to the acquisition of the shares and 3 counts involving telling others about the merger.

At the time of the alleged violations, a 10-year jail term was the maximum penalty for each of market manipulation, insider trading and forwarding inside information.

The maximum punishment was boosted in March 2019 to 15 years in prison.

The cases for both men were adjourned until 18 December.

The post ASX share scandal: Former director faces 10 years' jail appeared first on The Motley Fool Australia.