The Day’s Play Edition 82: Lithium commissioning, tungsten recovery gains and shallow REE intercepts | GLN, VKA, BSN

Galan Lithium (ASX:GLN)

Galan Produces First Processed Lithium Chloride At HMW

The Play

• First processed lithium chloride produced at Hombre Muerto West final evaporation ponds

• Wet plant commissioning completed with optimisation phase now underway at HMW
• Nanofiltration plant achieved impurity rejection consistent with design specifications during commissioning
• Circa 10,000t LCE brine inventory supports sustained production ramp up activities
• Phase 1 expansion from 4ktpa to 5.2ktpa LCE remains on track

The Pitch

• HMW is a 100% owned lithium brine project located in Catamarca Argentina

• Processed lithium chloride discharged into final evaporation ponds for further concentration
• Galan holds construction permits for Phase 2 expansion targeting 21ktpa LCE capacity
• HMW forms part of Galan’s broader staged production pathway toward 60ktpa LCE
• Galan’s total resource inventory currently stands at 9.5Mt LCE across Argentine projects

The Next Overs

• Optimisation work continues before stabilised production rates are achieved at HMW

• First lithium chloride concentrate sales targeted during H2 2026
• Pond construction for 5.2ktpa Phase 1 expansion commencing shortly

Read full ASX Announcement here.

Viking Mines (ASX:VKA)

Linka Metallurgy Lifts Tungsten Recovery To 59.8%

The Play

• Combined gravity and flotation testwork produced 62.5% WO3 concentrate at 59.8% recovery

• Metallurgical recovery improved from previously reported 46.0% recovery at 56.4% WO3
• Gravity circuit alone delivered 66.6% WO3 concentrate at 42.7% recovery
• Validation testwork completed on larger 10kg sample supporting gravity circuit scale up
• Flotation optimisation work underway targeting recovery above 70% at over 50% WO3

The Pitch

• Linka Tungsten Project located in Nevada within the United States tungsten supply chain

• Metallurgical programme targets low CAPEX gravity led tungsten processing flowsheet development
• Combined circuit processed feed grading 1.2% WO3 during current metallurgical testwork
• Mineral Technologies advancing conceptual processing study and plant design optimisation
• Viking can acquire 100% project interest through staged US$2.88M acquisition payments

The Next Overs

• Variability testing planned across remaining bulk samples from Linka project area

• Ore sorting and comminution testing programmes remain underway
• Maiden drilling programme remains targeted for June 2026 quarter

Read full ASX Announcement here.

Basin Energy Limited (ASX:BSN)

Basin Energy intersects 18m @ 401 ppm NdPr oxide from surface at Newmans, confirming shallow high-grade REE

The Play

• SBRC26003 intersects 18m @ 401 ppm NdPr oxide and 49 ppm DyTb oxide from surface.

• Subintervals include 6m @ 552 ppm NdPr oxide and 48 ppm DyTb oxide from 3m.
• 3m @ 603 ppm NdPr oxide and 109 ppm DyTb oxide from 12m within 3,613 ppm TREO.
• Mineralisation occurs within strongly weathered granite profile from surface.
• SBRC26006 intersected strongest preserved weathering profile, validating Basin’s geological model.

The Pitch

• Newmans Prospect sits within Sybella Batholith, 20 km south of Red Metal’s Sybella REE discovery.

• Program tested 8 vertical holes over 627m across a 9 km north-south transect.
• Targets focus on preserved weathering zones above fertile rare earth-bearing granites.
• 2023 NeoDys auger identified NdPr-dominant REE anomalism in weathered granites.
• Follow-up work fully funded by recent A$1.1M strategic placement.

The Next Overs

• Complete assays for remaining five drillholes by mid-June 2026.

• Integrate results with geological logging, chip tray observations, satellite imagery, and mapping.
• Refine preserved weathering model and assess potential preliminary mineralogical and metallurgical programs.

Read full ASX Announcement here.

Xpedra Resources Limited (ASX:XPD)

Xpedra intersects 52m @ 1.35g/t Au at Springfield, confirming broad, shallow high-grade gold continuity

The Play

• Three RC holes intersect wide, shallow gold including 52m @ 1.35g/t Au from 20m.

• SFRC004 contains higher-grade intervals of 11m @ 3.03g/t Au and 4m @ 5.69g/t Au.
• SFRC003 and SFRC005 confirm broad, shallow mineralisation across multiple sections.
• Mineralisation occurs within quartz veins, highlighting targets for extensions and drilling optimisation.
• Assays for 22 additional holes remain pending, supporting evaluation of system continuity.

The Pitch

• Springfield Deposit spans 1,700m-long mineralised intrusion within the Lachlan Fold Belt, NSW.

