Osmond Resources signed an agreement to acquire up to an 80% stake in Iberian Critical Minerals, a move centred on securing the Orion EU Critical Minerals Project in Southern Spain.
The project aims to harness the region's rich deposits of rutile, zircon, and rare earth elements.
The acquisition is structured as a three-tranche deal, allowing Osmond to progressively increase its stake.
Completion of stages two and three will hinge on Osmond's sole election.
Key exploration results include total heavy metal contents exceeding 30% in two out of three bulk samples, underscoring the project's potential.
Commenting on the development, newly appointed Managing Director Anthony Hall said, "The acquisition of Iberian Critical Minerals significantly strengthens our portfolio and positions us to capitalise on the EU's emphasis on critical mineral production."
Hall will officially assume his role as Managing Director and CEO on Sept. 9.
To support the immediate goals of the project, Osmond Resources has finalised a non-brokered 10 million share placement.
This injection of funds will facilitate fast-tracking ongoing metallurgical testing and initiate a modest drilling program aimed at confirming mineral continuity between outcrops.
The company also appointed Tolga Kumova as a strategic advisor to leverage his extensive experience in industrial minerals and corporate finance.
The series of strategic moves ensures Osmond Resources is well-positioned for expedited project development and achieving shareholder value.
Osmond Resources is an ASX-listed early-stage mineral exploration and development company focused on lithium, boron, gold and base metals discoveries within projects located in the US and Australia.