Polymetallic projects prove power in cyclical markets
Once dismissed as expensive and tricky, polymetallic projects are gaining attention for their potential to stabilise explorers’ portfolios in unpredictable markets.
As Steve Beresford, a well-known geologist and expert on polymetallic deposits, explains in one of his many talks on the topic: Polymetallic systems have large components of nickel, copper and platinum group elements (PGE), but the primary metal itself is not nickel sulphides.
He has led exploration teams at three major mining companies and has a career comprising field exploration across 66 countries, largely for magmatic nickel-copper-PGE deposits.
Beresford, who is also a director of Power Metallic Mines (TSX-V:PNPN), points to Norilsk Nickel’s (MOEX:GMKN) Norilsk-Talnakh operation in Siberia – which is a cluster of the largest known nickel-copper-PGE deposits in the world – as a prime example.
The specific deposit he brings attention to is Oktyabrskoye – one of the largest copper reserves in Russia and globally. While the Norilsk deposit was the first one discovered, it was not the largest.
But without the discovery of Norilsk, Talnakh and Oktyabrskoye would never have been unearthed.
Beresford refers to polymetallic systems as the “big granddaddies of the world”.
“These are the trillion dollar systems,” he notes. “Norilsk has an in situ value over a trillion dollars and that’s quite simply the largest, highest value deposit of any type in the world.”
Trillion-dollar deposits anchor long-term value
According to Beresford, one of the common misconceptions about polymetallic deposits is that they are only economic at elevated nickel prices.
“Nickel-Copper-PGE deposits have always been the premier deposit style to focus on, it’s simply grade and size,” he explains.
“It’s very interesting, and perhaps very frustrating, to be a nickel geologist and have people only focus on these deposits during nickel booms, when in fact they are economic throughout cycles – always have been and always will be.”
“It’s very interesting, and perhaps very frustrating, to be a nickel geologist and have people only focus on these deposits during nickel booms, when in fact they are economic throughout cycles – always have been and always will be”
The Norilsk-Talnakh operation hosts 3.5 billion tonnes @ 5% copper equivalent (2.5% nickel equivalent), making it the largest nickel resource and sixth largest copper resource globally.
The operation’s 175 million contained copper-equivalent tonnes propels it to second place in terms of scale.
Polymetallic deposits differ from porphyries in that the depth of the systems far exceed the industry’s ability to explore, according to Beresford.
“The limitation here is not mining, it’s actually exploration search space,” he says.
“We are fundamentally limited in our ability to explore these deposits at depth. We can mine them to far greater depths than we’re capable of exploring.”
But while these mines run deep, they can be near-surface and start out as open pit mines, like Vale’s (NYSE:VALE) Voisey’s Bay in Canada that has since transitioned to underground mining.
At the same time, the varying commodities within the system can mean many deposits remain profitable at lower nickel prices because of the valuable byproduct credits.
Staying profitable in nickel slump
Norilsk-Talnakh, for example, is still profitable even in the current low nickel price environment because of its diversified product line that also includes palladium, platinum and copper.
Even though nickel and PGE prices were lower in 2024, Norilsk Nickel still reported a net profit of US$1.8 billion across its operations, albeit 37% lower than the previous year.
While nickel prices continue to remain under pressure, platinum, palladium and copper prices have all gone on a run in 2025.
Copper has climbed 24% to over US$10,660 ($16,446) a tonne since April this year, platinum surged over 90% since the start of 2025 to a 12-year high of US$1,720 an ounce last week, and palladium hit its highest level since April 2023 when it reached US$1,665 an ounce last week following an 86% rally since early 2025.
Power Metallic’s persistent exploration of its Nisk Project has uncovered a number of polymetallic deposits in Québec including the high-grade Lion copper-PGE discovery and subsequent, equally prospective Tiger target.
Prior drilling of the Lion Zone returned highlight intersections of 15.4m @ 10.5% copper equivalent from 75.5m and 11.6m @ 12.5% copper equivalent from 185m.
Along with a 7.1-million-tonne nickel equivalent resource, the broader Nisk Project also hosts an estimated 9.4 million copper equivalent tonnes.
Power Metallic says “polymetallic doesn’t mean complex, low grade means complex”.
