Smelting used to be less efficient in the past, so wastes obtained from historical processing at smelter plants usually contain certain quantities of valuable metals. A case study was conducted, which included an investigation of the physicochemical, mineralogical, and microstructural properties of raw material found at the historic slag pond near the Topilnica Veles smelter in North Macedonia. The Pb-Zn slag was sampled using traditional geophysical methods such as drill holes and pitholes. The mineralogical and microstructural analysis revealed that the Pb-Zn slag is a very complex and inhomogeneous alternative raw material with utilizable levels of metals, specifically Pb (2.24 wt%), Zn (7.10 wt%), and Ag (27.53 ppm). Amorphous phase, lead alloys, zinc alloys, wurtzite, sphalerite, galena, cerussite, elemental silver, elemental copper, elemental iron, magnetite, spinel, rutile, hematite, and troilite were also identified through qualitative mineralogical analysis. The glassy matrix composed of spinel, silicates, and mixed spinel-silicate is the most abundant constituent in slag composition. The various potential applications of the slag are possible based on its mineralogical and geochemical properties. Because the extraction of Pb, Zn, and Ag has certain economic potential, the next step, which will include gravity concentration and magnetic separation procedures, will be to form metal concentrates into their collective concentrate, from which the maximum amount of silver can be extracted. Slag's amorphous spinel, silicate, and mixed spinel-silicate phases, which contain high concentrations of SiO2, Al2O3, CaO, and Fe2O3, are suitable for use in building materials such as cement clinker, filler, or aggregate for concrete or mortar. The goal of this research is to close the circle of slag's reutilization potential in terms of Net Zero and Zero Waste principles, so it is critical to thoroughly investigate the material and establish methods and preparation processes, as well as ways of concentrating useful components into commercial products.