Connected Minerals Limited has suspended exploration activities at its two uranium projects in Namibia’s Erongo Region, following a decision to impair the value of its Namibian exploration assets as the company reassesses its exploration priorities.
In its latest quarterly activities report, the company confirmed that no exploration work was undertaken at either the Etango North-East Uranium Project or the Swakopmund Uranium Project during the reporting period.
The company holds an 80% interest in both projects, which are covered by Exclusive Prospecting Licences EPL 6933 and EPL 9162.
Etango North-East, situated approximately 35 kilometres east of Swakopmund, is held under EPL 6933, while the Swakopmund Uranium Project is covered by EPL 9162.
Connected Minerals disclosed that the Namibian exploration assets had been impaired as at 30 June 2026, a decision reported in its 2026 annual report and attributed to the company’s exploration priorities.
An impairment involves reducing the carrying value of an asset in a company’s financial statements. It does not necessarily mean the asset has been sold, abandoned or that its mineral potential has been exhausted.
Despite the absence of exploration activities, Connected Minerals has retained its interests in both Namibian projects.
The company also confirmed that it had submitted a renewal application for EPL 6933, covering Etango North-East, indicating that it is seeking to retain the licence while reviewing its future exploration plans.
The report does not disclose the amount of the impairment, provide a timetable for restarting exploration or identify any planned drilling or other field activities at either project.
Connected Minerals said future activities at its Namibian projects remain under review.
The disclosure leaves the company’s two uranium exploration projects without a confirmed programme of work, although Connected Minerals continues to hold its interests and has taken steps to renew the Etango North-East licence.
