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Zinc Stocks: 5 Biggest Canadian Companies in 2024
Wondering about the largest zinc stocks by market cap? Check out this list of the five biggest zinc-focused companies on the TSX and TSXV.
Zinc prices were mostly rangebound in 2023 as the market shifted into oversupply, and halfway through 2024 the metal isn't far off from where it began the year. However, experts agree its long-term fundamentals are healthy.
Many base metals have been hit by weakened demand over the past year 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.
For investors interested in zinc, the Investing News Network has gathered the biggest TSX- and TSXV-listed zinc stocks by market cap. The list below includes zinc miners and explorers, as well as companies pursuing zinc as a secondary metal.
Data was gathered on July 31, 2024, using TradingView’s stock screener, and only zinc companies 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$34.12 billion; share price: C$67.80
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.
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 last year, with 275,000 to 290,000 MT of the material expected in 2024.
Last year, the Trail operations became 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 at the time. In February of this year, the Red Dog mine also earned the Zinc Mark for environmentally and socially responsible production practices.
Teck pays a quarterly dividend to its shareholders. Its next payment will come on September 27 at C$0.625 per share.
2. Lundin Mining (TSX:LUN)
Market cap: C$10.77 billion; share price: C$13.94
Lundin Mining is a major base metals producer with mines in the Americas and Europe.
The company puts out significant amounts of zinc from its two European mines, the Neves-Corvo copper-zinc mine in Portugal and the Zinkgruvan zinc-lead-copper mine in Sweden. In fact, the company’s zinc output is second only to its copper production, with 2023 output for the two metals coming in at 314,798 MT copper and 185,161 MT zinc.
The company's zinc production guidance for 2024 is set in a range of 195,000 to 215,000 MT.
Lundin Mining will pay its quarterly dividend to shareholders on September 11 at C$0.09 per share.
3. Fireweed Metals (TSXV:FWZ)
Market cap: C$210.51 million; share price: C$1.25
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.
In January, Fireweed released the best drill intersection to date from Macmillan Pass' Boundary zone, reporting 143.95 meters true width at 14.45 percent zinc, including 28.71 meters at 25.52 percent zinc.
In June, the company launched a 14,000 meter summer drill program, billed as the largest regional exploration campaign ever at Macmillan Pass. "Objectives of the 2024 program are drilling new discoveries from target-rich regional exploration, and high-potential step out drilling from known zones at Macpass," states a press release.
4. Emerita Resources (TSXV:EMO)
Market cap: C$170.68 million; share price: C$0.67
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 1 metallurgical testing results for the La Romanera and La Infanta deposits in June. The results demonstrate that commercial-grade concentrates can be obtained from both deposits, with recovery averaging 85.6 percent for zinc, 62 percent for copper and 59 percent for lead.
Drilling is underway at the El Cura deposit to establish a mineral resource estimate with test work to follow. Results released in early July show that drilling intersected 11.4 meters of massive sulfide, extending the deposit down dip by 60 meters. Later in the month, the Andalusian government granted Iberian Belt West a declaration of strategic interest, which will streamline the process of moving the project through development.
5. Trilogy Metals (TSX:TMQ)
Market cap: C$150.92 million; share price: C$0.93
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. Trilogy is currently working to advance permitting at the project and is performing further exploration as well.
In addition, early stage field work at the company's wholly owned Helpmejack project in Alaska's Ambler Schist Belt has outlined two target areas prospective for volcanogenic massive sulfide and shale-hosted zinc deposits.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
- Zinc Price 2023 Year-End Review ›
- Zinc Price Forecast: Top Trends That Will Affect Zinc in 2024 ›
- Understanding the Zinc Spot Price and Zinc Futures ›
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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