Connected Minerals completes Bailundo Carbonatite acquisition in Angola
Connected Minerals (ASX:CML) has completed the acquisition of Frontier Group CRM Pty Ltd, the vehicle holding an indirect 80% interest in the Bailundo licence in Angola. The licence hosts what the Company describes as a “significant Niobium-Rare Earth Element mineralised carbonatite complex.”
All conditions precedent, including shareholder approval, were satisfied or waived to enable the transaction to close, with completion confirmed on 7 August 2026.
The acquisition establishes Bailundo as the Company’s flagship project and clears the way for Connected to advance the exploration phase. Connected referred shareholders to its announcements dated 4 May 2026, 28 July 2026 and 30 July 2026 for full details of the transaction, project background, consideration structure and exploration programmes.
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What completion delivers to Connected
The acquisition of Frontier’s Angolan operating company holding the indirect 80% interest in the Bailundo licence is now complete. The Company confirmed the following outcomes:
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Acquisition of the Bailundo Carbonatite Project in Angola completed
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All conditions precedent, including shareholder approval, satisfied or waived
The path to completion involved a cluster of milestones in late July 2026, with shareholder approval and expanded mineral rights over niobium, REEs and phosphates secured simultaneously before the transaction could formally close.
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Consideration shares and performance shares issued in accordance with the Share Sale Agreement
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Frontier’s Angolan operating company and associated mining rights now form part of the Connected group
With the transaction closed, Frontier’s Angolan operating company and its associated mining rights sit within the Connected group. The consideration structure sits in the referenced prior announcements and is not disclosed in this completion notice.
CEO Commentary
“Completion of the acquisition marks an important milestone for Connected and establishes Bailundo as the Company’s flagship project. We are now focused on advancing exploration activities and unlocking the significant critical minerals potential we believe exists across the project,” said Stephen Wetherall, Chief Executive Officer.
The road ahead: exploration and drilling
Completion of the transaction now enables Connected to accelerate execution of the exploration strategy at Bailundo. The Company noted that drilling preparations are “well advanced,” referencing a separate ASX announcement also dated 7 August 2026.
Beyond Bailundo, Connected currently holds a portfolio of exploration assets in Namibia and Western Australia, with the Company focused on niobium, rare earths and uranium.
Bailundo now sits at the centre of that portfolio as the flagship asset, with the upcoming drilling programme the near-term catalyst investors are likely to watch as the exploration phase gets underway.
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