QMines (ASX:QML) - Mt Chalmers About to Turn on the Charm

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.

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.