Business · Companies · 46 mins ago
Orbit launches Matrix Critical Minerals IPO to develop NSW rare earths project
Orbit Resources is spinning off its Narraburra rare earths project into a new company, Matrix Critical Minerals, in New South Wales.
The move separates the project from Orbit, which plans to focus on its gold, silver and copper assets.
Matrix is seeking to raise $8 million to $12 million through an initial public offering, issuing shares at 20 cents each.
Eligible Orbit shareholders can apply for up to 10 million shares, and the offer is scheduled to close on October 30.
Narraburra has a reported resource of 94.9 million tonnes of rock containing rare earths, including heavy rare earth elements and yttrium.
A separate company would give Matrix its own funding structure to advance the project, while Orbit concentrates on its other work.
The IPO offer is now open and is due to close October 30.
Orbit Resources has launched an initial public offering for Matrix Critical Minerals, a spin-off intended to develop the Narraburra rare earths project in New South Wales.
Matrix is seeking to raise between $8 million and $12 million by issuing shares at $0.20 each.
Eligible Orbit shareholders have priority to apply for up to 10 million shares.
The offer opened this week and is scheduled to close on October 30.
The spin-off is intended to give Narraburra a dedicated ASX-listed vehicle while allowing Orbit to focus on its gold, silver and copper assets.
- Who
- Orbit Resources and its proposed spin-off, Matrix Critical Minerals.
- What
- Matrix launched an IPO to raise between $8 million and $12 million to advance the Narraburra rare earths project.
- When
- The offer opened the week of October 13, 2026, and is scheduled to close on October 30.
- Where
- The Narraburra project is in central-west New South Wales, Australia.
- Why
- The spin-off is intended to give Narraburra a dedicated capital structure and funding runway, while allowing Orbit to focus on its other assets.
This story does not have two clearly opposing sides.
Orbit Resources launched the IPO for its Matrix Critical Minerals spin-off.
The offer opened, with eligible Orbit shareholders given a priority opportunity to apply for shares.
The offer is scheduled to close.
- Fundraising target
- $8 million to $12 million
- Share price
- $0.20
- Priority allocation
- Eligible Orbit shareholders may apply for up to 10 million shares
- Narraburra resource
- 94.9 million tonnes grading 739 parts per million total rare earth oxides
- Offer closing date
- October 30
What people are saying
The proposed listing will provide Matrix with a dedicated platform and capital structure to advance Narraburra, while allowing Orbit to concentrate its resources and exploration activities on Lewis Ponds and our broader gold, silver and copper portfolio.
Sources
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