Chilwa Minerals Reports 57 Metres at 0.315% Nb₂O₅ from Surface at Nakombe as Laboratory Assays Confirm Niobium and Strengthen Yttrium-Rich Rare Earth Basket

Laboratory assays supersede earlier portable readings, while infill drilling is underway ahead of a provisionally targeted maiden resource estimate.

Rhea-AI Summary

Chilwa Minerals (CHWM) reported laboratory assays confirming 57 meters at 0.315% niobium pentoxide from surface at its Nakombe target in Malawi. That interval in MPYDD009 included 14 meters at 0.426%; the hole averaged 0.192%. MPYDD015 returned 22 meters at 0.243% from 349.5 meters. The opposing holes confirm mineralization across approximately 270 meters of strike.

MPYDD009 averaged 1,415 parts per million total rare earth oxides (TREO). MPYDD015's final 12.5 meters returned 1,855 ppm TREO, with yttrium oxide representing 24.5% of TREO. Laboratory niobium grades exceeded earlier portable X-ray readings in both holes. Mineralization remains open at depth, east and north. Three rigs are active, and Chilwa targets completion of six infill holes before year-end 2026. A maiden Mineral Resource Estimate is provisionally targeted for May to June 2027.

20 points · 0 major

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointMPYDD009 returned 57 meters at 0.315% niobium pentoxide from surface, including 14 meters at 0.426%.
• Minor pointMPYDD009's upper 57 meters also contained 1,582 ppm TREO, 174 ppm tantalum and 61 ppm gallium.
• Minor pointMPYDD015 returned 22 meters at 0.243% niobium pentoxide from 349.5 meters, with 2,098 ppm TREO.
• Minor pointMPYDD015's 22-meter interval also contained 124 ppm tantalum and 41 ppm gallium.
• Minor pointOpposing drill holes confirmed mineralization across approximately 270 meters of strike.

15 minor points

• Minor pointMPYDD009 averaged 0.192% niobium pentoxide versus 0.17% by portable X-ray testing, plus 1,415 ppm TREO.
• Minor pointMPYDD015's 22-meter niobium pentoxide grade reached 0.243%, versus 0.228% by portable X-ray testing.
• Minor pointMPYDD009 returned additional niobium pentoxide intervals: 10 meters at 0.261% from 130 meters.
• Minor pointMPYDD009 returned 25.1 meters at 0.216% niobium pentoxide from 150 meters.
• Minor pointMPYDD009 returned 22.1 meters at 0.208% niobium pentoxide from 272.5 meters.
• Minor pointMPYDD015 returned 13.3 meters at 0.208% niobium pentoxide from 328.2 meters.
• Minor pointMPYDD015's final 12.5 meters averaged 0.238% niobium pentoxide and 1,855 ppm TREO; yttrium oxide represented 24.5% of TREO.
• Minor pointMPYDD015's section from 240 meters to hole end averaged 0.181% niobium pentoxide.
• Minor pointRare earth composites contained 16.0% magnet rare earths and 24.3% heavy rare earth oxides including yttrium.
• Minor pointSamples grading at least 0.2% niobium pentoxide contained 25.5% heavy rare earth oxides, including 17.1% yttrium oxide.
• Minor pointMineralization remains open at depth, east and north.
• Minor point. Forward-looking: it has not happened yet and may not happen.Three rigs are active; Chilwa targets completion of six infill holes before year-end 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Chilwa provisionally targets a maiden Mineral Resource Estimate for May to June 2027.
• Minor pointMineralogical analysis and initial metallurgical testing are in progress to inform the maiden resource estimate.
• Minor point. Forward-looking: it has not happened yet and may not happen.Chilwa plans further drilling at Nakombe North in early 2027.

Negative

• Minor pointNakombe South's Exploration Target remains conceptual; exploration is insufficient to estimate a Mineral Resource.

News Explained

The assay intervals are reported as downhole lengths, and their true widths are not yet known, so these figures do not establish the mineralized zones’ true thickness.