• Xpedra acquired 100% interest in November 2025; historical drilling defined mineralised zones.
• Previous shallow drilling intersected thick, high-grade mineralisation including 27m @ 3.65g/t Au from surface.
• Targets include structurally controlled quartz vein zones, open at depth and along strike.
• Maiden RC drilling program designed to test continuity, scale and extensions of the deposit.

The Next Overs

• Complete assays for remaining 22 holes in the maiden RC program.

• Commence June RC drilling to expand and refine mineralised footprint.
• Analyse results to guide future drill targeting and evaluate broader system continuity.

Read full ASX Announcement here.

Brightstar Resources (ASX:BTR)

Visible Gold Expands Across Deep Two Mile Hill Drilling

The Play

• Multiple visible gold zones intersected across deep Two Mile Hill diamond drillholes

• Visible gold extended through Tonalite intrusions and neighbouring mafic host rocks
• Drilling targeted resource zones extending more than 550m below surface
• Ongoing 9,100m program targets higher confidence resource classification for PFS inclusion
• Quartz vein hosted visible gold identified across multiple completed drill intervals

The Pitch

• Sandstone Gold Project hosts 2.4Moz Mineral Resource grading 1.5g/t Au

• Two Mile Hill and Shillington contain 753koz grading 1.5g/t Au combined
• Tonalite hosted mineralisation contains 664koz grading 1.6g/t Au within current estimate
• Gold mineralisation occurs across Tonalite, basalt and BIF host rocks
• Current drilling combines RC pre collars and diamond tails across 20 drillholes

The Next Overs

• Assays from current drilling expected during coming weeks

• Drilling continues targeting deeper Two Mile Hill resource zones
• Sandstone pre feasibility study targeted during 2H CY26

Read full ASX Announcement here.

Red Mountain Mining (ASX:RMX)

Red Mountain secures 100% ownership of Pioneer Tungsten Project with high-quality skarn targets in Montana

The Play

• Red Mountain completes due diligence and acquires full ownership of Pioneer Tungsten Project.

• Historical Greenstone drilling includes 10.7m @ 0.48% WO3 and 5.8m @ 0.43% WO3.
• Massive garnet skarns up to 25m thick contain scheelite assaying over 0.5% WO3.
• Work underway to secure approvals for drilling at Greenstone to test downdip extensions.
• Project strategically located adjacent to Almonty’s Gentung deposit and historic Ivanhoe and Lost Creek mines.

The Pitch

• Pioneer Tungsten Project covers 209 hectares along eastern margin of Mount Torrey Batholith.

• Three key prospects: Greenstone, Mammoth, and Lost Creek, hosting skarn-style tungsten mineralisation.
• Historical exploration included mapping, channel sampling, wagon drilling, and adit production in 1950s.
• Tungsten occurs in scheelite-bearing garnet skarns within contact metamorphic aureoles.
• Project secured under US BLM-managed land with full legal tenure and 100% ownership by RMX.

The Next Overs

• Launch initial sampling program at Pioneer Tungsten Project in early June 2026.

• Commence drilling program at Greenstone once approvals are secured.
• Analyse drill results to define high-quality shallow targets and downdip extensions within skarn systems.

Read full ASX Announcement here.

Cadoux Ltd (ASX:CCM)

Cadoux premiumHPA® cleared for EU EV battery applications, confirming technical and commercial acceptance

The Play

• SAFELOOP qualifies premiumHPA® after 24 months of multi-stage trials.

• PremiumHPA® validated across multiple battery architectures, confirming performance and safety under extremes.
• Ultra-high purity HPA improves separator heat resistance, reducing shrinkage and thermal runaway risk.
• Qualification confirms reliability and compatibility across multiple cell chemistries and manufacturing conditions.
• Validation establishes technical and commercial acceptance for EV battery applications.

The Pitch

• PremiumHPA® is ultra-high purity alumina for advanced battery applications.

• SAFELOOP is a European consortium developing Gen3 Li-Ion EV batteries with EU backing.
• HPA is a critical material for separators in heavy duty automotive Li-Ion batteries.
• Qualification involved a seven-step assessment including pilot scale, reliability, abuse and commercial testing.
• Cadoux is positioned as an emerging HPA developer with a pathway to commercial supply.

The Next Overs

• Explore potential binding offtake agreements following premiumHPA® qualification with SAFELOOP.

• Develop strategic partnerships within Western critical minerals supply chains for HPA commercialisation.
• Progress downstream supply discussions using technical validation and commercial credibility from EU trials.

Read full ASX Announcement here.

