A method of making cermet inert anodes for the electrolytic production of metals such as aluminum is disclosed. The method includes the step of spray drying a slurry comprising ceramic phase particles and metal phase particles. The resultant spray dried powder, which comprises agglomerates of both the ceramic phase and metal phase particles, may then be consolidated by techniques such as pressing and sintering to produce a cermet inert anode material. The ceramic phase may comprise oxides of Ni, Fe and at least one additional metal selected from Zn, Co, Al, Li, Cu, Ti, V, Cr, Zr, Nb, Ta, W, Mo, Hf and rare earths. The metal phase may comprise Cu, Ag, Pd, Pt, Au, Rh, Ru, Ir and/or Os. The consolidated cermet inert anode material exhibits improved properties such as reduced porosity. The cermet inert anodes may be used in electrolytic reduction cells for the production of commercial purity aluminum as well as other metals.