# CHW: Financial Report For the Year Ended 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146226 Publisher: asx Original announcement: 2026-09-30T04:53:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T05:04:27.066Z Atlas analysis updated: 2026-09-30T05:04:27.066Z - Company: Chilwa Minerals Limited - Ticker: CHW - Exchange: ASX - Region: Malawi - Primary commodity: Heavy mineral sands - Secondary commodities: Rare earth elements, Niobium, Tantalum, Gallium, Ilmenite, Rutile, Zircon, Monazite - Document categories: Drill results, Capital raise, Resource update - Extracted: 2026-09-30 05:04:27 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Chilwa Minerals Limited released its financial report for the year ended 30 June 2026, detailing significant progress at its Chilwa Critical Minerals Project in Malawi, including substantial upgrades to heavy mineral sands resources and a new niobium discovery. The company successfully raised over $12 million in capital and advanced its proposed US initial public offering and NASDAQ dual listing. Despite these operational and corporate achievements, the company reported a significant loss of $6.88 million and faces a material uncertainty regarding its going concern status, pending final NASDAQ approvals and future funding. Reasoning: The company reported substantial resource growth and a new niobium discovery at its Chilwa Critical Minerals Project, alongside successful capital raises and progress towards a US IPO. However, it also reported a significant loss and has a material uncertainty regarding its going concern status due to reliance on future funding and the pending NASDAQ approvals. - Positive factor: Significant resource upgrades - Positive factor: Niobium discovery - Positive factor: Successful capital raises - Positive factor: Progress on US IPO - Positive factor: Financial support from a major shareholder - Negative factor: Significant loss for the year - Negative factor: Net current liabilities - Negative factor: Material uncertainty regarding going concern - Negative factor: US IPO not yet fully completed \(final NASDAQ approvals pending\) - Negative factor: Reliance on future funding Facts used in scoring: 5 ## Classification and evidence **Going Concern Uncertainty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has net current liabilities and depends on future funding and the completion of a US IPO, giving rise to a material uncertainty regarding its ability to continue as a going concern. Evidence · text > The Group’s dependence on this support, completing the IPO and securing further funding to continue the planned exploration campaigns gives rise to a material uncertainty relating to going concern that may cast significant doubt on its ability to continue as a going concern. **Capital Raise Completed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully raised $12,608,015 before transaction costs through placements and option exercises during the year. Evidence · text > the Company raised $12,608,015 before transaction costs — $12,152,599 through placements completed in August 2025, October 2025 and January 2026 and $455,416 on the exercise of options **Exploration Success** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Diamond drilling delivered a significant niobium discovery at Nakombe, with notable intercepts in holes MPYDD006 and MPYDD009. Evidence · text > diamond drilling delivered a significant niobium discovery at the target now named Nakombe, south of Mpyupyu Hill, where hole MPYDD006 returned 0.31% Nb2O5 over 126.1m from 125m downhole **US Listing Progress** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company made significant progress towards a proposed US initial public offering and NASDAQ dual listing, including filing a Registration Statement and receiving SEC approval. Evidence · text > initiated a US listing process — confidentially filing a Registration Statement on Form F-1 with the US Securities and Exchange Commission, appointing BNY Mellon to establish an American Depositary Receipt programme, and transitioning its audit to BDO Audit Pty Ltd \(‘BDO’\) to meet NASDAQ and PCAOB audit requirements. **Related Party Support** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Luso Global Mining B.V., a substantial shareholder and related party, provided a letter of financial support for up to $1,500,000 to fund ongoing operations. Evidence · text > the Company obtained a signed letter of financial support from Luso Global Mining B.V. \(‘Luso’\), a substantial shareholder and wholly owned subsidiary of Mota-Engil, SGPS, S.A., which is a related party of the Group. Under the letter dated 30 September 2026, Luso has agreed to provide financial support of up to $1,500,000 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Mposa heavy mineral sands resource was upgraded to 25.65Mt and the Mpyupyu deposit more than doubled to 109.6Mt. Evidence · text > The Mposa heavy mineral sands resource was upgraded to 25.65Mt... and the Mpyupyu deposit ... more than