Zinc prices gained more than 16 percent in 2024. While the metal’s value has trended down in the first week of the new year in 2025, experts agree zinc’s long-term fundamentals are healthy.
Many base metals have been hit by weakened demand in recent years due to sticky inflation and higher interest rates, and zinc is no exception. Zinc supply has also faced pressure from higher mining and refining costs, causing some major zinc mines and smelters to suspend operations, with more possible if the current economic situation continues. Once demand rebounds along with the economy, stunted demand may once again push zinc prices higher.
Data was gathered on January 10, 2025, using TradingView’s stock screener, and only zinc stocks with market caps greater than C$50 million at that time were considered. Read on to learn more about their operations and plans.
1. Teck Resources (TSX:TECK.A,TSX:TECK.B)
Market cap: C$31.79 billion
Share price: C$60.87
Teck Resources is a major global polymetallic mining company, as well as one of the top zinc producers in the world. It produced 644,000 metric tons (MT) of zinc in concentrate in 2023, with 539,800 MT coming from its Red Dog zinc mine in Alaska. The remaining 104,200 MT came from Teck’s 22.5 percent share of zinc production from the Antamina copper-zinc mine in Peru.
Total production guidance for 2024 is set in a range of 565,000 MT to 630,000 MT. As of September 30, 2024, Teck’s zinc production for the year totaled 551,000 MT.
The company also owns the Trail operations, which it describes as ‘one of the world’s largest fully integrated zinc and lead smelting and refining complexes.’ Located in BC, Canada, the Trail operations produced 266,600 MT of refined zinc in 2023, with 240,000 to 250,000 MT of the material expected in 2024.
The Trail operations was the first standalone zinc-processing site to receive the Zinc Mark verification. ‘To achieve the Zinc Mark, Teck’s Trail Operations was assessed and independently verified against 32 responsible production criteria including greenhouse gas emissions, community health and safety, respect for Indigenous rights and business integrity,’ the company explained in a press release in 2023. In February 2024, the Red Dog mine also earned the Zinc Mark for environmentally and socially responsible production practices.
Teck pays a quarterly dividend to its shareholders. On December 31, the company paid out a dividend of C$0.125 per share.
2. Emerita Resources (TSXV:EMO)
Market cap: C$287.97 million
Share price: C$1.14
Emerita Resources has a portfolio of high-grade, large-scale polymetallic projects covering more than 26,000 combined hectares in Spain’s Iberian Pyrite Belt. The company’s flagship asset is the Iberian Belt West project, which hosts three massive sulfide deposits: La Infanta, La Romanera and El Cura.
Emerita released a mineral resource estimate for Iberian Belt West in May 2023. It finished environmental baseline studies the following month, and completed the required supporting documentation for its mining license application in December.
As for its work in 2024, the company released Phase 2 metallurgical testing results for the La Romanera and La Infanta deposits in October. The results demonstrate that commercial-grade copper, lead and zinc concentrates can be obtained from both deposits.
Drilling is underway at the El Cura deposit to establish a mineral resource estimate with test work to follow. In July, the Andalusian government granted Iberian Belt West a declaration of strategic interest, which will streamline the process of moving the project through development. Results released in early December showed that drilling at La Cura intersected 13.15 meters in massive sulfides grading 3.3 percent zinc, 1.1 percent copper and 1.1 percent lead.
3. Fireweed Metals (TSXV:FWZ)
Market cap: C$263.32 million
Share price: C$1.44
Fireweed Metals is a critical metals company whose flagship Macmillan Pass zinc project is located in Canada’s Yukon. In 2023, the company acquired the Gayna River zinc project in the Northwest Territories and the Mactung tungsten project, which is adjacent to Macmillan Pass and straddles the border between Yukon and the Northwest Territories. According to the company’s website, Mactung ‘hosts the world’s largest high-grade tungsten deposit.’
Even with these new assets, the company still has a strong focus on Macmillan Pass. In fact, in November 2023, the Fireweed team, led by Dr. Jack Milton, the firm’s vice president of geology, received the 2023 Association for Mineral Exploration H.H. “Spud” Huestis Award for its work at the Macmillan Pass property.
Fireweed’s best drill intersection to date from Macmillan Pass’ Boundary zone includes 143.95 meters true width at 14.45 percent zinc, including 28.71 meters at 25.52 percent zinc. In June 2024, the company launched a 14,000 meter summer drill program, billed as the largest regional exploration campaign ever at Macmillan Pass. Subsequently, in September it released an updated mineral resource estimate for the Tom and Jason deposits, as well as the inaugural resource estimates for the Boundary Zone and End Zone deposits at the project.
4. Trilogy Metals (TSX:TMQ)
Market cap: C$246.18 million
Share price: C$1.57
Trilogy Metals is focused primarily on copper, zinc and cobalt at its Alaskan Upper Kobuk projects, which are held by Ambler Metals, a joint venture operating company owned equally by Trilogy and South32 (ASX:S32,OTC Pink:SHTLF).
Its most advanced zinc project is the Arctic copper-zinc-lead-gold-silver volcanogenic massive sulfide project, which is in the feasibility stage and has proven and probable reserves of 43.44 million MT grading 3.12 percent zinc.
In addition, early-stage field work at the company’s wholly owned Helpmejack project in Alaska’s Ambler Schist Belt outlined two target areas prospective for volcanogenic massive sulfide and shale-hosted zinc deposits.
Trilogy had been focusing on improving access to the region with its Amber Access project, but it was rejected by the US Bureau of Land Management in June 2024 due to the impact the proposed road would have on the environment and communities in the region, which has seen little development.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.