Notes:
| ● | Oxide values have been derived from the original elemental ICP-MS assay data by stoichiometric conversion; conversion factors are set out in JORC Table 1 (Appendix 2). |
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| ● | TREO excludes scandium oxide (Sc₂O₃), which is reported in a separate column. |
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| ● | MPYDD015 was selectively sampled and assayed; unsampled intervals are not reported. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
Table 4: Significant intercepts – MPYDD009 and MPYDD015
| Hole Number | Depth From (m) | Depth To (m) | Intercept (m) | Nb₂O₅ % | TREO ppm | Ta ppm | Ga ppm |
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| MPYDD009 | 0.00 | 57.00 | 57.00 | 0.32 | 1,582 | 173.9 | 61.0 |
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| incl | 43.00 | 57.00 | 14.00 | 0.43 | 1,542 | 240.7 | 59.2 |
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| MPYDD009 | 85.00 | 95.00 | 10.00 | 0.22 | 2,017 | 112.3 | 43.5 |
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| MPYDD009 | 100.45 | 108.50 | 8.05 | 0.22 | 1,388 | 114.9 | 42.5 |
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| MPYDD009 | 116.00 | 120.00 | 4.00 | 0.26 | 1,508 | 123.8 | 42.8 |
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| MPYDD009 | 130.00 | 140.00 | 10.00 | 0.26 | 1,964 | 127.4 | 45.1 |
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| MPYDD009 | 150.00 | 175.10 | 25.10 | 0.22 | 1,475 | 115.3 | 44.2 |
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| MPYDD009 | 183.10 | 187.10 | 4.00 | 0.27 | 1,371 | 146.9 | 44.6 |
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| MPYDD009 | 189.00 | 204.00 | 15.00 | 0.22 | 1,558 | 115.7 | 45.7 |
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| MPYDD009 | 230.00 | 234.00 | 4.00 | 0.21 | 1,359 | 110.1 | 36.6 |
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| MPYDD009 | 245.56 | 253.56 | 8.00 | 0.21 | 1,534 | 114.4 | 38.1 |
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| MPYDD009 | 257.56 | 267.56 | 10.00 | 0.21 | 1,315 | 109.7 | 37.2 |
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| MPYDD009 | 272.50 | 294.60 | 22.10 | 0.21 | 1,417 | 110.7 | 36.8 |
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| MPYDD015 | 314.00 | 322.00 | 8.00 | 0.21 | 1,314 | 108.9 | 39.9 |
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| MPYDD015 | 328.20 | 341.50 | 13.30 | 0.21 | 1,197 | 110.6 | 39.7 |
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| MPYDD015 | 349.50 | 371.50 | 22.00 | 0.24 | 2,098 | 124.2 | 40.9 |
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| MPYDD015 | 377.50 | 381.50 | 4.00 | 0.23 | 1,757 | 120.0 | 41.0 |
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| MPYDD015 | 389.00 | 401.50 | 12.50 | 0.24 | 1,855 | 108.6 | 44.7 |
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Notes:
| ● | Intervals reported at a 0.2% Nb₂O₅ cut-off, minimum 4 m width, up to 4 m consecutive internal dilution; 'incl' at 0.3% Nb₂O₅. Length-weighted averages. Downhole lengths; true widths not known. |
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| ● | TREO = La–Lu + Y₂O₃ oxides (standard conversion factors; Sc₂O₃ excluded). Nb₂O₅ = Nb × 1.4307. Ta and Ga reported as elemental ppm. |
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Table 5: Drill hole collar locations of all drill holes show or referenced in this announcement. Coordinate system: WGS1984/UTM Zone 36S
| Hole ID | Depth (m) | Status | Easting | Northing | Azimuth | Elevation |
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| MPYDD006 | 251.1 | Complete | 770745.26 | 8295053.50 | 90 | 646.47 |
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| MPYDD007 | 215.0 | Complete | 770960 | 8295053 | 273 | 645 |
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| MPYDD009 | 385.5 | Complete | 770876 | 8295165 | 180 | 645 |
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| MPYDD015 | 401.5 | Complete | 770873 | 8294901 | 355 | 642 |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
Appendix 2 – jorc table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
| Criteria | JORC Code explanation | Commentary |
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| Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 metre samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | Sampling was undertaken on diamond drill core (PQ, HQ and NQ diameters) recovered from reconnaissance drilling. Half-core sampling was carried out using a diamond saw. Intervals were selected based on geological logging (lithology, alteration, mineralisation, veining). Samples were prepared at the Company’s sample prep facility in Zalewa, Malawi, and pulp samples were dispatched to UIS Analytical Services (Johannesburg, South Africa) for multi-element analysis by ICP-MS. Only laboratory ICP-MS results are used for public reporting in this announcement. Samples were collected in 1 metre maximum or lithology-constrained intervals. 2.5–5 kg of half-core material was collected per sample, prepared (crushed to <1 mm, then pulverised to 90% passing 75 µm) at the in-house Chilwa Prep Laboratory, and a pulp sub-sample was dispatched for laboratory analysis. Mineralisation was logged visually and confirmed using historic data and petrography. |
