Ultrafine particles of ceramic or metallic material are obtained at low temperatures from a nitrate source capable of endothermic decomposition by molecularly combining under a nitrogen atmosphere the nitrate source with an inorganic reducing fuel compound, such as hydrazine, to provide a chemical precursor for the ceramic or metallic material and then exothermically decomposing the precursor in a controlled atmosphere by heating to a temperature up to about 200.degree. C. below the endothermic decomposition temperature of the nitrate source. The nitrate source is a metal nitrate or a mixture of nitrate salts. Ferrite particles are recovered when the nitrate source is a mixture of nitrate salts containing ferric nitrate in a 2:1 molar ratio with at least one additional metal nitrate.