Chilwa Minerals (CHW) Investor presentation summary

Project and strategy

• Malawi project has an Inferred resource of 61.6Mt at 3.9% THM across 10 deposits, with parallel HMS and REE/niobium workstreams.

• A 2024 airborne survey defined 52 HMS targets and 47 carbonatite targets for follow-up.

• Planned work includes HMS resource upgrades and studies alongside REE/niobium drilling, results and scoping work over the next 16 months.

Heavy mineral sands

• Sonic drilling indicates higher grades and thicker zones than earlier aircore drilling; Mposa intercepts include 6.6m at 12.1% THM from surface and 6.0m at 15.2% THM from surface.

• Metallurgical results from 2,909 Mposa samples show 8.8% THM in sands and 5% slimes; sands contain ~90% valuable heavy minerals, including 76% ilmenite and 9.5% zircon.

• Monazite grades of 2–3% in sands indicate potential TREO grades of 1.5–1.65%.

• Mposa resource upgrade is imminent; Mpyupyu, Bimbi and Namasalima upgrades were targeted for the June quarter, with an HMS scoping study planned for H2.

Rare earths and niobium

• Soil sampling and ground truthing across 30 targets confirmed coincident pathfinder anomalies; signatures include niobium plus light REEs and yttrium plus heavy REEs.

• Shallow clay drilling intersected REE and niobium mineralisation; diamond drilling began at Mposa East targeting clay-hosted and primary REE mineralisation.

• Large REE targets were identified at Mposa, Mpyupyu, Namasalima and the Southern Extension, with most new targets in the southern project area.