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| Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | Reconnaissance drilling was completed using diamond drilling (PQ, HQ and NQ core diameter) with standard wireline/winch technique. Core orientation was conducted using Axis Mining technology Champ Ori device and software. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | Core recoveries were recorded for each run by measuring recovered length vs drilled length. Recoveries generally exceed 99% in fresh rock and 93% in weathered zone for holes MPYDD009 and MPYDD015. Poorly recovered zones were logged as poor recovery or core loss as applicable. Drilling was monitored continuously. Drillers used manual extraction off the core barrel techniques throughout the exercise. Sampling avoided zones of core loss. No bias has been observed. medium-grained REE/Nb minerals are not expected to be preferentially lost. However, this will be reassessed as project advances. |
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| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. | All drill core was geologically logged (lithology, alteration, structure, mineralisation, veining) to industry standards. Logging is suitable to support Geological Modelling requirements. Logging was both qualitative and semi-quantitative. All cores were photographed (wet and dry). Modal mineralogy was estimated visually. 100% of core was logged from surface to end of hole. |
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| Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all cores taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. | Sample Core was half-core sampled using a diamond saw. In some instances, quarter-core for duplicate. Not applicable – diamond core only. Sample prep followed industry best practices: drying, crushing 80% to < 1 mm, splitting, and pulverising to 90% passing 75 micron. Pulp samples (200 g per sample) were bagged and shipped to UIS Analytical Services for analysis by ICP-MS. ICP-MS results received for neighbouring drill hole MPYDD006 indicate adequate sample size as evidenced by low variation within duplicate samples within that batch. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis include instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | Assays were conducted by UIS Analytical Services (Johannesburg, South Africa) under certificates 6693 (MPYDD009, repeat analysis) and 6868 (MPYDD015). Samples were digested by lithium borate fusion and analysed by ICP-MS for the REE suite (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu and Y), Sc, Nb, Ta, Ga, Th and U. Lithium borate fusion is considered a near-total technique for most REE-bearing minerals. Digestion of refractory niobium-bearing phases may be incomplete, and reported Nb₂O₅ grades may therefore be conservative. An Olympus VANTA Max portable XRF analyser (50 kV), operated on pressed pulp pellets at the Company’s Zalewa sample preparation facility, was used for logging and sample-selection guidance. pXRF results for MPYDD009 and MPYDD015 were previously reported (ASX announcements, 19 May 2026 and 5 June 2026), with instrument parameters disclosed in those announcements, and are referred to in this announcement for comparison only. All results reported in this announcement are laboratory ICP-MS assays. ● QAQC programme included insertion of certified reference materials (CRMs), blanks and duplicates at regular intervals (~1:20), together with internal laboratory QC by UIS Analytical Services. The ICP-MS results reported in this announcement supersede the pXRF results previously reported for MPYDD009 (ASX announcement, 19 May 2026) and MPYDD015 (ASX announcement, 5 June 2026). Paired pXRF and ICP-MS analyses show a strong positive correlation, with pXRF consistently understating Nb₂O₅ relative to ICP-MS and the difference increasing with grade. The paired dataset shown below is from drill hole MPYDD006, comprising samples for which both pXRF and laboratory ICP-MS Nb₂O₅ values are available for the same sample interval, grouped by grade range. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. | Logging and sampling verified by project geologist and reviewed by the Chief Project Geologist. No twinning conducted during this a reconnaissance stage. All logging and sampling data recorded digitally in the field/core sample shed, validated, and backed up on secure servers. Hardcopy backups also maintained. Laboratory assay files were imported directly into Datashed software and retained in their original unedited form. No adjustments to raw assay data. Oxide values were calculated from elemental assays using the conversion factors set out under Data aggregation methods (Section 2). Anomalous values were flagged and reviewed by the supervising geologist before inclusion in reports. |
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| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. | Drill collar locations surveyed using differential GPS (DGPS) with sub-metre accuracy. Downhole surveys conducted with AXIS gyro tools. WGS84 / UTM Zone 36S. LiDAR-based topographic control used for collar elevations and drill planning. Accuracy within ±0.5 metres. |
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| Data spacing and distribution | Data spacing for reporting Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. | Reconnaissance holes spaced at ~50 to 100 metres spacing, sufficient for resource estimation. No Mineral Resource defined at this stage. No compositing done for reporting purposes. |
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| Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | Analysis of the structure tested is ongoing to arrive to a determination of true width of mineralisation. Holes were oriented to intercept interpreted geophysical anomaly structures. Orientation is believed to be suitable for initial reconnaissance drilling. Any bias will be evaluated as more structural data is obtained. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Sample security | The measures taken to ensure sample security. | Samples, derived from drill core, were stored securely on site, transported by Chilwa Minerals Field personnel to the sample preparation facility in Zalewa, Malawi. Drill core was logged and subject to sample prep as described in this report. Pulp sub-samples were shipped to UIS Analytical Services, Johannesburg, for ICP-MS assay. |
