1. Limited geographical diversification - Zena Mining Corp operates primarily in Canada, which limits its exposure to other potentially lucrative mining markets around the world.

2. Smaller scale operations - Compared to some of its peers, Zena Mining Corp is a relatively small company with limited resources and capacity to undertake large-scale mining projects.

3. Limited product portfolio - Zena Mining Corp focuses primarily on gold mining, which limits its ability to diversify its product portfolio and revenue streams.

4. Higher operating costs - Zena Mining Corp's operating costs are relatively high compared to some of its peers, which can impact its profitability and competitiveness.

5. Limited access to capital - As a smaller company, Zena Mining Corp may face challenges in accessing capital and financing for its operations and growth initiatives.

6. Limited brand recognition - Zena Mining Corp is not as well-known as some of its larger peers, which can impact its ability to attract investors and customers.

7. Higher risk profile - Due to its smaller size and limited resources, Zena Mining Corp may be considered a higher risk investment compared to some of its larger, more established peers.