# OSM: Orion Scoping Study progresses first EU rare earths mine Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147619 Publisher: asx Original announcement: 2026-10-01T22:59:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T23:06:55.106Z Atlas analysis updated: 2026-10-01T23:06:55.106Z - Company: Osmond Resources Ltd - Ticker: OSM - Exchange: ASX - Region: Unavailable - Primary commodity: Rare earths - Secondary commodities: Zirconium, Titanium, Hafnium, Monazite, Rutile, Ilmenite, Cerium oxide, Erbium oxide, Thulium oxide, Yttrium oxide, Lanthanum oxide, Praseodymium oxide, Neodymium oxide, Samarium oxide, Europium oxide, Gadolinium oxide, Terbium oxide, Dysprosium oxide, Holmium oxide, Ytterbium oxide, Lutetium oxide, Total rare earth oxides, Magnetic rare earth oxides, Valuable heavy minerals - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-01 23:06:55 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Osmond Resources Ltd announced highly compelling results from a Scoping Study for its Orión EU Critical Minerals Project in Spain, projecting an unlevered post-tax NPV8 of US$2.31 billion and an IRR of 145% with a low initial capital of US$299 million. The study outlines an owner-operated underground mine producing monazite, zircon, and titanium concentrates, positioning Orión as a strategic source for the EU's first domestic rare earths, zirconium, and titanium supply. The project demonstrates robust economics with potential for negative C1 cash costs for rare earths due to significant by-product credits, despite being preliminary and relying partly on Inferred resources. Reasoning: The Scoping Study for the Orión EU Critical Minerals Project presents highly compelling financial outcomes, including a high NPV and IRR, low initial capital, and rapid payback. Its strategic importance as a potential first EU source of critical rare earths, zirconium, and titanium, coupled with negative C1 cash costs for rare earths due to by-product credits, is very positive. However, the study is preliminary, relies partly on Inferred resources for its production target, and faces potential funding and supply chain risks for certain equipment. - Positive factor: compelling\_economics - Positive factor: high\_irr - Positive factor: low\_capex - Positive factor: quick\_payback - Positive factor: negative\_operating\_cost - Positive factor: strategic\_importance - Positive factor: multi\_commodity\_project - Positive factor: established\_processing\_technology - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Negative factor: preliminary\_study\_stage - Negative factor: inferred\_resource\_reliance - Negative factor: funding\_required - Negative factor: potential\_dilution - Negative factor: whims\_export\_restrictions - Negative factor: bench\_scale\_only\_testwork - Negative factor: single\_domain\_only\_testwork Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 131 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a Scoping Study, which is a preliminary technical and economic study equivalent to a Preliminary Economic Assessment \(PEA\). Evidence · text > The Scoping Study referred to in this announcement has been undertaken by Osmond Resources Limited \(“OSM” or the “Company”\) to ascertain whether a business case can be made for further advancing the project by proceeding to more definitive studies on the viability of the Orión EU Critical Minerals Project **Low Capex** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The initial capital estimate is US$299 million, which is considered low for a project of this scale and potential. Evidence · text > Low Capex – US$299m \(inclusive of 25% contingency\) **High IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The unlevered Post Tax IRR is 145%, indicating a very strong return on investment. Evidence · text > Unlevered Post Tax IRR – 145% **Quick Payback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Free Cash Flow payback period is estimated at 6 months from first production, which is exceptionally fast. Evidence · text > FCF payback – 6 months **Negative Operating Cost** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Life-of-Mine C1 cash cost, net of by-product credits, is negative US$12.67 per tonne of ROM, indicating that by-product credits more than cover operating costs. Evidence · text > Life-of-Mine C1 cash cost, net of by-product credits, of -US$12.67 per tonne of ROM **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Production Target is based on 29% Inferred Mineral Resources, which carries a low level of geological confidence. Evidence · text > The Production Target referred to in this announcement is based on 10% Measured, 61% Indicated and 29% Inferred Mineral Resources from the high-grade Main Seam only **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource underpinning the Production Target has been prepared in accordance with the JORC Code \(2012\). Evidence · text > The Mineral Resource underpinning the Production Target has been prepared by a Competent Person in accordance with the JORC Code \(2012\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource is based on information prepared by Mr José Antonio Zuazo Osinaga, a Competent Person who is a Member of the European Federation of Geologists. Evidence · text > The information in this report that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr José Antonio Zuazo Osinaga, a Competent Person who is a Member of the European Federation of Geologists. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Company released its maiden MRE for Orión on the ASX on 30 Sept 2026. Evidence · text > The Company released its maiden MRE for Orión on the ASX on 30 Sept 2026 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The MRE includes a Measured category, representing the highest confidence in the resource. Evidence · table > Measured Context: 2.0 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The MRE includes an Indicated category, providing reasonable geological confidence. Evidence · table > Indicated Context: 11.9 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate is reported at a 4.0% TiO₂ cut-off grade. Evidence · text > At a 4.0% TiO₂ cut-off, the combined Main and Upper Seam resource totals 60.0 Mt **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing plant uses conventional gravity, magnetic, electrostatic and flotation separation, which are typical mill-based processes. Evidence · text > conventional gravity, magnetic, electrostatic and flotation separation with filtered tailings to be backfilled. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The Scoping Study's metallurgical design is based on sighter testwork and batch WHIMS testing, with PFS-level testwork still underway. Evidence · text > Sighter testing using a VRM was undertaken to assess its suitability for sample preparation and subsequent metallurgical testwork. **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: Current flowsheet development is supported by surface samples, with planned drill core variability testing to define the broader operating envelope, indicating limited domain variability work so far. Evidence · text > This supports the use of surface samples for current flowsheet development, while planned drill core variability testing will define the broader operating envelope. **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The TiO2 processing recovery is 36.1%, which is low for a mill route, although it is a co-product. Evidence · table > 36.1 Context: TiO2 processing recovery % **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Zircon and titanium mineral revenues provide by-product credits that underpin the potential for negative cash costs for rare earth production. Evidence · text > The Scoping Study highlights that Orión has the potential to become a large-scale source of rare earths at negative cash costs, after deducting the zircon and titanium by-product credits. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 130. Some facts used in scoring do not have a stored record. ## Resource Estimates (125) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-1) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 12.14 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high grade of 12.14% TiO2, providing high confidence for the project's titanium potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 12.14 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-2) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 4.18 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a strong grade of 4.18% ZrO2, contributing to the project's critical minerals profile. