diff --git a/CHANGELOG.md b/CHANGELOG.md
index 541808be..86db5b79 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,25 @@
 # Changelog
 
+## 0.12.0
+
+**Release date:** 2021-10-08
+
+This prerelease comes with an (experimental) introduction of ACLs for allowing cross-namespace
+access to `ImageRepository` resources. You can read more about how they work in the
+[pull request](https://github.com/fluxcd/image-reflector-controller/pull/162) that
+introduced them.
+
+In addition, a bug has been fixed that caused the controller to segfault when a malformed
+SemVer was defined.
+
+Improvements:
+* [RFC] Add ACL support for allowing cross-namespace access to image repository
+  [#162](https://github.com/fluxcd/image-reflector-controller/pull/162)
+
+Fixes:
+* policy: Handle failure due to invalid semver range 
+  [#172](https://github.com/fluxcd/image-reflector-controller/pull/172)
+
 ## 0.11.1
 
 **Release date:** 2021-08-05
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 72a00cd8..9df1f8ef 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/image-reflector-controller
     newName: fluxcd/image-reflector-controller
-    newTag: v0.11.1
+    newTag: v0.12.0
diff --git a/go.mod b/go.mod
index 5fb47216..bfb563b4 100644
--- a/go.mod
+++ b/go.mod
@@ -7,7 +7,7 @@ replace github.com/fluxcd/image-reflector-controller/api => ./api
 require (
 	github.com/Masterminds/semver/v3 v3.1.1
 	github.com/dgraph-io/badger/v3 v3.2103.1
-	github.com/fluxcd/image-reflector-controller/api v0.11.1
+	github.com/fluxcd/image-reflector-controller/api v0.12.0
 	github.com/fluxcd/pkg/apis/meta v0.10.0
 	github.com/fluxcd/pkg/runtime v0.12.0
 	github.com/fluxcd/pkg/version v0.1.0