Metallurgical work being undertaken on the Lion Zone shows the PGE, silver and gold are hosted by chalcopyrite similar to the footwall copper-PGE deposits at Glencore’s (LSE:GLEN) Sudbury operation in Ontario.
The copper and PGE recoveries are likely strongly correlated, according to Power Metallic.
First-phase characterisation is underway, with results expected in the second quarter of 2026. Power Metallic has contracted SGS Canada to carry out metallurgical studies on samples sourced from the Lion deposit.
Renforth Resources’ (CSE:RFR) is also active in Québec, with a renewed focus on the potential of its 300km2 Malartic Metals Package.
At the end of September, the company released a maiden resource for the Victoria Project of 125 million tonnes @ 0.15% nickel equivalent for 49 million nickel-equivalent pounds.
CEO Nicole Brewster says the initial resource establishes Victoria as a large-scale, near-surface polymetallic nickel system.
With just over 10,000m drilled across the 20km-long Victoria structure, Renforth has already confirmed the presence of several critical minerals including nickel, zinc and copper.
Regional M&A highlights value of polymetallic assets
The Malartic Metals Package sits within the well-known Abitibi mining region, in an active M&A camp, surrounded by several majors.
In 2023, Yamana Gold was snapped up by Pan American Silver (NYSE:PAAS) and Agnico Eagle Mines (NYSE:AEM) in a joint US$4.8 billion ($7.4 billion) deal at a 42% premium.
This was followed by Agnico’s C$204 million ($224.1 million) takeover of O3 Mining (TSX-V:OIII), which represented a 58% premium and was completed in March this year.
Brewster previously told Mining.com.au the polymetallic nature of the mineralisation within the Malartic Metals Package insulates the project from commodity risk.
“The polymetallic nature of the mineralisation means that several commodities contribute to the economic proceeds,” she noted.
With the maiden resource now out, Renforth is undertaking drilling to support a starter pit and continuing metallurgical research to design a flow sheet for processing the mineralisation.
Like Renforth, Pivotal Metals (ASX:PVT) is focused on polymetallic deposits in the Abitibi.
Pivotal has consolidated a 160km2 landholding within the Belleterre-Angliers Greenstone Belt (BAGB), which is an offshoot of the Abitibi Greenstone Belt.
Pivotal’s landholding is near major operations including Agnico Eagle’s +24-million-ounce Kirkland Lake Mine and jointly owned 14-million-ounce Malartic Mine, as well as Canada’s only copper smelter – Glencore’s (LSE:GLEN) Horne complex.
Pivotal’s Belleterre Project comprises three main areas – Midrim, Lorraine and Laforce, where multiple discoveries of high-grade copper, nickel and platinum group elements have been made.
Polymetallic hedge against shifting market cycles
Managing Director Ivan Fairhall tells Mining.com.au polymetallic projects give investors leverage to multiple commodity themes at once.
“Copper and nickel underpin the energy transition, PGMs and cobalt provide additional strategic exposure, and gold offers a natural hedge,” he explains.
“That basket not only broadens the potential economic base of any discovery, it also positions Pivotal to benefit from whichever commodity cycle is strongest at the time.”
SPC Nickel (TSX-V:SPC), meanwhile, is advancing its Muskox Property in Nunavut, Canada, which shares several similarities to some of the world’s largest polymetallic camps.
CEO Grant Mourre tells Mining.com.au that Muskox’s unique geology is comparable to prolific polymetallic camps like the Norilsk-Talnakh deposit, Voisey’s Bay Mine and the Sudbury operation.
While nickel is more of a focus for the Norilsk-Talnakh and Voisey’s Bay operations, Muskox hosts twice as much copper as nickel.
Mourre says Muskox also has exceptionally high platinum, palladium and gold values of up to 5 ounces per tonne, or over 140 grams per tonne, at a ratio of 15 to one palladium to platinum.
“Polymetallic discoveries offer a built-in hedge across commodity cycles and are long-life projects,” he says.
“These are generational assets. Deposits are typically large and operate over decades.
“The high-value byproduct credits often offset core production costs.”
Write to Angela East at Mining.com.au
Images: Norilsk, Power Metallic, Renforth & SPC Nickel
