What Zenith Minerals does

Zenith Minerals Limited (ASX: ZNC) is a Perth-based Australian mining exploration company focused on defining JORC-compliant mineral resources across gold, lithium and base-metals projects. Its flagship asset is the Consolidated Dulcie Gold Project in Western Australia, where a February 2026 Inferred Mineral Resource of 21.3Mt at 1.0 g/t Au for 675,000 oz was defined across a 6km mineralised corridor on granted Mining Leases adjacent to operating processing facilities at Marvel Loch and Edna May. The portfolio also includes the 100%-owned Red Mountain Gold Project in Queensland (an Intrusion-Related Gold system in the Auburn Arch between Cracow and Mt Rawdon), the Split Rocks and Waratah Well Lithium Projects in Western Australia (the former with 83 systematic exploration targets), a 25% free-carried interest in the Earaheedy Zinc-Lead Joint Venture with Rumble Resources (Inferred Resource of 94Mt at 3.1% Zn+Pb), and minority indirect interests in the Cowarra Gold Project in New South Wales (via Oxley Resources) and Bradda Head Lithium on London's AIM.

The company is pre-revenue and creates value through resource definition, strategic transactions and joint-venture mechanics rather than production. Exploration work is executed via reverse circulation and diamond drilling with 3D geological modelling and integration of geophysical and geochemical data; proprietary assets include the Split Rocks Exploration Targeting System and the IRG exploration model applied at Red Mountain. Distribution of any future gold output would rely on toll treatment or ore sales to nearby third-party processing plants, while Earaheedy exposes Zenith to zinc, lead and silver without ongoing capital contribution until Bankable Feasibility Study.

The customer set is essentially nil: Zenith has no operating revenue customers and instead engages institutional investors, JV partners (notably Rumble Resources at Earaheedy) and potential acquirers through ASX announcements, investor presentations, broker research and social media. As of May 2026 the board has appointed Argonaut as financial adviser to run a formal strategic review covering corporate and asset-level alternatives, with recent leadership additions — Andrew Smith as Managing Director in July 2024 and Euan Jenkins as Non-Executive Director in December 2024 — strengthening both technical and capital-markets capability.

Name

Zenith Minerals

Legal name

Zenith Minerals Limited

Website

https://zenithminerals.com.au

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Zenith Minerals (ASX: ZNC) is a Perth-based, pre-revenue Australian mining exploration company defining JORC-compliant gold, lithium and base-metals resources across Western Australia, Queensland and New South Wales for eventual toll treatment, joint venture or corporate transaction.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Resource Development

NAICS

Metal Ore Mining (2122), Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Mining exploration
• Gold exploration
• Lithium exploration
• Base metals exploration
• Mineral resource development

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Mineral Resource Development: Pre-revenue exploration company. Value creation through definition of JORC-compliant mineral resources at gold and lithium projects. Potential revenue streams include ore sales to third-party processors, toll treatment arrangements, or farm-in/joint venture agreements with larger mining companies. Strategic review process underway (May 2026) to assess corporate and asset-level alternatives.
2. Earaheedy Zinc Joint Venture (25% free-carry): Free-carried 25% interest in Earaheedy Zinc Joint Venture with Rumble Resources (ASX: RTR) holding 75%. Company not required to contribute financially until completion of Bankable Feasibility Study. Potential future revenue from zinc-lead-silver production.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Zenith Minerals is an Australian mining exploration company that identifies, drills and defines JORC-compliant mineral resources at lithium, gold, and base-metals projects in Western Australia and Queensland. It advances its gold portfolio (Consolidated Dulcie, Red Mountain) toward potential production via toll treatment and JV/ore-sale pathways, and holds a 25% free-carried interest in the Earaheedy Zinc JV plus minority interests in the Bradda Head lithium and Cowarra gold projects.

Product overview

Zenith Minerals (ASX: ZNC) is an Australian mining exploration company with a diversified portfolio focused on gold, lithium, and base metals. The company's flagship projects include the Consolidated Dulcie Gold Project (100%-owned, 675,000 oz gold resource in Western Australia), the Red Mountain Gold Project (100%-owned virgin discovery in Queensland), and the Split Rocks and Waratah Well Lithium Projects in Western Australia. The portfolio includes strategic partnerships such as the 25%-free-carried Earaheedy Zinc Joint Venture with Rumble Resources and indirect interests in the Cowarra Gold Project through Oxley Resources. Zenith operates across two primary commodity streams—battery minerals (lithium) supporting the global energy transition and gold/base metals exploration—across multiple Australian jurisdictions.

