464.32 km
Drilling
Key Takeaway
- Highest-ever R&R ore base achieved in FY2026, with record additions at Zawar, Rajpura Dariba, Kayad, and Bamnia Kalan
- Initiated groundwork to commence exploration for new critical minerals blocks (tungsten, rare earth elements, and potash)
- Building technology-led exploration capability spanning advanced surveys, digital platforms, and AI/ML to sharpen discovery outcomes
- HZL 2.0 priorities: Fast-tracking reserve base expansion, deploying AI/ML-enabled high-tech rigs, and scaling technical expertise for aggressive exploration
This year, with our growth programme moving into execution and the addition of three diverse critical mineral blocks, exploration shifts from being a sustaining function to the foundation on which HZL 2.0 will be built.
We are undertaking a strategic and outcome-driven approach to deliver measurable value. We are strengthening our integrated exploration framework with end-to-end execution by investing in skilled technical experts, building capability and technological competency, and adopting best-in-class technologies. These efforts support systematic delineation and expansion of our mineral resources and ore reserves, strengthening our long-term resource pipelines for sustained production growth and positioning us to contribute to national mineral security.
Hindmetal Exploration Services Private Limited
A Platform Built for Scale and Credibility
Hindmetal Exploration Services Private Limited (HESPL), our wholly-owned exploration arm, has emerged as one of India’s most capable mineral exploration platforms. It is accredited by the National Accreditation Board for Education and Training (NABET) under the QCI-NABET Scheme for mineral exploration.
HESPL provides end-to-end exploration support to Hindustan Zinc for both existing and new mineral blocks, and to Vedanta Limited across its critical and noble mineral portfolio. These activities encompass the entire value chain from mineral block acquisition and statutory clearances to execution, technical evaluation, and systematic exploration. This highlights HESPL’s strong execution capability, technical depth, and ability to operate across diverse geopolitical terrains and regulatory environments.
Exploration performance milestones, FY2026
88.08%
Brownfield exploration success rate
32 Mnt
Ore added
Over 25 years
Of mine life
How HESPL Scaled Capabilities
In FY2026, HESPL achieved significant institutional, operational, and technology milestones that further strengthen its credibility. These strategically position it to advance mineral exploration opportunities with sustainable and responsible practices, with the long-term objective of building a diversified, multi-commodity exploration portfolio.
1
Strengthening Credentials
- As per Gazette Notification S.O. 1764(E) dated April 16, 2025, issued by the Ministry of Mines, Government of India, Hindmetal Exploration Services Pvt. Ltd. has been accredited as a Category ‘A’ Exploration Agency
- Achieved ISO 9001, 14001, and 45001 certifications, supported by an integrated management system (IMS) for quality, environment, health and safety, and process excellence
- HESPL was awarded the first-ever 100% NMEDT-funded (National Mineral Exploration and Development Trust) exploration projects as a National Private Exploration Agency (NPEA) in rare earth elements across three projects in Balotra, Rajasthan, reinforcing its role as a trusted partner in government-funded exploration
2
Building In-House Capabilities
- Strong exploration team (young, multidisciplinary, and execution-oriented) comprising geologists, geophysicists, and data analysts with field and analytical expertise.
