Connected Minerals Ltd (ASX:CML) Quarterly Activities Report Highlights Exploration Progress
Connected Minerals Ltd (ASX:CML) has announced substantial operational developments in its Quarterly Activities Report for the period ending 31 December 2024. The company commenced trading on the ASX on 25 October 2024, raising approximately $5.1 million through a placement and entitlement offer at a price of $0.20 per share.
Exploration Advancements
Connected Minerals has transformed into a junior exploration company following the acquisition of a portfolio of assets in Namibia and Australia. The company has initiated an aggressive exploration programme at the Etango North-East Project in Namibia, confirming high-grade uranium mineralisation through significant rock chip results. Notable samples include a peak of 2,086 ppm U3O8, alongside others ranging from 1,620 to 682 ppm.
The exploration efforts included a comprehensive sampling campaign with reconnaissance samples and trenching activities. The results from this extensive programme will guide the drilling targets expected in Q1 2025, as the company anticipates receiving the remaining rock chip results by late January 2025.
Financial Overview
At the end of the quarter, Connected Minerals reported cash reserves of approximately $4.75 million with no outstanding debt. The company experienced slightly higher operating cash outflows, totaling $653,000, primarily due to administrative costs associated with its recent relisting and ongoing operations.
In terms of financial strategy, the funding will primarily support exploration activities, with a projected allocation of $1.92 million for Namibian projects and $2.44 million for Western Australian projects.
The company has acquired significant exploration licenses in Western Australia, demonstrating multi-commodity potential while maintaining a strong presence in Namibia’s uranium-producing districts.
This announcement has been authorised by the Board of Directors.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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