Matrix Critical Minerals has opened an IPO seeking up to $12 million to advance Orbit Resources’ Narraburra Rare Earths Project. Eligible Orbit shareholders can apply for up to 10 million Matrix shares, although the proposed listing still depends on funding, ASX approval and shareholder consent.
- Matrix IPO seeks $8m to $12m at $0.20 per share
- Eligible Orbit shareholders offered priority access to up to 10 million shares
- Narraburra resource stands at 94.9Mt grading 739ppm TREO
- IPO remains conditional on minimum subscription, ASX approval and Orbit shareholder approval
- Spin-out is intended to leave Orbit focused on gold, silver and copper assets
Matrix opens funding round for Narraburra
Orbit Resources Limited (ASX:OBT) has moved its Narraburra rare earths spin-out from strategy to subscription, with Matrix Critical Minerals opening an IPO targeting between $8 million and $12 million. The offer prices new Matrix shares at $0.20 each and is intended to fund the advancement of Narraburra and Matrix’s broader critical minerals portfolio.
The offer gives eligible Orbit shareholders a direct route into the proposed new listing, with up to 10 million shares available under a dedicated Priority Offer. Eligibility is limited to shareholders recorded on 12 October 2026 with registered addresses in Australia, New Zealand or Panama. The offer is scheduled to close at 5:00pm Sydney time on 30 October, although Matrix may extend the deadline or close early.
Narraburra carries a 94.9Mt rare earths resource
Narraburra’s stated Mineral Resource is 94.9 million tonnes at 739 parts per million Total Rare Earth Oxides, including 47.6 million tonnes in the Indicated category and 47.4 million tonnes classified as Inferred. Orbit says the project has significant exposure to heavy rare earth elements and yttrium, though the announcement does not provide a development timetable or establish that the resource will translate into an economic operation.
The proposed separation would give Narraburra its own capital structure while allowing Orbit to concentrate on its gold, silver, copper and base metals portfolio in the Lachlan Fold Belt. That remaining portfolio includes Lewis Ponds, where the company recently reported a larger resource and a new polymetallic sulphide discovery in its Lewis Ponds resource update.
Listing still depends on approvals and minimum funding
The IPO is not yet a fait accompli. Matrix must secure conditional ASX approval on terms satisfactory to the company, raise its minimum subscription and obtain Orbit shareholder approval under ASX Listing Rule 11.4.1(b). The announcement does not state the expected listing date, the final ownership structure or whether the maximum $12 million will be raised.
Orbit says the proposed in-specie distribution, together with the Priority Offer, is designed to let eligible shareholders retain exposure to Narraburra’s future development while participating directly in Matrix’s proposed listing. The practical value of that structure will depend on the subscription result, the approvals and how the separated assets are ultimately capitalised.
Bottom Line?
The key test now is whether Matrix converts shareholder access into enough committed capital to clear its minimum subscription and listing conditions.
Questions in the middle?
- Will Matrix raise the full $12 million, or settle for the $8 million minimum?
- What ownership and distribution structure will Orbit shareholders receive once the separation is completed?
- Can the Narraburra resource attract further funding and approvals without competing with Orbit’s Lewis Ponds exploration needs?