Key Highlights

  • Connected Minerals (ASX:CML) closed at $0.24 on 12 November 2026, down 14.29% over the session.
  • Maiden drilling has started at the Bailundo Carbonatite Project in Angola, with first assays expected in mid-November.
  • The company reported A$5.2 million in cash at the end of the September 2026 quarter and no interest-bearing debt.

Connected Minerals Limited (ASX:CML) shares closed at $0.24 on 12 November 2026, down 14.29% over the trading session, while the S&P/ASX 200 closed at 9,146.80, lower by about 6.40 points or roughly 0.07%. Connected Minerals is an exploration company with a focus on niobium and rare earths, and its main project is the Bailundo Carbonatite in Angola. Its latest update is the quarterly activities report dated 29 October 2026, which covered the September 2026 quarter and the start of drilling.

Maiden Drilling and Historical Results at Bailundo

The Quarterly Report said the company had commenced its maiden drilling programme at Bailundo, with samples from seven holes dispatched and first assays expected in mid-November 2026. Ground geophysics had identified deep weathering and helped refine drill targets. After the quarter, the company acquired the historical Bailundo database, which covers ten diamond holes totalling 3,414.4 metres, 1,089 soil samples and 458 rock-chip samples.

Historical drilling included 205.5 metres grading 1.0% niobium oxide from surface, with a higher-grade section of 24.0 metres at 3.0% from 19.6 metres. Broad rare earth intersections included 227.3 metres at 2.0% total rare earth oxide from surface. The company noted that about 1,534 metres of historical drilling has not yet been assayed.

Frontier Acquisition and Corporate Update

Connected Minerals completed the Frontier acquisition, which secures an indirect 80% interest in Bailundo, a carbonatite complex about 7 kilometres in diameter. Shareholders approved the acquisition and an associated A$4.5 million Capital raising before costs. The company also received a new prospecting title covering niobium, rare earths, gallium and phosphates, with the gazettal process still under way.

Sector Context

Connected Minerals operates in the critical minerals exploration segment, where niobium and rare earths attract interest because of their use in steel alloys and magnets. Projects at an early drilling stage tend to be judged on the strength of their assay results and on whether they can secure funding for larger programmes. On 12 November the broader market was little changed, so the decline in Connected Minerals shares was company-specific.

Risks and Limitations

Historical drilling results have not been confirmed by the company's own work, and a large part of the historical drilling remains unassayed. The new drilling is at an early stage, and it may take considerable time to establish whether the carbonatite can support a commercial resource. Operating in Angola also introduces permitting, political and logistical risks that the company will need to manage.

What to Watch Ahead

Investors will be looking for the first assays from the new holes, expected in mid-November, and for any update on the Frontier integration and the new prospecting title. Progress on the unassayed historical drilling and the company's plans for a resource estimate will also be followed.

Final Word

Connected Minerals is moving from desktop review to fresh drilling at Bailundo, and the coming assays will show whether the historical results are reflected in the new holes. The share price fall on 12 November came without a new announcement on the day.