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Stocks of the Hour: Great Northern Minerals, Ionic Rare Earths

Great Northern Minerals (ASX:GNM) announced today the highly encouraging testwork results from magnetic separation of lithium bearing minerals testwork at Kuusisuo, Finland. Dry magnetic separation techniques have produced exceptional results of between 96-98% recovery of lithium in magnetic mineral concentrates. Results are highly encouraging and provide support for potential cost-effective processing solutions at Kuusisuo. GNM Managing Director, Cameron McLean said “GNM is pleased with the results of the magnetic separation tests at Kuusisuo and the possible commercial outcomes that it represents. The Company is excited to continue exploration efforts at Kuusisuo and we look forward to lodging our Exploration Licence application which we expect to be granted in 2H 2024.” Shares are trading 15.38 per cent higher at 1.5 cents.

Ionic Rare Earths (ASX:IXR) announced today it has entered into a Binding Agreement with ASX listed Viridis Mining and Minerals Limited (ASX:VMM) to form a 50:50 joint venture company with the aim of establishing a significant leading role in the future global supply chain for Rare Earth Elements (REE) via the leveraging of intellectual property (IP) and skill set of Ionic Rare Earths and the global assets of Viridis. The Joint Venture Company aims to construct a refinery and magnet recycling facility in Brazil utilising Ionic Technologies’ separation technology, which has been demonstrated at Ionic’s Belfast magnet recycling Demonstration Plant, where magnet Rare Earth Oxide production is successfully underway. Shares are trading 2.78 per cent lower at 1.75 cents.