Involving a prepayment placement of A$2 million and potentially an additional loan of $4 million from shareholder and equity fund manager Collins St Asset Manager, the funding was described as "the least dilutive and most beneficial for all shareholders".

Nova said it wants to "significantly increase the current 2.5Moz resource and simultaneously move the Korbel prospect to feasibility stage during the course of 2020 on the path to production".

Nova also noted its $413,000 investment in Western Australian gold explorer Torian Resources via a convertible note with a conversion price of 0.45c per share, had increased in value by about 800%.

At its 2.9c per share trading price Thursday, Torian was capitalised at $9 million.

Shares in Nova were unchanged at 5.7c in early trade, capitalising the company at $59 million.