Highlights

  • These are visual estimates, not laboratory grades; assays for GLPDD010 to GLPDD012 are expected in the December quarter 2026.
  • GLPDD013, a hole of about 300 m targeting Spicer's Lode, was under way at quarter end.
  • The offer opened on 13 October 2026 and is scheduled to close on 30 October 2026.
  • ASX granted a Listing Rule 7.25 waiver, and meetings are set for 5 November 2026.

Orbit Resources (ASX:OBT), formerly Godolphin Resources, has reported a September 2026 quarter of drilling at its 100%-owned Lewis Ponds project in New South Wales, partner-funded copper-gold results at Goodrich, and preparations to spin out its Narraburra project into a new company, Matrix Critical Minerals. The report also discloses a cash runway the company puts at 0.89 quarters.

Lewis Ponds

Lewis Ponds hosts a JORC 2012 Mineral Resource of 17.52 million tonnes at 1.12 g/t gold, 53.34 g/t silver, 2.06% zinc, 1.10% lead and 0.14% copper, containing about 630,000 ounces of gold and 30.1 million ounces of silver. Orbit says the Quarry Lode, which lies outside the resource and the pit shell used in its scoping study, returned 27 m at 0.97 g/t gold equivalent from 83 m in hole GLPRCDD001, including 10 m at 1.44 g/t. The company plans to evaluate it for inclusion in a future resource update.

At Tom's Lode, GLPDD011 recorded visually estimated sulphides over 21.4 m, and post-quarter GLPDD012 (21 October 2026) recorded 11.8 m of semi-massive to massive sulphides. These are visual estimates, not laboratory grades; assays for GLPDD010 to GLPDD012 are expected in the December quarter 2026. GLPDD013, a hole of about 300 m targeting Spicer's Lode, was under way at quarter end.

Metallurgy And Geophysics

Mineralogical work identified talc as the dominant non-sulphide contaminant in lead concentrate. Orbit's modelling suggests a talc pre-flotation stage could lift lead concentrate grade from about 33% to above 60% without materially affecting recovery. This is modelling only, and the sample was too small to assess gold directly.

Goodrich Joint Venture

Great Plains Metals holds 51% of the Yeoval-Goodrich joint venture after completing its initial earn-in, with Orbit holding 49% and operating. Great Plains is targeting 70% by spending a further $1 million over 12 months. Hole GGDD004 returned 136.55 m at 0.32% copper and 0.16 g/t gold from 81.45 m, including 3.55 m at 2.80% copper.

Narraburra Spin-Out

Orbit proposes to transfer Narraburra to Matrix Critical Minerals at a value of $12.5 million, paid as 62.5 million Matrix shares. Matrix's initial public offering seeks $8 million to $12 million at $0.20 per share, with a priority offer of up to 10 million shares for eligible Orbit shareholders. The offer opened on 13 October 2026 and is scheduled to close on 30 October 2026. Orbit intends to distribute 50 million Matrix shares in specie to its shareholders, about one for every 17 Orbit shares, and retain 12.5 million. ASX granted a Listing Rule 7.25 waiver, and meetings are set for 5 November 2026. Completion depends on shareholder approval and Matrix's ASX admission.

Corporate And Cash

The company changed its name effective 17 August 2026 and began trading as OBT on 19 August. On 3 August it completed the sale of its 49% interest in Calarie to Adavale Resources (ASX:ADD) for 7,595,000 Adavale shares plus options.

Cash fell from $3.693 million at 1 July to $1.743 million at 30 September. Exploration and evaluation spend was about $919,000, and operating outflows included about $604,000 of IPO costs and $460,000 of staff and corporate costs. The company has no financing facilities. Its runway estimate is 0.89 quarters, which it addresses by noting that Matrix has agreed to reimburse certain costs if it lists, that discretionary spend can be deferred, and that no formal capital raising has started but an equity raise would be considered if needed.

Next Milestones

Orbit's stated steps include completing the four-hole Lewis Ponds program, receiving the outstanding assays in the December quarter, ground EM over the 1.6 km Cousin Jack trend, closing of the Matrix offers on 30 October 2026, and the shareholder meetings on 5 November 2026.