EXPLORATION PROGRAMME
Status Snapshot
Chilwa Minerals holds a contiguous 881 km² exploration license — one of the most geologically diverse critical minerals packages on the ASX — running four concurrent programmes targeting four separate commodity streams. This information provides a plain-language status snapshot of each.
TOTAL LICENCE AREA
881 km²
ACTIVE DRILL RIGS
Five
COMMODITIES
Three
STREAMS
Four
As at 31 June 2026
Summary: Where we are across all 4 streams
STREAM 01
Niobium-REE (Nakombe)
STAGE
Pre-resource drilling - 2 rigs active
IMMEDIATE CATALYST
External ICP_MS assay on a continuous basis supported by in-house pXRF
OUTLOOK
Maiden Resource Estimate; rapid scale-up possible
STREAM 02
Heavy Mineral Sands
STAGE
Resource defined; Scoping Study underway
IMMEDIATE CATALYST
Scoping Study release
OUTLOOK
First economic framework for mine development
STREAM 03
Carbonatie REE (Pipeline)
STAGE
45+ targets identified; 2 tested to date
IMMEDIATE CATALYST
Diamond Rig 3 currently at Nakombe North to resume work developing targets in the coming months
OUTLOOK
Each new target carries discovery potential
STREAM 04
Ionic Adsorption Clay REE
STAGE
Early stage; ICP-MS analysis proved REE in clays at Mposa
IMMEDIATE CATALYST
Leachability results
OUTLOOK
Low-cost, no additional drilling required in Phase 1
Niobium - REE Discovery | Nakombe / Mpyupyu
STATUS: ACTIVE DRILLING - PRE-RESOURCE PHASE
On 9 March 2026, Chilwa announced the discovery of significant niobium mineralisation at the Nakombe target within the Mpyupyu area — a peralkaline alkaline syenite intrusion identified from the Company's 2024 aeromagnetic survey. The discovery represents one of the most significant niobium finds in Africa in recent years.
PROJECT HIGHLIGHTS: EXPLORATION TARGET
TONNAGE RANGE
34 – 51 Mt in two identified domains
GRADE RANGE
0.14-0.22% Nb₂O₅, 0.15 to 0.23% TREO, 75-120ppm Tantalum, 30-50 ppm Gallium
LATEST HOLE MPYDD007
37 meters @ 0.29% Nb₂O₅
OUTLOOK
3 active Diamond Rigs progressing to resource drilling and maiden MRE
WHAT WE KNOW ABOUT THE SYSTEM
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The Nakombe intrusion is interpreted as a plug-to-pipe-like alkaline syenite body, plunging south or southwest.
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Work now focussed on the eastern flank of Nakombe South, with one rig also active at Nakombe North
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The intrusion outcrops around MPYDD009 with several hols now collared in the intrusion and ending in mineralisation.
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Total metres drilled on the Nakombe target approaching 3,000m.
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Co-products include tantalum (Ta) and gallium (Ga) — consistent with an evolved alkaline system analogous to globally recognised deposits such as Panda Hill (Tanzania) and Araxá (Brazil).
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TREO (Total Rare Earth Oxide) is elevated throughout the system and will be confirmed by pending ICP-MS assays.
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pXRF invaluable in supporting exploration with excellent correlations for Nb₂O₅,
PENDING / UPCOMING
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Phase 2 drill programme designed: 11 additional holes testing North and Eastern extensions of Nakombe South.
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Three diamond rigs and crew now active on the project.
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QEMSCAN analysis of composites and metallurgical test work planned. Expect to confirm pyrochlore as host phase.
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Maiden Resource Estimate can now commence.
The niobium system at Nakombe remains open in multiple directions at depth. Every hole drilled to date has returned mineralisation. The scale of this discovery continues to grow.
Heavy Mineral Sands | Ilmenite, Rutile, Zircon & Monazite
STATUS: RESOURCE DEFINED - SCOPING STUDY UNDERWAY
The HMS programme is the most advanced of Chilwa's four streams. A JORC 2012-compliant Mineral Resource was updated 23 June 2026 — the product of more than two years of sonic drilling. The project is now transitioning from exploration through feasibility, with a Scoping Study targeting completion in Q3 2026.
