Jaén Province, Andalucía, Spain
Orión Project area, Jaén Province, Spain (illustrative)
- Project located in Jaén Province, Andalucía, Southern Spain
- 772 “cuadrículas mineras” covering an area of ~232km² (ASX release, 3 July 2026)
- A lithified placer sand geological system with various layers rich in three future facing / critical minerals with high grade potential: monazite (REE), zircon (zirconium, hafnium), rutile (titanium), quartz (silicon metal)
- Unsuccessfully explored for uranium and thorium in the 1950/60’s
- Initial target areas are within Orión Permit (PI awarded)
- Historic galena (lead) mine in permit area located directly below mineralised outcrops
- Phase 1 drilling campaign has established potential for grade and scale. Drilling expected to resume in October 2026. Maiden Mineral Resource Estimate released 30 September 2026 (ASX release); Scoping Study released 2 October 2026 (ASX release).
- Outcrop samples containing over 45% Total Heavy Minerals (THM)
- High grades of Rutile (titanium), Zircon (zirconium / hafnium) and Monazite (rare earth elements REE).
- Three Economic Minerals
- Rutile
- Zircon
- Monazite.
- 232km² permit area (3 July 2026)
- Mineralised outcrops over 12km distance
- Two interpreted pervasive seams
In September 2026, the Company announced a maiden JORC (2012) Mineral Resource Estimate for Orión of 60.0Mt @ 9.39% TiO₂, 3.06% ZrO₂, 624ppm HfO₂ and 6,274ppm TREO, with estimated mineral grades of 0.87% monazite, 4.55% zircon, 7.82% rutile and 2.98% ilmenite for 16.2% total heavy minerals (THM), of which 15.3Mt (25%) is in the Measured and Indicated categories (refer table below). The MRE covers only ~3.4% of the Company’s ~232km² tenure.
| Classification | Tonnes | TiO₂ | ZrO₂ | HfO₂ | TREO | NdPr | DyTb | Insitu mineral grade estimates | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mt | % | % | ppm | ppm | ppm | ppm | Rutile % | Ilmenite % | Zircon % | Monazite % | VHM % | |
| Measured | 2.0 | 12.14 | 4.18 | 848 | 8,595 | 2,364 | 124 | 10.1 | 3.8 | 6.2 | 1.2 | 21.4 |
| Indicated | 13.3 | 10.27 | 3.42 | 688 | 7,013 | 1,912 | 102 | 8.6 | 3.3 | 5.1 | 1.0 | 17.9 |
| Meas+Ind | 15.3 | 10.51 | 3.52 | 709 | 7,216 | 1,970 | 104 | 8.8 | 3.3 | 5.2 | 1.0 | 18.3 |
| Inferred | 44.7 | 9.01 | 2.90 | 595 | 5,952 | 1,621 | 87 | 7.5 | 2.9 | 4.3 | 0.8 | 15.5 |
| Total | 60.0 | 9.39 | 3.06 | 624 | 6,274 | 1,710 | 91 | 7.8 | 3.0 | 4.5 | 0.9 | 16.2 |
| High-grade Main Seam (included above) | ||||||||||||
| Measured | 2.0 | 12.14 | 4.18 | 848 | 8,595 | 2,364 | 124 | 10.1 | 3.8 | 6.2 | 1.2 | 21.4 |
| Indicated | 11.9 | 10.86 | 3.66 | 739 | 7,614 | 2,077 | 110 | 9.1 | 3.4 | 5.4 | 1.1 | 19.0 |
| Meas+Ind | 13.8 | 11.05 | 3.74 | 755 | 7,753 | 2,118 | 112 | 9.2 | 3.5 | 5.6 | 1.1 | 19.3 |
| Inferred | 35.9 | 10.00 | 3.30 | 665 | 6,901 | 1,884 | 100 | 8.3 | 3.2 | 4.9 | 1.0 | 17.4 |
| Total | 49.7 | 10.29 | 3.42 | 690 | 7,139 | 1,949 | 103 | 8.6 | 3.3 | 5.1 | 1.0 | 17.9 |
Refer ASX announcement dated 30 Sept 2026. Totals may not sum due to rounding. TREO = La₂O₃–Lu₂O₃ + Y₂O₃; NdPr = Nd₂O₃ + Pr₆O₁₁; DyTb = Dy₂O₃ + Tb₄O₇.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement dated 30 September 2026 and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Maiden drilling has confirmed high grades.
- The company has commenced its initial maiden drilling program with majority of assays pending
- AV-01bis and AV-01 drill holes assays have confirmed high-grades of critical minerals
- 3.0m at 13.20% TiO₂, 4.60% ZrO₂, 1,020ppm HfO₂, 0.89% TREO (0.24% MREO) from 105.75m
- incl. 2.1m at 17.21% TiO₂, 6.11% ZrO₂, 1,356ppm HfO₂, 1.16% TREO (0.31% MREO) from 105.75m
- incl. 1.8m at 19.07% TiO₂, 6.84% ZrO₂, 1,517ppm HfO₂, 1.29% TREO (0.35% MREO) from 105.75m
- 3.0m at 13.0% rutile, 5.0% ilmenite, 8.0% zircon and 1.3% monazite from 105.75m
- incl. 2.1m at 17.0% rutile, 6.5% ilmenite, 10.6% zircon, 1.8% monazite from 105.75m
- incl. 1.8m at 18.8% rutile, 7.2% ilmenite, 11.9% zircon, 2.0% monazite from 105.75m
Refer ASX Release dated 24 November 2025 ↗
Scoping Study – Cautionary Statement
The Scoping Study referred to in this announcement has been undertaken by Osmond Resources Limited (“OSM” or the “Company”) to ascertain whether a business case can be made for further advancing the project by proceeding to more definitive studies on the viability of the Orión EU Critical Minerals Project (“Orión” or the “Project”). It is a preliminary technical and economic study of the potential viability of the Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further confirmatory resource drilling and evaluation work and appropriate studies are required before the Company will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case.
