Chilwa Minerals, an exploration company focused on heavy mineral sands and rare earths in Malawi, filed on Thursday with the SEC to raise up to $6 million in an initial public offering. The company is currently listed on the Australian Securities Exchange under "CHW," where it commands a market cap of $60 million.
Chilwa Minerals's principal activity is exploration at the Chilwa Critical Minerals Project, located around Lake Chilwa in southern Malawi, where it holds three exploration licenses. The project targets heavy mineral sands, carbonatite-hosted rare earth elements, and ionic adsorption clay rare earth potential. A 2025 technical report estimated 4.54 million metric tons of heavy mineral sands resources at the northern deposits (Nkotamo, Halala, Beacon, and Namanja West), with additional exploration ongoing at carbonatite targets including Chisi Island and other prospective areas. The company remains pre-revenue and has not yet begun construction on the project.
The Perth, Australia-based company was founded in 2022 and plans to list on the Nasdaq under the symbol CHWM. Maxim Group LLC is the sole bookrunner on the deal.
