During the reporting period to 10/06/2024, exploration activities completed by the company included a literature review, historic drill core sampling, a review of available geophysical data and a gravity survey. During the literature review company geologists identified the potential for uranium roll-front style deposits within historical coal exploration reports, and identified a number of historic drill cores to further investigate. The drill cores were visited and sampled at the South Australia Drill Core Library, with 56 samples collected for analysis of their uranium and REE content.

The company contracted Daishsat Geodetic Surveyors to carry out a detailed helicopter supported gravity program over the Fowler Project Main Target Area, consisting of one large grid comprising 500 m spaced stations (450 new gravity stations) along equivalent spaced lines. The survey was offset from historical survey stations and effectively reduced the survey pacing to 350 x 350 m in some areas.

Detailed gravity over the main target area in EL 6604 identified density anomalism (0.14 and 0.16 g/cc) within the magnetic hinge zones of the mafic/ultramafic intrusive unit. The company believe that this possibly represents basal sulphide model. Investigation of the uranium potential identified uranium associated with redox fronts in the vicinity of the a known uraniferous Hiltaba Suite granitic pluton. Further drilling would be required to define the redox front and fully assess the potential for economic mineralisation.

Despite the strong indications for Ni-Cu and U potential within EL 6604, the cost associated with negotiating Native Title access for drilling the target areas will be onerous and therefore Osmond Resources have decided to voluntarily terminate the earn-in agreement with Kimba Minerals Pty Ltd to focus on other core projects.