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 4.18 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-3) Orión EU Critical Minerals Project · hafnium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: hafnium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 848 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a notable hafnium grade, adding to the project's critical minerals value. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 848 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-4) Orión EU Critical Minerals Project · lanthanum oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lanthanum oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 1554 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good grade of lanthanum oxide, contributing to the overall rare earth potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,554 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-5) Orión EU Critical Minerals Project · cerium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: cerium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 3459 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a significant grade of cerium oxide, a key rare earth element. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3,459 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-6) Orión EU Critical Minerals Project · praseodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: praseodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 385 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a strong grade of praseodymium oxide, a critical component for magnets. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 385 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-7) Orión EU Critical Minerals Project · neodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: neodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 1979 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high grade of neodymium oxide, a critical component for magnets. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,979 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-8) Orión EU Critical Minerals Project · samarium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: samarium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 238 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good grade of samarium oxide, a component for high-temperature magnets. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 238 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-9) Orión EU Critical Minerals Project · europium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: europium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 20 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of europium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 20 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-10) Orión EU Critical Minerals Project · gadolinium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: gadolinium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 165 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good grade of gadolinium oxide, a component for nuclear and medical applications. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 165 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-11) Orión EU Critical Minerals Project · terbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: terbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 22 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a notable grade of terbium oxide, critical for high-performance magnets. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 22 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-12) Orión EU Critical Minerals Project · dysprosium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: dysprosium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 102 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good grade of dysprosium oxide, critical for high-performance magnets. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 102 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-13) Orión EU Critical Minerals Project · holmium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: holmium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of holmium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 18 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-14) Orión EU Critical Minerals Project · erbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: erbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 49 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of erbium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 49 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-15) Orión EU Critical Minerals Project · thulium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: thulium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 7 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of thulium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 7 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-16) Orión EU Critical Minerals Project · ytterbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ytterbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 60 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of ytterbium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 60 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-17) Orión EU Critical Minerals Project · lutetium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lutetium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 9 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a trace grade of lutetium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 9 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-18) Orión EU Critical Minerals Project · yttrium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: yttrium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 527 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good grade of yttrium oxide, a critical rare earth element. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 527 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-19) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 8595 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high grade of total rare earth oxides, indicating significant rare earth potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 8,595 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-20) Orión EU Critical Minerals Project · magnetic rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: magnetic rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 2488 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high grade of magnetic rare earth oxides, crucial for magnet production. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 2,488 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-21) Orión EU Critical Minerals Project · rutile #### Identity - Project: Orión EU Critical Minerals Project - Commodity: rutile - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 10.1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high rutile grade, indicating strong titanium potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 10.1 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-22) Orión EU Critical Minerals Project · ilmenite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ilmenite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 3.8 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a good ilmenite grade, contributing to the titanium production. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3.8 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-23) Orión EU Critical Minerals Project · zircon #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zircon - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 6.2 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high zircon grade, supporting the project's zirconium potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 6.2 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-24) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 1.2 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a high monazite grade, indicating strong rare earth potential. