Osmond Resources (ASX:OSM) announces acquisition of Orion EU Critical Minerals Project

Osmond Resources Limited (ASX:OSM) has executed an agreement to acquire up to an 80% interest in the capital of Iberian Critical Minerals Pty Ltd (ICM) via a three-tranche staged acquisition. The Project, located in Jaén Province, Andalucía, Southern Spain, includes 288 Spanish mining units covering an area of 86.4km². The acquisition is subject to shareholder approval at the AGM in November 2024. Additionally, the Company has appointed Mr Anthony Hall as the new Managing Director and CEO, replacing Mr Andrew Shearer effective 9 September 2024.

Executive Commentary on Acquisition and Appointment

The Company is excited about the acquisition of the Orion EU Critical Minerals Project, which aligns with the new May 2024 EU Critical Minerals Legislation. The appointment of Mr Anthony Hall as the new Managing Director and CEO brings a wealth of experience in the mining industry, and we are confident in his ability to lead Osmond Resources through the next phase of activities. Mr Tolga Kumova's appointment as Strategic Advisor further strengthens our team and brings extensive global experience in industrial minerals and corporate finance.

Summary of Acquisition and Outlook

Osmond Resources' acquisition of the Orion EU Critical Minerals Project marks a significant step towards securing a strategic position in the European rutile, zircon, and rare earth market. The exceptional exploration results, supportive EU backdrop, and the appointment of experienced executives position the Company for future success. With the EU's focus on sourcing, processing, and recycling critical raw materials, Osmond's strategic move aligns with the EU's initiatives. The Company's next steps include commencing a modest drilling program upon final permit award and fast-tracking development activities. The proposed corporate structure and acquisition terms demonstrate Osmond's commitment to maximizing shareholder value. The Company's ambitions to exploit kaolinite and alunite mineralisation in the Iberian One Project and its focus on the Yumbarra Project in South Australia further underline its dedication to mineral resource projects.