Chilwa Minerals is an Australian-headquartered critical minerals explorer developing the Chilwa project in southern Malawi. The project hosts three critical-mineral streams: heavy mineral sands; rare earth elements; and niobium, tantalum and gallium. Each stream feeds technology, energy and defence supply chains in which mining and, especially, processing are heavily concentrated in China — so for shareholders, the company's appeal is its exposure to multiple critical minerals within a single, stable, non-Chinese jurisdiction at a time when governments and manufacturers are actively seeking supply outside China.
Chilwa Minerals is dual-listed on the Australian Securities Exchange (ASX: CHW), where its ordinary shares trade, and the Nasdaq Stock Market (NASDAQ: CHWM), where it is listed through American Depositary Receipts (ADRs).
Corporate operations are run from Perth, Western Australia, with project operations and the field team based in Malawi.
Cadell Buss is the company's Founder and Managing Director. Full board and management details are on the Corporate pages.
Chilwa Minerals are traded on NASDAQ with ticker CHWM.
American Depositary Receipts (ADRs) are negotiable U.S. securities issued by a U.S. bank, referred to as a “depositary bank,” that typically represent a non-U.S. company’s equity. ADRs trade freely in global markets and facilitate cross-border trading.
ADRs allow non-U.S. companies to make their shares available outside their home markets and allow investors in the U.S. and elsewhere to easily invest in companies on a more global basis.
An ADR program often uses a ratio to reflect a USD price which will differ to its primary home market. One reason being, it ensures the ADR price is relevant to the wider market, including institutional shareholders who have investment mandate considerations.
An ADR ratio provides the number of underlying shares represented by one ADR. One (1) Chilwa Minerals ADR represents ten (10) ordinary IPX shares on the Australian Securities Exchange (ASX). The two securities trade very close to parity once the ADR ratio and foreign exchange aspects are accounted for.
Investors in the United States can benefit from holding ADRs rather than ordinary shares in the issuer’s home market, because ADRs trade, clear and settle according to United States market conventions.
ADRs allow U.S. investors to buy non-U.S. securities and hold these in their U.S. brokerage accounts. ADRs also allow access to price and trading information, U.S. dollar dividend payments and corporate action notifications.
Chilwa Minerals ADRs can be purchased through a typical broker, just as you would to buy other U.S. securities. You cannot buy ADRs directly from Chilwa Minerals.
The Bank of New York Mellon (BNY Mellon) is the depositary bank and plays a key role in the process of issuance and cancellation of ADRs.
An overview of the IPX ADR program can be found here www.adrbnymellon.com.
For more information on BNY Mellon and ADRs, please visit:
www.adrbnymellon.com
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Section 5.9 of the ADR Deposit Agreement discloses all applicable fees. A copy can be found by visiting:
https://www.sec.gov/Archives/edgar/data/1201935/000101915522000094/iperionda.htm
There will be an issuance fee of up to US$5.00 per 100 ADRs (or portion thereof) charged by The Bank of New York Mellon for the issuance of the ADRs. The exchange of your dematerialised ordinary shares will need to be managed by your broker as ordinary shares need to be transferred electronically to The Bank of New York Mellon prior to the issuance of ADRs.
Converting ASX-listed ordinary shares into ADRs can be completed through your broker.
To convert your ordinary shares into ADRs:
- You need to transfer your ordinary CHW shares to BNY Mellon’s local custodian, HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED (SWIFT BIC: HKBAAU2SSYD, CHESS PID: 20057, Safekeeping Account: 011-552130-068). This process is usually completed by your broker via an electronic CHESS transfer, or broker transfer form. Your broker should be able to assist with this.
- HSBC also require the U.S. ADR delivery instructions to accompany any deposit of ordinary shares. This information should be sent via email to adrconversions.hbau@hsbc.com.au and should include details of the institution where the ADRs will be delivered to in the U.S. market (i.e., institution / broker name & DTC acct. info).
- Once BNY Mellon receives confirmation from HSBC that your underlying ordinary shares have been deposited, new ADRs are issued and delivered to your nominated U.S. broker, in accordance with the ADR program’s “Deposit Agreement”.
Your broker’s back office will be familiar with the ordinary share to ADR conversion process. Should your broker have a settlement enquiry, they can contact drsettlements@bnymellon.com.
A registered holder is one whose name appears on the books of the depositary. The registered holder is considered the owner of the record. A beneficial holder is one whose holdings are registered in a name other than his or her own, such as the name of a broker, bank, or nominee.
For registered owners, ownership is registered by the depositary bank and is evidenced by an account statement provided by the depositary.
Registered owners can hold physical CHW certificates. Please contact BNY Mellon for more information.
BNY Mellon Shareowner Services
P. O. Box 505000
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>U.S. Toll Free Telephone: 1-888-BNY-ADRS (1-888-269-2377)
Telephone for International Callers: 1-201-680-6825
Website: www.mybnymdr.com
E-Mail: shrrelations@cpushareownerservices.com
The project is located around Lake Chilwa in southern Malawi and covers approximately 881 km² across three granted exploration licences on the northern, western and southern shores.
