Orbit Resources launches Matrix spin-off to fund NSW rare-earth project

Orbit Resources announced the creation of Matrix Critical Minerals, a separate ASX-listed entity that will float shares at $0.20 each to raise between $8 million and $12 million for the Narraburra rare-earth project in central-west New South Wales. Existing Orbit shareholders can apply for up to 10 million of the new shares, with the subscription period running until October 30. Narraburra holds a 94.9 million-tonne resource containing 739 ppm total rare-earth oxides, of which 47.6 million tonnes are indicated at 780 ppm and include heavy rare-earth elements and yttrium.

The spin-off separates this project from Orbit’s core focus on gold, silver and copper in the Lachlan Fold Belt, giving Matrix its own funding runway. Orbit will continue to develop its Lewis Ponds gold-silver deposit and other regional prospects, while the Australian government expands support for critical minerals through a $5 billion facility and a $1.2 billion strategic reserve.