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Great Northern Minerals (ASX:GNM) has catapulted up 205% in afternoon trade after closing a deal to acquire the Catalyst Ridge Project, and it’s a big move.
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Located in California’s legendary Mountain Pass District, Catalyst Ridge spans 119 mineral claims prospective for rare earth elements and antimony, two of the most critical materials in today’s global tech and defence industries.
“Catalyst Ridge represents an exciting opportunity to explore for significant discoveries of rare earth, antimony, and gold in one of the most strategically important regions of the U.S.,” said GNM chairman Eddie King.
So, why is everyone buzzing? Well – this project sits in one of the world’s most highly sought-after rare earth corridors, adjacent to heavyweights like MP Materials Corp, Bayan Mining and Minerals Ltd (ASX:BMM), and within just six kilometres of Dateline Resources’ (ASX:DTR) Colosseum project.
The region has recently been supercharged by U.S. government backing, with the Department of Defence rolling out floor pricing for REEs and major investments to build domestic supply chains.
Apple’s also getting in on the action, partnering with MP Materials for rare earth magnet production and recycling, right next door to Catalyst Ridge.
“With these global technology and defence leaders operating next door, Catalyst Ridge is strategically positioned to capitalise on the surging US demand for rare earths and antimony,” King highlighted.
Geologically, the project shares structural similarities with the Mountain Pass REE deposit and Colosseum Gold deposit, making it prime ground for discoveries. And with a new General Manager appointed and $2.6 million freshly raised by CPS Capital, the company is ready to fast-track exploration.
“This area is emerging as the focal point of the U.S. critical minerals supply chain, and we’re right at the heart of it,” King said enthusiastically.
GNM has been up as much as +220% and is at 5.8cps in arvo trade.
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