Connected Minerals Limited is seeking to raise A$4.5 million through a share placement to accelerate exploration across its Namibian uranium portfolio, with the capital earmarked for drilling, geophysical surveys and resource definition work at its Etango North-East and Swakopmund projects.
The ASX-listed explorer plans to issue 27,272,728 new ordinary shares at A$0.165 (16.5 cents) each, subject to shareholder approval.
The proposal will be considered at a shareholder meeting on 28 July 2026, with the shares expected to be issued on 11 August 2026 if approved.
The capital raising comes as Connected advances two uranium projects in Namibia’s Erongo Region. Its flagship Etango North-East Project, which covers 30 km², lies within one of the country’s most prospective uranium districts.
The project borders major uranium deposits, including Bannerman Energy’s Etango Project, which hosts a mineral resource of 416 million tonnes grading 225ppm U₃O₈, while Swakop Uranium’s nearby tenement hosts a resource of 241 million tonnes grading 480ppm U₃O₈.
Exploration completed during 2025 has strengthened the company’s confidence in the project. Phase 1 and Phase 2 drilling demonstrated geological similarities to Bannerman’s world-class Etango deposit, while drilling at the Ondapanda Prospect intersected uranium mineralisation that requires further follow-up.
Of the 23 holes drilled, 17 returned economic uranium grades, with mineralisation remaining open both at depth and along strike.
Among the better intersections reported are 5 metres grading 358ppm eU₃O₈ from 88 metres, including 2 metres at 643ppm and 1 metre at 814ppm; 4 metres grading 456ppm eU₃O₈ from 36 metres, including 1 metre at 716ppm; and 6 metres grading 295ppm eU₃O₈ from 42 metres, including 2 metres at 485ppm.
The project also benefits from existing regional infrastructure, including electricity, water and communications.
Connected also holds the 125 km² Swakopmund Project, situated near Orano’s Trekkopje and Klein Trekkopje uranium deposits, which together host a resource of 340 million tonnes grading 140ppm U₃O₈.
The company believes the project has strong potential to host a large, low-grade calcrete-hosted uranium deposit associated with drainage channels flowing from nearby uranium-rich granites.
According to the notice of meeting, proceeds from the placement will fund additional geophysical surveys, drilling, resource delineation, and metallurgical and petrographic test work, and provide working capital to maintain exploration momentum.
The placement will be managed by 708 Capital, which has been appointed lead manager. Under the mandate, the firm will receive a management fee of 2% of the gross proceeds and a selling fee of 4% on the portion of funds it raises.
The proposed issue requires shareholder approval under ASX Listing Rule 7.1 because it exceeds the company’s available placement capacity.
The capital raising marks the next phase of Connected Minerals’ strategy to unlock value from its Namibian uranium assets.
By directing new funding into drilling and technical studies rather than acquisitions, the company is aiming to advance both projects towards future resource definition and position itself alongside the established uranium developments in the Erongo uranium province.
Attention will now turn to the shareholder vote later this month. If approved, the placement will allow Connected Minerals to complete the raising in August and accelerate exploration at both Etango North-East and Swakopmund, with further drilling results expected to be the company’s next major catalyst.
