Why Connected Minerals (ASX:CML) is drilling Angola's Bailundo carbonatite for niobium and rare earths

Sonal Goyal

03 November 2026 09:09 PM AEDT

Why Connected Minerals (ASX:CML) is drilling Angola's Bailundo carbonatite for niobium and rare earths

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Key Highlights

Diamond drilling at the Bailundo carbonatite in Angola's Huambo Province began on 11 September 2026, with first assays due in mid-November and a second rig due in November.
Historical holes returned thick intervals including 205.5 metres at 1.0% niobium oxide, 358.9 metres at 1.7% total rare earth oxides and 201.8 metres at 1.8% total REO.
The 6,000-metre first-pass programme covers 63 planned niobium holes in the central and southern zone and 54 rare earth holes in the north, with about 937 metres drilled across 14 collars by 27 October 2026.
The 2,054.8 sq km concession is located within the Lobito Corridor and includes a carbonatite complex about 7 kilometres across; Connected Minerals holds an indirect 80% interest acquired in August 2026.

Connected Minerals Limited (ASX:CML) is drilling the Bailundo carbonatite in Angola because historical holes there reported thick intervals of niobium and rare earth elements, and the company completed its Acquisition of an 80 per cent interest on 7 August 2026. Diamond drilling began on 11 September 2026, with first assays due in mid-November.

From uranium explorer to critical minerals

The ASX describes Connected as a uranium explorer in Namibia with three granted exploration licences in Western Australia. The Bailundo purchase adds niobium and rare earths. No Namibian exploration was undertaken in the September quarter, and its ASX classification, technology hardware, does not describe the business.

The company bought Frontier Group CRM, which holds an indirect 80 per cent of the concession in Huambo Province. The 2,054.8 square kilometre area sits within the Lobito Corridor and includes a carbonatite complex about 7 kilometres across.

What the old holes showed

On 27 October 2026 the company released historical data from 10 diamond holes drilled by a previous operator between 2010 and 2012, totalling 3,414.4 metres. Six holes have assays, and about 1,534 metres remain unassayed.

Hole SB02 returned 205.5 metres at 1.0 per cent niobium oxide, including 24.0 metres at 3.0 per cent. Hole SB06 returned 358.9 metres at 1.7 per cent total rare earth oxides, and SB04 returned 201.8 metres at 1.8 per cent.

These are downhole lengths, not true widths. The company cautions that no downhole surveys were recorded, some assays hit analytical upper limits, and the data is not a mineral resource.

Surface sampling shows similar zoning. Some 118 soil samples returned at least 0.5 per cent niobium oxide, mostly in the Central and Southern zone, while 339 returned at least 1.5 per cent rare earth oxides, mostly in the north. A peak of 167.5 parts per million gallium in SB04 is not yet tied to a host mineral.

The current programme

The first-pass plan covers about 6,000 metres of reverse circulation and diamond drilling. It includes 63 planned niobium holes in the Central and Southern zone and 54 rare earth holes in the north.

By 27 October 2026 about 937 metres had been drilled across 14 diamond collars. Twelve holes were complete, including 11 of 29 planned first-pass holes. A second diamond rig is due in November.

Ground radar and resistivity surveys, completed in July, showed weathering depth varies widely across the complex. That matters because it affects where drilling can test fresh rock and how the deposit might eventually be processed.

Funding and structure

Cash at 30 September 2026 was A$5.2 million with no interest-bearing debt. Operating outflow for the quarter was A$667,000, and the company reported 4.80 quarters of funding on that basis.

It raised A$4.5 million through a Placement of 27,272,728 shares at A$0.165, managed by 708 Capital. A$1.015 million was repaid to Ilwella, an entity associated with chair Quentin Flannery.

The remaining 20 per cent of the Angolan project is held by other parties, and the documents reviewed do not name its holder. Execution of an addendum and gazettal of a ministerial order remain pending.

Risks and milestones

Historical results may not be reproduced, and the grade of weathered material may differ from fresh rock. Carbonatite metallurgy is a specialised field, and no processing route has been shown at this site.

Angola adds sovereign, permitting and infrastructure risk, and the wet season from late November or early December could slow field work. Rare earth and niobium markets are small and volatile.

A drone magnetic survey is due in the December quarter of 2026, and first assays are expected in mid-November. A maiden JORC resource is targeted for the end of 2027, and the Annual General Meeting is on 30 November 2026 in Perth.

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