BUZZ — Australia's Orbit Resources shares jump on Matrix IPO to spin off rare earths project

* Shares of Orbit Resources 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 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) ((Swetha.Lakshmi@thomsonreuters.com;)