Connected Minerals (ASX:CML): Bailundo Drilling Approaches First Assay Results

Aditi Sarkar

29 October 2026 05:58 PM AEDT

Connected Minerals (ASX:CML): Bailundo Drilling Approaches First Assay Results

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Highlights

About 937 metres had been drilled across 14 diamond collars by 27 October.
The first assays from the current Bailundo programme were expected in mid-November.
Connected holds an 80 per cent interest in the Bailundo project.
The company ended September with A$5.15m in cash.
Historical intersections remain distinct from unreported current drilling results.

Connected Minerals Ltd (ASX:CML) explores mineral projects including the Bailundo carbonatite prospect in Angola. The September 2026 quarterly update concentrated on the first stages of a new diamond drilling programme, the acquisition of historical exploration records and funding for the next fieldwork phase. Importantly, the current programme had not produced reported assay results at the date of the update.

Progress in the Bailundo programme

At Bailundo, where the company has an 80 per cent interest, approximately 937 metres had been drilled across 14 diamond collars by 27 October 2026. Connected Minerals (ASX:CML) reported completion of 11 of the 29 initial holes, alongside a twin of historical drill hole SB02. The first assays from this programme were expected in mid-November, subject to laboratory progress.

The planned programme includes approximately 62 holes targeting niobium in central and southern areas, together with about 54 holes targeting rare earths in the north. Initial spacing is 200 metres by 200 metres, with areas intended for 100-metre infill. Additional drill rigs were expected to arrive in November before the local wet season. The scope and sequence could change with weather, rig availability and field conditions.

Geophysics and historical evidence

Connected Minerals (ASX:CML) completed around 31 line-kilometres of ground penetrating radar and seven electrical resistivity profiles. A drone magnetic survey was scheduled for completion during the December quarter. The combined programme is intended to inform geological interpretation and the positioning of further holes.

Following quarter end, the company acquired a database containing ten historical diamond holes totalling 3,414.4 metres, plus 1,089 soil samples and 458 rock-chip samples. Reported historical intersections included 205.5 metres at 1.0 per cent niobium pentoxide from surface in SB02 and 227.3 metres at 2.0 per cent total rare earth oxides from surface in SB06. These values come from older exploration work, not from the current drilling campaign.

The company cautioned that historical grades and continuity are not yet verified to the standard required for a new Mineral Resource, and that around 1,534 metres of historical drill core remains unassayed. Connected Minerals (ASX:CML) has set a goal of a maiden JORC Mineral Resource by the end of 2027, conditional on drilling results and Competent Person review. The stated goal is not a completed estimate.

Licence position and recent corporate changes

The acquisition of the Frontier Group completed on 7 August 2026 and provided the company’s indirect Bailundo interest. Ministerial approval added niobium, rare earths, phosphates and gallium to the prospecting title, but execution of Addendum II and formal gazettal remained pending. Stephen Wetherall became managing director in September.

Elsewhere, a heritage agreement was executed for the Pallingup project in Western Australia, although land access negotiations continued. In Namibia, no exploration was undertaken on the uranium licences during the quarter. A renewal application was lodged for EPL 6933 following its stated October expiry.

September funding and next milestones

Connected Minerals (ASX:CML) held A$5.15m in cash at 30 September 2026 and reported no interest-bearing debt. Operating outflow was A$667,000 and exploration payments totalled A$406,000. Placement proceeds were A$4.5m before A$165,000 in costs. A repayment of A$1,015,000 was made to a related entity, and related-party payments were A$206,000. Its Appendix 5B estimated about 4.8 quarters of funding.

A further A$420,000 was received from option exercises on 5 October, after quarter end. Pending assays, additional rigs and unfinished licence documentation are the main near-term work items.

Key Insights

Connected Minerals (ASX:CML) has accumulated field drilling, geophysical data and historical records at Bailundo, but the current programme’s assays remain outstanding. Historical intersections are not a substitute for verified results from the new holes. The cash position provides context for planned activity, while licence formalities and the targeted resource timetable remain conditional.

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