Orbit Resources’ (ASX:OBT) spin-out, Matrix Critical Minerals, has opened its initial public offering (IPO), providing eligible Orbit shareholders with the opportunity to participate in the proposed Australian Securities Exchange (ASX) listing.
The new company is seeking to raise $8–12 million through the issue of new ordinary shares at $0.20 per share.
As part of the IPO, Orbit shareholders can apply for up to 10 million new shares under a priority offer. The priority offer and IPO are scheduled to close at 5pm AEDT on 30 October 2026.
The IPO forms part of Orbit’s strategy to separate its rare earth and critical mineral assets into a dedicated ASX-listed entity.
Orbit says the separation will allow it to maintain a clear operational focus on advancing its gold, silver, copper, and base metals portfolio in the Lachlan Fold Belt of New South Wales.
Managing Director Jeneta Owens says the opening of the Matrix IPO represents a milestone in unlocking the value of the company’s asset portfolio.
“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 Pond and our broader gold, silver, and copper portfolio,” Owens says.
“Importantly, the combination of the proposed in-specie distribution and priority offer provides eligible Orbit shareholders with the opportunity to maintain exposure to Narraburra’s future development and participate directly in Matrix’s proposed ASX listing.”
The Narraburra Project hosts an estimated resource of 94.9 million tonnes (Mt) @ 739 parts per million (ppm) total rare earth oxides (TREO). This includes 47.6Mt @ 780ppm TREO in the indicated category and 47.4Mt @ 698ppm TREO in the inferred category.
Orbit Resources is an explorer focused on discovering and advancing gold, silver, copper, and base metals.
Write to Aaliyah Rogan at Mining.com.au
Main image: Orbit Resources