TG Metals (ASX:TG6)

Laterite Gold Expansion Drilling Begins At Van Uden

The Play

• Drilling approvals granted for laterite gold targets outside existing Van Uden Mineral Resource
• Auger drilling to test surface laterite extensions surrounding current gold resource areas
• Planned drilling targets shallow mineralisation with holes expected up to 5m deep
• Drilling will assess laterite and pisolite content alongside gold analytical testing
• Preparations underway with drilling rig expected onsite during mid next week

The Pitch

• Van Uden Gold Deposit hosts 7.94Mt grading 1.06g/t Au for 270,800oz

• Laterite Mineral Resource totals 1.05Mt grading 0.52g/t Au for 17,700oz
• Surface laterite mineralisation remains current focus for heap leach development studies
• Heap leach consultants engaged refining leach pad, plant and infrastructure preliminary designs
• Van Uden Gold Resource contains 56% Indicated material supporting mining and processing studies

The Next Overs

• Additional laterite target drilling scheduled to commence next week

• Column leach testwork continues with gold recoveries still progressing
• Site infrastructure planning and heap leach equipment sourcing remain underway

Read full ASX Announcement here.

Manhattan Gold Corporation Ltd (ASX:MHC)

Manhattan approved for 4,000m RC drilling at Hook Lake with CA$250,000 grant in Nunavut

The Play

• Manhattan secures approvals from Kivalliq Inuit Association for RC drilling at Hook Lake.

• Federal Minister accepts NIRB positive screening, enabling a seven-year exploration period.
• Camp mobilisation underway; RC drilling starts immediately after setup.
• CA$250,000 grant awarded under DIG Program for maiden 4,000m RC drilling program.
• Funding underscores Nunavut as a favourable jurisdiction for early-stage exploration.

The Pitch

• Hook Lake Project spans 665km² within Rankin-Ennadai Greenstone Belt, Nunavut.

• Manhattan Gold is an early-stage gold and polymetallic explorer in tier 1 jurisdictions.
• Permits issued to 6106 Resources Limited for seven-year exploration window.
• NIRB approval allows compliant exploration for the seven-year period.
• Manhattan engages responsibly with Inuit and First Nations communities.

The Next Overs

• Start 4,000m RC drilling immediately after camp mobilisation.

• Deploy CA$250,000 grant directly to Hook Lake drilling activities.
• Conduct exploration under formal approvals, fully adhering to Nunavut permitting requirements.

Read full ASX Announcement here.

GoldArc Resources (ASX:GA8)

Mt Stirling intercepts 1m at 106g/t Au, confirming high-grade shoot continuity

The Play

• 1m @ 106g/t Au intercepted in fourth round RC grade control program.

• High-grade hits include 1m @ 14g/t and 1m @ 13.7g/t Au from shallow depths.
• Broader intercepts include 13m @ 2.33g/t and 18m @ 1.42g/t Au with internal highs.
• Program covers 141 holes for 4,021m across eastern sector infill targets.
• Grade control now past 50% of 34,000m total, confirming deposit shoot continuity.

The Pitch

• Mt Stirling deposit spans 69 leases covering 17,876 hectares.

• Mineralisation controlled by Hydra Fault within greenschist-altered meta-basalt.
• Gold occurs in silicified, sulphidic intervals with elevated arsenic content.
• Program fully funded by BML Ventures under 50/50 net profit share.
• GoldArc retains 100% ownership of Mt Stirling (M37/1306).

The Next Overs

• Continue 34,000m RC grade control program across Mt Stirling and Stirling Well.

• Additional assay batches released progressively after QAQC validation and geological review.
• Grade control data feeds directly into mine planning under BML Ventures share.

Read full ASX Announcement here.

Imugene (ASX:IMU)

Imugene Expands Azer-cel Study Into BTKi Combination Cohort

The Play

• First patient dosed in BTKi combination cohort within ongoing azer-cel Phase 1b study

• Combination cohort targets patients previously failing BTKi therapy across multiple B-cell malignancies
• Azer-cel combined with BTKi treatment to evaluate safety and preliminary efficacy
• Enrolment continues across 10 US sites and 5 Australian clinical trial locations
• Mantle Cell Lymphoma patient enrolled within expanded BTKi combination treatment cohort

The Pitch

• Azer-cel is an allogeneic off the shelf CAR T cell therapy candidate

• Phase 1b study spans multiple advanced blood cancers with unmet treatment needs
• Trial includes follicular lymphoma, CLL, SLL, MZL, WM and mantle cell lymphoma
• Global BTKi market reached approximately US$12.0B during 2025
• Azer-cel Phase 1b study operates across multi centre US and Australian trial sites

The Next Overs

• Further patient enrolment continues across BTKi combination cohort study sites

• Safety and preliminary efficacy data expected as patients become evaluable
• Additional trial updates planned as clinical data matures

Read full ASX Announcement here.