The world reserves of oxidized lead–zinc ores are large, but their processing faces significant difficulties due to their refractory nature. This paper presents a novel approach to the preparation of refractory oxidized lead ores for flotation. The proposed method is based on the co-roasting of oxidized lead-bearing ores from the Ozernoye polymetallic deposit (Western Transbaikalia, Russia) with fine-grained sulfide lead–zinc ore sourced from the same deposit and the addition of calcium oxide. This method allows for the activation of mineral complexes, the sulfidation of oxidized lead–zinc minerals, and the minimization of the amount of sulfur dioxide gas emitted. Co-roasting oxidized lead–zinc ore with sulfide ore (10–30 wt. pct) at 650–700 °C has been shown to result in the selective oxidation of pyrite and sulfidation of oxidized lead and zinc minerals. The proposed method of processing polymetallic ores is capable of simultaneously involving not only oxidized lead–zinc ores but also refractory sulfide ores, thereby extending the operational lifespan of the mining enterprise and reducing the environmental impact.