Connected Minerals maintains a robust uranium drilling success rate at its Etango North-East Project in Namibia, while progressing rare earth exploration in Western Australia’s Pallingup Project amid a solid cash position.
- 17 of 23 Phase 2 drill holes at Etango North-East yield economic uranium grades
- Exploration programs under review with mineralisation open at depth and strike
- Pallingup Project identifies up to two carbonatite targets prospective for rare earth elements
- Cash position of approximately AUD 2.8 million with no debt
- Use of funds below prospectus estimates due to recent ASX re-admission
Strong Uranium Drilling Results Bolster Namibian Portfolio
Connected Minerals Limited (ASX:CML) has reinforced its position in Namibia’s uranium-rich Erongo Province with an 80% success rate in its Phase 2 drilling program at the Etango North-East Project. Seventeen of the 23 holes drilled returned economic uranium grades, confirming the presence of multiple stacked and mineralised Alaskites (leucogranite) that mirror the geological model of Bannerman Energy’s world-class Etango deposit. This continuity in mineralisation, which remains open at depth and along strike, underscores the prospectivity of Connected’s 30km2 tenure in the region.
The company completed the Phase 2 drilling in 2025, adding to the earlier Phase 1 program, and is currently reviewing further exploration strategies to build on these encouraging results. The Etango North-East Project’s proximity to existing uranium mines and deposits, combined with excellent regional infrastructure, positions Connected well for future development options. These outcomes build on the company’s earlier success, as detailed in its Phase 2 RC drilling completed announcement from January 2026.
Rare Earth Element Potential in Western Australia
Meanwhile, in Western Australia’s Great Southern Region, Connected Minerals is advancing its Pallingup Project, which covers approximately 88km2 across two granted exploration licences. The project is considered prospective for rare earth elements (REE) and heavy minerals, with geologists interpreting up to two carbonatite bodies from proprietary aeromagnetic survey data. Carbonatites are significant as they often host REE mineralisation, making these targets particularly attractive.
Land access negotiations with local landowners are ongoing to facilitate planned field activities in the next season. This cautious but deliberate approach reflects the company’s intent to progress exploration while managing stakeholder relationships effectively. The Pallingup Project’s advancement complements Connected’s broader strategy to diversify its portfolio beyond uranium, as discussed in its earlier rare earth exploration plans update from October 2025.
Pilbara Assets and Financial Position
Connected continues to review its Pilbara assets in Western Australia, reassessing future budgets and potential exploration priorities. No new fieldwork was reported this quarter, suggesting a strategic pause as the company realigns its focus and resources.
Financially, Connected Minerals ended the quarter with approximately AUD 2.8 million in cash and no debt, reflecting prudent management amid ongoing exploration expenditure. Operating cash outflows decreased compared to the previous quarter, driven by lower administrative overheads. Staff costs amounted to AUD 113,000, exploration costs to AUD 142,000, and administration and corporate expenses to AUD 79,000. The company also received AUD 100,000 in focus mining royalty income, providing a modest offset to exploration spending.
Use of funds remains below the prospectus projections, primarily due to the company’s recent re-admission to the ASX in October 2024. Exploration expenditure on Namibian projects stands at just under AUD 965,000, while Western Australian assets have seen AUD 172,000 spent to date, leaving substantial budget headroom for future programs.
Bottom Line?
Connected Minerals’ strong drilling success in Namibia and targeted rare earth exploration in Australia position it well, but upcoming decisions on further exploration and land access will be critical to sustaining momentum.
Questions in the middle?
- What are the timelines and budgets for the next phase of drilling at Etango North-East?
- How will land access negotiations impact the commencement of fieldwork at Pallingup?
- What strategic decisions will Connected make regarding its Pilbara assets amid budget reviews?