Osmond lands maximum Spanish grant as Orión drilling moves into next phase

Maximum Spanish Grant Supports Orión Exploration

Osmond Resources Limited (ASX:OSM) has won the largest grant available in the opening round of Spain’s Programa Nacional de Exploración Minera 2026-2030, securing a provisional €250,000 award for its Orión EU Critical Minerals Project in Andalucía. Nine projects shared €1.58 million in the round, making the maximum grant a useful endorsement of the project’s position within Spain’s push to expand domestic supplies of minerals tied to the energy and digital transitions.

The grant sits within a Spanish Government program with an estimated €182 million budget for private exploration companies between 2026 and 2030. The money is expected to be distributed over the coming months, and the award remains provisional rather than a completed cash receipt.

Thirteen Holes Target Resource Growth

The more immediate test is drilling. Osmond expects its 13-hole program to begin in the coming days, with a second rig due to start during the week commencing 12 October. The holes are primarily aimed at areas outside the existing Mineral Resource Estimate boundary, where success could support a larger resource and increase confidence in the mineral inventory.

Orión’s current JORC 2012 resource stands at 60.0 million tonnes, with 15.3 million tonnes, or 25%, classified as Measured and Indicated. The resource covers only about 3.4% of the project’s 232 square kilometres of tenure, leaving substantial exploration ground but no guarantee that further drilling will deliver an economic or materially larger inventory.

85 Million Shares Secure Project Interest

Osmond has also completed the final share issuance required to retain its 80% interest in Iberian Critical Minerals, which owns 95% of Orión. The company issued 85 million ordinary shares to the vendor group under the acquisition agreement, giving Osmond a stated 76% beneficial interest in the project.

That ownership comes with a larger development proposition. The scoping study envisages a 2 million tonne-per-year operation producing monazite, zircon and titanium concentrates, but estimates initial capital of US$299 million with an accuracy range of approximately ±35%. Its production target also includes 29% material from Inferred Resources, while the company says it has no known JORC-compliant mineral reserves and will require substantial additional financing.

Next Milestones Move Beyond the Grant

Osmond’s remaining 2026 priorities include progressing a Spanish secondary listing, downstream studies for rare earth oxides and titanium and zirconium products, and applications for project recognition and support in Spain and the European Union. The drilling results will determine whether those workstreams are being built around a stronger resource base or the same early-stage assumptions.