Limited arrivals, downstream purchases shrink zinc inventory

[Tianjin Zinc: Futures Rebound, Downstream Hesitates to Purchase on High Prices] In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,080-24,410 yuan/mt, Zijin traded at 24,180-24,370 yuan/mt, #1 zinc ingot traded around 24,060-24,320 yuan/mt, Zijin was quoted at a discount of 30-50 yuan/mt against the 2608 contract, Huzinc was quoted at 25,305 yuan/mt, #0 zinc ingot was quoted at a discount of 30-100 yuan/mt against the 2608 contract, and the Tianjin market was at a discount of about 35 yuan/mt against the Shanghai market.

Brixton Metals has reported the first assay results from its 2026 drilling program at the Thorn Project in British Columbia, Canada. Drill hole THN26-372 at the Glenfiddich Zone intersected 14.75 metres grading 1.25% copper, 1.71 g/t gold and 149 g/t silver, including a high-grade interval of 1.5 metres grading 8.33% copper, 11.3 g/t gold and 971 g/t silver. The company said current drilling is targeting strike and depth extensions of the Glenfiddich mineralized system to support an updated resource estimate. According to a 2014 mineral resource estimate, the Glenfiddich, Northside and Talisker zones host approximately 7.4 million tonnes of inferred resources grading 35.54 g/t silver, 0.51 g/t gold, 0.13% copper, 0.32% lead and 0.59% zinc, containing an estimated 55.1 million pounds of zinc and 29.3 million pounds of lead. Previous drilling at the Northside Zone in 2025 returned a high-grade interval grading 7.1% zinc and 7.6% lead, highlighting the project's polymetallic resource potential. Brixton has completed seven drill holes totaling 1,736.5 metres at Glenfiddich so far this year and plans to continue resource expansion and upgrade drilling.

Chinalco (Xiong’an) Mining, a subsidiary of Aluminum Corporation of China, has agreed to acquire a 95% stake in the Opuwo Cobalt-Copper Project in Namibia from Celsius Resources for US$15 million. The Opuwo Project, located in Namibia’s Kunene Region, hosts a mineral resource estimate of 225.5 million tonnes grading 0.12% cobalt, 0.43% copper and 0.54% zinc. The resource contains approximately 259,000 tonnes of cobalt, 970,000 tonnes of copper and around 1.22 million tonnes of contained zinc, including 45.3 million tonnes in the indicated category and 180.2 million tonnes in the inferred category. Under the agreement, Chinalco (Xiong’an) Mining has also committed to invest at least US$750,000 in exploration activities and US$250,000 in metallurgical test work while regulatory approvals and licence renewals are being completed.