Key Figures

Surface niobium interval: 57 m at 0.315% Nb₂O₅ Included niobium interval: 14 m at 0.426% Nb₂O₅ Southern niobium interval: 22 m at 0.243% Nb₂O₅ +5 more

Surface niobium interval

57 m at 0.315% Nb₂O₅

MPYDD009, from surface

Included niobium interval

14 m at 0.426% Nb₂O₅

MPYDD009, from 43 m

Southern niobium interval

22 m at 0.243% Nb₂O₅

MPYDD015, from 349.5 m

Deep niobium and rare-earth interval

12.5 m at 0.238% Nb₂O₅ and 1,855 ppm TREO

MPYDD015, to end of hole

Yttrium oxide share

24.5% of TREO

MPYDD015 deep interval

Tested strike length

270 m

Mineralized system across the Nakombe target

Infill holes

6 holes

Targeted for completion before the end of 2026

Maiden Mineral Resource Estimate target

May to June 2027

Provisionally targeted timing

Key Terms

icp-ms, pxrf, nb₂o₅

3 terms

icp-ms technical

"Laboratory ICP-MS assays from scissor holes MPYDD009 and MPYDD015"

Inductively Coupled Plasma Mass Spectrometry (ICP-MS) is a scientific technique used to detect and measure very small amounts of metals and other elements in a sample. It works like a highly sensitive scanner, helping researchers identify the presence of specific materials with great accuracy. For investors, understanding ICP-MS is important because it highlights advanced methods used in industries such as mining, environmental testing, and manufacturing, influencing the valuation and risks of related companies.

pxrf technical

"Laboratory ICP-MS grades exceeded the pXRF results previously reported"

pxrf (portable X‑ray fluorescence) is a handheld instrument that quickly identifies and estimates the elemental makeup of rocks, soil, and other samples by reading X‑ray signals, similar to how a metal detector spots targets without digging. For investors, pxrf results offer fast, on‑site clues about the presence and relative concentration of valuable metals, speeding exploration decisions and early screening while not replacing full laboratory assays used for definitive reserves and valuation.

nb₂o₅ technical

"returned 57 meters at 0.315% Nb₂O₅ from surface"

Nb2O5 (niobium pentoxide) is an inorganic compound composed of niobium and oxygen that appears as a white to off-white solid. It is the main stable oxide of niobium and is used as a raw material for producing niobium metal and niobium-based chemicals, and as an additive or coating in ceramics, optical glass, capacitors, and catalysts because of its high dielectric constant and corrosion resistance. As an oxide, its properties depend on purity and physical form (powder, pellet, film), which determine how it is processed and what industrial applications it suits.

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Laboratory ICP-MS assays from scissor holes MPYDD009 and MPYDD015 confirm continuity of the mineralized system across 270 meters of strike and strengthen the yttrium-rich rare earth basket; six-hole infill program underway ahead of a maiden Mineral Resource Estimate provisionally targeted for May to June 2027

Highlights

• MPYDD009 returned 57 meters at 0.315% Nb₂O₅ from surface, including 14 meters at 0.426% Nb₂O₅ from 43 meters, with the full 385.4 meter hole averaging 0.192% Nb₂O₅
• MPYDD015, the southernmost hole on the target, returned 22 meters at 0.243% Nb₂O₅ from 349.5 meters within a 202.5 meter section averaging 0.161% Nb₂O₅ to end of hole
• Rare earths are elevated throughout both holes. MPYDD015 returned 12.5 meters at 0.238% Nb₂O₅ and 1,855 ppm TREO to end of hole, with yttrium oxide representing 24.5% of TREO. MPYDD009 averaged 1,415 ppm TREO over its full length
• Tantalum and gallium accompany the niobium, with MPYDD009 returning 174 ppm Ta and 61 ppm Ga over the upper 57 meters
• Laboratory ICP-MS grades exceeded the pXRF results previously reported for both holes, consistent with the understatement observed at MPYDD006
• Mineralization remains open at depth, to the east and to the north. Three diamond rigs are active on site, six infill holes are targeted for completion before year-end 2026, and a maiden Mineral Resource Estimate is provisionally targeted for May to June 2027

PERTH, Australia, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Chilwa Minerals Limited (ASX: CHW) (Nasdaq: CHWM) ("Chilwa" or the "Company"), a Southern Malawi-focused critical minerals explorer, today announced laboratory ICP-MS assay results for diamond drill holes MPYDD009 and MPYDD015 at the Nakombe niobium, rare earth, tantalum and gallium target within the Company's Lake Chilwa license. The results confirm niobium mineralization from surface at the northern end of the intrusion and extend the mineralized system to its southern limit tested to date, across a strike length of approximately 270 meters. The results were announced to the Australian Securities Exchange on October 30, 2026. The full announcement, including maps, cross-sections and the JORC Code (2012) Table 1, is available at www.asx.com.au and on the Company's website.

