Matrix Critical Minerals Ltd. has launched its IPO, seeking to raise up to AU$12 million to accelerate the development of the Narraburra rare earths project in New South Wales.
Under the capital raise, Matrix aims to issue new fully paid ordinary shares priced at 20 cents per share to raise between AU$8 million and AU$12 million.
The IPO forms a central part of parent company Orbit Resources Ltd.’s plan to separate its rare earths division into a dedicated ASX-listed entity. The spin-off allows Orbit to maintain a sharp operational focus on its core copper, gold, and base metals projects in the Lachlan Fold Belt, including its flagship Lewis Ponds asset.
As part of the float, eligible Orbit shareholders as of 12 October across Australia, New Zealand, and Panama have been granted exclusive access to a priority offer for up to 10 million new shares. The offer opened on 13 October and is scheduled to close alongside the main public offer on 30 October.
Proceeds will primarily advance the Narraburra rare earths project, which holds an estimated mineral resource of 94.9 million tonnes at 739 parts per million total rare earth oxides. The resource includes significant exposure to highly sought-after heavy rare earth elements and yttrium.
Orbit Resources Managing Director Jeneta Owens said the listing provides shareholders with direct exposure to two distinct, focused investment vehicles.
“The opening of the Matrix IPO represents an important milestone in our strategy to unlock the underlying value of our asset portfolio,” Owens said.
“The proposed listing will provide Matrix with a dedicated platform and capital structure to advance Narraburra, while allowing Orbit to concentrate its resources and exploration activities on Lewis Ponds and our broader gold, silver and copper portfolio.”
The IPO remains subject to standard conditions, including obtaining minimum subscription targets and securing conditional admission approval from the ASX.
