Orbit Resources has initiated the fundraising process for its Matrix Critical Minerals spin-off, targeting to raise between $8 million and $12 million through an initial public offering (IPO) of shares priced at $0.20 each. The IPO aims to finance the development of Matrix’s Narraburra rare earths project in New South Wales, which hosts 94.9 million tonnes of mineral resource at 739 parts per million total rare earth oxides. Orbit’s managing director, Jeneta Owens, emphasizes that this move will enable Matrix to focus on advancing its critical minerals project while Orbit concentrates on gold, silver, and copper assets in the Lachlan Fold Belt region.
Written locally by qwen2.5:14b on 2026-10-13,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Orbit Resources has fired the starting gun on a rare earths float for its Matrix Critical Minerals spin-off, which is seeking to raise between $8 million and $12 million to advance a significant project in New South Wales.
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which → fire → Wales
Under the offer, Matrix will issue new shares at $0.20 a pop.
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Matrix → issue → 0.20
Eligible Orbit shareholders have been granted a priority offer to apply for up to 10 million of those shares, giving them a chance to participate directly in the new listing.
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shareholders → grant → listing
The offer opened this week and is scheduled to close on October 30.
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offer → open → October
The IPO is designed to separate the company’s Narraburra rare earths project in central-west NSW into a dedicated ASX-listed vehicle, leaving the parent company with a sharpened focus on its gold, silver and copper assets in the State’s prolific Lachlan Fold Belt.
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IPO → design → Belt
The strategic demerger will provide Matrix with its own capital structure and funding runway to develop the Narraburra project, which already hosts a sizeable mineral resource of 94.9 million tonnes grading 739 parts per million (ppm) total rare earth oxides (TREO).
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which → provide → oxides
That resource includes a higher-confidence indicated portion of 47.6Mt at a solid 780ppm TREO, with the added attraction of strategically important heavy rare earth elements and yttrium.
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resource → include → elements
‘The proposed listing will provide Matrix with a dedicated platform and capital structure to advance Narraburra.’Orbit Resources managing director Jeneta Owens
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listing → propose → Narraburra
The move comes as Canberra throws its weight behind the sector.
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Canberra → come → sector
The Federal Government recently expanded its Critical Minerals Facility to a hefty $5 billion and established a $1.2 billion strategic reserve to secure domestic supply.
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Government → expand → supply
Working alongside the United States, Australia has already seen funding committed to major Australian projects.
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funding → work → projects
The broader sector has also seen a flurry of corporate activity, with Lynas Rare Earths recently moving to acquire Meteoric Resources in a deal valued at about $672 million.
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Earths → see → million
Orbit Resources managing director Jeneta Owens said: “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.”
With Matrix set to tackle Narraburra, Orbit will double down on its Lachlan Fold Belt portfolio, which is no small prize.
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which → say → portfolio
It is anchored by the advanced Lewis Ponds gold-silver project just 15 kilometres east of Orange, which hosts a formidable JORC-compliant resource of 17.52 million tonnes grading 1.12 grams per tonne (g/t) gold, 53.34g/t silver, 2.06 per cent zinc, 1.10 per cent lead and 0.14 per cent copper.
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which → anchor → gold
This equates to a combined 1.7 million ounces of gold equivalent, including an impressive 630,000 ounces of gold and 30.1 million ounces of silver.
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This → equate → silver
Recent drilling at Lewis Ponds returned visual hits of broad sulphide zones, including a 12.9-metre zone containing 20 per cent semi-massive sulphides, reinforcing management’s geological model, suggesting there’s more to find.
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drilling → return → model
Notably, another hole drilled earlier this year hit the Quarry Lode, a zone of mineralisation sitting outside Lewis Ponds current resource boundary, with an intercept of 27 metres at 0.97g/t gold equivalent from 83m.
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hole → drill → m.
The company believes bringing the Quarry Lode into the inventory could increase the project’s scale and support future mining studies.
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bringing → believe → studies
Beyond its flagship Lewis Ponds project, Orbit holds a deep pipeline of prospects across more than 2500 square kilometres of tenure, including the Mt Aubrey project with its 62,400-ounce gold resource and the Copper Hill East porphyry target, which sits just 10km from a known 280,000-tonne copper and 750,000-ounce gold deposit.
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which → hold → deposit
Additionally, the company’s Cousin Jack prospect recently landed a discovery, jagging two broad sulphide zones: 79m at 1.3 per cent zinc equivalent and a hefty 104m grading 1.3 per cent zinc equivalent.
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prospect → land → equivalent
Those hits also featured a higher-grade 1.7-metre intercept grading an eye-catching 13.1 per cent zinc equivalent.
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hits → feature → equivalent
The Matrix float is subject to several conditions, including ASX approval for Matrix’s admission and the company raising its minimum subscription target.
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company → include → target
With two distinct companies, each with a clear focus, Orbit is creating one vehicle to chase gold and copper in a world-class minerals belt and another to ride the wave of government and industry support for the critical minerals that will power the future.
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that → create → future
For followers of the rare earths space, Matrix’s timing may prove particularly fortuitous.
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timing → prove → space
Is your ASX-listed company doing something interesting?
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company → list → something
The Aporia
