Nuvau Minerals announced encouraging results from its 2026 winter drilling program at the Thundermine target in Quebec’s historic Matagami mining camp. Drill hole TM-26-001 intersected 6.10 meters grading 5.28 g/t gold, including a higher-grade interval of 3.10 meters grading 7.22 g/t gold. Drill hole TM-26-004 also returned 2.50 meters grading 3.15 g/t gold. The Matagami camp has historically been known for large-scale base metals production, having produced more than 10 billion pounds of zinc and nearly 1 billion pounds of copper since the 1960s. The latest Thundermine results suggest that, beyond its traditional VMS-style copper-zinc mineralization, the district may also host significant orogenic gold potential. Nuvau said a follow-up drilling campaign is scheduled to begin in July 2026, focusing on step-out drilling along strike and down dip from the TM-26-001 intercept to test the continuity and resource growth potential of the high-grade gold zone.

Appian Capital Advisory, which holds a 90% stake in Namibia’s Rosh Pinah zinc-lead mine, announced the successful commissioning of a new SAG (semi-autogenous grinding) mill, marking the completion of the final major processing component of the RP2.0 expansion project. The new SAG mill replaces the existing ball mill and is expected to double the mine’s processing throughput from approximately 700,000 tonnes of ore per year to 1.4 million tonnes annually following ramp-up. The upgraded facility will also improve the plant’s ability to process harder ore types as mining advances deeper underground. With the SAG mill now operational, the entire RP2.0 circuit—including the new zinc flotation circuit, paste fill plant, water treatment facility, and expanded thickening and filtration systems—has been fully integrated. Appian stated that overall project construction progress has exceeded 95%, and the expansion is expected to extend mine life, improve resource utilization, and support higher zinc concentrate output in the coming years.

【Zinc Concentrate Tender】According to SMM, a zinc mine in Southwest China recently concluded its July zinc concentrate tender, with the mine pickup tender price settling at around -RMB 800 per metal tonne, down approximately RMB 700 per metal tonne from the previous month. SMM will continue to monitor subsequent changes in zinc concentrate treatment charges (TCs).

【Zinc Concentrate Production Update】According to SMM, a zinc mine in Southwest China resumed production in June, increasing zinc concentrate output by approximately 500 metal tonnes month-on-month. Production is expected to continue recovering in July and return to normal operating levels.

Hunan Province has launched the second round of its provincial ecological and environmental protection inspection "look-back" campaign. The first batch of seven inspection teams has been fully deployed since June 13, 2026, covering the cities of Changsha, Zhuzhou, Yueyang, Shaoyang, Hengyang, Huaihua, and Zhangjiajie. According to market sources, some lead-zinc mines have suspended production as a result of the inspections. SMM will continue to monitor and assess the potential impact on zinc concentrate supply.

According to SMM, a zinc mine in North China continued processing lower-grade ore throughout June, resulting in a month-on-month decline of approximately 500 metal tonnes in zinc concentrate production. Output is expected to decrease further in July.

American West Metals reported that the Pre-Feasibility Study (PFS) for its high-grade Storm project in Nunavut, Canada, is slated for completion in Q3 2026, which will detail the parameters of a direct shipping ore (DSO) operation. Since the completion of the PEA last March, JORC-compliant resources have expanded by over 20% to 28.22 million tonnes, containing 608.7 million lbs of copper and 2.97 million oz of silver. While finalizing the PFS and advancing mine permitting, American West is expanding its exploration scope across the 110-kilometer-long belt of high-grade sediment-hosted copper and zinc mineralization. Notably, the Tempest target, located 40 kilometers south of the main Storm area, is defined by a 4-kilometer zone of surface gossans where grab samples have returned extraordinary grades of up to 30.8% zinc and 38.2% copper, highlighting the district's significant polymetallic potential.

Vizsla Copper announced the commencement of diamond drilling at its Palmer volcanogenic massive sulphide (VMS) project in southeast Alaska, launching the first phase of a multi-year exploration programme. The fully funded 2026 campaign will utilize two drill rigs to complete approximately 10,000 meters of drilling during the field season, with initial work focused on defining and expanding the high-grade copper-rich core at the South Wall Zone. According to the company's 2025 NI 43-101 technical report, Palmer hosts a substantial critical metals endowment, including an indicated mineral resource of 4.77 mt grading 1.69% copper and 5.17% zinc, alongside an inferred resource of 12 mt grading 0.57% copper and 3.92% zinc. The company plans to expand drilling to the HG and Waterfall prospects later in the season while advancing environmental and technical evaluations across more than 15 kilometers of prospective stratigraphy.

[Zinc Concentrate Production Update] SMM understands that a zinc mine in southwest China remained suspended throughout June. The resumption of production is now expected to be delayed until mid-July, which is expected to bring an increase of nearly 500 mt in metal content.

This week’s weekly TC for domestically produced Pb50 remained unchanged at an average of 200 yuan/mt Pb, while the average weekly TC for imported Pb60 was revised down to -$165/dmt. During the week, TCs for domestically produced standard ore held steady, but the market for high-grade lead concentrates (lead content above 55%) remained tight, with mainstream transactions primarily at zero or negative TCs. Additionally, a magnitude 6.3 earthquake struck Dachaidan in Haixi, Qinghai, during the week; according to SMM, lead and zinc mines in Qinghai were unaffected and production remained normal. For imported ore, limited arrivals and high sulphuric acid prices meant smelters had strong demand for ore, pushing TCs down further, with some silver-lead ore prices reported at -$260/dmt. Amid expectations for the reopening of the Strait of Hormuz, disruption to lead concentrate supply has been minor, but market estimates suggest that if sulphuric acid prices fall sharply, thereby impacting primary lead smelter production, lead TCs may only then have a chance of stopping their decline. In the short term, ore supply remains tight.