The company holds a 100% interest in its granted exploration licences. Current corporate and shareholding details, including any strategic partnerships, are set out in the company's ASX filings.
The heavy mineral sands are the most advanced stream, with a defined JORC Mineral Resource and the company's first Scoping Study advancing. The rare earth and niobium-tantalum-gallium streams are at the exploration and discovery stage, with drilling underway.
Chilwa's heavy mineral sands contain ilmenite, rutile, zircon and monazite. Ilmenite and rutile are the feedstocks for titanium — both the white pigment used in paints, plastics and coatings and the titanium metal used in aerospace, defence and medical implants. Zircon underpins advanced ceramics, refractories and foundry and nuclear applications, while the monazite carries rare earths, including the metals used in permanent magnets. Titanium feedstock and zircon are themselves designated critical or strategic minerals in several economies because supply sits with a handful of producers.
Drilling has identified rare earth elements across the suite — including the four magnet metals neodymium, praseodymium, dysprosium and terbium — from the alkaline intrusive at Mpyupyu, the ionic clays, and the monazite within the mineral sands. These four metals are the building blocks of the high-strength permanent magnets that drive electric-vehicle motors, wind-turbine generators, robotics and defence systems, and their supply is among the least diversified of any critical mineral: China processes close to 90% of the world's rare earths and makes roughly 90% of high-performance magnets. When China tightened rare-earth export licensing in 2025, some carmakers outside China had to slow or pause production — which is why new supply of these metals matters to manufacturers and shareholders alike. These are exploration results and do not yet constitute a defined Mineral Resource.
In 2026, drilling at the Nakombe target confirmed a niobium discovery hosted in an alkaline intrusive, with associated tantalum and gallium. All three are workhorses of modern technology: niobium strengthens the steel used in pipelines, vehicles and construction and the superalloys used in jet engines; tantalum is essential to the compact capacitors inside phones, computers, medical devices and automotive electronics; and gallium is a foundation of the gallium-arsenide and gallium-nitride semiconductors behind 5G, radar, satellite communications, LED lighting and EV power electronics. Gallium supply is especially concentrated — China produces the large majority of the world's raw gallium and has restricted exports to some markets since 2023 — so a non-Chinese source carries clear strategic value. The mineralisation remains open at depth, with further drilling underway. It is an exploration result and not yet a defined Mineral Resource.
Each is formally designated a critical mineral by governments including the US, EU, Australia and Japan, because it is essential to defence, technology and energy supply chains and its supply is concentrated in very few countries — most often China. The International Energy Agency reports that, for 19 of the 20 most strategic minerals, China is the leading refiner, with an average market share of about 70%. That concentration is precisely what makes diversified, non-Chinese supply strategically and commercially valuable — and it is the demand backdrop against which Chilwa is advancing its project.
Malawi sits within a recognised mineral province and a stable government that actively supports responsible resource development. The Lake Chilwa district offers multiple critical minerals within a single landholding.
The company's approach to community, social and environmental responsibility is set out on the Sustainability pages.
A US listing broadens Chilwa's access to international capital and to investors focused on critical minerals and supply-chain security, while raising the company's profile in a key market for the metals it is developing. The United States is both a major consumer of these minerals and the country moving most actively to source them outside China, which aligns Chilwa's broadening shareholder base with the strategic demand for its commodities. The ASX remains Chilwa's primary listing, with the Nasdaq a secondary listing.
Chilwa trades on the Nasdaq under NASDAQ: CHWM and on the ASX under CHW.
Yes. US investors can buy and sell Chilwa ADRs on the Nasdaq through any licensed broker. Chilwa Minerals does not provide investment advice; please consult a licensed financial adviser before making any investment decision.
The ASX is Chilwa's primary listing and the Nasdaq is its secondary listing. The company complies with the continuous-disclosure requirements of the ASX and the reporting obligations applicable to its US listing.
All market announcements, quarterly reports and presentations are released through the ASX (under CHW) and are available on the Investor Centre. US regulatory filings are available through the SEC's EDGAR system.
Chilwa reports in Australian dollars (AUD), with US-market materials provided as required.
Chilwa's ordinary shares trade on the ASX (CHW), and its American Depositary Receipts (ADRs) trade on the Nasdaq (NASDAQ: CHWM) ; either can be bought or sold through any licensed broker. Chilwa Minerals does not provide investment advice; please consult a licensed financial adviser before investing.
As an exploration-stage company, Chilwa is currently focused on reinvesting in exploration and project development rather than paying dividends.
Current priorities include advancing the heavy mineral sands Scoping Study and follow-up drilling across the rare earth and niobium targets. Planned activities and timing are described in the most recent quarterly reports and are subject to change.
Use the subscribe form to receive announcements by email, or contact the company at info@chilwaminerals.com.