doubled to 109.6Mt ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### MPYDD006 [Link to this fact](https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e#fact-drill-facts-2) Chilwa Critical Minerals · niobium #### Identity - Hole ID: MPYDD006 - Project: Chilwa Critical Minerals - Commodity: niobium - Region: malawi - Reported Region: malawi - Ticker: CHW #### Geometry - Grade: 0.31 - Grade Unit: % - Intercept: 126.1 m - From: 125 m - To: 251.1 m - Intercept Depth: 125 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MPYDD006:125-251.1 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Hole MPYDD006 returned a significant niobium discovery with 0.31% Nb2O5 over 126.1m, indicating a high-grade and substantial intercept. - Positive factor: Bonanza Intercept - Positive factor: Step-Out Extension Evidence · text > hole MPYDD006 returned 0.31% Nb2O5 over 126.1m from 125m downhole #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "In parallel, diamond drilling delivered a significant niobium discovery at the target now named Nakombe, south of Mpyupy" ### MPYDD009 [Link to this fact](https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e#fact-drill-facts-3) Chilwa Critical Minerals · niobium #### Identity - Hole ID: MPYDD009 - Project: Chilwa Critical Minerals - Commodity: niobium - Region: malawi - Reported Region: malawi - Ticker: CHW #### Geometry - Grade: 0.17 - Grade Unit: % - Intercept: 385 m - From: 0 m - To: 385 m - Intercept Depth: 0 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MPYDD009:0-385 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Hole MPYDD009 extended the mineralised footprint with an average of 0.17% Nb2O5 over its full 385m from surface, though these are in-house XRF results. - Positive factor: Step-Out Extension - Negative factor: In-house XRF results \(lab assays to follow\) Evidence · text > A second hole 180m to the north, MPYDD009, returned an average of 0.17% Nb2O5 over its full 385m from surface #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "In parallel, diamond drilling delivered a significant niobium discovery at the target now named Nakombe, south of Mpyupy" ### MPYDD009 [Link to this fact](https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e#fact-drill-facts-4) Chilwa Critical Minerals · niobium #### Identity - Hole ID: MPYDD009 - Project: Chilwa Critical Minerals - Commodity: niobium - Region: malawi - Reported Region: malawi - Ticker: CHW #### Geometry - Grade: 0.24 - Grade Unit: % - Intercept: 60 m #### Classification - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A higher-grade sub-interval of 0.24% Nb2O5 over 60m was reported within MPYDD009, further extending the mineralised footprint. - Positive factor: Bonanza Intercept - Negative factor: In-house XRF results \(lab assays to follow\) Evidence · text > including 0.24% Nb2O5 over 60m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "In parallel, diamond drilling delivered a significant niobium discovery at the target now named Nakombe, south of Mpyupy" ## Resource Estimates (2) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e#fact-resource-facts-0) Chilwa Critical Minerals Project · heavy mineral sands #### Identity - Project: Chilwa Critical Minerals Project - Commodity: heavy mineral sands - Region: malawi - Reported Region: Malawi - Ticker: CHW #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0f50ad77adcc4ab36f60 - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 25650000 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Mposa heavy mineral sands resource was upgraded to 25.65Mt with 83% in the Measured category, indicating significant growth and increased confidence. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth Evidence · text > The Mposa heavy mineral sands resource was upgraded to 25.65Mt with 83% in the Measured category #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/chw-financial-report-for-the-year-ended-30-june-2026--85546149-8cc9-40f2-aeb5-fad03261f30e#fact-resource-facts-1) Chilwa Critical Minerals Project · heavy mineral sands #### Identity - Project: Chilwa Critical Minerals Project - Commodity: heavy mineral sands - Region: malawi - Reported Region: Malawi - Ticker: CHW #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dcaeac4b81d7718a6483 - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 109600000 - Contained Metal: 3.61 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Mpyupyu heavy mineral sands deposit more than doubled to 109.6Mt, with 89% in the Measured and Indicated categories and 3.61Mt of contained heavy minerals, representing exceptional growth and confidence. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: Category Upgrade Evidence · text > the Mpyupyu deposit — the largest of the ten heavy mineral sands deposits identified within the project area — more than doubled to 109.6Mt, an increase of 114%, with 89% in the Measured and Indicated categories and contained heavy minerals of 3.61Mt #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.