Can Connected Minerals Sustain Momentum Amid Exploration and Land Access Challenges?
Connected Minerals reports strong uranium grades from its Etango North-East Project in Namibia and progresses rare earth exploration plans in Western Australia, maintaining a solid financial footing.
- Phase 2 drilling completed with 23 holes at Etango North-East, results expected late October
- 14 of 15 holes in Phase 1 delivered economic uranium grades
- Land access negotiations underway for Pallingup rare earths project in Western Australia
- Company holds AUD 3.39 million cash with no debt at quarter end
- Ongoing review of Pilbara assets and expenditure tracking against prospectus
Strong Uranium Exploration Momentum in Namibia
Connected Minerals Ltd (ASX – CML) has reported encouraging progress at its Etango North-East Uranium Project in Namibia, a region renowned for its prolific uranium deposits. Following a maiden drilling campaign where 14 of 15 holes yielded economic uranium grades, the company completed a Phase 2 Reverse Circulation (RC) drilling program comprising 23 holes for 3,134 metres. Results from this latest phase are anticipated in late October, with initial indications suggesting continued intersection of mineralised zones.
The company’s strategic positioning near major uranium mines such as Rossing, Husab, and Bannerman Energy’s Etango project enhances the prospectivity of its Namibian portfolio. The geology encountered, including multiple stacked Alaskite units, aligns with models of nearby world-class deposits, reinforcing optimism about resource potential.
Advancing Rare Earth Exploration in Western Australia
In parallel, Connected Minerals is advancing its Pallingup Project in Western Australia’s Great Southern Region, targeting rare earth elements (REE) and heavy minerals. The company is actively negotiating land access agreements with local landowners, aiming to commence fieldwork in January 2026. Preliminary geophysical interpretations have identified up to two carbonatite bodies, geological features often associated with REE mineralisation, which will guide upcoming exploration efforts.
Connected Minerals also continues to review its Pilbara assets, reassessing future budget allocations amid evolving strategic priorities.
Financial Position and Operational Efficiency
Financially, the company ended the quarter with approximately AUD 3.39 million in cash and no debt, reflecting prudent cash management. Operating cash outflows decreased compared to the previous quarter, with exploration expenditure at AUD 277,000 and staff and administration costs well controlled. The company remains on track with its expenditure relative to its prospectus forecasts, though some variances exist due to timing and operational factors.
Connected Minerals’ management emphasizes the importance of maintaining a strong balance sheet to support ongoing exploration activities and potential development opportunities in both Namibia and Australia.
Looking Ahead
As the market awaits the Phase 2 drilling results from Namibia, Connected Minerals is positioning itself to capitalise on both uranium and rare earth element demand drivers. The company’s dual-jurisdiction strategy offers diversified exposure to critical minerals essential for global energy transition technologies. Success in these exploration programs could significantly enhance Connected Minerals’ resource base and investor appeal.
Bottom Line?
With promising uranium results and rare earths exploration gearing up, Connected Minerals is poised for a pivotal phase in its growth story.
Questions in the middle?
- Will Phase 2 drilling results confirm and extend the high-grade uranium mineralisation at Etango North-East?
- How quickly can Connected Minerals secure land access agreements to commence fieldwork at Pallingup?
- What strategic decisions will emerge from the ongoing review of Pilbara assets?
