Highlights

  • Chilwa began trading on Nasdaq on 1 October 2026 following its US IPO.
  • Phase I sonic drilling at Mpyupyu West reached about 80% completion.
  • About 5,722m of diamond drilling was completed at the Nakombe rare earths and niobium project.
  • A mineral sands Scoping Study is expected in the December 2026 quarter.

Chilwa Minerals Limited (ASX:CHW) has released its quarterly activities and cashflow report for the period ended 30 September 2026. The quarter focused on drilling and testing across its projects in Malawi, progress on a mineral sands Scoping Study and the completion of its US listing.

Nasdaq Listing and Capital Raising

The US Securities and Exchange Commission declared Chilwa's registration effective on 29 September 2026. The company issued 625,000 American Depositary Shares at US$5.60 each, and trading on Nasdaq began on 1 October 2026. After a partial exercise of the over-allotment option, total gross US offering proceeds were about US$3.82 million.

Managing Director Cadell Buss said, "Listing on Nasdaq is Chilwa's most significant milestone since joining the ASX." Net proceeds of about A$4.49 million were received in early October, giving pro forma cash of about $4.5 million. Cash at quarter end, before the IPO proceeds, was minimal.

Mineral Sands Progress

TZ Minerals International is preparing the first Scoping Study for Chilwa's mineral sands resources around Lake Chilwa, with completion expected in the December 2026 quarter. The Mpyupyu Dune and Flat deposits host a Mineral Resource of 109.6Mt at 3.28% total heavy minerals, with about 89% in the Measured and Indicated categories.

At Mpyupyu West, Phase I sonic drilling had completed 218 of 272 planned holes by early October. Sink-float assays are expected shortly, after which the company plans to report a maiden Exploration Target. Mr Buss said, "Mpyupyu West is looking less like a discovery and more like a new major component of a mineral sands district."

Rare Earths, Ionic Clays and Next Steps

At Nakombe, up to three diamond rigs drilled about 5,722m, following a conceptual Exploration Target announced in June 2026. Mineralogy results are expected in November, and an infill grid is being planned toward a maiden Mineral Resource. ANSTO is also testing ionic clay samples from Mposa.

Next steps include completing Mpyupyu West Phase I drilling, preparing a revised Northern Shore resource, completing the Scoping Study and starting the environmental and social impact assessment for the mine and Liwonde separation plant.

Key Takeaways

  • Chilwa completed its Nasdaq listing, raising about US$3.82 million in gross proceeds.
  • The mineral sands Scoping Study is expected in the December 2026 quarter.
  • Drilling at Mpyupyu West and Nakombe continues to build the project pipeline.
  • Funding remains an important consideration given the company's cash position.