Osmond Hits Target Quartzites in First Three Orión Holes

Osmond reported the first three holes of Phase 2 drilling at its Orión EU Critical Minerals Project in southern Spain, a program aimed at increasing confidence in a Mineral Resource Estimate area currently classified in the Inferred category.

Drilling recommenced on 7 October 2026 after the summer break, and holes SOR-07B, SOR-08B and SOR-08C have been completed from pre-existing drill sites. All three intersected the prospective Pochico Formation quartzites, with downhole thicknesses of 2.60 m in SOR-07B from 314.80 m, 2.80 m in SOR-08B from 235.20 m and 3.20 m in SOR-08C from 223.00 m. The company says the depths are comparable to adjacent holes collared at the same locations. The fourth and fifth holes are underway, and a third drill rig has arrived on site to expedite the program and what the company calls the MRE upgrade. The existing maiden Mineral Resource Estimate is 60 Mt at 9.39% TiO2, 3.06% ZrO2, 624 ppm HfO2 and 6,274 ppm TREO (1,801 ppm MREO), covering an area of 7.9km2 in the Avellanar area.

Assays are pending, true thicknesses remain to be determined, and the company states that lithological observations alone do not establish grade or resource upgrade. The release does not state timing for an updated Mineral Resource Estimate.