Osmond Resources (ASX:OSM) has secured a €250,000 ($403,995) provisional grant from the Spanish Government to advance its Orión EU Critical Minerals Project.
The company received the maximum amount available under Spain’s Programa Nacional de Exploración Minera 2026–2030, with nine projects sharing a total of €1,582,580.
Developed by the Ministerio para la Transición Ecológica y el Reto Demográfico, the program focuses on expanding knowledge of Spain’s mineral resources, emphasising on materials essential for energy and digital transitions.
The grant comes as Osmond prepares to commence a 13-hole drill program at Orión in the coming days. The company is expecting a second rig to start the week commencing 12 October 2026.
Drilling will primarily target areas outside the existing mineral resource estimate (MRE) boundary to potentially expand the resource and increase confidence levels.
The company has also completed the final share issuance for its 80% interest in Iberian Critical Minerals, which owns 95% of the Orión Project.
Osmond issued 85 million ordinary shares to the vendor group, completing stages two and three of the acquisition agreement announced in September 2024.
The Orión Project hosts a maiden mineral resource estimate of 60 million tonnes (Mt) @ 9.39% titanium dioxide, 3.06% zirconium dioxide, 624 parts per million (ppm) hafnium dioxide, and 6,274ppm total rare earth oxides, with 15.3Mt in the measured and indicated categories.
Managing Director Anthony Hall says the company remains on track to deliver the EU’s first rare earth, titanium, and zirconium mine.
Key priorities for the balance of 2026 include completing additional drill holes to upgrade the MRE and progressing a Spanish secondary listing. The company will also advance downstream product studies and pursue additional project recognition and support schemes in Andalucía and the EU.
The program’s estimated budget for private exploration companies totals €182 million for 2026–2030, with funds expected to be distributed over the coming months.
Osmond Resources is an Australian explorer advancing critical minerals and precious metals projects across Spain and Australia.
Write to JC Villarba at Mining.com.au
Images: Osmond Resources
