Chilwa Minerals (CHW) AGM 2024 presentation summary

Asset and mineral resources

• Lake Chilwa hosts an inferred mineral sands resource of 61.6Mt at 3.9% THM, containing 2.4Mt THM at a 1.0% cut-off.

• The resource spans 11 deposits; Mposa Main contains 19.4Mt at 4.3% THM, while Mpyupyu Dune and Flat grade 7.1% and 3.6% THM, respectively.

• The multi-commodity system offers mineral sands, rare earths and niobium potential; the latest aeromagnetic survey identified 52 additional HMS targets and 47 carbonatite targets.

Heavy mineral sands program

• A 30,000m sonic drilling program began at Mposa; a second rig was scheduled to start in November 2024, with improved recoveries versus aircore supporting higher grades and thicker intervals.

• Highlight intercepts included 4.9m at 34.4% THM, 5m at 30.8% THM and 12m at 14.9% THM, all from surface.

• Typical sonic results were presented as 10–12m at 10–20% THM versus historic aircore of ~6m at 4% THM; field recoveries were 90–95% versus 60% historically.

• Sonic samples showed average ilmenite of 38.7%, zircon of 8% and rutile of 2.8% across 46 samples.

• Planned work includes upgrading resources, updating the scoping study and advancing focused PFS/DFS work; the updated central-area MRE is planned for Q2 2025.

Rare earths and niobium

• Geophysics defined 47 REE targets, including high-priority areas at Mposa, Mpyupyu, Namasalima and the Southern Extension; soil sampling and ground truthing are underway.

• Diamond drilling commenced at Mposa East to test clay-hosted and bedrock mineralisation; assay results were expected from January 2025.

• REE mineralisation has already been intersected in clays during HMS-focused sonic drilling, with HMS holes also assayed for REE and niobium.