Osmond Resources Advances Orión Project with High-Grade Drilling and Madrid Listing Plans

High-Grade Mineralisation Confirmed by Drill and Channel Sampling

Osmond Resources (ASX:OSM) has reported standout heavy mineral grades from drill hole SOR-08A at its Orión EU Critical Minerals Project in southern Spain. The hole intersected a 2.7m interval averaging 0.7% monazite, 5.7% zircon, 9.0% rutile, and 3.4% ilmenite starting at 209.7m depth. Within this, a 1.2m subsection delivered even richer grades, including 1.2% monazite, 9.7% zircon, 14.3% rutile, and 5.4% ilmenite, highlighting the high-quality nature of the mineralisation. These results indicate a thickening of the main heavy mineral seam in the Southern Block, expanding the prospective area by over 4 square kilometres beyond the previously identified Avellanar Block.

Complementing the drilling, channel sampling across the main heavy mineral seam returned total heavy mineral (THM) concentrations as high as 29.3%, with titanium dioxide (TiO2) grades exceeding 14% and zirconium dioxide (ZrO2) above 5%. These assays reinforce the continuity and grade consistency across the targeted Zone 1 area, critical for advancing resource estimation.

Maiden Resource and Scoping Study Progress

The company is on track to deliver its maiden Mineral Resource Estimate by the end of Q3 2026, integrating the latest drilling and channel sample data. The Scoping Study is well advanced, focusing on a modular processing approach with each plant module designed for two million tonnes per annum of run-of-mine feed. This approach aims to keep capital expenditure low while allowing scalable expansion as exploration progresses across the 232 km² project area.

Downstream processing studies are also underway, with Tecnicas Reunidas conducting a pre-feasibility study on producing mixed rare earth carbonates (MREC) from the monazite concentrate, expected to complete in Q3 2026. Further studies targeting high-value neodymium-praseodymium oxide production will follow, alongside ongoing discussions around titanium, zirconium, and silica downstream opportunities.

Strategic Corporate Moves and Financial Position

Osmond has initiated a workstream to secure a secondary listing on the Bolsa de Madrid, aiming for trading commencement in Q4 2026 subject to regulatory approval. This move is designed to enhance liquidity and facilitate Spanish investor participation. The company’s Spanish project team is now fully staffed, including geologists, mining engineers, metallurgists, environmental and communications managers, and finance professionals, all incentivised with out-of-the-money options to align interests.

Financially, Osmond ended the quarter with A$5.5 million in cash. Exploration expenditure for the period was A$1.09 million, with corporate and administrative costs at A$382,000. The company maintains a local-first contracting policy, focusing on retaining consultants and contractors from Jaén Province and broader Spain to support the project’s development.

Expanding Resource Footprint and Next Steps

The recent drilling extends the high-grade mineralisation footprint in the Southern Block, with drill hole SOR-07A confirming continuity of the main quartzite seam. Assay results from SOR-07A are pending and expected within weeks. The company plans a second drilling program comprising 12 holes to further delineate the resource.

Beyond resource definition, Osmond is pursuing project recognition under various EU and Spanish schemes post-Scoping Study completion, which could unlock additional support and incentives. Meanwhile, the Iberian One Project remains under review, with options ranging from divestment to partnership progression.