Chilwa Minerals Ltd (CHWM) reported laboratory ICP-MS niobium results from two holes at its Nakombe target in Malawi. MPYDD009 returned 57 metres at 0.315% Nb₂O₅ from surface, including 14 metres at 0.426% from 43 metres downhole. MPYDD015 returned 202.5 metres at 0.161% Nb₂O₅ from 199 metres downhole to its 401.5-metre end of hole, with a 22-metre interval at 0.243% from 349.5 metres. These are downhole lengths; true widths are not yet known.
Target drilling totals approximately 2,866 metres across 15 holes, excluding metres drilled at MPYDD001–005; six holes remain on the Southern Nakombe target. Chilwa says three rigs continue pre-resource drilling, with completion targeted before the end of 2026 ahead of a maiden Mineral Resource Estimate provisionally scheduled for May–June 2027. Combined MPYDD009 and MPYDD015 composites averaged 1,392 ppm TREO across 602.4 metres; samples grading ≥0.2% Nb₂O₅ averaged 1,638 ppm across 237.8 metres. The exploration target is conceptual, and exploration is insufficient to estimate a Mineral Resource.
Chilwa Minerals Ltd (CHWM) reported September-quarter exploration activity and completed its initial public offering, which raised US$3.5 million gross, after quarter-end. It issued 625,000 ADSs at US$5.60 each; approximately A$4.49 million in net proceeds arrived October 5, 2026, and Nasdaq trading began October 1, 2026. A partial over-allotment exercise added US$317,702 gross proceeds on October 16, 2026.
At September 30, 2026, cash and cash equivalents were A$5,000; operating and investing cash outflows were A$381,000 and A$559,000. The quarter-end cash report estimated 1.67 quarters of funding, including a shareholder support commitment that lapsed October 2, 2026. The FY2026 audited report recorded a $6,881,603 loss, and the auditor's report included a material uncertainty related to going concern. Net IPO proceeds were first used to settle accrued creditors.
Mpyupyu West drilling reached 218 of 272 planned holes (2,292 metres), or 80%, by October 6, 2026; assays were expected in late October 2026. Nakombe drilling totalled approximately 5,722 metres by September 30, 2026, with no new exploration results reported. The Mpyupyu Dune and Flat Mineral Resource remained 109.6 million tonnes at 3.28% THM; completion of the mineral sands Scoping Study was expected in the December 2026 quarter.
Chilwa Minerals Limited reported a net loss of A$6.9 million for the fiscal year ended June 30, 2026, compared with A$3.4 million in 2025; net cash used in operating activities was A$3.5 million, versus A$2.0 million. The company remains an exploration-stage business: it has no mining revenue or commercial production, and the Project is neither in production nor under construction.
The company disclosed substantial doubt about its ability to continue as a going concern. Cash was approximately A$2.4 million as of October 19, 2026, excluding a restricted term deposit of A$30,000 and cash held by its Malawian subsidiaries; it transferred US$0.4 million to those subsidiaries on October 5, 2026.
Chilwa received US$3.1 million (approximately A$4.5 million) from its October 5, 2026 initial public offering, after deducting the underwriting discount and the underwriter’s expenses but before other offering expenses. On October 16, 2026, it closed a sale of 56,834 additional ADSs under the underwriter’s further partial exercise of its over-allotment option, for gross proceeds of approximately US$0.3 million. The company also identified material weaknesses in internal control over financial reporting and said remediation is underway.
Chilwa Minerals Ltd issued 568,340 fully paid ordinary shares underlying 56,834 American Depositary Shares (ADSs) after Maxim Group LLC, the sole underwriter, partially exercised its over-allotment option. The option closing completed on October 16, 2026; Maxim purchased the ADSs at US$5.59 each from 92,000 available under the option. The exercise generated US$317,702 in gross proceeds and US$292,286 in net proceeds after the underwriting discount.
Total gross proceeds from the US offering are now approximately US$3.82 million (approximately A$5.45 million), including the US$3.5 million base offering completed on October 2, 2026. Chilwa said it will use the additional funds for mineral exploration, working capital and other general corporate purposes. Following the issue, it had 104,922,682 fully paid ordinary shares on issue and could issue up to a further 35,166 ADSs at US$5.59 per ADS and 92,000 Warrants under the option before its November 16, 2026 expiry. Chilwa also cites its ability to remediate identified material weaknesses in internal control over financial reporting as a risk.
Chilwa Minerals Ltd (CHWM) reported that 218 holes had been completed at its Mpyupyu West heavy mineral sands prospect, representing 80% of the planned 272-hole Phase I programme. The target area is more than 17 km² and adjoins Mpyupyu Dune and Flat. Geological logging describes a near-surface sequence overlying free-dig, deeply weathered saprolite, interpreted as an in-situ system distinct from the transported sands at those deposits. No assay results, heavy-mineral grades, drill-hole intersections or estimates of mineralisation quantity or grade were reported; panning estimates and portable XRF readings are for geological domaining and programme planning only.
Phase I completion was expected in mid-October 2026. Chilwa plans a Phase II resource-definition programme on a nominal 100 mN x 100 mE grid after Phase I. The adjoining Mpyupyu Mineral Resource is reported at 109.6 Mt grading 3.28% THM at a 1% THM cut-off; this is an existing resource, not a result from Mpyupyu West.
Chilwa Minerals Ltd (CHWM) completed an underwritten public offering of 625,000 American Depositary Shares (ADSs) and warrants to purchase 625,000 ADSs, at US$5.60 per ADS and accompanying warrant. Gross proceeds were US$3.5 million before underwriter discounts and offering expenses. Each ADS represents 10 ordinary shares.
The warrants have an exercise price of US$5.60 per ADS, are exercisable immediately upon issuance and expire on the fifth anniversary of the original issuance date. The underwriter's 45-day option to purchase up to an additional 92,000 ADSs and/or warrants to purchase up to 92,000 ADSs was partially exercised to purchase 92,000 warrants. Chilwa intends to use net proceeds for mineral exploration, working capital and other general corporate purposes. Maxim Group LLC acted as sole book-running manager and underwriter.
Chilwa Minerals Limited (CHWM) is offering 625,000 ADSs, each paired with a warrant to purchase one ADS; the ADSs represent 6,250,000 ordinary shares. Each warrant is exercisable upon issuance at US$5.60 per ADS and expires five years from issuance. The public offering price is US$5.60 per ADS and accompanying warrant. During the 45-day period from the prospectus date, the underwriter may purchase up to 92,000 additional ADSs and/or 92,000 Warrants to cover over-allotments.
Chilwa estimates net proceeds of approximately US$2.5 million, or approximately US$3.2 million if the underwriter’s option to purchase additional ADSs is exercised in full, after underwriting discounts and commissions and estimated offering expenses. Cash exercise of all Warrants, including those offered under the underwriter’s option, could provide approximately US$4 million in additional proceeds. The company intends to use net proceeds and existing cash for exploration, working capital and general corporate purposes. Cash and cash equivalents were A$1,101,524 as of June 30, 2026. Chilwa reports substantial doubt about its ability to continue as a going concern if it cannot raise additional working capital, and identified material weaknesses in internal control over financial reporting.
Chilwa Minerals Ltd’s Form 3 identifies Mark Laybourn as its Chief Financial Officer and reporting person.
Chilwa Minerals Limited filed Amendment No. 5 to its Form F-1 registration statement as an exhibits-only filing to submit an updated auditor consent from BDO Audit Pty Ltd. The remainder of the registration statement is unchanged and omitted.