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1.2 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-25) Orión EU Critical Minerals Project · valuable heavy minerals #### Identity - Project: Orión EU Critical Minerals Project - Commodity: valuable heavy minerals - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:a4b708ac2265f6b07a99 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 21.4 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Measured resource with a very high valuable heavy minerals grade, indicating significant overall mineral content. - Positive factor: measured\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 21.4 Context: 2.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-26) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 10.86 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high grade of 10.86% TiO2, providing good confidence for the project's titanium potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 10.86 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-27) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 3.66 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a strong grade of 3.66% ZrO2, contributing to the project's critical minerals profile. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3.66 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-28) Orión EU Critical Minerals Project · hafnium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: hafnium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 739 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a notable hafnium grade, adding to the project's critical minerals value. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 739 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-29) Orión EU Critical Minerals Project · lanthanum oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lanthanum oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 1384 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good grade of lanthanum oxide, contributing to the overall rare earth potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,384 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-30) Orión EU Critical Minerals Project · cerium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: cerium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 3065 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a significant grade of cerium oxide, a key rare earth element. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3,065 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-31) Orión EU Critical Minerals Project · praseodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: praseodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 341 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a strong grade of praseodymium oxide, a critical component for magnets. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 341 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-32) Orión EU Critical Minerals Project · neodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: neodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 1736 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high grade of neodymium oxide, a critical component for magnets. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,736 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-33) Orión EU Critical Minerals Project · samarium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: samarium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 211 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good grade of samarium oxide, a component for high-temperature magnets. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 211 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-34) Orión EU Critical Minerals Project · europium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: europium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of europium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 18 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-35) Orión EU Critical Minerals Project · gadolinium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: gadolinium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 147 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good grade of gadolinium oxide, a component for nuclear and medical applications. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 147 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-36) Orión EU Critical Minerals Project · terbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: terbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 19 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a notable grade of terbium oxide, critical for high-performance magnets. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 19 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-37) Orión EU Critical Minerals Project · dysprosium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: dysprosium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 91 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good grade of dysprosium oxide, critical for high-performance magnets. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 91 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-38) Orión EU Critical Minerals Project · holmium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: holmium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 16 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of holmium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 16 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-39) Orión EU Critical Minerals Project · erbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: erbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 44 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of erbium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 44 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-40) Orión EU Critical Minerals Project · thulium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: thulium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 7 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of thulium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 7 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-41) Orión EU Critical Minerals Project · ytterbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ytterbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 53 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of ytterbium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 53 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-42) Orión EU Critical Minerals Project · lutetium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lutetium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 8 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a trace grade of lutetium oxide, contributing to the overall rare earth basket. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 8 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-43) Orión EU Critical Minerals Project · yttrium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: yttrium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 474 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good grade of yttrium oxide, a critical rare earth element. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 474 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-44) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 7614 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high grade of total rare earth oxides, indicating significant rare earth potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 7,614 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-45) Orión EU Critical Minerals Project · magnetic rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: magnetic rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 2187 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high grade of magnetic rare earth oxides, crucial for magnet production. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 2,187 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-46) Orión EU Critical Minerals Project · rutile #### Identity - Project: Orión EU Critical Minerals Project - Commodity: rutile - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 9.1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high rutile grade, indicating strong titanium potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 9.1 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-47) Orión EU Critical Minerals Project · ilmenite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ilmenite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 3.4 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a good ilmenite grade, contributing to the titanium production. