- Chilwa Minerals plans $10M Nasdaq raise to fund Malawi critical minerals project
- U.S. listing via ADR aims to boost investor access and project financing
- Company still faces regulatory hurdles; no date set for IPO completion
Australian junior miner Chilwa Minerals announced on Friday that it plans to raise 10 million dollars as part of its proposed Nasdaq listing. The company said the U.S. listing is intended to secure funding to advance the Chilwa Critical Minerals project, which hosts heavy mineral sands and rare earth elements in Malawi.
Chilwa has hired a New York investment bank to support the proposed U.S. initial public offering. If successful, the company’s ordinary shares would trade on Nasdaq through an American Depositary Receipt (ADR) program, a structure commonly used by foreign firms to access U.S. capital markets. Each ADR would represent a set number of ordinary shares.
Chilwa Minerals, listed on the Australian Securities Exchange (ASX) for more than two years, is already raising capital to fund exploration in Malawi. According to a project update released in late June, the deposit contains 110 million tons of resources grading 4.03% heavy mineral sands, including 4.4 million tons of ilmenite, zircon, rutile, and other minerals. The company has not yet assessed the project’s rare earth potential.
“In just over two years since our listing, we’ve consistently invested in resources that have advanced our mineral license areas into a highly promising Critical Minerals asset. After our visit to the US in June 2025, we have been diligently preparing behind the scenes to ensure this is the right move for our shareholders, our project, and ultimately the people of Malawi. The board believes that a US listing will help us achieve these objectives,” said Managing Director Cadell Buss.
There is no certainty that the U.S. offering will proceed or be successful. As a relatively young company, Chilwa must still navigate several regulatory hurdles, particularly with the U.S. Securities and Exchange Commission. The company has not provided a date for the Nasdaq listing, which would give it direct access to American investors.
In the meantime, Chilwa continues to rely on the ASX market, where it announced an 8 million Australian dollar (5.15 million dollar) capital raise in late October to support its development plans.
Emiliano Tossou