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| Audits or reviews | The results of any audits or reviews of sampling techniques and data. | Internal review of sampling protocols conducted. No external audits or reviews have been undertaken at this stage. |
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Section 2 Reporting Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
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| Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | Work is undertaken under exploration license EL0670/22/R1 100% owned by Chilwa Minerals Africa. Chilwa Minerals Limited also controls (100%) of license EL0835/25 directly to the south of EL0670/22/R1 through its 100% subsidiary Phalombe Minerals. EL0670/22/R1 and EL0835/25 have been issued in September 2025 for 3 and 5 year exploration terms. The licences currently extend to HMS and REE, and the Company has applied to extend the licences to niobium and related minerals. This is the usual practice in Malawi and the application is considered to be administrative. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | Systematic exploration for REE mineralisation and Carbonatites has not been undertaken within the tenement, however, has been conducted in the immediate regional area (eg Tundulu and Songwe hills). Academic research into the deposition of the HMS deposits around Lake Chilwa have been undertaken since the 1980’s. Exploration of the HMS mineralisation in the lake Chilwa area has been undertaken by various government concerns and companies, commencing with Claus Brinkmann between 1991 and 1993 as part of an initiative by the German Government to aid mineral development in Malawi. In 2014, Tate Minerals (Tate) undertook a desktop review of the work undertaken by Claus Brinkmann and entered into a Joint Venture agreement with Mota-Engil Investments (Malawi) Limited (MEIML) to explore EL 0572/20, an EL that contains the current target area. |
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| Geology | Deposit type, geological setting and style of mineralisation. | Potential REE and niobium, tantalum, gallium mineralisation within and beneath previously identified Heavy Mineral Sands deposits. As well as potential separate REE deposits within or resulting from Alkaline magmatic activity (Carbonatites) in the area, a component of the Cretaceous age Chilwa Alkaline province. |
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| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ● easting and northing of the drill hole collar ● elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ● dip and azimuth of the hole ● downhole length and interception depth ● hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | A full table of results and material drilling information is provided in Appendix 1. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. | Significant intersections were calculated as length-weighted average grades above a 0.2% Nb₂O₅ cut-off, allowing a maximum of 4 m consecutive internal dilution below cut-off, with intervals starting and ending on samples above cut-off. 'Including' intervals use a 0.35% Nb₂O₅ cut-off with a maximum of 2 m internal dilution. No top-cutting was applied. Whole-hole and sampled-section intervals are reported without a cut-off. Unsampled intervals in MPYDD015 are not included. Oxide values were calculated from elemental ICP-MS assays using the following stoichiometric conversion factors (element ppm × factor = oxide ppm): Nb→Nb₂O₅ 1.4307; La→La₂O₃ 1.1728; Ce→CeO₂ 1.2284; Pr→Pr₆O₁₁ 1.2082; Nd→Nd₂O₃ 1.1664; Sm→Sm₂O₃ 1.1596; Eu→Eu₂O₃ 1.1579; Gd→Gd₂O₃ 1.1526; Tb→Tb₄O₇ 1.1762; Dy→Dy₂O₃ 1.1477; Ho→Ho₂O₃ 1.1455; Er→Er₂O₃ 1.1435; Tm→Tm₂O₃ 1.1421; Yb→Yb₂O₃ 1.1387; Lu→Lu₂O₃ 1.1371; Y→Y₂O₃ 1.2699; Sc→Sc₂O₃ 1.5338. Total Rare Earth Oxides (TREO) is the sum of the rare earth oxides La₂O₃ to Lu₂O₃ plus Y₂O₃ and excludes Sc₂O₃, Ga, Ta, Th and U are reported as elements (ppm). Light Rare Earth Oxides (LREO) is the sum of the rare earth oxides La₂O₃ to Sm₂O₃ Heavy Rare Earth Oxides (HREO) is the sum of rare earth oxides Eu₂O₃ to Lu₂O₃ plus Y₂O₃ No metal equivalent values were reported. |
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30 October 2026 | ASX Announcement MPYDD015 EXTENDS NIOBIUM MINERALISATION AT NAKOMBE SYENITE INTRUSION
| Criteria | JORC Code explanation | Commentary |
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| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). | Downhole lengths, true widths not known |
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| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Maps, sections and plan view are provided in the accompanying press release. |
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| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | All relevant information has been included in this press release which is considered to represent a balanced report. |
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| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | See previous Company announcements for further reference. |
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| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | Reconnaissance Diamond Drilling testing of geophysics anomalies and soil geochemistry anomalies is ongoing. A drill program aimed at resource definition around the Nakombe target has been planned as shown in Figure 1. |
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