Bailundo carbonatite acquisition moves to the brink of completion
Connected Minerals (ASX:CML) has cleared the final hurdles to acquiring Frontier Group CRM Pty Ltd, with completion of the Bailundo carbonatite acquisition now expected to occur imminently. The Transaction, first announced on 4 May 2026, is being de-risked by three key developments unlocked around 28–30 July 2026.
Shareholders passed all resolutions at a General Meeting on 28 July 2026, Angola’s mineral resources regulator granted expanded mineral rights over the Project, and the Conditions Precedent under the binding Share Sale Agreement are now satisfied or in a position to be satisfied or waived. The milestones position CML to enter Angola’s growing critical minerals sector.
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Angola grants expanded mineral rights, a key regulatory milestone
The Agência Nacional de Recursos Minerais (Angola’s National Mineral Resources Agency, or “ANRM”) has formally granted Frontier’s application under Article 44 of the Angolan Mining Code to expand the Mineral Investment Contract (“MIC”) governing the Bailundo licence.
The newly included commodities are niobium (Nb), rare earth elements (REE) and phosphates (“Included Minerals”). Connected will also seek to include gallium within the mineral rights, an intention flagged for the future rather than a right currently granted.
The ANRM has prepared a draft Addendum to the MIC (“Addendum II”) that formally adds the Included Minerals. Following review, execution and publication in the Government Gazette, Addendum II will enter into force. According to the Company, the grant aligns the Project’s mineral rights with the carbonatite-hosted Nb and REE mineralisation that is the focus of the exploration programme, strengthening tenure security ahead of Completion.
| Condition Precedent | Status | Detail |
|---|---|---|
| Shareholder approvals | Complete | All resolutions passed 28 July 2026 |
| ANRM mineral rights expansion | Granted | Nb, REE, phosphates added under Article 44 |
| Capital raising | Approved | A$4.5M gross |
| Remaining CPs | Satisfied / to be satisfied or waived | Administrative closing steps remain |
CEO Commentary
“We are delighted with the strong shareholder support demonstrated for the Transaction and we thank MIREMPET and the ANRM for the expedient handling of our application and the ANRM’s subsequent grant to include niobium, rare earth elements and phosphates within the mineral rights. Following receipt of these key approvals, Completion of the Transaction is very close and with exploration activities already underway at Bailundo, we look forward to moving quickly and becoming a part of Angola’s growing critical minerals sector,” said Stephen Wetherall, Chief Executive Officer.
What the deal delivers on completion
Upon Completion, Connected will acquire 100% of Frontier Group CRM Pty Ltd, resulting in an 80% interest in Frontier Resources Angola, Lda, the holder of the Bailundo licence. The existing in-country ownership structure will otherwise remain unchanged.
The Company confirmed a further announcement will follow upon formal Completion. Upcoming milestones include attending to administrative closing steps, execution and gazetting of Addendum II, and Formal Completion followed by a further ASX announcement.
Understanding carbonatites and why critical minerals matter
Niobium, REE and phosphates are classed as critical minerals because of their roles in modern industry. Securing rights over these specific commodities, rather than the base licence alone, materially strengthens the exploration thesis at Bailundo.
Boots already on the ground at Bailundo
Exploration activities have already commenced at Bailundo, with an operational update to be released to the market shortly. Technical teams have completed a preparatory visit to the Bailundo Carbonatite Complex (Figure 1), providing supporting context for the work now underway.
The activity signals momentum ahead of formal Completion, indicating the asset is not sitting idle while the final administrative steps are attended to.
The investment case and what comes next
The Transaction expands Connected Minerals’ portfolio, with the Company — an Australian-headquartered critical minerals company — adding an 80% interest in a large-scale Angolan carbonatite complex prospective for niobium and rare earth elements. The Company currently retains its existing portfolio of exploration assets in Namibia and Western Australia.
Near-term catalysts flagged in the update include:
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Formal Completion of the Transaction, expected imminently
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An operational and exploration update to follow shortly
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Execution and gazetting of Addendum II
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Potential future inclusion of gallium within the mineral rights
With the regulatory and shareholder hurdles cleared, attention now turns to the administrative closing steps and the exploration programme already advancing on the ground at Bailundo.
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