Hindustan Zinc’s Rare Earth & Silver Pivot – A Strategic Inflection Point? Zinc Price Pressure = Silver Opportunity 🗣️CEO Arun Misra: “If zinc prices don’t rise, we will maximise silver production.” 🔹Silver already forms 1/3rd of EBITDA; if prices stay >$33/oz, it could hit 45% EBITDA contribution 🔹Silver output expansion comes at zinc’s cost - internal rebalancing underway Capex-Backed Silver Strategy 🔹Multiple volume levers:  - UEPL volumes to grow 5x (0.25 → 1.1 mmscmd in 4-5 yrs)  - GA3 (Raigad) volumes to 3x due to Navi Mumbai Airport, 3rd Mumbai expansion 🔹80 new CNG stations in FY26, target 250 in 5 years (high silver linkage in fuel chain infra) Rare Earth Minerals: HZL’s Rev Multiplier for FY30? 🔹Target: 30% revenue from rare earth minerals and critical minerals in ~5 years 🔹Exploration company formed; mining to start after 5 years 🔹Hind Zinc specializes in extracting value from low-grade ores – a key edge in rare earth mining, where processing is technically demanding 🗣️ CEO Quote: “Critical minerals & rare earths will fall within our ambit… recovery is hard, but we’re building expertise.” Silver Price Tailwinds – Multi-Year Supercycle? 🔹Silver spot >$35/oz (1st time since Oct 2012) – 14–15% gain on weekly charts 🔹Hind zinc started plans at $33/oz; sees $41–42/oz by Jan’26 🔹Global shortage: 2,000 tonnes on consumption side 🔹Structural demand boom: EVs, solar panels, electronics ➡️ Silver’s conductivity & anti-bacterial properties = irreplaceable in clean energy ecosystem 🧭 Investors Compass View 🔹Hind zinc is reshaping its portfolio for a commodity supercycle pivot: from zinc → silver → rare earths 🔹Margin optionality from silver + long-term value unlocking from rare earth exploration = asymmetric upside 🔹Long gestation, but rare earths are high-valuation, strategic assets globally