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Just search for an airless or lifeless Planet, enter the atmosphere, fly slowly over the ground and shoot the surface/rocks from your Ship with the Photon Cannon.
Even available at your very first ship.
It acts like the mining beam.
You get a thousand times more Ferrite than this method and waaaay faster.
Also you will collect tons of Geodes, which can be transformed to Ferrite dust or sold at any space station/trading post.
This helps if you're low on money in the early game.
You can do this on any planet, but airless only have rocks, so it's the most effective way.
Don't do it on high sentinal planets, but most airless planets don't have sentinels.
If you're later in the game you can refine Ferrite from almost every material you mine.