Connected Minerals (ASX:CML) has initiated its first reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project in Namibia. The drilling, contracted to Hammerstein Drilling, will focus initially on high-priority targets identified at the Etango North-East Project (EPL 6933) following high-grade results from a rock-chip sampling program conducted in December 2024. The program includes 36 reverse circulation holes totaling 3,050 meters, with 2,600 meters at Etango North-East and 450 meters at Swakopmund (EPL 9162).
The company expanded its drilling plans at Etango North-East and will subsequently shift focus to Swakopmund, targeting areas identified by a recent horizontal-loop electromagnetic (HLEM) survey. CEO Warrick Clent stated that initial exploration work is encouraging and that drilling aims to enhance the understanding of uranium potential at both sites. Connected Minerals holds a strategic land position in Namibia, the world’s third-largest uranium producer, near the Rössing Mine, majority-owned by Chinese interests, which produced approximately 6.4 million pounds of uranium in 2024. Namibia accounts for about 7% of global uranium reserves and 11% of global supply in 2022.
Global uranium demand is projected to increase from 95 kt in 2024 to 105 kt in 2025, driven by the expansion of nuclear generation capacity in countries like China and India. Uranium supply is expected to rise, reaching 97 kt in 2030, up from 78 kt in 2024, as existing mines increase production and new mines come online. Namibia’s Husab and Rössing mines ranked among the world’s top 10 uranium producers in 2022, contributing 7% and 5% of global production, respectively.
