Tianjin Zinc: Downstream Consumes Inventory After the Holiday, Market Transactions Average [SMM Midday Commentary]

Althea Copper announced that it had completed the final option payment required to acquire a 100% interest in the Mink Narrows copper-zinc property in Manitoba, Canada, under an option agreement dated October 1, 2024, with Voyageur Mineral Explorers. Althea issued 1.25 million common shares to the vendor and granted a 2% net smelter return royalty, with an option to repurchase half of the royalty for US$1 million. The company said it would proceed with filing the mineral claim transfer documents with the Province of Manitoba. The approximately 6,984-hectare property hosts the historical Copper Reef copper-zinc deposit. A 1969 historical estimate outlined approximately 503,434 tons of mineralized material grading 1.50% copper and 0.50% zinc. Althea cautioned that the estimate does not meet current NI 43-101 reporting requirements and should not be treated as a current Mineral Resource. The company is validating historical drill data, developing an integrated 3D geological model and planning follow-up drilling to support a potential future compliant resource estimate.

Alex Metals provided an update on its inaugural 2026 exploration program in Alaska. At the Mad Dog prospect within the Wodski Project, the company completed 13 drill holes totaling 3,138 metres, representing the first follow-up drilling since the prospect's initial discovery in 2004. Historical drilling intersected semi-massive to massive sulphide mineralisation in five of seven holes, with reported intervals ranging from 1.7 to 17.7 metres and grades of 8%–22% zinc, 0.5%–5% lead and 112–565 g/t silver. These are historical results; assays from the 2026 drilling remain pending. Alex Metals also completed 16 holes totaling 3,058 metres at its KSO Project, bringing combined drilling across the two projects to 29 holes and 6,196 metres. Additional work at Wodski included UAV magnetic surveys, geological mapping and prospecting, while geological and geophysical surveys were undertaken at the nearby Frenchie Project to assess future drill targets. The company said all 2026 drill assays remain outstanding and will be released following compilation and quality-control review.

T2 Metals disclosed historical metallurgical test results from its Sherridon copper-zinc-gold-silver project in Manitoba, Canada. Locked-cycle flotation testing conducted by G&T Metallurgical Services in 2011 on a blended Lost Lake composite grading 1.70% copper and 5.08% zinc achieved 90.1% zinc recovery to a concentrate grading 55.7% zinc. Copper recovery reached 97.4% to a concentrate grading 28.3% copper. The test used a flowsheet and reagent scheme designed to replicate Hudbay Minerals' Flin Flon concentrator. T2 Metals said the historical results will support its evaluation of future processing options, including potential toll milling. The company has collected half-core samples from the Bob, Cold Lake, Lost Lake and Jungle deposits for mineralogical and mineral-texture characterization to guide further metallurgical testing. T2 cautioned that the historical results were derived from a single composite and one locked-cycle test, have not been fully verified to current NI 43-101 standards, and may not represent the Sherridon deposits as a whole.