Copper and zinc are continuing to benefit from a stronger pricing environment, giving producers more room to generate cash, while improving the investment case for projects still working their way through the development pipeline.
That backdrop was highlighted by Central Asia Metals (LSE:CAML), which reported higher realised copper and zinc prices in Q3 2026 alongside solid production from the Kounrad dump-leach, solvent extraction-electrowinning copper operation in Kazakhstan, and the Sasa zinc-lead mine in North Macedonia.
At Kounrad, 3,454 tonnes of copper was produced during Q3 2026, while Sasa produced 4,968 tonnes of zinc-in-concentrate and 7,255 tonnes of lead-in-concentrate.
Central Asia Metals received an average of US$14,218 ($20,426) per tonne for copper during the quarter, up 43% year-on-year, while its average zinc price rose 34% to US$3,841 per tonne.
Both operations are on track to meet full-year 2026 production guidance. The company’s copper production target is around 12,000–13,000 tonnes, while its zinc target is 18,000–20,000 tonnes and lead target is 26,000–28,000 tonnes.
Central Asia Metals’ performance comes as copper and zinc explorers and developers continue advancing projects aimed at supplying metals that will be increasingly important to the global economy.
Western Australia: Anax Metals
While established producers such as Central Asia Metals are benefiting from stronger copper and zinc prices, the improving market backdrop puts a spotlight on companies working to build the next generation of supply.
Among them are developers and explorers pursuing copper and zinc opportunities worldwide.
In Western Australia, Anax Metals (ASX:ANX) is advancing its Whim Creek Copper-Zinc Project in the Pilbara region. The company is pursuing a development pathway centred on a proposed concentrator while assessing the potential to incorporate existing heap-leach infrastructure.
In early September, the company began a Feasibility Study to assess whether heap leaching could add a second processing stream to the Whim Creek concentrator.
The study is expected to be completed in Q1 2027 and aims to upgrade a previous Scoping Study.
Anax’s February 2026 Definitive Feasibility Study update estimated the standalone concentrator would generate $723 million in pre-tax free cash flow over a 10-year mine life.
The update outlined a pre-tax net present value of $501 million using a 7% discount rate, a 98% internal rate of return, and an all-in development cost of about $91 million.
The company has also begun a 5,000m drilling program at the Mons Cupri deposit, targeting extensions to mineralisation at depth and along strike.
Some of the latest results include 85.9m @ 2.89% copper equivalent (CuEq) from 34.6m, including 4.7m @ 8.34% CuEq from 34.6m and 17.5m @ 8.37% CuEq from 39.3m; and 62.54m @ 2.95% CuEq from 107.32m.
Managing Director Geoff Laing describes the results as ‘outstanding’, noting that they confirm near-surface mineralisation is a ‘defining feature’ of Mons Cupri.
“Importantly, this is the material scheduled to be mined in the early stages of the restart plan, which underpins strong early cash flow,” Laing says.
Wisconsin: GreenLight Metals
Further afield, GreenLight Metals (TSX-V:GRL) is delineating and expanding known mineralisation, testing new exploration targets, and assessing project acquisitions in Wisconsin’s Penokean Volcanic Belt.
The Penokean Volcanic Belt’s deposits are rich in copper and zinc, as well as gold, which are important metals for the transition to a green, low-carbon economy.
GreenLight’s Bend Project hosts two steeply dipping, stacked massive and semi-massive sulphide lenses near the tip of a quartz-crystal tuff unit. The lenses range in true thickness from 1.5m to more than 12m.
In late September, the company intersected massive to semi-massive sulphides in two step-out holes.
CEO Matt Filgate says the results support further exploration at Bend.
“The recurrence of pyrite and chalcopyrite in these step-out holes is particularly encouraging and gives us a clear direction for follow-up drilling,” Filgate says.
“B26-012 also adds a broad gold-bearing intersection with a higher-grade interval at depth.”
Results are pending and are expected to guide an upcoming winter drilling program.
The drilling campaign follows an agreement allowing Barrick Mining (NYSE:B), through its subsidiary, to earn up to 80% of GreenLight’s Kalium Canyon Gold Project in Nevada. The arrangement allows GreenLight to retain exposure to Kalium Canyon while directing its own capital towards Wisconsin.
Queensland: Renegade Exploration
Meanwhile in Queensland, Renegade Exploration (ASX:RNX) is advancing its Cloncurry copper portfolio within the North West Minerals Province.
The company is reviewing historical data, fieldwork opportunities, and geophysical targets across its portfolio to define future exploration priorities.
Renegade owns 75% of the North Isa Project, located north of the historic Mount Isa mining region. The project includes the historic Lady Agnes mine, along with prospective areas such as the southern target area and Horse’s Head.
Together, these projects highlight the range of companies seeking to capitalise on the long-term need for new copper and zinc supply, from established development-stage assets to earlier-stage exploration targets.
Write to Aaliyah Rogan at Mining.com.au
Main image: Central Asia Metals
