Orbit Resources Limited (ASX: OBT), an ASX-listed exploration company focused on the discovery and advancement of gold, silver, copper, and base metal projects within the highly prospective Lachlan Fold Belt of New South Wales, has announced that the Initial Public Offering (IPO) for Matrix Critical Minerals Limited has officially opened. The IPO includes a dedicated Priority Offer, allowing eligible Orbit shareholders to participate directly in the proposed ASX listing of Matrix. Matrix Critical Minerals is seeking to raise between $8 million and $12 million through the issuance of new fully paid ordinary shares at $0.20 per share, aiming to advance its Narraburra Rare Earths Project.
Eligible Orbit shareholders, defined as those who held shares as of the 12 October 2026 record date with a registered address in Australia, New Zealand, or Panama, are invited to apply for up to 10 million new shares under the Priority Offer. Both the Priority Offer and the broader IPO Offer are scheduled to close at 5:00 pm (Sydney time) on Friday, 30 October 2026, though Matrix retains the right to extend the closing date or close the Priority Offer early. This proposed IPO aligns with Orbit’s previously outlined strategy to separate its rare earths and critical minerals assets into a dedicated ASX-listed entity, enabling Orbit to maintain its operational focus on its gold, silver, copper, and base metals portfolio within the Lachlan Fold Belt.
The Narraburra Rare Earths Project, central to Matrix’s plans, boasts an estimated Mineral Resource of 94.9 Mt at 739 ppm Total Rare Earth Oxides (TREO), including a significant exposure to strategically important heavy rare earth elements and yttrium. Orbit Resources Managing Director, Ms Jeneta Owens, stated that the IPO’s opening marks an important milestone, designed to unlock the underlying value of their asset portfolio and provide shareholders with direct exposure to two distinct investment opportunities. She further noted that the proposed listing will give Matrix a dedicated platform and capital to advance Narraburra, while Orbit focuses on its Lewis Ponds and broader precious and base metal assets.
