Highlights

• Orbit Resources formerly Godolphin Resources, said in its September 2026 quarterly report that it is drilling its 100.

• Lewis Ponds, a gold, silver, zinc and lead project, has a Mineral Resource of 17.

• At Cousin Jack, downhole electromagnetic work returned conductivity of up to 1,500 Siemens, and a drone magnetic survey.

• Orbit also completed the sale of its Calarie project to Adavale Resources on 3 August 2026 for 7,595,000.

Orbit Resources (ASX:OBT) — formerly Godolphin Resources, said in its September 2026 quarterly report that it is drilling its 100 per cent owned Lewis Ponds project in New South Wales while preparing to spin out its Narraburra rare earths project into a separate company, Matrix Critical Minerals. The company's ordinary shares began trading as OBT on 19 August 2026 after the name change took effect on 17 August. Cash at 30 September was A$1.74 million.

Lewis Ponds drilling

Lewis Ponds, a gold, silver, zinc and lead project, has a Mineral Resource of 17.52 million tonnes (9.09 million Indicated and 8.43 million Inferred) at 1.12 grams per tonne gold, 53.34 grams per tonne silver, 2.06 per cent zinc, 1.10 per cent lead and 0.14 per cent copper, containing about 630,000 ounces of gold and 30.1 million ounces of silver. A four-hole diamond program of about 1,500 metres started during the quarter to confirm the resource, collect core for metallurgical testing and test new targets.

Hole GLPDD011 at Tom's Lode intersected 21.4 metres of visually estimated sulphides, and the company stressed that visual estimates are not assays and laboratory results are pending. At Quarry Lode, hole GLPRCDD001 returned 27 metres at 0.97 grams per tonne gold equivalent from 83 metres, including 10 metres at 1.44 grams per tonne, outside the current resource and open pit. After quarter-end, on 21 October, hole GLPDD012 intersected 11.8 metres of visual semi-massive to massive sulphides, and GLPDD013 was under way at Spicer's Lode. Assays are expected in the fourth quarter of 2026.

Other exploration

At Cousin Jack, downhole electromagnetic work returned conductivity of up to 1,500 Siemens, and a drone magnetic survey has been completed. A ground electromagnetic survey over the 1.6 kilometre Cousin Jack trend is planned for the December 2026 quarter. At the Goodrich joint venture near Yeoval, Orbit holds 49 per cent and Great Plains Metals holds 51 per cent, with the partner able to lift its stake to 70 per cent by spending a further A$1 million over 12 months; hole GGDD004 returned 136.55 metres at 0.32 per cent copper, 0.16 grams per tonne gold and 43 grams per tonne molybdenum from 81.45 metres.

The Matrix spin-out

Matrix Critical Minerals is offering A$8 million to A$12 million of shares at A$0.20 each, including a priority offer of up to 10 million shares for eligible Orbit shareholders. The offer opened on 13 October and closes on 30 October 2026. Narraburra is valued at A$12.5 million, for which Orbit receives 62.5 million Matrix shares. About 50 million of those are to be distributed to Orbit shareholders in specie, roughly one Matrix share for every 17 Orbit shares, with Orbit keeping 12.5 million shares, or about 10 to 12 per cent. An extraordinary general meeting is scheduled for 5 November 2026, and the ASX has granted a waiver from Listing Rule 7.25 subject to shareholder approval. The company said the spin-out depends on successful capital raising, shareholder approval and ASX admission.

Orbit also completed the sale of its Calarie project to Adavale Resources on 3 August 2026 for 7,595,000 shares at A$0.05 plus option tranches.

Funding position and risks

Cash fell from A$3.69 million at 30 June to A$1.74 million. Operating cash outflow was A$1.954 million, including A$0.919 million of exploration, while option exercises brought in A$19,000. The company put its runway at 0.89 quarters, has no debt facilities and has not begun a formal raise, saying it may defer discretionary spending and consider an equity raise. Related-party payments were A$206,874, including A$68,274 of consultancy fees linked to the IPO.

The next dated events are the Matrix offer close on 30 October, the EGM on 5 November and Lewis Ponds assays in the fourth quarter.