Connected Minerals to Raise $4.5 Million for Angola Niobium-Rare Earth Exploration

• Acquisition of 80% interest in Bailundo carbonatite project, Angola
• High-grade niobium and rare earths confirmed near surface
• $4.5 million capital raising to fund systematic exploration
• Project benefits from strategic location near Lobito Corridor export route
• New leadership appointments to drive project advancement

Connected Minerals Expands Into Critical Minerals with Bailundo Acquisition

Connected Minerals Limited (ASX:CML) has struck a binding agreement to acquire 100% of Frontier Group CRM Pty Ltd, which holds an indirect 80% stake in the Bailundo licence in central Angola. The Bailundo project hosts a substantial ~7km diameter carbonatite complex rich in high-grade niobium (Nb) and rare earth elements (REE), mineralisation confirmed from surface sampling. This acquisition marks a strategic pivot for Connected Minerals, expanding its footprint into a globally critical commodity suite amid Angola’s emerging mining sector.

The Bailundo licence covers over 2,000 square kilometres in Huambo Province, sitting within a geological province analogous to Brazil’s world-class carbonatite deposits such as Araxá, which dominates global niobium supply. Recent validation sampling by Frontier revealed channel samples with up to 2.1% Nb₂O₅ and 7.7% total rare earth oxides (TREO), including significant neodymium-praseodymium (NdPr) concentrations, elements vital to high-tech and clean energy applications.

Strategic Location and Supportive Regulatory Environment

Situated approximately 80km from Huambo city, Bailundo benefits from sealed road access to the Lobito Corridor, a major US and EU-backed export route linking Central Africa to the Atlantic coast. This infrastructure advantage enhances the project’s appeal as a future critical minerals supplier. Angola’s government is actively promoting diversification away from oil and diamonds, strengthening mining regulations and investing in infrastructure, which Connected’s incoming CEO Stephen Wetherall highlights as a supportive backdrop for Bailundo’s advancement.

Wetherall, with over a decade of Angolan experience, emphasises the project’s combination of scale, grade, and near-surface mineralisation as rare globally. He aims to expedite a modern, systematic exploration program to delineate mineralisation geometry and continuity, setting the stage for potential resource definition. The company plans geophysical surveys, including LiDAR and ground-based methods, followed by reverse circulation drilling targeting the saprolite weathered profile known to extend up to 35 metres thick.

Capital Raising and Management Reshuffle to Fuel Exploration

To fund this aggressive exploration push, Connected Minerals is undertaking a $4.5 million placement to professional and sophisticated investors at $0.165 per share, subject to shareholder approval. The funds will primarily support drilling and resource delineation, geophysical surveys, and metallurgical test work. Notably, key Frontier shareholders Quentin Flannery and Stephen Wetherall are joining Connected’s board as Non-Executive Chairman and CEO respectively, signalling continuity and confidence in the project’s potential.

This acquisition aligns Frontier shareholders with Connected Minerals through a combination of ordinary shares and performance shares tied to resource milestones, specifically, achieving a JORC-compliant mineral resource of at least 20 million tonnes at 1.0% Nb₂O₅ or 2.0% TREO within five years. Additionally, Frontier shareholders will retain a 2% net smelter return royalty, preserving upside from future production.

Connected Minerals’ move into Angola complements its existing African uranium assets, such as the Etango North-East project in Namibia, where recent drilling has confirmed economic uranium grades. This diversification into niobium and rare earths could position the company as a multi-commodity critical minerals player in the region, leveraging synergies in exploration and capital markets access as seen in its recent strong uranium drilling results and $5.1m capital boost and drilling at Etango North-East.

Exploration Data and Next Steps

Historical exploration at Bailundo includes over 1,500 soil and rock chip samples, ten diamond drill holes, extensive geological mapping, and petrographic studies. Frontier’s recent sampling program confirms high-grade Nb and REE mineralisation near surface, within weathered saprolite and extending into fresh carbonatite. The regolith profile’s thickness and mineralogy suggest favourable conditions for potentially low-cost extraction.

Connected plans to verify and build upon this data, including detailed geophysical surveys scheduled for mid-2026 and a ~3,000-metre RC drilling program targeting near-surface mineralisation. Metallurgical and mineralogical test work will follow to assess processing pathways. Completion of the transaction hinges on regulatory approvals, including amending the existing Mineral Investment Contract to formally include niobium, rare earths, gallium, and phosphorus, with no guarantee of timing or terms.

While the Bailundo project presents compelling geological and strategic attributes, the company acknowledges the early-stage nature of the asset, with no current mineral resource estimate and inherent risks related to jurisdictional and regulatory factors. The planned systematic exploration program will be pivotal in defining the project's commercial viability and potential contribution to global critical minerals supply chains.

Bottom Line?

Connected Minerals’ Angola acquisition signals a bold entry into niobium and rare earths, but exploration and regulatory hurdles remain before Bailundo’s promise can be realised.

Questions in the middle?

• Will regulatory approvals for adding niobium and rare earths to the licence be secured on favourable terms and timeline?
• How will the upcoming drilling and geophysical surveys refine the scale and continuity of mineralisation at Bailundo?
• What impact will the 2% net smelter return royalty have on project economics and investor returns?