"These laboratory results confirm niobium mineralization across the full strike length of the Nakombe intrusion tested to date," said Cadell Buss, Founder and Managing Director of Chilwa Minerals. "MPYDD009 and MPYDD015 were drilled from opposite ends of the intrusion on opposing azimuths, and both have now returned meaningful Nb₂O₅ intervals confirmed by ICP-MS, complementing the east-west scissor pair at MPYDD006 and MPYDD007. The assays also underscore the rare earth credentials of the system, with yttrium representing as much as a quarter of the TREO basket in the deepest part of MPYDD015, alongside consistent tantalum and gallium. Each hole we drill adds to the scale of this system, and these results are a key input to the maiden Mineral Resource Estimate. Together with the Mineral Resource already defined on our Mpyupyu Heavy Mineral Sands deposit and pre-resource drilling at the Mpyupyu West discovery, the Mpyupyu area now stands as a truly unique multi-commodity critical minerals asset."

Significant intervals

Significant ICP-MS intervals above a 0.2% Nb₂O₅ cut-off include:

Hole	Interval	Nb₂O₅		Co-product grades
MPYDD009	57.0 m from surface	0.315%		1,582 ppm TREO, 174 ppm Ta, 61 ppm Ga
including	14.0 m from 43.0 m	0.426%
MPYDD009	10.0 m from 130.0 m	0.261%		1,964 ppm TREO
MPYDD009	25.1 m from 150.0 m	0.216%
MPYDD009	22.1 m from 272.5 m	0.208%
MPYDD015	13.3 m from 328.2 m	0.208%
MPYDD015	22.0 m from 349.5 m	0.243%		2,098 ppm TREO, 124 ppm Ta, 41 ppm Ga
MPYDD015	12.5 m from 389.0 m to end of hole	0.238%		1,855 ppm TREO, 455 ppm Y₂O₃

All values are laboratory ICP-MS assays. Intervals are length-weighted averages, widths are downhole and true widths are not yet known. Oxide values are derived from elemental assays by stoichiometric conversion. Full assay results and the JORC Code (2012) Table 1 are provided in the Company's ASX announcement of October 30, 2026.

Drill hole details

Hole ID	Depth (m)	Easting	Northing	Azimuth	Elevation (m)
MPYDD009	385.5	770876	8295165	180	645
MPYDD015	401.5	770873	8294901	355	642

Coordinate system WGS 1984 UTM Zone 36S. Both holes are complete. MPYDD009 was drilled south from the northern end of the target and MPYDD015 north from the southern end, forming a scissor pair. Collar details as reported in the Company's ASX announcements of May 19, 2026 and June 5, 2026.

Results in context

MPYDD009 was collared in a coarse syenite unit at the northern end of the Nakombe target and returned niobium mineralization from surface, with the full 385.4 meter hole averaging 0.192% Nb₂O₅ and 1,415 ppm TREO. MPYDD015, drilled from the far south of the target on an opposing azimuth to a depth of 401.5 meters, intersected basement gneiss before entering the alkaline syenite intrusion at approximately 190 meters. Niobium grades in MPYDD015 generally increase with depth, with the zone from 240 meters to end of hole averaging 0.181% Nb₂O₅.

The ICP-MS results supersede the portable XRF results previously reported for MPYDD009 (May 19, 2026) and MPYDD015 (June 5, 2026). Laboratory grades exceeded pXRF grades in both holes. MPYDD009 averaged 0.192% Nb₂O₅ over its full length against 0.17% by pXRF, and the headline 22 meter interval in MPYDD015 returned 0.243% against 0.228% by pXRF. This uplift is consistent with the pXRF understatement observed at MPYDD006.

Core logging and assay results from all holes drilled to date support the interpretation of a plug-to-pipe-like intrusive body plunging to the south or southwest. Approximately 2,866 meters have now been drilled across fifteen holes on the target. Mineralization remains open at depth, to the east and to the north.

Rare earth oxide distribution

The rare earth assemblage in MPYDD009 and MPYDD015, characterized from length-weighted ICP-MS composites of both holes, is consistent with the syenite host composite previously reported for MPYDD006 and MPYDD007. Across all samples, light rare earth oxides account for 75.7% of TREO, magnet rare earths (NdPr) account for 16.0%, yttrium oxide accounts for 16.2% and heavy rare earth oxides including yttrium account for 24.3%. In samples grading at or above 0.2% Nb₂O₅, yttrium oxide rises to 17.1% and heavy rare earth oxides to 25.5% of TREO.

Exploration Target

The Company's Exploration Target for Nakombe South, announced June 15, 2026, comprises 34 to 51 million tonnes at 0.14% to 0.22% Nb₂O₅, 0.15% to 0.23% TREO, 75 to 120 ppm Ta and 30 to 50 ppm Ga across syenite and porphyry domains. The Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.