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3.4 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-48) Orión EU Critical Minerals Project · zircon #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zircon - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 5.4 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high zircon grade, supporting the project's zirconium potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 5.4 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-49) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 1.1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a high monazite grade, indicating strong rare earth potential. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1.1 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-50) Orión EU Critical Minerals Project · valuable heavy minerals #### Identity - Project: Orión EU Critical Minerals Project - Commodity: valuable heavy minerals - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:068ced341a951a2d3512 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: indicated - Tonnes: 11900000 - Grade: 19 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated resource with a very high valuable heavy minerals grade, indicating significant overall mineral content. - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 19.0 Context: 11.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-51) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 11.05 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high grade of 11.05% TiO2, providing good confidence for the project's titanium potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 11.05 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-52) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 3.74 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a strong grade of 3.74% ZrO2, contributing to the project's critical minerals profile. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3.74 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-53) Orión EU Critical Minerals Project · hafnium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: hafnium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 755 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a notable hafnium grade, adding to the project's critical minerals value. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 755 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-54) Orión EU Critical Minerals Project · lanthanum oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lanthanum oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 1408 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good grade of lanthanum oxide, contributing to the overall rare earth potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,408 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-55) Orión EU Critical Minerals Project · cerium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: cerium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 3121 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a significant grade of cerium oxide, a key rare earth element. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3,121 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-56) Orión EU Critical Minerals Project · praseodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: praseodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 347 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a strong grade of praseodymium oxide, a critical component for magnets. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 347 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-57) Orión EU Critical Minerals Project · neodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: neodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 1771 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high grade of neodymium oxide, a critical component for magnets. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1,771 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-58) Orión EU Critical Minerals Project · samarium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: samarium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 215 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good grade of samarium oxide, a component for high-temperature magnets. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 215 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-59) Orión EU Critical Minerals Project · europium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: europium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of europium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 18 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-60) Orión EU Critical Minerals Project · gadolinium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: gadolinium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 150 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good grade of gadolinium oxide, a component for nuclear and medical applications. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 150 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-61) Orión EU Critical Minerals Project · terbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: terbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 20 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a notable grade of terbium oxide, critical for high-performance magnets. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 20 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-62) Orión EU Critical Minerals Project · dysprosium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: dysprosium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 92 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good grade of dysprosium oxide, critical for high-performance magnets. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 92 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-63) Orión EU Critical Minerals Project · holmium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: holmium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 16 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of holmium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 16 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-64) Orión EU Critical Minerals Project · erbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: erbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 45 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of erbium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 45 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-65) Orión EU Critical Minerals Project · thulium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: thulium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 7 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of thulium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 7 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-66) Orión EU Critical Minerals Project · ytterbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ytterbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 54 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of ytterbium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 54 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-67) Orión EU Critical Minerals Project · lutetium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lutetium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 8 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a trace grade of lutetium oxide, contributing to the overall rare earth basket. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 8 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-68) Orión EU Critical Minerals Project · yttrium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: yttrium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 482 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good grade of yttrium oxide, a critical rare earth element. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 482 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-69) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 7753 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high grade of total rare earth oxides, indicating significant rare earth potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 7,753 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-70) Orión EU Critical Minerals Project · magnetic rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: magnetic rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 2230 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high grade of magnetic rare earth oxides, crucial for magnet production. