en.Wedoany.com Reported - Osmond Resources is advancing the first mineral resource estimate for its Orion project in southern Spain, supporting a scoping study targeted for completion by the end of the third quarter of 2026. The company is positioning itself to become the first EU producer of rare earth-bearing monazite, as well as titanium and zirconium minerals.
The company (ASX:OSM) is making progress amid heightened government and investor focus on securing EU supplies of rare earths and other industrial raw materials. Managing Director and CEO Anthony Hall stated that the current half-year is expected to be a transformative period for the company, as it transitions from explorer to developer. The goal is to complete two project studies this quarter, both of which are expected to demonstrate potential for exceptional financial metrics, driven by impressive mineral grades. In the fourth quarter, the company aims to build on these studies with additional drilling to support a larger mineral resource estimate and project study.
Given the desire of critical industries for non-Chinese supply, these project studies will be used to secure support from Spain and the broader EU for the project, which could be integrated into local supply chains. Hall added that the company remains on track to become the first EU producer of rare earth-bearing monazite, titanium minerals, and zirconium minerals.
Osmond has expanded the footprint of high-grade heavy minerals at the Jaén province project in Andalusia, with new outcrop assay results to be used for the initial MRE and further drilling. Orion is a siliciclastic geological system containing multiple layers enriched in heavy minerals, primarily monazite (rare earth elements), zircon (zirconium and hafnium), and rutile-ilmenite (titanium). Heavy mineral concentrations exceeding 30% have been recorded, with the Pochico Formation extensively sampled and drilled at multiple locations. Assay results from drill hole SOR-08 are expected in mid-July, while drilling of SOR-07 is progressing, with results expected next week. The latter has encountered promising quartzite layers of the Pochico Formation, with the base of the formation expected to be reached in the coming days.
This enables geophysical logging and correlation with other drill holes in the southern block of Zone 1. Zone 1 is a high-grade target area covering 11.47 square kilometers.
The company remains confident that the initial MRE will be completed in time to support the scoping study by the end of the September quarter. Given that Europe remains under high-temperature fire restrictions, the second drilling program is expected to resume in late September or early October. This program is planned to complete 13 drill holes and will support an updated, larger MRE in December 2026, which the company believes will lay the foundation for a larger project study in early 2027.
A pre-feasibility study for mixed rare earth carbonate, conducted by Técnicas Reunidas, is expected to be completed this quarter. This will provide financial metrics to optimize the downstream plans OSM is considering. A secondary listing on the Madrid Stock Exchange is also underway, targeting completion in the December quarter, making it easier for European investors to deploy capital.
