Osmond Resources is set to strengthen its position in the European critical minerals market with the acquisition of a significant interest in the Orion EU rutile, zircon, and rare earth project. The company has entered into an agreement for a staged acquisition of up to 80% of Iberian Critical Minerals (ICM), which holds a 51% stake in Orion EU owner Green Mineral Resources (GMR). ICM also retains the option to increase its stake to over 90%, contingent on the completion of a JORC-compliant scoping study.
Located in southern Spain, the Orion EU project covers 288 mining units across 86 square kilometers. Historical exploration in the area has uncovered a system rich in critical minerals, including rutile (titanium oxide), zircon, hafnium and rare earth elements. The region also contains a former galena mine, adding further value to the project.
Three key target areas have been identified, with exploration efforts primarily concentrated on the Avellanar target. Previous exploration campaigns involved comprehensive sampling, including the collection of rock chip samples and bulk channel samples. These efforts yielded positive results, with heavy metals concentrations exceeding 30% in two of the samples, while the third sample returned 28%.
With final permits expected soon, Osmond plans to initiate a focused drilling program to confirm the continuity of mineralization between the outcrops. Successful results would accelerate development, with the company aiming to produce a mineral resource estimate to support a scoping study. Metallurgical test work is already underway, based on a 150kg bulk sample from the three outcrops, which demonstrated the homogeneity of the material.
To support the acquisition and upcoming exploration, Osmond intends to raise capital through a share placement of 10 million shares at $0.07 each. The company is also undergoing leadership changes, with Anthony Hall stepping in as managing director and CEO, replacing Andrew Shearer. Additionally, Tolga Kumova, a global expert in industrial minerals and corporate finance, has been appointed as a strategic advisor.
