MinRex Resources (ASX:MRR) - MinRex Starting to Roar

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.

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.