Chilwa Minerals Closes US$3.5 Million Offering

PERTH, Australia, Oct. 02, 2026 /CourierPR/ -- Chilwa Minerals Limited, an Australian mineral exploration company, has successfully closed a US$3.5 million public offering, raising funds to support its ongoing mineral exploration activities. The offering, which began trading on the Nasdaq Capital Market under the ticker symbol "CHWM" on October 1, 2026, consisted of 625,000 American Depositary Shares (ADSs) and warrants to purchase an additional 625,000 ADSs at an offering price of US$5.60 per ADS. Each ADS offered represents 10 ordinary shares of Chilwa.

The gross proceeds from the offering, before deducting underwriter discounts and offering expenses, amounted to US$3.5 million. The warrants have an exercise price of US$5.60 per ADS and are exercisable immediately upon issuance, with a five-year expiration date. Additionally, Chilwa granted the underwriter a 45-day option to purchase up to an additional 92,000 ADSs and/or 92,000 warrants to purchase up to 92,000 ADSs at the public offering price. This option was partially exercised to purchase 92,000 warrants.

The offering was made in accordance with a registration statement on Form F-1 (File No. 333-297336), which became effective on September 29, 2026. The offering was managed by Maxim Group LLC, with the final prospectus available from the company or on the SEC’s website at www.sec.gov. Chilwa Minerals Limited, formed in July 2023, acquired 100% of the issued share capital of Chilwa Minerals Africa Limited, an entity that holds the tenements comprising the Chilwa Critical Minerals Project.

The company intends to use the net proceeds from this offering to further its mineral exploration activities, for working capital, and for other general corporate purposes. Chilwa’s principal activities are focused on mineral exploration at the Chilwa Critical Minerals Project, with the company aiming to leverage the funds raised to advance its exploration efforts and expand its operations.

The registration statement was filed with the Securities and Exchange Commission (SEC) and became effective on September 29, 2026. The offering was made only by means of a prospectus, which can be obtained from Maxim Group LLC, 300 Park Ave, 16th Floor, New York, New York 10022. The final prospectus has been filed with the SEC and is available on the SEC’s website. Chilwa has stated that this announcement shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Chilwa Minerals Limited is an Australian company listed on the ASX (ASX:CHW) and NASDAQ (NASDAQ:CHWM). The company was formed for the purpose of acquiring the Chilwa Critical Minerals Project from Luso Global Mining BV. Upon listing on the ASX in July 2023, Chilwa acquired 100% of the issued share capital of Chilwa Minerals Africa Limited, an entity incorporated in Malawi that holds the tenements that comprise the Project. Chilwa’s principal activities are mineral exploration at the Project.

The company has attempted to identify important factors that cause results not to be as anticipated, noting that there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this announcement and the company does not undertake to update or revise any forward-looking information which is included herein, except in accordance with applicable securities laws.