Key highlights

  • The Matrix Critical Minerals IPO opened on 13 October 2026, seeking to raise $8 million to $12 million at $0.20 per share.
  • Eligible Orbit shareholders can apply for up to 10 million shares under a Priority Offer.
  • The offers are scheduled to close at 5:00pm Sydney time on 30 October 2026.

Orbit Resources Limited (ASX:OBT) announced on 13 October 2026 that the initial public offering of Matrix Critical Minerals Limited has opened, including a Priority Offer for eligible Orbit shareholders. Matrix is seeking to raise between $8 million and $12 million before costs through new fully paid ordinary shares at $0.20 each, under a replacement prospectus registered with ASIC on 3 October 2026.

Priority Offer details

Eligible Orbit shareholders can apply for up to 10 million new shares. Eligibility requires holding Orbit shares at the Record Date of 12 October 2026 with a registered address in Australia, New Zealand or Panama. The Priority Offer opened on 13 October 2026, and eligible holders should follow the instructions in their personalised application forms and the prospectus.

The Priority Offer and IPO are scheduled to close at 5:00pm Sydney time on Friday, 30 October 2026, though Matrix may extend the closing date or close the Priority Offer early without notice.

Narraburra Rare Earths Project

Matrix is intended to hold Orbit's rare earths and critical minerals assets, led by the Narraburra Rare Earths Project. Narraburra has a Mineral Resource of 94.9 Mt at 739 ppm total rare earth oxides, including 47.6 Mt at 780 ppm in the Indicated category and 47.4 Mt at 698 ppm in the Inferred category, with exposure to heavy rare earth elements and yttrium.

Separation strategy

The IPO forms part of Orbit's previously announced plan to separate its rare earths and critical minerals Assets into a dedicated ASX-listed entity. Orbit says this allows it to focus on gold, silver, copper and base metals in the Lachlan Fold Belt in New South Wales, including its Lewis Ponds project. The announcement refers to a proposed in-specie distribution to Orbit shareholders alongside the Priority Offer.

Risks shareholders may weigh

The IPO is subject to conditions: conditional ASX approval for admission to the Official List, receipt of the minimum subscription, and Orbit Shareholder approval under Listing Rule 11.4.1(b). If the conditions are not met, the listing may not proceed. The offer is open for a limited period and the range of $8 million to $12 million means the final amount raised is uncertain.

The Narraburra resource includes Inferred material, and rare earth prices, project development and funding are further considerations. Shareholders should read the prospectus for the full list of risks.

What's next

Applications close on 30 October 2026, subject to extension. Orbit says it will progress the separation while continuing to advance Lewis Ponds, and further details on the IPO are contained in the prospectus, with enquiries directed to Matrix.