Chilwa Minerals Limited has priced an underwritten public offering of 625,000 American Depositary Shares (ADSs, U.S.-listed shares representing ordinary stock) and warrants to buy 625,000 ADSs at US$5.60 per ADS and accompanying warrant. The offering is expected to generate approximately US$3.5 million in gross proceeds before underwriting discounts and expenses. Each ADS represents 10 Chilwa ordinary shares. The ADSs are expected to begin trading on the Nasdaq Capital Market under CHWM on October 1, 2026, while the ordinary shares will continue trading on the Australian Securities Exchange under CHW. The warrants are immediately exercisable at US$5.60 per ADS and expire five years after their original issuance. Chilwa has also granted Maxim Group LLC, the sole book-running manager and underwriter, a 45-day option to buy up to 92,000 additional ADSs and/or warrants for up to 92,000 ADSs. Closing is expected on or about October 2, 2026, New York time, subject to customary conditions. Net proceeds will support mineral exploration, working capital and general corporate purposes. The registration statement on Form F-1, File No. 333-297336, became effective with the Securities and Exchange Commission (SEC, U.S. securities regulator) on September 29, 2026. Chilwa was formed to acquire the Chilwa Critical Minerals Project from Luso Global Mining BV and acquired all issued shares of Malawi-incorporated Chilwa Minerals Africa Limited when it listed on the ASX in July 2023. The company warned that its forward-looking statements remain subject to exploration, funding, extraction, permitting, operational, listing-compliance, internal-control and other risks.