Enhanced technical depth and exploration-readiness
- Multiple large-scale training programmes by industry experts from Datamine, the National Committee for Reporting Mineral Resources and Reserves in India (NACRI), and the Geological Survey of India (GSI)
- Focus on improving modelling efficiency, interpretation quality, and alignment with future project requirements, Indian Mineral Industry Code (IMIC) alignment, and field capability
- 512 hours of training delivered
3
Technology as a Multiplier of Exploration Outcomes
Technology Area
Advanced survey technologies
- Drone-based magnetic surveys integrated with LiDAR and high-resolution imagery
- Borehole electromagnetic (BHEM) surveys to identify subsurface anomalies and generate priority drilling targets
- Hyperspectral imaging and remote sensing techniques for alteration mapping and lithological differentiation
Impact Targeted
- Sharper target definition
- Reducing geological uncertainty
Digital platforms for data management and analysis
- ArcGIS Web Portal for managing geological and spatial data sets
- Leapfrog and Datamine Studio for advanced 3D data visualisation, interpretation, and scenario-based resource modelling
- acQuire DBMS for structured data capture with automated quality assurance and control
- Power BI for real-time operational monitoring and intelligence on operational metrics (drilling productivity and downtime assessment)
Impact Targeted
- Data reliability and transparency
- Faster analytical turnaround
AI and machine learning
- AI/ML pilots in collaboration with specialised third-party providers across key assets to assess effectiveness and scalability:
- Rampura Agucha and Ghanpur-Mudholi: Delivered advanced analytical insights from complex geoscientific datasets
- Kayad: Preliminary outputs supporting regional target generation and encounter of significant intersections
- Rajpura Dariba and Zawar clusters: Pilot underway for new target generation and drilling optimisation
Impact Targeted
- Accelerate discovery timelines
- Strengthen data-driven decision-making
- Drilling and cost optimisation
- Identify high-potential mineral zones
HESPL Operational Developments, FY2026
Hindustan Zinc growth projects
Core Commodities (Zinc-Lead-Silver)
HESPL implemented a structured and well-defined exploration roadmap to identify new prospective targets and evaluate the presence, continuity, and scale of mineralisation across Hindustan Zinc's brownfield assets. This supports our 2x growth vision, whereby disciplined efforts, planning, technical governance, and phased execution translate into higher R&R addition than what we produce each year.
Key developments include:
- Highest-ever R&R ore and ore reserves of 468.6 Mnt and 219 Mnt, respectively, with highest-ever metal reserves since underground transition at 13.9 Mnt and record silver reserves of 10.9 kt (350.8 Moz)
- Highest-ever R&R ore at Zawar Group of Mines, Rajpura Dariba Mine, Kayad Mine, and Bamnia Kalan Mine
- Zawar secured forest department approval for 56 forest-land boreholes, unlocking new areas for exploration
- Conducted reconnaissance at Zawarmala, improving structural interpretation and target identification
- Engaged senior and experienced industry experts as technical consultants to refine the structural geology of Zawar and Rajpura Dariba complexes, facilitating new target generation and improved ore body correlation
Critical Mineral Diversification:
HESPL made significant progress in the critical mineral domain during FY2026 in line with India's strategic priorities and Hindustan Zinc's diversification agenda.
Blocks secured
by Hindustan Zinc
by Hindustan Zinc
Tungsten block in Balepalyam, Andhra Pradesh
Rare earth elements (REE) block in Nawatola-Laband, Uttar Pradesh
Potash block in Jhandawali-Satipura, Rajasthan
Exploration
progress
progress
Received the surface exploration rights (grant of composite licence) and exploration activities commenced from Q4 FY2026
- Letters of intent (LoI) received
- Regulatory approval for grant of composite licence expected by early FY2027
Achieved successful deed execution
VedEx (Vedanta Exploration) Projects
During FY2026, HESPL undertook the following exploration initiatives for Vedanta:
Secured surface exploration rights and commenced exploration activities across Vedanta's critical mineral blocks:
- Genjana Block, Bihar: Nickel-Chromium-Platinum Group Elements (PGE)
- Depo Block, Arunachal Pradesh: Graphite-Vanadium
Initiated preliminary exploration activities at Baghmara Gold Block in Chhattisgarh, where phase I exploration confirmed refractory gold mineralisation at an approximate depth of 300 metres, indicating strong potential for further resource delineation and development
Discovered new ore lenses below c.75 m from surface at Ghanpur-Mudholi Copper-Gold Project in Maharashtra, adding c.6.5 Mnt ore resources
Exploration Performance
In FY2026, brownfield exploration activities delivered strong and consistent outcomes:
- 88.08% of the drill holes successfully intersected mineralisation, indicating a high success rate
- Gross addition of 32 Mnt of ore R&R and 2.1 Mnt of metal reserves
We executed a total of 464.32 km of drilling across operations, comprising 160.67 km of surface drilling and 303.65 km of underground drilling. We remain focused on further strengthening the R&R base across existing deposits, while continuing the systematic identification and evaluation of new exploration targets within its mining leases.
