From TD todayAmong the Canadian miners, zinc generally takes a back-seat to copper production — although small-cap miner Trevali is a focused zinc producer. Teck Resources, Hudbay Minerals, and Lundin Mining all produce zinc and generate 10-30% of annual revenue from the metal. Of the three, Teck has the best leverage to higher 2021 zinc prices, with a US$0.25/lb increase in our zinc price forecast to US $1.25/lb, increasing EBITDA by ~10%. Trevali clearly has the most leverage to higher zinc prices, but with near-term liquidity challenges and our view that the rally in zinc prices may be short-lived, investors will probably remain cautious on the company.