Emyria (ASX:EMD) - First Mover in Reimbursed Psychedelic-Assisted Therapy

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.