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

Aspire Mining (AKM) is developing the Ovoot Coking Coal Project in north-west Mongolia, which will produce a high quality, high value 'fat' coking coal that commands a similar price in China to Australian premium HCC. A revised Technical Report has cut pre-production capex to US$61.2m to first coal sales through a staged, low-capex development strategy, and Aspire is raising US$60m via a Mongolian OTC bond that should fund almost all of it while minimising equity dilution. Construction has commenced, signing of the Ovoot to Murun highway PPP agreement is imminent, and first coal sales are expected in early 2028. GBA Capital initiates research coverage with a call of Buy (High Risk) and a Target Price of A$0.80/share, a ~272% upside to the last traded price of A$0.215.

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.