Highlights

  • Connected Minerals completed its Acquisition of Frontier Group CRM on 7 August 2026, securing an indirect 80% Bailundo interest.
  • Maiden diamond drilling began in September 2026, with about 937m drilled across 14 collars by 27 October.
  • A historical database covers ten diamond holes totalling 3,414.4m, plus 1,089 soil and 458 rock-chip samples.
  • The company held A$5.15 million cash at 30 September 2026, with no interest-bearing Debt reported.

Connected Minerals (ASX:CML) has paired its first drilling campaign at the Bailundo Carbonatite Project in Angola with the purchase of a decade-old exploration database, giving the critical minerals explorer both fresh core and historical assays to work with as it targets niobium and rare earths.

The Perth-based company now describes itself as focused on niobium, rare earths and uranium, after completing a transformational acquisition in August 2026 that shifted its centre of gravity from Western Australian and Namibian ground to Huambo Province in central Angola.

Historical Holes Reveal Broad Niobium and Rare Earth Intervals

On 27 October 2026, the company announced that its Angolan Subsidiary had acquired historical geological data from Genius Mineira and MINARA. The package covers ten diamond holes drilled between 2010 and 2012, totalling 3,414.4m, along with 1,089 soil samples, 458 rock-chip samples, core photographs, logs and preliminary metallurgical studies.

Hole SB02 returned 205.5m at 1.0% Nb2O5 from surface, including 24.0m at 3.0%. On the rare earth side, SB06 intersected 358.9m at 1.7% TREO from surface, including 227.3m at 2.0%. The company stressed that these historical results are not a Mineral Resource or Ore Reserve, that true widths have not been established, and that some high-grade assays hit laboratory upper limits. About 1,534m of historical core, including four entire holes, remains unassayed.

Acquisition Completed and Placement Funds Exploration

Shareholders approved the Frontier Group CRM transaction and an associated Capital raising at a general meeting on 28 July 2026. The company issued 27,272,728 placement shares at A$0.165 each on 5 August, raising A$4.5 million before costs, and completed the acquisition on 7 August. Consideration included 52,272,726 shares and two classes of performance shares.

In its September quarter report, the company recorded net operating cash outflows of A$667,000 and exploration payments of A$406,000, and repaid about A$1.0 million of bridging funding. Cash stood at A$5.15 million at 30 September 2026. Stephen Wetherall became Managing Director from 14 September 2026.

Drilling, Assays and a Resource Target Shape the Outlook

Roughly 3,000m of diamond drilling is planned at the Central and Southern niobium target. Twelve holes had been completed by 27 October, including 11 of 29 planned first-pass holes and a twin of historical hole SB02. Samples from the first seven holes have been dispatched, with first assays expected in mid-November 2026.

Management plans to mobilise additional rigs in November ahead of the wet season, complete a drone magnetic survey in the December quarter, and evaluate the unassayed historical core. The company is also working to execute Addendum II to its Mineral Investment Contract, which would formally add niobium, rare earths and phosphates to the licence once gazetted. A maiden JORC Mineral Resource is targeted by the end of 2027, and the Annual General Meeting is scheduled for 30 November 2026.

Shares were priced at A$0.255 on 2 November 2026, down 15% on the day, giving a Market Capitalisation of A$36.89 million and a 12-month gain of 54.55%.