Chilwa Minerals (CHW) Q4 2026 TU earnings summary

Executive summary

• Quarter focused on Mpyupyu West sonic drilling, Nakombe diamond drilling, metallurgical testing and the mineral sands Scoping Study; Nasdaq IPO closed after quarter end.

• Mpyupyu West Phase I reached 218 of 272 holes for 2,292 m by 6 October; Nakombe drilling advanced towards a maiden Mineral Resource estimate.

Financial highlights

• Quarter-end cash and cash equivalents were A$5k; operating cash outflow was A$381k and exploration and equipment payments were A$559k.

• FY2026 net loss was A$6.882m, reflecting exploration expenditure and Nasdaq listing costs; cash at 30 June was A$1.072m.

• After quarter end, IPO net proceeds of ~A$4.49m were received on 5 October; partial over-allotment exercise added A$292k net on 16 October.

Outlook and guidance

• Complete Mpyupyu West Phase I, report a maiden Exploration Target after sink-float assays, then begin Phase II resource-definition drilling on a nominal 100 m × 100 m grid.

• Complete the TZMI Scoping Study and Technical Report Summary in the December 2026 quarter; prepare a revised Northern Shore Mineral Resource estimate.

• Continue Nakombe drilling and infill planning towards a maiden Mineral Resource estimate; QEMSCAN results expected in November 2026.

• Complete ANSTO clay testing, analyse Mpyupyu and Mpyupyu West clay samples, and commence the mine and Liwonde plant ESIA.