Why did Chinese Zinc Smelters Report Higher Raw Material Inventory Days in March Even with High Operating Rates?

[Tianjin Zinc: Downstream Consumes Inventory After Holiday, Market Transactions Average] In the Tianjin market, mainstream transactions of #0 zinc ingot were at 26,090-26,460 yuan/mt, Zijin transactions were at 26,270-26,600 yuan/mt, #1 zinc ingot transactions were near 26,020-26,340 yuan/mt, Zijin was quoted at a premium of 130-150 yuan/mt against the 2611 contract, Huxin was quoted at 27,810 yuan/mt, #0 zinc ingot was quoted at a premium of 10 yuan/mt to a discount of 50 yuan/mt against the 2611 contract, and the Tianjin market was quoted at a discount of 25 yuan/mt against the Shanghai market.

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.