Catalyst Ridge Acquisition Hinges on Shareholder Approval and Exploration Success

Strategic Acquisition in a Critical Minerals Hotspot

Great Northern Minerals Ltd (ASX, GNM) has taken a significant step into the US critical minerals landscape with its binding agreement to acquire 100% of the Catalyst Ridge Project. Situated in California’s Mountain Pass District, the project comprises 119 mineral claims prospective for rare earth elements (REE) and antimony, placing GNM in the heart of one of the world’s most strategically important rare earth corridors.

The Mountain Pass District is renowned globally for its rare earth deposits, hosting the only producing rare earth mine in the United States operated by MP Materials Corp. GNM’s Catalyst Ridge claims lie directly adjacent to this mine and other active explorers, positioning the company to leverage the region’s geological potential and growing government support for domestic critical mineral supply chains.

Geological Promise and Exploration Plans

The project’s geology mirrors that of the Mountain Pass REE deposit, featuring Early Proterozoic granitoid rocks and northwest-trending structures favorable for REE and antimony-gold mineralisation. Detailed airborne magnetic and gravity surveys have identified compelling structural targets and magnetic highs indicative of mineralisation potential. Notably, the project area includes known mineral occurrences such as copper and antimony, which are often associated with carbonatite intrusions that host rare earth elements.

Great Northern Minerals plans to initiate a systematic geochemical sampling program this quarter, aiming to refine drill targets and advance exploration. This methodical approach reflects the company’s intent to build a robust understanding of the project’s resource potential before committing to drilling.

Strengthening Leadership and Financial Position

To steer its US critical metals ambitions, GNM has appointed Scott Downsborough as General Manager for its US projects. Downsborough brings two decades of global capital markets experience, including senior roles in investment banking and project management, underscoring the company’s commitment to operational excellence and strategic growth.

Supporting this expansion, GNM has completed a $2.6 million capital raising led by CPS Capital Group, primarily backed by existing shareholders and new strategic investors. The funds will accelerate exploration at Catalyst Ridge and support ongoing development of GNM’s existing assets in Australia, including the Golden Ant Joint Venture and Douglas Creek projects.

Consideration and Shareholder Engagement

The acquisition consideration is structured with a mix of up to 60 million shares, 30 million options, and 40 million performance rights, the latter contingent on exploration milestones such as drilling intercepts and resource definition. This aligns vendor incentives with project success and preserves capital for GNM.

Shareholder approval will be sought at an upcoming Extraordinary General Meeting (EGM) to ratify the second tranche of the placement and the issue of options and performance rights. The company also plans to issue new options to existing option holders and performance rights to the board, further aligning interests as it advances its US critical metals strategy.

Positioned for the US Critical Minerals Surge

With the US government prioritizing domestic rare earth supply chains through policies and investments, including support for MP Materials and initiatives by major technology companies like Apple, Catalyst Ridge is strategically positioned to benefit from this momentum. GNM’s entry into this jurisdiction, combined with its geological prospects and strengthened financial and leadership base, sets the stage for a potentially transformative growth phase.