Companies / CHW

CHILWA MINERALS LTD

ASX:CHWMaterials
98.0M shares on issueASX (delayed) · snapshot 11 Sept 2026124.1M fully diluted+26.7% if every option and right converts$0.80price · delayed$78.4Mmarket cap · indicative

Today’s holders own 79.0% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 36% in 24 months; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway-0.4 quarters of funding
Share-count growth (24m)36.1%
Raise cadence (24m)4 cash raises
Options & rights overhang26.7% of shares
In-the-money supply0.9% of shares
Pending proposed issuesnone

CHILWA MINERALS LTD's ordinary share count grew 95.4% between October 2024 and May 2026, to 98M shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$19.6M, most recently a A$8.1M placement in October 2025. Options and rights on issue could convert into 26M new shares, equal to 26.7% of the current share count, of which 1% are in the money; the nearest expiry falls in June 2027. At the June 2026 quarter the company reported A$-922K in available cash, about -0.4 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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26.7%
Options & rights overhang
0.9%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
-0.4 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 98.0M per ASX (delayed) (snapshot 11 Sept 2026).
75M80M85M90M95MDec 24Oct 25Sept 26Cash raise · 21 Oct 2025Cash raise · 30 July 2025Cash raise · 7 July 202598.0M

Cash runway

-0.4 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-949k cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $1.1M cash at quarter end (item 4.6), 0.5 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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11 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
20 May 20262A · quoted issueCHW : ORDINARY FULLY PAID98.0MAppendix 2A
24 Apr 20263H · cancellationCHW : ORDINARY FULLY PAID97.9MAppendix 3H
19 Feb 20262A · quoted issueCHW : ORDINARY FULLY PAID97.9MAppendix 2A
20 Jan 20263G · unquotedCHW : ORDINARY FULLY PAID96.2MAppendix 3G
19 Jan 20262A · quoted issueCHW : ORDINARY FULLY PAID97.9MAppendix 2A
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27 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

4 cash raises in the last 24 months · 1 in the last 12 months

every 4.1 monthsaverage gap between raises
10.7 monthssince the most recent
10 Oct 2024 – 21 Oct 2025first to most recent in this window
$8.1M
Placement
21 Oct 2025 COMPLETE
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7 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

878k of option supply could convert within 12 months — 0.9% of shares on issue
878k in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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6 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 60% of the 15% placement capacity left — about 40% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

26.7%
Options & rights overhang · of current shares
0.9%
In-the-money supply · most strikes not on record
26.1M
Potential new shares
June 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered878k · 0.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered25.3M · 25.8% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 878k priced (of which 878k in the money), 25.3M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
13.1M26.1M$0.80 now0.25× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.40) — 422k of the priced supply in the money, 0.4% of shares on issue0.75× today ($0.60) — 878k of the priced supply in the money, 0.9% of shares on issue1× today ($0.80) — 878k of the priced supply in the money, 0.9% of shares on issue1.25× today ($1.00) — 878k of the priced supply in the money, 0.9% of shares on issue1.5× today ($1.20) — 878k of the priced supply in the money, 0.9% of shares on issue2× today ($1.60) — 878k of the priced supply in the money, 0.9% of shares on issue3× today ($2.40) — 878k of the priced supply in the money, 0.9% of shares on issue5× today ($4.00) — 878k of the priced supply in the money, 0.9% of shares on issue10× today ($8.00) — 878k of the priced supply in the money, 0.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.80 today, 878k securities are in the money (0.9% of shares on issue) — a floor, because an exercise price is on record for only 3.4% of this supply. No price up to ten times today’s switches on any more priced supply.

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 25.3M (96.6% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
CHWAHPerformance rightsCondition-triggered—30 June 2027250kFiling Meeting
CHWACOptionsPrice-triggered$0.2530 June 202783kFiling
CHWADOptionsPrice-triggered$0.3030 June 2027338kFiling
CHWAEOptionsPrice-triggered$0.4030 June 2027456kFiling
CHWAFPerformance rightsCondition-triggered—30 Nov 20283.3MFiling Meeting
CHWAIPerformance rightsCondition-triggered—30 Nov 20307.0MFiling Meeting
CHWABPerformance rightsCondition-triggered——14.8MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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7 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
31 Mar 2026Cadell BussBuy on-market26k——$13Y notice
31 Mar 2026José MartinsBuy on-market500k——$43k3Y notice
26 Mar 2026Alexander ShawBuy on-market8k—3.0M$13Y notice
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19 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

1 Sept 2026Africa Down Under Presentation
5 Aug 2026$PDrilling Confirms Mineralisation From Surface
30 July 2026$PJune 2026 Quarterly Activities and Cashflow Reports
10 July 2026$PChilwa Submits F-1 to SEC for Proposed Nasdaq Listing
25 June 2026$P8km Rare Earth Corridor Confirmed Beneath Mposa HMS Deposit
24 June 2026Release of Securities from Escrow
22 June 2026$PMpyupyu West HMS Discovery More Than Triples in Size
18 June 2026$PMpyupyu Doubles to 109.6 Mt, 89% Measured & Indicated
14 June 2026$PMaiden Niobium-REE Exploration Target at Nakombe South
4 June 2026$PNiobium Mineralisation Extended South
2 June 2026$PNew HMS Target at Mpyupyu West
27 May 2026Chilwa Sample Prep Lab to Service Lindian's Kangankunde
20 May 2026Section 708A(5)(e) Notice
20 May 2026Application for quotation of securities - CHW
18 May 2026$P385 Metres of Niobium Mineralisation Confirmed at MPYDD009
29 Apr 2026Sharecafe Webinar - Uncovering Hidden Gems Presentation
27 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
27 Apr 2026Initial Director's Interest Notice - G. Hewson
26 Apr 2026Appointment of Non-Executive Director
24 Apr 2026Notification of cessation of securities - CHW

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.