CURRENT RESOURCE (AS AT 15 JUNE 2026)
TOTAL RESOURCE
171.8Mt at 3.44% THM (1% THM cut-off)
MEASURED
45.8 Mt at 4.48% THM
INDICATED
99.5 Mt at 3.19% THM
INFERRED
26.5 Mt at 2.58% THM
DEPOSITS COVERED
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Mposa (Main & North) — Measured and Indicated — the flagship deposit, fully drilled with 1,431 sonic holes.
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Mpyupyu Dune & Flat —89% at Measured and Indicated — within 2 kilometers of the Nakombe niobium Exploration Target, with infrastructure synergies.
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Northern Shore deposits (Nkotamo, Halala, Namanja West, Beacon, Bimbi) — Indicated and Inferred — sonic drilling completed Q1 2026.
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Mineral assemblage includes ilmenite, rutile, zircon, monazite (REE-bearing), leucoxene and garnet — all designated critical minerals by Australia, the US and EU.
MPYUPYU WEST HMS DISCOVERY (3 JUNE 2026)
A new HMS discovery was announced at Mpyupyu West — within 2 kilometres of the existing Mpyupyu Dune and Flat deposits and surrounded by the Nakombe niobium discovery. Pre-resource drilling is underway. This discovery extends the HMS footprint at Mpyupyu and strengthens the case for a multi-commodity development hub centred on the Mpyupyu area.
SCOPING STUDY & METALLURGY
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Scoping Study in preparation with T.Z. Minerals International, covering all Measured and Indicated resources — targeted for release Q2 2026.
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Head characterisation completed for Mposa deposit; processing trials indicate dry mining method appropriate for western shore deposits.
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Metallurgical sample for Mpyupyu deposits assembled and shipped to LightDeepEarth (South Africa) for processing trials — aligning Mpyupyu metallurgical knowledge with Mposa.
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Discussions with Mota-Engil Malawi regarding dry port capacity at Lilongwe — combined with the existing rail corridor along the northern lake shore, this represents a potentially low-cost logistics route to the Nacala port in Mozambique.
HMS is Chilwa's most advanced asset and the infrastructure foundation for the entire Chilwa project. The scoping study will provide the first economic framework for what a mine development could look like — and the infrastructure it builds is directly applicable to the ionic clay and niobium programmes.
NEXT STEPS
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HMS Scoping Study covering all M&I resources
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Advance Mpyupyu metallurgical results from LightDeepEarth
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Advance logistics discussions with Mota-Engil (Lilongwe dry port)
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Continue pre-resource drilling at Mpyupyu West HMS discovery
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Decision on subsequent economic analysis (pre or bankable feasibility)
Carbonatite-Hosted REE | 47-Target Pipeline
STATUS: SYSTEMATIC EXPLORATION - PIPELINE ACTIVE
THE OPPORTUNITY
Following the 2024 aeromagnetic survey, Chilwa identified 47 geophysical anomalies consistent with carbonatite or alkaline intrusive targets across its 881 km² licence. This catalogue of targets sit in one of the largest alkaline igneous provinces in sub-Saharan Africa — the same geological setting that hosts Lindian Resources' Kangankunde REE deposit (world-class, ~50km from Chilwa's licence) and Mkango's Songwe Hill project.
WHAT HAS BEEN DONE
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Soil geochemistry work completed in 2025 across priority targets to groundtruth the aeromagnetic anomalies and rank them in order of REE prospectivity.
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REE mineralisation in carbonatite-style rocks confirmed at multiple targets within the licence package (announced May 2025).
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Diamond drilling commenced in Phalombe area in January 2026 before the rig was temporarily re-deployed to develop the Nakombe niobium target.
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The niobium discovery at Nakombe is itself a product of this carbonatite/alkaline intrusive exploration pipeline — the second target tested (of 47) returned the discovery.
CURRENT POSITION
Resource drilling at the Nakombe target was temporarily prioritised ahead of drilling on the pipeline of geophysics anomalies. A third diamond rig has now been added which will work at Nakombe for several months before being redeployed to exploration work. Several targets have been identified as high priority for future testing based on soil geochemistry and geophysical ranking.
