Australia's Orbit Resources shares jump on Matrix IPO to spin off rare earths project
13/10/2026 05:11
BUZZ-Australia's Orbit Resources shares jump on Matrix IPO to spin off rare earths project ** Shares of Orbit Resources OBT.AX climb as much as 12.5% to A$0.018, marking their strongest intraday percentage gain since September 14
** Critical minerals explorer says Matrix Critical Minerals IPO-MXN.AX has opened an IPO to raise up to A$12 million ($8.35 million)
** IPO is part of OBT's plan to spin-off its Narraburra Rare Earths Project in New South Wales, to unlock value from its rare earth assets - OBT
** Matrix Critical Minerals IPO also sharpens OBT's focus on its gold, silver, copper and base metals portfolio, OBT says
** Stock last traded at A$0.016. YTD, stock down 33.3%
($1 = 1.4372 Australian dollars)
(Reporting by Swetha Lakshmi in Bengaluru)
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