Research

Galan Lithium (GLN) has completed wet commissioning of Phase 1 at its Hombre Muerto West (HMW) lithium brine project in Argentina, with nanofiltration performing in line with plant design. Ramp-up is targeting an initial 4ktpa LCE rate by the end of FY27, with first lithium chloride sales guided for 2H CY26, likely in the December quarter. Phase 1 expands to 5.2ktpa in 1H CY27 and Phase 2 targets a combined 21ktpa by FY29/30, with potential for more than 40ktpa longer term. Trent Allen assumes GBA Capital's coverage of GLN with a call of Buy (High Risk) and a 12-month Target Price of A$0.75/share, a ~92% total expected return from the last close of A$0.39.

MinRex Resources (MRR) is developing the 100%-owned Tlamino Gold and Silver and Timok East Gold and Copper projects in Serbia. The first 19 assays from the 33 hole, 3,400m infill program at the Barje deposit (Tlamino) have changed the geological model, suggesting the two previous high-grade zones may form a single ore body. Headline intercepts include 36m @ 5.85g/t AuEq from 47m, well above the 2.9g/t AuEq grade of the current NI 43-101 resource, and will feed a maiden JORC MRE in Q4. GBA Capital maintains its call of Buy (High Risk) and Target Price of A$0.050/share, a ~285% total expected return from the last price of A$0.013.

Felix Gold (FXG) is developing the 100%-owned Treasure Creek Gold and Antimony Project near Fairbanks, Alaska, and a US domestic ore-to-metal antimony platform through its subsidiary, Frontier Antimony Refinery Corp. (Frontier). Treasure Creek's stibnite vein geology supports a low-cost DSO antimony ore strategy, with small-scale production (5ktpa ore) planned from 2027, and Frontier could be operating a US antimony smelter as soon as 2028, backed by up to US$18m in non-dilutive US Department of Energy grant funding. Treasure Creek also hosts 467koz of gold, with an updated MRE imminent. GBA Capital initiates research coverage with a call of Buy (High Risk) and a Target Price of A$0.70/share, a ~241% upside to the last traded price of A$0.205.

Advance Metals (AVM) is exploring a portfolio of Mexican silver and Victorian gold projects. A maiden JORC MRE is due before the end of 2026 at its new flagship, the 100%-owned Gavilanes Silver Project in Durango, building on an NI 43-101 resource of 2.8Mt @ 207.3g/t Ag for 18.9Moz Ag. Maiden drilling points to a high-grade, large-scale polymetallic deposit, with results including 33.9m @ 220g/t Ag from 118m. AVM also owns 100% of the high-grade Myrtleford and Beaufort gold projects in Victoria, where drilling has returned 7.5m @ 55g/t Au from 178m. Recent exploration has materially increased the scale and quality of AVM's asset base.

QMines (QML) is the 100% owner of the Mt Chalmers Copper and Gold Project near Rockhampton, Queensland, with an updated MRE and DFS expected within six months. With gold and copper prices well above the 2024 PFS assumptions (A$373.4m pre-tax NPV8), GBA Capital sees potential for compelling DFS economics, while early results from the current 10,000m drill program, including 32m @ 2.0% Cu and 0.4g/t Au from 138m, should grow the resource. Backed by A$15m in funding from Queensland Investment Corporation (QIC), QMines is a well-progressed, de-risked copper developer at a time when larger suitors are buying junior copper projects.

Amaero (3DA) is a U.S.-based advanced-materials manufacturer supplying high-value spherical metal powders for additive manufacturing, and near-net-shape components through PM-HIP, from its Tennessee operations. The platform addresses two structural U.S. supply-chain constraints, qualified advanced-metal feedstock and constrained casting and forging capacity, positioning Amaero to benefit from defense reindustrialisation and reshoring. FY26 revenue rose 376% to A$18.15m with contracted backlog of A$23.1m, and a Nasdaq listing is targeted for late CY2026 or early CY2027. GBA Capital's intrinsic valuation of A$0.73/share implies a potential upside of ~183% from the current price of A$0.25.

Emyria (EMD) is scaling Empax, a hospital-integrated psychedelic-assisted therapy (PAT) platform for PTSD and treatment-resistant depression, and has built Australia's largest hospital-integrated PAT clinic network. Its Medibank reimbursement agreement and capital-light expansion through partner private hospitals underpin a payer-backed revenue ramp, with FY26 revenue of ~A$4.3m, up ~208% on FY25. EMD gives investors exposure to the growth of psychedelic medicine without relying on any single proprietary drug. GBA Capital initiates research coverage with a call of Buy (High Risk) and a Target Price of A$0.155/share, a ~230% upside to the last traded price of A$0.047.

Evion Group (EVG) is developing the Maniry Graphite Project in Madagascar and has downstream graphite exposure through its Panthera expandable graphite JV in India and a potential German BAM/SPG project. Maniry's 2022 DFS highlighted the quality of the project, while Panthera is already generating EBITDA and the Carp Fluorspar Project acquisition option adds U.S. critical-minerals upside. GBA Capital initiates research coverage with a call of Buy (High Risk) and a Target Price of A$0.16/share — a ~462% upside to the last traded price of A$0.028. EVG is the only ASX-listed company offering exposure to both graphite and fluorspar, two strategically critical Western supply-chain commodities.

Superior Resources is leveraging record gold and copper prices through its extensive Greenvale Project in Queensland, believed to host the northern extension of the renowned Macquarie Arc. The project includes the near-surface Steam Engine gold deposit (171koz @ 2g/t Au), which is moving toward a Feasibility Study in 2025, and large-scale porphyry copper-gold targets like Bottletree and Cockie Creek. Greenvale's geological setting, comparable to world-class NSW porphyry belts, supports both precious and base metals exploration. With a modest enterprise value (~A$13m) and potential government-backed drilling, SPQ presents an early-stage entry to a large-scale gold-copper opportunity.

Maronan Metals is advancing one of Australia's largest undeveloped polymetallic resources, the Maronan project near Cloncurry, QLD. Hosting 66.4Mt of JORC resources across silver-lead, copper-gold, and gold-only zones, the deposit combines high-grade mineralisation (e.g. 6.1% Pb, 107g/t Ag) with scale and development potential. GBA Capital's valuation of A$0.95/sh is supported by strong exploration results, soft ore for cost-effective underground mining, and early-stage studies pointing to robust economics. Production is anticipated by 2030, with upside potential if a trucking option or phased development is adopted.

Southern Cross Gold is generating significant market excitement through its flagship Sunday Creek project in Victoria, a high-grade gold and antimony discovery with drill intercepts like 331.5m @ 7.1g/t AuEq. The project boasts an exploration target of 1.0–1.6Moz at 7.2–9.7g/t AuEq, covering just a fraction of the mineralised strike, hinting at potential upside toward 3Moz over time. With a resource expected in late 2024 or early 2025, and high metallurgical recoveries already demonstrated, Southern Cross Gold is positioning itself as a standout player in the gold and critical metals space.