StockBox Market Pulse: Group Eleven Resources Deep Dive

Dear Reader,

Zinc may not grab the headlines like other commodities, but it’s an essential industrial metal with rapidly strengthening fundamentals.

Its primary role in galvanising steel and iron underpins demand across construction, infrastructure, and manufacturing, with additional growth coming from energy storage and specialist chemical applications.

According to Skyquest, the global zinc market is forecast to grow from US$27.2bn in 2024 to US$52.1bn by 2033, implying a 7.5% CAGR spurred on by worldwide income and population growth.

But that expansion is coming at a time when supply concentration is becoming a strategic issue.

Notably, China currently accounts for around a third of global zinc production, and efforts by developed economies to diversify supply chains are increasing interest in alternative jurisdictions.

One stock positioned to benefit from this shift is Group Eleven Resources (TSX.V ZNG).

The company is advancing two flagship zinc projects in Ireland, including one hosting the country’s most significant mineral discovery in more than a decade.

With drilling ongoing and a steady flow of news expected, the focus now shifts to how much value the company can add as its projects continue to advance…

A world-class zinc neighbourhood

So, why Ireland?

Despite flying under the radar, Ireland is one of the world’s most prolific zinc jurisdictions, ranking first globally for zinc discovered per square kilometre.

It is also one of the most mining-friendly countries worldwide, topping the Fraser Institute’s Policy Perception Index.

The apex of Ireland’s zinc endowment is Glencore’s Pallas Green project in Limerick, one of the largest undeveloped zinc deposits globally, with a resource of 45.4Mt grading 8.4% zinc and lead.

Group Eleven has strategically assembled a large land position around Pallas Green to test whether this mineralised system extends regionally…

• And work so far suggests it very much does.

In 2022, Group Eleven made the Ballywire discovery at its 100%-owned PG West project, around 20km from Pallas Green, marking Ireland’s most significant mineral discovery in more than a decade.

To date, over 60 drill holes have consistently returned shallow, high-grade zinc-lead-silver mineralisation over a growing strike length, alongside a deeper copper-silver zone.

Standout intercepts are laid out here, but it’s worth noting that Group Eleven’s most recent hole delivered its best intersection to date: nearly 30m grading 15.3% zinc and lead, including more than 8m of exceptionally high-grade silver at up to 4,260g/t.

Alongside Ballywire, Group Eleven is also advancing Stonepark, where it holds a 77.6% interest immediately adjacent to Pallas Green.

Stonepark already hosts a 5.1Mt resource grading 11.3% zinc and lead—higher grade than Pallas Green and at a much shallower depth. And Group Eleven’s efforts are now focused on increasing its understanding of the Pallas Green Corridor.

This massive geological trend is interpreted to extend onto the company’s ground and towards the Carrickittle West prospect at Stonepark, which Group Eleven’s CEO Bart Jaworski has described as “one of the best drill targets in Ireland”.

Historic drilling in this area is known to have returned intercepts of 2.4m at 26.8% zinc and lead, and recent drilling has intersected mineralisation consistent with the outer zones of a large Irish-type zinc system.

Map showing Group Eleven’s PG West and Stonepark projects next to Pallas Green in Ireland (Source: Group Eleven)

Proving up the concept

Group Eleven’s progress at Ballywire, alongside the growing promise at Stonepark, has already registered with the market.

The company’s shares are up more than 120% since November, giving it a market cap of just below C$200m—a reflection of both recent results and rising expectations. With that momentum established, the next leg of the story is straightforward: continued success at the drill bit.

Further assays from drilling completed late last year at Ballywire are still pending, but the company has no intention of slowing down. Following a brief pause over Christmas, four drill rigs are now active on site, with a programme of a further 17,000m of drilling planned at Ballywire through 2026.

As it stands, 11 new holes are completed, underway, or about to commence, setting up a steady flow of results over the coming weeks and months. You can see the location of these holes (marked by dotted blue lines), alongside a selection of key intercepts reported to date, in the map below.

Meanwhile, attention is also turning back to Stonepark, where around 3,000m of drilling is planned—taking total drilling in Ireland to approximately 20,000m this year.

This work will focus on advancing the Carrickittle West target. And if drilling continues to support the company’s view that this area represents a continuation of the Pallas Green mineralised system, Stonepark could quickly emerge as a huge opportunity.

Positioned for growth

Group Eleven has built a large land position in one of Europe’s most prospective zinc districts and is now backing that strategy with results. Drilling at both Ballywire and Stonepark continues to validate the geological thesis and highlight the broader scale potential across the portfolio.

While the share price has already moved, the depth of support from insiders and strategic investors is notable.

• Mining investor Michael Gentile holds 13.8% of the company, Glencore owns 13.6%, and a further 10.5% is held by other institutions and insiders.

That level of alignment suggests long-term conviction in the opportunity rather than short-term speculation—these investors want multiples of returns.

As ever in exploration, outcomes are not guaranteed.

But with extensive drilling planned across two high-quality assets in 2026, Group Eleven has a clear opportunity to materially advance the story over the coming year. Continued exploration success could further define the scale of the system, while positive follow-up work may open pathways to development, partnership, or strategic interest.

For now, this is a company delivering on its geological ambition—and one worth keeping firmly on the radar as the drill results continue to flow.

Best wishes,
The StockBox Team