Junior mine developer Osmond Resources Ltd., based in Melbourne, Australia, on Nov. 15 announced that it has entered into a binding Earn-in Agreement with Global Mining Enterprises Pty Ltd and Omnis Minera SL, a company incorporated under the laws of Spain and a wholly-owned subsidiary of GME, for Osmond to be granted the exclusive right to acquire up to 100% of the Iberian One Project, located in Spain.
Prospective products from the Project include sulfate of potash (SOP), alumina, and graphite. Both aluminum and natural graphite are included on the European Union’s 2023 Critical Raw Materials List.
“This project represents an exciting opportunity for Osmond to fast-track the development of a European fertilizer and critical materials’ project,” said Osmond Executive Director Andrew Shearer. “With over 190 historic drill holes and two historical mines, the project is well delineated, meaning we can fast track resource definition with a view to focusing on early mining studies.”
“The earn-in terms are also very advantageous for shareholders, with expenditure focused on project delivery and Osmond having sole discretion at each relevant milestone whether or not to progress,” Shearer added. “This has the potential to be transformative to Osmond and to deliver serious value to shareholders.”
The staged earn-in arrangement consists of an initial exclusivity payment of $75,000 to undertake due diligence over a six-month period. Subject to completion of three development stages of the project and at Osmond’s discretion, Osmond can acquire a 100% interest in the Project by issuing GME up to a total of 65,000,000 ordinary shares in OSM and 5,000,000 options.
On its website, Osmond lists current projects in Australia as pursuing nickel, gold, copper, and rare earth minerals, while the Salt Wells Project in Nevada would produce lithium and boron.