Upcoming program

Three diamond rigs are active at Nakombe. Rigs 1 and 2 are drilling MPYDD031 and MPYDD033 on the eastern margin of the intrusion, and Rig 3 is drilling MPYDD013 in the center of the intrusion. Six infill holes remain on the Southern Nakombe target, with completion targeted before the end of 2026. The resulting dataset of 23 completed and planned holes, representing approximately 4,000 meters of core through the target, will underpin a maiden Mineral Resource Estimate provisionally targeted for May to June 2027.

QEMSCAN mineralogical analysis and initial metallurgical test work on composites representing key domains and grade ranges are in progress at Lightdeepearth RSA, with results expected to inform the maiden Mineral Resource Estimate. Further drilling on the Nakombe North target is planned for early 2027.

About Chilwa Minerals

Chilwa Minerals Limited (ASX: CHW) (Nasdaq: CHWM) is a Southern Malawi-focused critical minerals explorer advancing four concurrent programmes within its Lake Chilwa licence: a niobium-REE-tantalum-gallium discovery at the Mpyupyu alkaline intrusive target (Nakombe), a carbonatite-hosted REE exploration programme across the broader licence package, a Heavy Mineral Sands project along the northern and western shores of Lake Chilwa, and an emerging ionic clay REE programme targeting leachable rare earth elements within the weathering profile of the Chilwa Alkaline Complex. The Company is uniquely positioned with multiple critical mineral exposures within a single contiguous licence area in one of Africa's most prospective underexplored alkaline provinces.

Competent Person Statement

The information in this release that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr. Geoff Chapman, a Fellow of the AusIMM. Mr. Chapman has sufficient experience relevant to the style of mineralization and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Chapman confirms there is no potential for a conflict of interest in acting as a Competent Person and has provided his prior written consent to the inclusion in this release of the matters based on his information in the form and context in which they appear.

Previously reported results

The Company confirms that the Exploration Results previously reported on the dates referenced in this release continue to apply and that the Company is not aware of any new information or data that materially affects the information included in those announcements.

Cautionary note to U.S. investors

The Company reports exploration results and mineral resource estimates in accordance with the JORC Code, which differs in certain respects from the disclosure requirements of subpart 1300 of Regulation S-K of the U.S. Securities and Exchange Commission. The Exploration Target referenced in this release is conceptual in nature and does not constitute a Mineral Resource or Mineral Reserve under the JORC Code or under subpart 1300 of Regulation S-K. U.S. investors are cautioned not to assume that any part of an Exploration Target will ever be converted into a Mineral Resource or that any Mineral Resource will ever be converted into a Mineral Reserve.

Forward-looking statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the timing and completion of the infill drilling program, the timing and outcome of the maiden Mineral Resource Estimate, planned drilling at Nakombe North, the results of mineralogical and metallurgical test work, and the potential scale and continuity of mineralization at Nakombe. These statements are based on the Company's current expectations and assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including exploration and drilling results, laboratory assay results, metallurgical outcomes, the availability of funding, equipment and personnel, regulatory and permitting developments in Malawi, commodity price movements and the other risks described in the Company's filings with the Australian Securities Exchange and the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update them except as required by law.

This release has been authorized for issue by the Managing Director of Chilwa Minerals Limited.

Investor Relations Contact:

info@chilwaminerals.com.au
+61 8 6189 4924

FAQ

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What did Chilwa Minerals' Nakombe laboratory assays show?

MPYDD009 returned 57 meters at 0.315% niobium pentoxide from surface, including 14 meters at 0.426%. MPYDD015 returned 22 meters at 0.243% from 349.5 meters. The opposing holes confirmed mineralization across approximately 270 meters of strike.

When does Chilwa Minerals expect its first Nakombe resource estimate?

Chilwa provisionally targets the maiden Mineral Resource Estimate for May to June 2027. Six infill holes are targeted for completion before year-end 2026. The supporting dataset comprises 23 completed and planned holes representing approximately 4,000 meters of core through the target.

What is Chilwa Minerals' Nakombe South Exploration Target?

The Nakombe South Exploration Target comprises 34 to 51 million tonnes at 0.14% to 0.22% niobium pentoxide, 0.15% to 0.23% total rare earth oxides, 75 to 120 ppm tantalum and 30 to 50 ppm gallium. It is conceptual, with insufficient exploration to estimate a Mineral Resource; further exploration may not establish one.

What metallurgical work is underway at Chilwa Minerals' Nakombe target?

Mineral identification analysis and initial metallurgical testing are underway at Lightdeepearth RSA on combined samples representing principal geological domains and grade ranges. Chilwa expects the results to inform the maiden Mineral Resource Estimate.