Chilwa Minerals Mposa Deposit Products Confirmed Through Metallurgical Testing

Chilwa Minerals Confirms Multiple High-Quality Products from Mposa Deposit

Metallurgical Testing Reveals Commercial-Grade Ilmenite, Zircon and By-Products

Chilwa Minerals Limited (ASX: CHW) has announced compelling results from its latest metallurgical testwork at the Mposa deposit, part of its flagship Chilwa Critical Minerals Project. The testing confirms the company can produce multiple high-value mineral products using conventional processing techniques.

High-Quality Mineral Suite Confirmed Across Multiple Product Streams

The completed metallurgical tests have validated the ability to produce commercial-quality products from the company's Mposa deposit, which has a JORC-compliant indicated resource of 22.3 million tonnes at 4.28% Total Heavy Minerals (THM).

Key findings from the testwork demonstrate:

• Ilmenite: Recovery of 95% from heavy mineral concentrate into a product assaying 51% TiO₂, with low impurities (FeO:Fe₂O₃ ratio of 1.37) and very low uranium and thorium levels (below 20ppm)
• Zircon: Recovery of 47% to a final product assaying 66% ZrO₂+HfO₂, with moderate U+Th content (627ppm) that the company plans to reduce further
• Garnet: Production of a 57% almandine garnet concentrate at 72% recovery
• Monazite: Recovery of 88% of monazite to a concentrate grading 14.2%
• Rutile: Further testing needed to confirm rutile product specifications

These results will inform the development of a process flowsheet as part of the company's ongoing Scoping Study, expected to be completed in Q4 2025.

Strategic and Economic Significance

Managing Director Cadell Buss highlighted the significance of these results:

"Overall, these final results for the first of our deposits to undergo head characterisation and flow sheet development work clearly demonstrate the potential to deliver market-spec ilmenite and zircon, while unlocking potential upside from garnet and, strategically, rare earth by-products in monazite. This is particularly encouraging given we are currently diamond drilling on an anomaly in search of a separate Carbonatite hosted Rare Earth deposit."

The presence of multiple valuable minerals in a single deposit offers substantial economic advantages:

1. Diversified Revenue Streams: Multiple products reduce market risk and exposure to price volatility
2. Maximised Resource Value: The ability to monetise all recoverable minerals improves overall project economics
3. Strategic Materials: Monazite concentrate provides exposure to rare earth elements, critical for clean energy technologies
4. Industrial Applications: Garnet offers additional revenue as an industrial mineral for abrasives markets

Conventional Processing Methods Proven Effective

Importantly, the testwork relied on standard mineral sands processing techniques including gravity separation, magnetic separation, electrostatic separation and acid leaching. This conventional approach supports confidence in flowsheet scalability and future commercial operations.

The test program applied a multi-stage process involving:

• Feed preparation with desliming and screening
• Gravity concentration to produce heavy mineral concentrate
• Primary magnetic separation to isolate ilmenite
• Secondary processing of non-magnetic concentrate to recover zircon, garnet, and monazite

Market Applications of Confirmed Products

The variety of products confirmed from the deposit serve diverse industrial applications:

Understanding Heavy Mineral Sands Economics

Mineral sands projects extract valuable heavy minerals from unconsolidated sands. Their economic viability depends on multiple factors:

Grade vs Mineralogy: Why Both Matter

The economic potential of a heavy mineral sands project is determined by two primary factors:

1. Resource Grade: The percentage of heavy minerals in the deposit
2. Mineral Assemblage: The specific types of valuable minerals present

While grade is often the most quoted metric, the composition of that heavy mineral fraction can significantly impact project economics. A lower grade deposit with high-value minerals may outperform a higher grade deposit with less valuable mineral components.

Value Drivers for Mineral Sands Projects

For investors evaluating mineral sands companies, several key factors influence economic potential:

1. Product Quality: Chemical composition and purity of recoverable minerals directly affect marketability and price
2. Processing Complexity: The effort and cost required to isolate marketable products
3. Multiple Product Streams: Projects producing several mineral products can achieve better economics through diversified revenue
4. Infrastructure Access: Proximity to power, water, and transportation affects capital and operating costs

What sets Chilwa's project apart is the combination of reasonable grade (4.28% THM) with a diverse, high-value mineral assemblage that can be processed using proven techniques.

Future Plans and Outlook

Chilwa is now focused on:

1. Completing the Scoping Study with TZMI in Q4 2025
2. Finalizing the process flowsheet design
3. Further optimizing product quality, particularly for zircon and monazite
4. Advancing the project toward feasibility studies

Managing Director Cadell Buss commented:

"Achieving 95% recovery of ilmenite from the HMC into a high-grade ilmenite product with very low impurities demonstrates the strength of this deposit and the project generally, and provides a clear pathway to market. We are encouraged by these results as the project progresses to feasibility study stage."

Why Investors Should Pay Attention to Chilwa Minerals

Chilwa's Mposa deposit represents a compelling investment proposition for several reasons:

1. Multiple Revenue Streams: The diverse product suite reduces single-commodity risk
2. Strategic Materials Exposure: The project provides access to titanium minerals, zircon and rare earths
3. Conventional Processing: No experimental or unproven technology required
4. Substantial Resource: The indicated resource provides confidence in future production potential
5. Strong Technical Results: The latest metallurgical work confirms commercial-grade products

The metallurgical testing results mark a significant milestone in Chilwa's development pathway, demonstrating that the company is progressing from exploration to resource development with increasingly positive technical outcomes. The confirmation of multiple product streams enhances the project's potential economics and positions Chilwa as an emerging player in the mineral sands sector.

Ready to Capitalise on Chilwa's Multi-Product Potential?

Discover why Chilwa Minerals' latest metallurgical results position them as an emerging force in the mineral sands sector. With confirmed commercial-grade ilmenite, zircon and valuable by-products at their Mposa deposit, now is the time to learn more about this diversified investment opportunity. Visit www.chilwaminerals.com.au for detailed information on their critical minerals project and to follow their development pathway as they progress toward their upcoming Scoping Study.