Chilwa Minerals Advances Niobium Discovery and NASDAQ Listing Plans

Significant Niobium Discovery at Nakombe Target

Chilwa Minerals (ASX:CHW) has reinforced its position in the critical minerals space with a confirmed niobium discovery at its Nakombe target within the Mpyupyu area of Malawi. Diamond drilling revealed 0.31% Nb₂O₅ over a substantial 126.1 metres from 125 metres depth, including higher-grade intervals up to 0.57% Nb₂O₅. This mineralisation is hosted within an alkaline quartz-syenite intrusive, accompanied by tantalum and gallium, hallmark signatures of an evolved alkaline system reminiscent of deposits like Panda Hill in Tanzania.

The company is now focused on systematic step-out drilling to delineate this discovery, with two diamond rigs operational and drilling ongoing at quarter end. The proximity of this niobium mineralisation to existing heavy mineral sands deposits in the Mpyupyu area suggests potential infrastructure synergies for future development. This drilling momentum builds on previous assay results and exploration work, including the deployment of a second diamond rig earlier in 2026 to accelerate testing across multiple targets identified through airborne geophysics and soil geochemistry. The expanded drilling campaign and evolving geological model are expected to feed into a revised Mineral Resource Estimate by late May 2026, a timeline consistent with the company’s recent progress in the region second diamond rig deployed.

Heavy Mineral Sands Resource Definition and Scoping Study Progress

Alongside rare earth and niobium exploration, Chilwa Minerals completed a sonic drilling campaign at its Northern Shore heavy mineral sands (HMS) deposits, including Halala, Namanja West, and Nkotamo. The 819 metres drilled across 80 holes supports resource definition and metallurgical sampling, feeding into an ongoing Scoping Study targeting all Measured and Indicated category resources across the northern, western, and southern shores of Lake Chilwa.

Metallurgical samples from Mpyupyu are being prepared for shipment to South African laboratory partner LightDeepEarth, following prior processing trials at the Mposa deposit. The company is also advancing revised Mineral Resource Estimates incorporating assay, XRF, and QEMSCAN data. Recognising the sensitivity of project economics to logistics, Chilwa is engaging with Mota Engil Malawi to explore dry port capacity in Lilongwe, potentially enabling cost-effective export routes via Mozambique’s Nacala port. This strategic partnership with Mota Engil, which holds a 30% stake through Luso Global Mining, has been highlighted by independent equity research as a key enabler for project advancement heavy mineral sands resource.

New Ionic Adsorption Clay Rare Earth Program Initiated

In a bid to diversify its rare earth element (REE) portfolio, Chilwa Minerals has launched a dedicated Ionic Adsorption Clay (IAC) program across its Lake Chilwa licence package. This initiative follows elevated aggregate REE values detected within heavy mineral sands deposits during 2024 exploration. The IAC program leverages existing sonic drilling samples to rapidly assess REE grades and extractability in basal clay horizons beneath HMS deposits, potentially identifying a distinct secondary REE source separate from monazite mineralisation.

The staged testwork aims to establish spatial trends and leachability of REEs without immediate additional drilling, accelerating the timeline for evaluation. This program complements the company’s broader critical minerals strategy by targeting feedstocks critical for energy transition technologies.

Corporate Developments: NASDAQ Listing and Equity Research Coverage

Chilwa Minerals is progressing its planned NASDAQ listing, having filed its Registration Statement on Form F-1 confidentially with the US Securities and Exchange Commission in March 2026. The company has also submitted its NASDAQ listing application and secured a CUSIP number for its American Depositary Receipts, positioning it to access deeper US and international capital markets. The listing process remains subject to SEC review and market conditions, with the company targeting completion in the second quarter of 2026.

Supporting this strategic move, Trim Capital initiated equity research coverage during the quarter, underscoring the project's multi-commodity potential and strategic partnerships. The analyst report highlighted the critical mineral demand drivers aligned with Chilwa’s portfolio, including titanium feedstocks, zircon, and rare earth elements, all recognised by major economies as essential for the energy transition and advanced manufacturing.

Financially, Chilwa ended the quarter with a strong cash position of AUD 3.57 million, providing runway to sustain drilling activities, advance the scoping study, and progress the ionic clay program alongside corporate initiatives. The company also reported payments to related parties totaling AUD 921,000, primarily for director fees and corporate services.

Community Engagement and Logistics Advancements

Chilwa Minerals continues to prioritise community engagement across its project areas, securing land access agreements with 87 landowners and conducting multiple stakeholder meetings. These efforts have fostered strong local support, critical for operational continuity and social licence to operate. Concurrently, logistics discussions with Mota Engil focus on dry port capacity in Lilongwe, aiming to establish scalable export infrastructure that could reduce transport costs and enhance project viability.