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 2,230 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-71) Orión EU Critical Minerals Project · rutile #### Identity - Project: Orión EU Critical Minerals Project - Commodity: rutile - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 9.2 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high rutile grade, indicating strong titanium potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 9.2 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-72) Orión EU Critical Minerals Project · ilmenite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ilmenite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 3.5 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a good ilmenite grade, contributing to the titanium production. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 3.5 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-73) Orión EU Critical Minerals Project · zircon #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zircon - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 5.6 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high zircon grade, supporting the project's zirconium potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 5.6 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-74) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 1.1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a high monazite grade, indicating strong rare earth potential. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 1.1 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-75) Orión EU Critical Minerals Project · valuable heavy minerals #### Identity - Project: Orión EU Critical Minerals Project - Commodity: valuable heavy minerals - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:dfa5cf63f2a1c3bf52e5 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: measured - Tonnes: 13800000 - Grade: 19.3 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Combined Measured and Indicated resource with a very high valuable heavy minerals grade, indicating significant overall mineral content. - Positive factor: measured\_resource - Positive factor: indicated\_resource - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource Evidence · table > 19.3 Context: 13.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-76) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 10 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high grade of 10.00% TiO2, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 10.00 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-77) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 3.3 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a strong grade of 3.30% ZrO2, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 3.30 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-78) Orión EU Critical Minerals Project · hafnium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: hafnium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 665 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a notable hafnium grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 665 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-79) Orión EU Critical Minerals Project · lanthanum oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lanthanum oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 1260 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good grade of lanthanum oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1,260 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-80) Orión EU Critical Minerals Project · cerium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: cerium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 2762 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a significant grade of cerium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 2,762 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-81) Orión EU Critical Minerals Project · praseodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: praseodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 310 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a strong grade of praseodymium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 310 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-82) Orión EU Critical Minerals Project · neodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: neodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 1575 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high grade of neodymium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1,575 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-83) Orión EU Critical Minerals Project · samarium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: samarium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 191 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good grade of samarium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 191 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-84) Orión EU Critical Minerals Project · europium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: europium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 16 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of europium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 16 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-85) Orión EU Critical Minerals Project · gadolinium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: gadolinium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 134 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good grade of gadolinium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 134 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-86) Orión EU Critical Minerals Project · terbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: terbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a notable grade of terbium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 18 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-87) Orión EU Critical Minerals Project · dysprosium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: dysprosium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 83 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good grade of dysprosium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 83 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-88) Orión EU Critical Minerals Project · holmium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: holmium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 15 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of holmium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 15 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-89) Orión EU Critical Minerals Project · erbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: erbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 40 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of erbium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 40 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-90) Orión EU Critical Minerals Project · thulium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: thulium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 6 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of thulium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 6 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-91) Orión EU Critical Minerals Project · ytterbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ytterbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 48 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of ytterbium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 48 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-92) Orión EU Critical Minerals Project · lutetium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lutetium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 8 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a trace grade of lutetium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 8 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-93) Orión EU Critical Minerals Project · yttrium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: yttrium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 438 