The Production Target referred to in this announcement is based on 10% Measured, 61% Indicated and 29% Inferred Mineral Resources from the high-grade Main Seam only, assuming a mining extraction ratio of 80%, for the initial 9-year mine life covered under this Scoping Study. The first seven years of the production schedule are based on 74% Measured and Indicated Mineral Resources and 26% Inferred Mineral Resources. 100% of the Mineral Resource for the Project sits within the Company’s Orión permit. The Mineral Resource underpinning the Production Target has been prepared by a Competent Person in accordance with the JORC Code (2012).
Now that the Scoping Study has been completed, the Company will move to 80% ownership of a company which owns 95% of the Project, for a beneficial interest of 76%.
There is a low level of geological confidence associated with the Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Measured and Indicated Mineral Resources or that the Production Target or preliminary economic assessment will be realised.
Notwithstanding the inclusion of Inferred Mineral Resources in the Production Target, the Company considers that the Inferred Mineral Resources are not a determining factor in relation to the viability of the Project or in relation to any year of the life of mine schedule, as the preliminary economic assessment outcomes reported in this announcement remain positive on the basis of the Measured and Indicated Mineral Resources component of the Production Target alone, and in relation to each year of the life of mine schedule.
The Scoping Study is based on the material assumptions outlined in Annexure A. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, the Company estimates pre-production funding in the order of US$300m will likely be required for commercial-scale operations. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. However, the Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a “reasonable basis” to expect it will be able to fund the development of the Project. It is possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing shares. It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce the Company’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.
The NPV, IRR, Capex, EBITDA and other financial metrics referred to in this announcement are estimates only and are presented as single point values for ease of reference. These figures are approximations derived from a Scoping Study level of accuracy (typically ±35%) and are not precise forecasts or guarantees of future performance. Actual results may differ materially from these estimates, and a reasonable range of outcomes should be assumed around each figure rather than treating it as a definitive number.
| Parameter | Value | Parameter | Value |
|---|---|---|---|
| Plant throughput (Module 1) | 2Mtpa | Initial mine life | 9 years |
| Monazite concentrate (22.6% TREO) | 42ktpa | Production target (Meas. / Ind. / Inf.) | 10% / 61% / 29% |
| Zircon concentrate (64.1% ZrO₂) | 68ktpa | Mineralised material processed | 15.8Mt |
| Titanium concentrate (71.3% TiO₂) | 109ktpa | Construction period | 24 months |
| Initial capital (±35%, incl 25% contingency) (2027) | US$ 299m | Sustaining capital (2027) | US$ 6.0m p.a. |
| Opex (mining, processing, G&A) (2027) | US$ 67.79/t ROM | LOM C1 cash cost, net of by-products | -US$ 12.67/t ROM |
| Metric | Unit | Base Case | Spot Case | MREO CaseAt base case prices |
|---|---|---|---|---|
| Monazite conc. payable elements | REO | Nd, Pr, Sm, Eu, Gd, Tb, Dy, Y | Nd, Pr, Sm, Eu, Gd, Tb, Dy, Y | Nd, Pr, Tb, Dy |
| Post-tax NPV₈ (ungeared) | US$m | 2,309 | 3,457 | 1,113 |
| Post-tax IRR (ungeared) | % | 145 | 213 | 77 |
| Total LOM EBITDA | US$m | 4,783 | 6,879 | 2,606 |
| Average EBITDA per annum | US$m | 531 | 764 | 290 |
| NPV₈ to CAPEX ratio | x | 7.7 | 11.6 | 3.7 |
| FCF Payback from first production | Months | 6 | 3 | 13 |
NPV calculated from decision to mine. Price assumptions: Argus for rare earths, TZMI for zircon and titanium products, see Table 15 in the Scoping Study.
Refer ASX announcement dated 2 October 2026.
The Company confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, in the announcement dated 2 October 2026 continue to apply and have not materially changed.
- Andalusia’s Iberian Pyrite Belt has been mined since ancient Roman times, making it one of the oldest and richest mining regions in Europe.
- Andalusia is Spain’s leading mining region and one of the major copper-producing areas in Europe, with significant activity in the Iberian Pyrite Belt.
- Key active mines include Cobre Las Cruces, Rio Tinto (Atalaya Mining), and the MATSA mines (Aguas Teñidas, Magdalena, and Sotiel).
- Spain had over 2,600 active mines and quarries as of 2023.
- The Andalusia region has the highest concentration, with nearly 500 active mines.
The Orión Critical Minerals Project has the potential to help the EU to meet its 2030 Extraction Goals
EU Extraction
At least 10% of EU annual consumption from EU
EU Processing
At least 40% of EU annual consumption from EU
EU Recycling
At least 25% of the EU’s annual consumption from domestic recycling
External Sources
Not more than 65% of the EU’s annual consumption of each strategic raw material at any relevant stage of processing from a single third country
