Chilwa Minerals (ASX:CHW) has commenced trading on the Nasdaq Capital Market following a US$3.5 million ($5 million) public offering of American depositary shares.
The company issued 625,000 American depositary shares at US$5.60 each, with each share representing 10 ordinary shares. Investors also received one warrant per share, exercisable at US$5.60 for five years.
The shares begin trading on Nasdaq under the symbol ‘CHWM’ today (1 October 2026), while continuing to trade on the ASX (‘CHW’).
Maxim Group acted as sole book-running manager and underwriter for the offering, which is expected to close on Friday 2 October 2026.
Chilwa intends to use the proceeds to advance mineral exploration activities at its Chilwa Critical Minerals Project in Malawi, working capital, and general corporate purposes.
The company’s directors and major shareholder, holding 34.4 million ordinary shares collectively, entered six-month lock-up agreements to support the underwriting. The Australian Securities & Investments Commission granted relief to facilitate these arrangements.
Managing Director Cadell Buss says the Nasdaq listing is Chilwa’s ‘most significant milestone’ since joining the ASX.
“[The listing] provides direct access to the world’s deepest capital market for critical minerals and positions us before investors, end-users, and agencies focused on rebuilding supply chains outside China,” Buss says.
“It also enables us […] to pursue US Government development grants, the first of which we have already applied for.
“The Chilwa Alkaline Province offers three potential revenue streams from one project: heavy mineral sands, ionic clay rare earths, and the Nakombe niobium discovery with tantalum, gallium, and rare earth credits.
“Gallium and heavy rare earths are exactly the materials Western supply chains need, and Malawi is a jurisdiction where the US and its allies can engage effectively.”
Chilwa Minerals is a mineral explorer, with its namesake critical minerals project in Malawi.
Write to Paula Fabe at Mining.com.au
Main image: Chilwa Minerals