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good grade of yttrium oxide, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 438 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-94) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 6901 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high grade of total rare earth oxides, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 6,901 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-95) Orión EU Critical Minerals Project · magnetic rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: magnetic rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 1984 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high grade of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1,984 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-96) Orión EU Critical Minerals Project · rutile #### Identity - Project: Orión EU Critical Minerals Project - Commodity: rutile - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 8.3 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high rutile grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 8.3 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-97) Orión EU Critical Minerals Project · ilmenite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ilmenite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 3.2 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a good ilmenite grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 3.2 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-98) Orión EU Critical Minerals Project · zircon #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zircon - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 4.9 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high zircon grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 4.9 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-99) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a high monazite grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1.0 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-100) Orión EU Critical Minerals Project · valuable heavy minerals #### Identity - Project: Orión EU Critical Minerals Project - Commodity: valuable heavy minerals - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:6a4efc68c279b0e4b16e - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 17.4 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred resource with a very high valuable heavy minerals grade, but with lower geological confidence. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 17.4 Context: 35.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-101) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 10.29 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high grade of 10.29% TiO2, indicating overall titanium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 10.29 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-102) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 3.42 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a strong grade of 3.42% ZrO2, indicating overall zirconium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 3.42 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-103) Orión EU Critical Minerals Project · hafnium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: hafnium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 690 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a notable hafnium grade, indicating overall hafnium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 690 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-104) Orión EU Critical Minerals Project · lanthanum oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lanthanum oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 1301 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good grade of lanthanum oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1,301 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-105) Orión EU Critical Minerals Project · cerium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: cerium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 2862 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a significant grade of cerium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 2,862 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-106) Orión EU Critical Minerals Project · praseodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: praseodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 320 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a strong grade of praseodymium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 320 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-107) Orión EU Critical Minerals Project · neodymium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: neodymium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 1629 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high grade of neodymium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1,629 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-108) Orión EU Critical Minerals Project · samarium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: samarium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 198 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good grade of samarium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 198 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-109) Orión EU Critical Minerals Project · europium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: europium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 16 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of europium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 16 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-110) Orión EU Critical Minerals Project · gadolinium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: gadolinium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 138 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good grade of gadolinium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 138 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-111) Orión EU Critical Minerals Project · terbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: terbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a notable grade of terbium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 18 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-112) Orión EU Critical Minerals Project · dysprosium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: dysprosium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 85 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good grade of dysprosium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 85 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-113) Orión EU Critical Minerals Project · holmium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: holmium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 15 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of holmium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 15 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-114) Orión EU Critical Minerals Project · erbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: erbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 42 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of erbium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 42 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-115) Orión EU Critical Minerals Project · thulium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: thulium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 6 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of thulium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 6 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-116) Orión EU Critical Minerals Project · ytterbium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ytterbium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 50 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of ytterbium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 50 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-117) Orión EU Critical Minerals Project · lutetium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: lutetium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 8 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a trace grade of lutetium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 8 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-118) Orión EU Critical Minerals Project · yttrium oxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: yttrium oxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 450 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good grade of yttrium oxide, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 450 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-119) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 7139 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high grade of total rare earth oxides, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 7,139 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-120) Orión EU Critical Minerals Project · magnetic rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: magnetic rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 2053 - Grade Unit: ppm - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high grade of magnetic rare earth oxides, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 2,053 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-121) Orión EU Critical Minerals Project · rutile #### Identity - Project: Orión EU Critical Minerals Project - Commodity: rutile - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 8.6 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high rutile grade, indicating overall titanium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 8.6 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-122) Orión EU Critical Minerals Project · ilmenite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: ilmenite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 3.3 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a good ilmenite grade, indicating overall titanium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 3.3 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-123) Orión EU Critical Minerals Project · zircon #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zircon - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 5.1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high zircon grade, indicating overall zirconium potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 5.1 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-124) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 1 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a high monazite grade, indicating overall rare earth potential. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 1.0 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-resource-facts-125) Orión EU Critical Minerals Project · valuable heavy minerals #### Identity - Project: Orión EU Critical Minerals Project - Commodity: valuable heavy minerals - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr José Antonio Zuazo Osinaga - Resource group id: resource:eef84abe09dde6f1afe8 - Deposit or zone: Main Seam - Mining method: underground - Ownership percent: 76 % #### Resource Data - Category: inferred - Tonnes: 49700000 - Grade: 17.9 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % TiO₂ #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource \(including significant Inferred\) with a very high valuable heavy minerals grade, indicating significant overall mineral content. - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Positive factor: maiden\_resource - Negative factor: inferred\_resource Evidence · table > 17.9 Context: 49.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (5) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-metallurgical-facts-126) Orión EU Critical Minerals Project · total rare earth oxides #### Identity - Project: Orión EU Critical Minerals Project - Commodity: total rare earth oxides - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: conventional gravity, magnetic, electrostatic and flotation separation - Sample: LOM ROM #### Recovery - Recovery: 63.6 % - Recovery Basis: actual\_test - Head Grade: 0.75 - Head Grade Unit: % - Conc. Grade: 22.6 - Conc. Grade Unit: % #### Lab - Laboratory: SGS Lakefield and Nagrom - Consultant: Wood and RIPE Minerals #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Good TREO head grade and recovery for a scoping study, contributing to the project's strong economics, but based on preliminary testwork. - Positive factor: mill\_route - Positive factor: byproduct\_commodity - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only Evidence · table > 0.75 Context: LOM ROM TREO grade % #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### gravity separation [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-metallurgical-facts-127) Orión EU Critical Minerals Project · zirconium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: zirconium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Test Work - Program Status: scoping - Test Type: gravity separation - Processing Route: conventional gravity, magnetic, electrostatic and flotation separation - Sample: LOM ROM #### Recovery - Recovery: 60.4 % - Recovery Basis: actual\_test - Head Grade: 3.61 - Head Grade Unit: % - Conc. Grade: 64.1 - Conc. Grade Unit: % #### Lab - Laboratory: SGS Lakefield and Nagrom - Consultant: Wood and RIPE Minerals #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Good ZrO2 head grade and recovery for a scoping study, contributing to the project's strong economics, but based on preliminary testwork. - Positive factor: mill\_route - Positive factor: byproduct\_commodity - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only Evidence · table > 3.61 Context: LOM ROM ZrO2 grade % #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-metallurgical-facts-128) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: conventional gravity, magnetic, electrostatic and flotation separation - Sample: LOM ROM #### Recovery - Recovery: 36.1 % - Recovery Basis: actual\_test - Head Grade: 10.74 - Head Grade Unit: % - Conc. Grade: 71.3 - Conc. Grade Unit: % #### Lab - Laboratory: SGS Lakefield and Nagrom - Consultant: Wood and RIPE Minerals #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Lower TiO2 recovery for a scoping study, but still contributes positively to project economics as a by-product, based on preliminary testwork. - Positive factor: mill\_route - Positive factor: byproduct\_commodity - Negative factor: low\_recovery - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only Evidence · table > 10.74 Context: LOM ROM TiO2 grade % #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### regrind [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-metallurgical-facts-129) Orión EU Critical Minerals Project · titanium dioxide #### Identity - Project: Orión EU Critical Minerals Project - Commodity: titanium dioxide - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Test Work - Program Status: scoping - Test Type: regrind - Processing Route: conventional gravity, magnetic, electrostatic and flotation separation - Sample: Ti WHIMS magnetics regrind - Grind P80: 38 µm #### Lab - Laboratory: SGS Lakefield and Nagrom - Consultant: Wood and RIPE Minerals #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Grind size for regrind is specified, but based on preliminary data and requires further optimization. - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only Evidence · text > For conservatism, a feed F80 of 106 μm was used for sizing the mill, along with a work index of 18 kWh/t in lieu of actual signature grinding data. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### regrind [Link to this fact](https://atlas-staging.minestarters.com/news/osm-orion-scoping-study-progresses-first-eu-rare-earths-mine--f92e1776-5bb8-4864-899f-53793c06f073#fact-metallurgical-facts-130) Orión EU Critical Minerals Project · monazite #### Identity - Project: Orión EU Critical Minerals Project - Commodity: monazite - Region: spain - Reported Region: Jaén Province, Andalucía, Southern Spain - Ticker: OSM #### Test Work - Program Status: scoping - Test Type: regrind - Processing Route: conventional gravity, magnetic, electrostatic and flotation separation - Sample: gravity tails regrind - Grind P80: 38 µm #### Lab - Laboratory: SGS Lakefield and Nagrom - Consultant: Wood and RIPE Minerals #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Grind size for regrind is specified, but based on preliminary data and requires further optimization. - Negative factor: bench\_scale\_only - Negative factor: single\_domain\_only Evidence · text > For the purposes of the current design, a feed F80 of 106 μm and a product P80 of 38 μm have been adopted. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.