Differentiator

Problem solved

Functional benefit

Products and services

• Consolidated Dulcie Gold Project Zenith's flagship 100%-owned Western Australian gold asset located in the Southern Cross-Forrestania Greenstone Belt, hosting a JORC 2012 Inferred Mineral Resource of 21.3Mt at 1.0 g/t Au for 675,000 oz of gold across a 6km mineralised corridor (Dulcie Far North, Dulcie North and Dulcie deposits), with the entire resource on granted Mining Leases for staged open-pit development.
• Red Mountain Gold Project Zenith's 100%-owned virgin gold discovery in Queensland's Auburn Arch, confirmed as an Intrusion-Related Gold (IRG) system in rhyolite sills and granitoids analogous to the world-class Mt Wright deposit, with broad mineralised zones and high-grade intercepts at depth and remaining open to the west and at depth.
• Split Rocks Lithium Project 100%-owned lithium project located in the Southern Cross region between Perth and Kalgoorlie within the Forrestania greenstone belt, with 83 defined targets from systematic geochemical sampling, including the emerging Cielo discovery area, evaluated through an Exploration Targeting System for ranking and prioritisation of drilling campaigns.
• Waratah Well Lithium-Caesium-Tantalum Project 100%-owned project located northwest of Yalgoo in the Murchison Region of Western Australia, targeting blind lithium spodumene mineralisation beneath tantalum-bearing dykes with lithium rock chip grades up to 2.09% Li2O.
• Earaheedy Zinc-Lead Project 25% free-carried interest in the Earaheedy Zinc Joint Venture located north of Wiluna in Western Australia, with Rumble Resources (ASX: RTR) holding 75% and leading all exploration and development activities; features a maiden Inferred Mineral Resource of 94Mt at 3.1% Zn+Pb, 4.1 g/t Ag for 2.2M tonnes zinc, 0.7M tonnes lead and 12.6M oz silver (at 2% Zn+Pb cut-off), with no financial contribution required from Zenith until completion of Bankable Feasibility Study.
• Cowarra Gold Project Indirect gold exposure in the Lachlan Orogen of New South Wales, targeting Fosterville-type bonanza gold grade deposits through Zenith's ~26% indirect stake in Oxley Resources, with historical production of approximately 14,000 oz gold by BHP and 19,300 oz gold by Horizon Pacific from the project area.
• Bradda Head Lithium Investment Minority interest held by Zenith in Bradda Head Lithium Ltd (AIM: BHL), a North America-focused lithium development company with the Basin Project and San Domingo Pegmatite Project in Arizona and Nevada, providing portfolio exposure to non-Australian lithium assets through listed securities on the London Stock Exchange.

Quantifiable outcome

• 675,000 oz Au Inferred Mineral Resource at 1.0 g/t Au grade
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered minor and core.

• ResEval Pty LtdminorImplementation/ SI/ Consulting Partner · 20 February 2026Independent consultant Mr John Horton FAusIMM (CP) of ResEval Pty Ltd prepared the JORC (2012) Inferred Mineral Resource Estimate for Consolidated Dulcie Gold Project in accordance with JORC Code (2012 Edition).
• Rumble Resources Limited (ASX: RTR)coreStrategic or Co-development PartnerEaraheedy Zinc Joint Venture: Zenith holds 25% free-carried interest through to completion of Bankable Feasibility Study. Rumble Resources holds 75% and leads all exploration and development activities. Zenith's fully owned surrounding tenements (~100km of untested strike) are held 100% by Zenith.
• Oxley ResourcesminorStrategic or Co-development PartnerZenith holds ~26% indirect interest in Cowarra Gold Project (NSW) through its stake in Oxley Resources. Project located in Lachlan Orogen with historical production of ~33,300 oz gold. Zenith invested following compelling 2022 RC drilling intersections.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Rumble Resources Limited: ASX-listed junior explorer that operates the Earaheedy Zn-Pb-Ag JV in which Zenith holds a 25% free-carried interest. Directly comparable as a Western Australian base-metals and gold explorer of similar size and stage.
• Great Boulder Resources: ASX-listed junior focused on gold and base-metals exploration in Western Australia, including the Side Well gold project. Closely comparable to Zenith's gold/lithium portfolio mix and exploration stage.
• Bradda Head Lithium Ltd: AIM-listed lithium developer in which Zenith holds a minority interest. Directly comparable as a small-cap lithium explorer/developer, with Zenith's leadership also overlapping (Euan Jenkins sits on Bradda's board).
• Rox Resources: ASX-listed gold and base-metals explorer operating in Western Australia and NT. Comparable in commodity mix and pre-development stage to Zenith's gold portfolio.
• Firetail Resources: ASX-listed junior explorer with lithium and gold projects in Western Australia. Directly comparable to Zenith in commodity focus, scale and pre-revenue stage.
• Bulletin Resources: ASX-listed junior gold and base-metals explorer with projects in Western Australia. Comparable scale, commodity mix and exploration stage to Zenith.
• Spartan Resources: ASX-listed gold explorer/developer advancing Dalgaranga and other WA gold projects. Comparable to Zenith as a WA-focused gold company at a similar pre-production stage.

Emerging players

• Future Metals NL: ASX-listed junior focused on nickel-copper-PGE and gold exploration in WA. Comparable as a small-cap WA explorer, though its primary commodity mix (Ni-Cu-PGE) differs from Zenith's gold/lithium focus.

Broad incumbents

• Core Lithium: ASX-listed lithium developer/producer with the Finniss mine in the NT. Larger and more advanced than Zenith, but operates in the same Australian hard-rock lithium space and serves the same battery supply chain customers.
• Liontown Resources: ASX-listed lithium developer with the Kathleen Valley mine in WA. Larger incumbent in the same Australian hard-rock lithium peer group; useful benchmark for Split Rocks/Waratah Well re-rating scenarios.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ZenithMinerals
• YouTubeyoutube.com/@ZenithMinerals-ASXznc5594
• LinkedInlinkedin.com/company/zenith-minerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zenith Minerals