AMI and POL: Established or Emerging Zinc Producers to Keep on Radar

Sonal Goyal

14 April 2026 03:22 PM AEST

AMI and POL: Established or Emerging Zinc Producers to Keep on Radar

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Aurelia Metals (ASX:AMI) and Polymetals Resources (ASX:POL) are ASX-listed companies actively producing zinc concentrate or have very recently commenced production. Aurelia Metals operates the Federation and Peak mines in the Cobar Basin, with Federation ramping up to full capacity. Polymetals Resources has restarted the Endeavor Silver-Zinc-Lead Mine, also in the Cobar Basin.

What this means for investors: Producers offer the most direct exposure to zinc revenue. Their share prices tend to correlate more closely with zinc price movements than those of explorers or diversified miners. However, operational execution risk is a key consideration, particularly for companies in the ramp-up or restart phase.

AMI — Aurelia Metals Ltd

Company overview: Aurelia Metals is an established mining company operating multiple underground base metal mines in the Cobar Basin of western New South Wales. The company's operations centre on the Peak and Federation mines, which produce zinc, lead, copper, gold, and silver concentrates.

Why it appears on a zinc company list: Aurelia is one of the few ASX-listed companies currently producing zinc concentrate. The Federation mine, which commenced commercial production in July 2025, is described as one of the highest-grade base metals developments in Australia and represents a significant step-up in the company's zinc output.

Main zinc or lead-zinc projects: The Federation Mine is the primary growth asset. It commenced commercial production in July 2025 and is ramping toward a target mining rate of 600,000 tonnes per annum, expected to be achieved during FY27. In the September quarter of FY26, Federation produced approximately 6,500 tonnes of zinc and 3,800 tonnes of lead, with zinc recovery rates of 85.5 per cent and lead recovery rates of 88.4 per cent — both strong metallurgical outcomes. The Peak Mine is the company's established operation, with three underground mines and an ore processing facility.

Geography and jurisdiction: Cobar Basin, western New South Wales. The Cobar Basin is a well-known polymetallic mining province with established infrastructure, a skilled workforce, and a long history of production.

Current development stage: Producer. Aurelia is an active zinc and base metals producer with the Federation mine in ramp-up phase.

Recent announcements or strategic developments: The key development is the Federation mine ramp-up, which is reported to be ahead of schedule. Production is expected to scale from approximately 100,000 tonnes in FY25 to 320,000–340,000 tonnes in FY26, with the full 600,000 tonnes per annum rate targeted for FY28. The company has also disclosed plans for processing upgrades and is advancing the Great Cobar copper project.

Core or secondary zinc exposure: Core. Zinc is a primary revenue-generating commodity for Aurelia Metals alongside lead, copper, gold, and silver.

Major opportunities: The Federation mine is a high-grade asset that could provide cost-competitive production for many years. Multi-commodity production offers revenue diversification. The Cobar Basin is a proven mining district with further exploration potential.

Major risks: Ramp-up execution risk at Federation. Underground mining inherently carries safety and operational complexity. Aurelia is exposed to price movements in multiple commodities. Operating cost inflation remains a sector-wide concern.

Neutral outlook: Aurelia Metals is one of the most directly relevant zinc producers on the ASX. The Federation mine ramp-up is the critical near-term catalyst, and the company's production profile is expected to grow materially over the next two years. Operational execution will be the key determinant of outcomes.

POL — Polymetals Resources Ltd

Company overview: Polymetals Resources is a polymetallic mining company that has restarted the Endeavor Silver-Zinc-Lead Mine, one of the three major mines in Australia's Cobar Basin mineral province. The mine was acquired in 2023 and commenced saleable concentrate production in 2025.

Why it appears on a zinc company list: Polymetals is one of the most directly zinc-relevant companies on the ASX. The Endeavor Mine is a major historical zinc producer, and the restart has returned it to active zinc concentrate production.

Main zinc or lead-zinc projects: The Endeavor Silver-Zinc-Lead Mine is located approximately 40 kilometres northwest of Cobar in New South Wales, approximately 30 kilometres from the CSA Copper Mine. Historically, Endeavor produced approximately 2.6 million tonnes of zinc, 1.6 million tonnes of lead, and 92 million ounces of silver over a 38-year mine life. The restarted operation has a forecast mine life of 10 years and is expected to produce approximately 260,000 tonnes of zinc, 90,000 tonnes of lead, and 10.6 million ounces of silver over that period. The processing plant has a capacity of 1.2 million tonnes per annum. A strategic investment from Metals Acquisition Limited has supported the restart.

Geography and jurisdiction: Cobar Basin, New South Wales. Established mining district with supporting infrastructure and skilled workforce.

Current development stage: Producer. The mine has restarted and is producing saleable silver-lead and zinc concentrates.

Core or secondary zinc exposure: Core. Zinc is one of the primary revenue-generating commodities alongside silver and lead. Zinc production accounts for the largest tonnage among the mine's metal outputs.

Major opportunities: Established underground infrastructure and processing facilities reduce restart capital relative to a greenfield development. The high-grade polymetallic ore body has proven metallurgy. Cobar Basin geology may offer further exploration upside. Zinc market conditions are currently favourable.

Major risks: Restart execution risk, including achieving nameplate capacity and managing costs in an underground operation. Underground mining safety and operational complexity. Commodity price volatility across silver, zinc, and lead. Operating cost inflation.

Neutral outlook: Polymetals Resources is a highly relevant zinc stock on the ASX, with a producing mine and a clear zinc revenue stream. The Endeavor restart is a significant development for the Australian zinc sector. Operational execution will be the key variable.

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