Highlights

• Connected Minerals shares are up 13.08% at AUD 0.368 during Friday trade.

• The company is progressing the acquisition of the Bailundo carbonatite complex in Angola.

• Bailundo has returned surface indications of niobium and rare earth mineralisation.

• Connected Minerals has outlined initial drilling for the project after completing transaction approvals.

Connected Minerals Limited (ASX:CML) is extending its 2026 rally as attention shifts from corporate restructuring to exploration execution. CML shares are up 13.08% at AUD 0.368 during the 7 August session, taking the one-year gain to 172.22%. The current market interest follows the company's move into Angola through the proposed acquisition of the Bailundo carbonatite complex, a project targeting niobium and rare earth mineralisation.

Company Overview

Connected Minerals Limited (ASX:CML) is a mineral exploration company whose current growth strategy centres on the Bailundo carbonatite complex in Angola, where it is targeting niobium and rare earth mineralisation.

Recent Developments

Connected Minerals announced in May that it had entered a binding agreement to acquire 100% of Frontier Group CRM Pty Ltd, giving it exposure to the Bailundo project in Angola. The project contains a large carbonatite complex where surface work has identified niobium and rare earth mineralisation.

The transaction marked a major change in the company's exploration focus. Rather than relying only on its existing Australian interests, Connected Minerals is building a new critical-minerals platform around an African asset with multiple target commodities.

The company proposed an AUD 4.5mn capital raising to support the acquisition and exploration programme. Shareholders considered the related transaction resolutions at a general meeting on 28 July 2026.

Connected Minerals' June-quarter update also pointed to initial drilling planned for August, placing the project close to its first direct subsurface test under the company's ownership structure. This shifts the near-term focus from acquisition mechanics towards geological results.

Financial Snapshot

CML shares are currently at AUD 0.368, up 13.08% during Friday's session, with turnover of approximately AUD 220,016. The company's market capitalisation is about AUD 28.53mn and the stock is 172.22% higher over one year.

That performance means expectations around Bailundo have risen considerably. The next stage will depend on whether fieldwork and drilling support the scale suggested by the project's surface mineralisation and carbonatite setting.

Sector Context

Niobium and rare earth projects sit within a broader critical-minerals theme, but early-stage exploration value remains highly dependent on drilling results, metallurgy, permitting and the ability to define an economic resource.

What to Watch

The main near-term catalyst is the start and progression of drilling at Bailundo. Results from the first holes, along with follow-up geophysics, mapping and sampling, will help determine how the company prioritises targets across the carbonatite complex.

Risks

Connected Minerals remains an exploration-stage company. The Bailundo transaction and exploration programme carry geological, permitting, funding and jurisdictional risks, while early surface results do not guarantee an economic mineral resource.