THE REGIONAL CONTEXT
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Lindian Resources commissioned Chilwa's sample preparation laboratory in May 2026 — a direct acknowledgment of Chilwa's in-country capability and its position within the Chilwa Alkaline Province.
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The Chilwa Alkaline Province is a Cretaceous-age alkaline igneous complex. The parental melt for its carbonatites is derived from the same depleted sub-continental mantle source as Kangankunde — one of the highest-grade REE projects in the world.
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Chisi Island — within the licence — is a known carbonatite. The aeromagnetic survey revealed it is one of 47 similar features on the licence.
The carbonatite REE pipeline represents 45+ additional targets that have not yet been systematically drilled. The Nakombe niobium discovery demonstrates what a single target from this pipeline can deliver. The remaining targets represent a substantial and largely untested exploration upside.
NEXT STEPS
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Resume systematic testing of ranked carbonatite/alkaline targets as rig availability allows
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Complete petrographic analysis from Nakombe cores to refine geological model applicable to other targets
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Publish updated target ranking and pipeline prioritisation
Ionic Clay REE | Leachable Rare Earths
STATUS: EARLY STAGE - SAMPLING PROGRAMME UNDERWAY
WHAT ARE IONIC ADSORPTION CLAYS
Ionic Adsorption Clay (IAC) deposits contain rare earth elements adsorbed onto fine-grained clay minerals (typically kaolinite and halloysite) within the weathering profile above REE-bearing bedrock. The key advantage is extractability: REE can be recovered using mild ammonium sulphate leaching — without the energy-intensive processing, crushing or flotation required for hard-rock REE deposits. China currently dominates global IAC production; demand for non-Chinese sources is acute and growing.
HOW THE PROGRAMME WAS IDENTIFIED
During the HMS sonic drilling campaign, standard HMS drilling required a basal ~2 metre clay interval at the bottom of each HMS hole. Elevated REE values were identified in HMS samples during exploration at the Mposa deposit in 2024. Subsequent analysis suggested the REE mineralisation style in the clays may be distinct from the monazite already present in the HMS assemblage — indicating a potentially separate, secondary REE source consistent with ionic adsorption characteristics. 200 samples were derived from HMS drilling intervals and tested by ICP-MS in June 2026, confirming elevated REE grades in clay intervals.
CURRENT PROGRAMME
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A dedicated IAC department has been established within Chilwa Minerals.
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~200 drill holes across the Mposa HMS deposit confirmed widespread REE in basal clays.
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114 of the 200 samples (57%) returned greater than 500 ppm TREO with 17 samples exceeding 750 ppm.
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Samples are also enriched in magnet rare earths with Nd, Pr, Dy and Tb amounting to 21% of TREO.
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Depth extension is also not defined however the clays at Mposa are known to persist for tens of meters and are not limited to directly beneath HMS deposits.
WHY THIS MATTERS
The basal clay horizon occurs consistently beneath identified HMS deposits and elsewhere throughout the licence package. If REE grades and leachability are confirmed at Mposa, the same horizon can be tested systematically across all HMS deposits using existing drill holes. Further testing including drilling may also be undertaken throughout the sedimentary basin. IAC's represent a low-cost, rapid pathway to identifying a potentially significant additional commodity stream within the same mining footprint.
DRILL HOLES SELECTED
~200 at Mposa
ADDITIONAL DRILLING REQUIRED
None (Phase 1)
METHOD
ICP-MS + leach testwork
STAGE
Sampling / Lab analysis
If the ionic clay programme confirms economic REE grades and leachability, Chilwa would be potentially the only company globally with mineral sands, hard-rock niobium, carbonatite REE, and ionic clay REE all within a single contiguous tenement.
NEXT STEPS
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Commission preliminary leach test work on composite samples.
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Based on results, determine scope of Phase 2 sampling across other HMS deposits and through the license tenement.
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Assess ionic clay potential across the Mpyupyu package of deposits (Mpyupyu Dune, Flats and West).