Reserves and Resources (R&R) Status
The Mineral Resources and Ore Reserves for Hindustan Zinc as of March 31, 2026, were audited by SRK Consulting (UK) Limited (“SRK”). Below are the Mineral Resource and Ore Reserve statements reported in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code, 2012 Edition (“JORC”).
Ore Reserves
Estimated at 219.1 Mnt of ore, grading 4.9% zinc (Zn), 1.5% lead (Pb), and 50 g/MT silver (Ag), containing 10.6 Mnt zinc, 3.3 Mnt lead, and 350.8 Moz silver.
Mineral Resources
Estimated at 249.5 Mnt of ore, grading 4.3% zinc, 1.8% lead, and 53 g/MT silver, containing 10.8 Mnt zinc, 4.4 Mnt lead, and 426 Moz silver. At current mining rates, the R&R supports our vision of 2x production.
Ore Reserves and Mineral Resources (R&R), as of March 31, 2026
(based on Annual R&R audit by SRK (UK))
| Our Assets | Total Reserves | Measured & Indicated Resources | Inferred Resources | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnage (Mnt) |
Zn% | Pb% | Ag (g/MT) |
Metal (Mnt) |
Tonnage (Mnt) |
Zn% | Pb% | Ag (g/MT) |
Metal (Mnt) |
Tonnage (Mnt) |
Zn% | Pb% | Ag (g/MT) |
Metal (Mnt) |
|
| Rampura Agucha | 45.1 | 9.6 | 1.5 | 44 | 5.0 | 13.3 | 11.5 | 2.8 | 74 | 1.9 | 4.4 | 0.1 | 4.9 | 177 | 0.2 |
| Kayad | 1.8 | 5.1 | 0.7 | 13 | 0.1 | 5.5 | 7.1 | 0.9 | 16 | 0.4 | 4.4 | 4.6 | 0.4 | 8 | 0.2 |
| Sindesar Khurd | 35.2 | 3.1 | 1.8 | 87 | 1.7 | 47.4 | 3.6 | 1.6 | 76 | 2.4 | 7.3 | 3.1 | 1.3 | 48 | 0.3 |
| Bamnia Kalan | 8.4 | 2.8 | 0.9 | 32 | 0.3 | 18.2 | 3.2 | 1.0 | 38 | 0.8 | 15.5 | 3.6 | 1.5 | 49 | 0.8 |
| Rajpura Dariba | 65.9 | 5.0 | 1.7 | 65 | 4.4 | 7.4 | 6.2 | 1.8 | 69 | 0.6 | 22.5 | 6.3 | 1.8 | 90 | 1.8 |
| Zawar | 62.7 | 2.5 | 1.2 | 21 | 2.3 | 43.5 | 3.3 | 1.7 | 26 | 2.2 | 60.2 | 3.9 | 2.1 | 38 | 3.6 |
| Total | 219.1 | 4.9 | 1.5 | 50 | 13.9 | 135.2 | 4.5 | 1.7 | 52 | 8.3 | 114.3 | 4.2 | 1.9 | 55 | 7.0 |
Note: Mineral resources are reported exclusive of ore reserves, reported at variable cut-off grade per mineral asset
Strategic Exploration Pathway Towards 2x Production
Looking ahead, HESPL's exploration agenda is organised around three priorities, each directly aligned with Hindustan Zinc's strategic ambitions:
Expanding reserve base
in a fast-track manner to support the expansion program
Procuring advanced high-tech drilling rigs
with AI/ML-enabled target generation and deep drilling capacity for aggressive exploration
Enhance execution efficiency
by strengthening internal capabilities and leveraging selected specialised technical expertise