Anova Metals Limited announced that Dr. Mingyan Wang will be appointed as Managing Director of the Company following the completion of the Placement. Dr. Wang has over 20 years' experience in the mining and resources industry specialising in identifying projects, exploration, management and business development. Dr. Wang is currently a founding director of Global Lithium Resources Pty Ltd.

Anova has entered into a Loan Facility Term Sheet with Xingao for a $2,825,000 (Loan). Completion of the Loan Facility including drawdown is subject to execution of formal documentation including security documentation to be agreed between the parties prior to the Closing Date of the Entitlement Offer, SAFE approval and the Lead Manager placing at least $2 million from the shortfall of the Entitlements Offer (and/or the TopUp Placement). Maturity Date: 31 March 2023; Interest: 9% per annum payable upon on repayment of the Loan; Fee: 20,000,000 options exercisable at $0.025 with an expiry date of 28 February 2023 to be issued subject to any necessary shareholder approval; Security: Secured over all of the assets of Anova Metals Ltd. and Big Springs Project Pty Ltd. with excluded collateral being: the Linden (including the Second Fortune Gold Mine) and Malcolm Gold Projects in Western Australia and various associated dumps, tailings and battery sands; and Purpose: Proceeds of the Loan will be used to repay the existing loan with Twynam Agricultural Group Pty Ltd. that is due to mature in September 2020.