14 of 15 Holes Hit Economic Uranium Grades at Ondapanda, Cash Position Solid at $3.9M
Connected Minerals reports promising uranium grades from its maiden drilling at Namibia’s Etango North-East project, aligning closely with nearby world-class deposits, while advancing rare earth exploration in Western Australia.
- Maiden 15-hole RC drilling at Ondapanda yields 14 economic uranium-grade intersections
- Drilling results mirror Bannerman Energy’s Etango Project grades, validating geological model
- Phase 2 drilling planned to extend and infill at Ondapanda, plus exploration at Pandula and Onkumbwa
- Pallingup Project expanded in Australia with new tenement targeting rare earth elements
- Corporate updates include performance options for MD and appointment of 708 Capital as corporate adviser
Robust Uranium Potential Confirmed in Namibia
Connected Minerals Limited (ASX – CML) has delivered a compelling start to its uranium exploration campaign in Namibia, completing a maiden 15-hole reverse circulation (RC) drilling program at the Ondapanda Prospect within the Etango North-East Uranium Project. Impressively, 14 of these holes returned economic uranium grades, with mineralisation characteristics closely paralleling those of Bannerman Energy’s nearby Etango Project, a globally significant uranium deposit.
The drilling intersected multiple stacked and mineralised Alaskites (leucogranite), reinforcing the geological model that underpins the project’s potential. Highlights include intercepts such as 5 meters at 358 ppm eU3O8 and 4 meters at 230 ppm eU3O8, demonstrating grades that align with early-stage results from Bannerman’s Etango discovery. This validation is a significant milestone for Connected Minerals, positioning the company well within one of Namibia’s most prolific uranium provinces.
Expanding Exploration Horizons
Building on these encouraging results, Connected Minerals is preparing for Phase 2 drilling, which will focus on extensional and infill drilling at Ondapanda, as well as initial exploration at the Pandula and Onkumbwa Prospects to the south. Early fieldwork has already commenced in these areas, suggesting the potential for further discoveries along strike and at depth.
Meanwhile, the company completed a maiden 22-hole RC drilling program at its Swakopmund Uranium Project. Although no significant radiometric anomalies were detected, the program provided valuable geological insights that will inform future exploration strategies.
Australian Rare Earths Ambitions Gain Momentum
In Western Australia, Connected Minerals has expanded its Pallingup Project in the Great Southern Region through a new tenement application, increasing its footprint to approximately 88 square kilometers. The area is considered prospective for rare earth elements (REE) and heavy minerals, with geologists identifying up to two carbonatite bodies from proprietary aeromagnetic survey data; structures often associated with REE mineralisation.
The company is actively negotiating land access agreements with local landowners to facilitate a planned field season commencing in January 2026. This strategic move into REE exploration complements Connected Minerals’ uranium focus and aligns with global demand trends for critical minerals.
Corporate and Financial Developments
On the corporate front, Connected Minerals has proposed issuing up to 9.5 million performance options to Managing Director Warrick Clent, subject to shareholder approval, as part of an incentive plan to align leadership with shareholder value creation. Additionally, the company has appointed 708 Capital Pty Ltd as its exclusive corporate adviser to support strategic growth, investor engagement, and potential capital raising activities.
Financially, Connected Minerals ended the quarter with approximately AUD 3.9 million in cash and no debt, despite increased operating cash outflows driven by its active drilling programs. The company also terminated an agreement to acquire a Namibian tenement (EPL9576) after reassessing its exploration potential, demonstrating disciplined capital allocation.
Connected Minerals continues to balance aggressive exploration with prudent financial management, positioning itself as a notable player in the uranium and rare earth sectors across two continents.
Bottom Line?
With Phase 2 drilling imminent and rare earth exploration advancing, Connected Minerals is poised for a pivotal year that could reshape its resource portfolio and market standing.
Questions in the middle?
- How will Phase 2 drilling results at Ondapanda and adjacent prospects influence resource estimates and project valuation?
- What are the prospects and timelines for securing land access agreements to enable the Pallingup Project’s field program?
- How might the proposed performance options and corporate adviser appointment impact shareholder value and capital strategy?
