Chilwa Minerals (CHW) Q4 2024 earnings summary

Executive summary

• Mposa sonic drilling returned higher grades and thicker mineralised intervals than historic aircore drilling, defining mineralisation over at least 1.5km of strike.

• Project-wide geophysics generated 52 new heavy mineral sands targets and 47 potential carbonatite or dyke targets for follow-up.

Financial highlights

• Cash and cash equivalents were $2.326m at 30 September 2024.

• Quarterly operating cash outflow was $540k; investing cash outflow was $1.477m, including $1.186m for exploration and evaluation.

• Exploration expenditure during the quarter was $1.186m; no funds were spent on mining production or development.

Outlook and guidance

• December-quarter priorities include continued results from the 17,000m Mposa sonic program, rare earth diamond-drill results and commissioning the ALS separation laboratory.

• The southern extension fault-displacement interpretation at Mposa is due to be tested during the December quarter.

• Following the post-quarter capital raisings, cash was expected to be approximately $8m heading into 2025.