Great Northern Minerals (ASX:GNM) has two strategically located and high potential assets: The Catalyst Ridge Project in the Mountain Pass rare earth district California and the Iron Butte gold and silver project in Nevada’s Battle Mountain belt.

Iron Butte Diversifies the company

Iron Butte, picked up earlier in April 2026, sits on the western edge of Nevada’s Battle Mountain–Cortez Trend and comes with an unusually strong foundation for a junior explorer including 148 historical drill holes, extensive near‑surface oxide gold–silver mineralisation, high-grades discovered in exploration to date and a 500m× 300m mineralised footprint that remains open in all directions. With gold and silver trading near record highs and a maiden JORC resource targeted in the near term, Iron Butte provides GNM with scale, optionality and a clear pathway to value uplift.

Catalyst Ridge has significant potential

Catalyst Ridge lies right in the Mountain Pass rare earth district. It is home to the only producing mine in North America and its importance lies in the Department of Defence’s Offtake deal to buy NdPr materials from the mine, owned by MP Materials, as well as to buy a 15% stake in MP. America needs its own source of rare earth elements (REEs) which are the backbone of modern technology, supporting the growth in electric vehicles, renewable energy, defence systems, and digital infrastructure; all of which are enduring significant market growth.

GNM’s Catalyst Ridge Project shares geological characteristics with Mountain Pass and early stage- exploration has shown positive signs for REEs but also for antimony and silver which are also critical for many of the same industrial uses REEs are cherished for.

Too early to value, but there are near-term catalysts

In absence of a formal JORC Resource or Feasibility Study, it is too early to value GNM on a reasonable basis. However, we believe that an uplift in the company’s valuation is possible if upcoming catalysts are positive for the company. The most important will be exploration activities at Iron Butte and Catalyst Ridge and the results of them. Even though the company is realistically a few years away from a production scenario, clarity as to the steps to that end goal would also be received positively. It would not be unreasonable to expect strategic partnerships or government backing as well. Please see p.16 for the key risks associated with GNM.