Chilwa Minerals (CHW) Q2 2025 earnings summary

Executive summary

• Exploration advanced across heavy mineral sands (HMS) and rare earth element (REE)/niobium targets, with sonic drilling at Mpyupyu and Bimbi and diamond drilling at the Mposa REE target.

• Cash and cash equivalents were $4.848M at 31 March 2025; the exploration program continues alongside development of a dual-commodity strategy.

Financial highlights

• Quarter-end cash and cash equivalents were $4.848M, versus $4.652M at the prior quarter-end; 9M-end cash was also $4.848M.

• Q2 operating cash outflow was $555K; investing outflow was $1.514M and financing inflow was $2.258M.

• 9M operating and investing cash outflows were $1.594M and $4.770M, respectively; financing inflow was $7.049M.

• Exploration expenditure was $1.305M in the quarter; no funds were spent on mining production or development activities.

Outlook and guidance

• June-quarter expected newsflow includes resource estimate updates, further HMS assay results, REE soil results, Mposa East REE diamond-drill results and an update on Mining Development Agreement discussions.

• Mposa’s updated resource estimate is expected in coming months after pending Batch 7 results; Mpyupyu and Bimbi resource upgrades are expected in the near future.

• Three Mposa REE target holes are planned; assays are expected in the June quarter after completion of the third hole.