Godolphin Resources Limited (ASX: GRL), an ASX-listed resources company with 100% controlled Australian-based projects primarily located within the Lachlan Fold Belt, NSW, focusing on gold-copper and rare earth elements, has announced the appointment of MST Financial as Lead Manager and Financial Adviser. This strategic move aims to accelerate the proposed spin-out and Initial Public Offering (IPO) of its wholly-owned Narraburra Rare Earths Project into a new, separately listed entity, Matrix Critical Minerals Limited. The new company is expected to list on the ASX in the second half of calendar year 2026.
The proposed transaction will involve transferring the Narraburra Rare Earths Project and other rare earth exploration assets to Matrix Critical Minerals Limited. Existing GRL shareholders are slated to receive a partial in-specie distribution of Matrix shares, subject to necessary approvals, and will also be offered a priority to participate in the IPO’s capital raising. Matrix has commenced building its leadership team with initial appointments including Christopher Gibbs as Executive Chairman, Dr Quinton Hills as Technical Director, Godolphin’s Managing Director Jeneta Owens as Non-Executive Director, and Craig McPherson as CFO and Company Secretary. MST Financial will provide comprehensive advisory services, including capital structure, pricing, bookbuild coordination, and prospectus preparation.
The Narraburra Rare Earths Project, located in Central West NSW, hosts a significant 94.9 million tonne Mineral Resource Estimate, reported under JORC 2012. It is particularly noted for its high concentrations of valuable heavy rare earths, magnet rare earths, and yttrium, which are critical minerals in high demand, particularly amidst global supply chain concerns and evolving Chinese export controls. Previous test work has successfully produced high-quality Mixed Rare Earth Carbonate (MREC), underscoring the project’s robust metallurgy and clay-hosted mineralisation, positioning Matrix to meet the growing Western demand for secure rare earth supplies.
