Highlights

  • Historical drilling from 2010–2012 returned 358.9 metres at 1.7% TREO from surface in hole SB06 and 205.5 metres at 1.0% Nb2O5 from surface in hole SB02.
  • Only six of the original ten holes were assayed; the remaining four holes plus re-assaying of selected intervals represent an early low-cost upside opportunity.
  • New diamond drilling programme underway since September 2026 targets the interpreted Bailundo carbonatite intrusion.
  • Carbonatite systems host both niobium and rare earth mineralisation; Bailundo sits in a geological setting comparable to several operating carbonatite mines globally.

Four diamond holes drilled in Angola more than a decade ago were never assayed. That single fact — and what the six holes that were assayed returned — is the foundation of Connected Minerals' (ASX:CML) current work programme at Bailundo. The company is back in Angola running a new diamond drill programme and preparing to extract further value from its historic core library.

What the 2010–2012 Campaign Found

The original programme at Bailundo covered ten diamond holes totalling 3,414 metres, drilled between 2010 and 2012. Six holes were assayed. The best rare earth result came from hole SB06, which intersected 358.9 metres at 1.7% total rare earth oxides (TREO) from surface, including 24 metres at 8.3% TREO. The best niobium result came from hole SB02: 205.5 metres at 1.0% Nb2O5 from surface, including 24 metres at 3.0% Nb2O5. Critically, these were shallow intercepts — both from surface — consistent with the open-pit geometry that makes carbonatite projects economically attractive.

Four holes from the original campaign were not assayed. Connected Minerals has flagged these as offering low-cost additional data. Re-assaying selected intervals from the six assayed holes is also planned. Neither the identity of the four unassayed holes nor the specific intervals targeted for re-assay have been disclosed.

Carbonatite Geology at Bailundo

Carbonatites are igneous intrusions composed primarily of carbonate minerals, and they are the world's primary source of both niobium and light rare earth elements. Classic examples include the Bayan Obo deposit in China, the Araxa operation in Brazil and the Phalaborwa carbonatite mine complex in South Africa. At Bailundo, the mineralisation is interpreted to relate to a carbonatite intrusion whose full extent has not yet been defined. Historical geophysics identified a circular airborne magnetic anomaly approximately 2.5 kilometres in diameter, typical of a carbonatite complex.

Current Drilling Programme

A new diamond drilling programme at Bailundo began in September 2026. The company has not disclosed the number of planned holes, total metreage, individual targets within the carbonatite or a completion timeline for this programme. Assay results from the new campaign would be the principal newsflow expected over coming quarters. No resource estimate or scoping study has been attempted at Bailundo, and the project is at an early stage of systematic evaluation.

Corporate Context

Connected Minerals holds the Bailundo project through a 75% interest in Angolan subsidiary Connected Minerals Angola Lda, with the remaining 25% held by a local Angolan partner. The company reported cash and equivalents of A$4.4 million as at 30 September 2026, with A$0.32 million of quarterly outflows. At that rate the cash runway extends beyond one year without additional capital, though the scale of the new drill programme — and therefore its cost — has not been disclosed.