Nova Minerals stock soars after announcing White House interest in Alaska mining project

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announced in a press release early Tuesday morning that the US ambassador to Australia has asked the company to prepare a briefing on the miner's Estelle Gold and Critical Minerals Project in Alaska.The site is "among the world's largest undeveloped gold assets," according to Nova Minerals. Nova Minerals stock pared some of its initial gains, trading more than 40% higher shortly after the market open.Fellow Aussie mining companies Fortescue Metals Group (FVJ.SG) and Australian Mines (AMSLF) and multinational British-Australian giant Rio Tinto (RIO) were trading up in sympathy following the news.The mining site, roughly 100 miles northwest of Anchorage, Alaska, is projected to hold more than 9.9 million ounces of gold across its four most promising deposits, which would be worth roughly $41 billion at Tuesday morning's gold price of $4,140 per troy ounce.Nova Minerals also announced at the beginning of October that the Department of Defense made a $43.4 million investment in a wholly owned subsidiary of the company to fund the development of domestic antimony sources.The announcement is one more in a line of recent developments in the critical minerals and metals sector, as the Trump administration has ratcheted up its focus on the US domestic supply chain of such materials.Recent moves include investments in a host of mining companies, including MP Materials (MP), which operates the only operational rare earth mine in the US; Trilogy Metals (TMQ), which holds a 50% stake in a major mineral mining project under development in Alaska; and Lithium Americas (LAC), which is developing what is likely to be the largest lithium (LTH=F) mine in the Western Hemisphere when it commences operations.MP Materials and Trilogy Metals are up more than 500% and more than 490%, respectively, on the year, while Lithium Americas is up more than 180%.Read more: How to invest in gold in 4 stepsThe Trump administration's focus on the critical minerals supply chain has stepped increasingly into the spotlight as it trades blows with Beijing in an ongoing trade war over the materials, which are critically important to industries such as electric vehicles and weapons systems development.Initial export controls introduced by Beijing in April in the wake of the initial "Liberation Day" tariff frenzy were stepped up last week when China's Ministry of Commerce announced new export bans on magnets and other applications containing even trace amounts of metals like lithium and cobalt.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,593.99 -60.73 (-0.91%)Dow 3045,716.28 -351.30 (-0.76%)Nasdaq22,343.40 -351.21 (-1.55%)Russell 20002,434.18 -27.24 (-1.11%)VIX22.34 +3.31 (+17.38%)Gold4,135.40 +2.40 (+0.06%)PortfolioSign in to access your portfolioSign inTop gainersCRML Critical Metals Corp. 28.86 +5.58 (+23.97%)NVTS Navitas Semiconductor Corporation 11.64 +1.66 (+16.70%)ERIC Telefonaktiebolaget LM Ericsson (publ) 9.49 +1.31 (+16.10%)ACI Albertsons Companies, Inc. 18.55 +1.59 (+9.41%)PII Polaris Inc. 67.44 +6.08 (+9.91%)Top losersALAB Astera Labs, Inc. 167.16 -32.37 (-16.22%)SNDK Sandisk Corporation 122.75 -11.86 (-8.81%)ACHR Archer Aviation Inc. 11.74 -1.03 (-8.07%)DGNX Diginex Limited 23.77 -1.93 (-7.51%)BTDR Bitdeer Technologies Group 18.95 -1.50 (-7.33%)Most activeBITF Bitfarms Ltd. 5.22 -0.17 (-3.24%)BBAI BigBear.ai Holdings, Inc. 9.10 +0.29 (+3.27%)NVTS Navitas Semiconductor Corporation 11.64 +1.66 (+16.70%)NVDA NVIDIA Corporation 181.50 -6.82 (-3.62%)CRML Critical Metals Corp. 28.86 +5.58 (+23.97%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 111,143.34 -4,182.45 (-3.63%)JPM JPMorgan Chase & Co. 296.56 -11.41 (-3.70%)GS The Goldman Sachs Group, Inc. 749.13 -37.65 (-4.79%)C Citigroup Inc. 95.76 -0.35 (-0.36%)CRML Critical Metals Corp. 28.83 +5.55 (+23.79%)Top economic events