Connected Minerals Limited (ASX:CML), an Australian-headquartered company primarily focused on exploring uranium discoveries in Namibia and multi-commodity potential in Western Australia, has announced a binding conditional agreement to acquire 100% of Frontier Group CRM Pty Ltd. This acquisition will give Connected Minerals an indirect 80% interest in the Bailundo licence, which hosts a significant Niobium-Rare Earth Element (Nb-REE) mineralised carbonatite complex in Angola. The move marks a strategic expansion into high-demand critical minerals, bolstering the company’s asset portfolio.
The Bailundo Project features a large-scale, approximately 7km diameter carbonatite complex within its 2,054km² licence area. Recent validation sampling by Frontier has confirmed high-grade mineralisation from surface, with channel samples returning up to 2.1% Nb₂O₅ and up to 7.7% TREO (including 1.3% NdPr). Soil and rock chip samples further substantiated these findings. The mineralisation target is hosted within near-surface weathered saprolite and extends into fresh carbonatite. Incoming Chief Executive Officer, Stephen Wetherall, stated, “The transaction represents a significant opportunity to explore a large-scale, carbonatite complex that includes high-grade niobium and rare earth mineralisation.” The project is strategically located near Huambo city, with access to the Lobito Corridor, a major US and EU-backed export route, and is situated within a geological province analogous to world-class Brazilian carbonatites.
To fund the rapid advancement of the project, Connected Minerals proposes a $4.5 million capital raising. The funds are earmarked for geophysical surveys, drilling, and metallurgical test work to define the scale, continuity, and geometry of mineralisation. The company also announced key board appointments, with Quentin Flannery named Non-Executive Chairman and Stephen Wetherall, who brings 12 years of in-country experience, appointed Chief Executive Officer. The acquisition aligns with Angola’s initiatives to diversify its economy and strengthen its mineral resource sector, providing a supportive environment for critical minerals development.
