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Australian (ASX) Metals and Mining Industry Analysis

UpdatedMay 28, 2026
DataAggregated Company Financials
Companies691
  • 7D6.5%
  • 3M-1.6%
  • 1Y58.5%
  • YTD15.2%

Over the last 7 days, the Metals and Mining industry has risen 6.5%, driven by gains from BHP Group of 6.9%. Meanwhile, Arafura Rare Earths actually underperformed within the industry, shrinking 10% in the last week. In the last 12 months, the industry was up 59%. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

Has the Australian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 28 May 2026AU$728.8bAU$203.6bAU$25.4b13x28.7x3.6x
Sat, 25 Apr 2026AU$689.6bAU$203.4bAU$25.6b13.1x27x3.4x
Mon, 23 Mar 2026AU$602.5bAU$205.2bAU$26.0b12.6x23.2x2.9x
Wed, 18 Feb 2026AU$673.7bAU$196.5bAU$20.9b24.1x32.2x3.4x
Fri, 16 Jan 2026AU$679.0bAU$197.1bAU$19.1b25.1x35.6x3.4x
Sun, 14 Dec 2025AU$615.2bAU$198.5bAU$19.0b22.9x32.4x3.1x
Tue, 11 Nov 2025AU$563.2bAU$200.8bAU$19.4b21.5x29.1x2.8x
Thu, 09 Oct 2025AU$565.0bAU$200.3bAU$19.2b22.6x29.5x2.8x
Sat, 06 Sep 2025AU$515.0bAU$201.6bAU$19.3b16.3x26.6x2.6x
Mon, 04 Aug 2025AU$456.0bAU$205.7bAU$21.8b13.4x20.9x2.2x
Wed, 02 Jul 2025AU$435.2bAU$204.3bAU$21.6b12.5x20.2x2.1x
Fri, 30 May 2025AU$444.4bAU$206.0bAU$21.8b12.8x20.4x2.2x
Sun, 27 Apr 2025AU$427.0bAU$207.1bAU$22.0b12.1x19.4x2.1x
Tue, 25 Mar 2025AU$433.2bAU$209.6bAU$22.1b11.6x19.6x2.1x
Thu, 20 Feb 2025AU$460.2bAU$210.0bAU$27.8b13.6x16.6x2.2x
Sat, 18 Jan 2025AU$453.8bAU$214.5bAU$21.7b12.7x20.9x2.1x
Mon, 16 Dec 2024AU$455.3bAU$210.8bAU$21.2b12.5x21.5x2.2x
Wed, 13 Nov 2024AU$452.8bAU$206.8bAU$20.7b11.6x21.9x2.2x
Fri, 11 Oct 2024AU$475.3bAU$203.1bAU$20.2b12.9x23.5x2.3x
Sun, 08 Sep 2024AU$410.3bAU$203.6bAU$19.9b13.2x20.7x2x
Tue, 06 Aug 2024AU$434.4bAU$213.0bAU$21.7b13.2x20x2x
Thu, 04 Jul 2024AU$470.7bAU$208.1bAU$20.7b13.4x22.8x2.3x
Sat, 01 Jun 2024AU$500.2bAU$209.6bAU$21.0b14.8x23.8x2.4x
Mon, 29 Apr 2024AU$492.3bAU$212.4bAU$21.5b13.6x22.9x2.3x
Wed, 27 Mar 2024AU$481.2bAU$213.3bAU$21.6b12.4x22.3x2.3x
Fri, 23 Feb 2024AU$488.5bAU$211.7bAU$22.8b10.8x21.4x2.3x
Sun, 21 Jan 2024AU$536.1bAU$222.8bAU$32.7b11.7x16.4x2.4x
Tue, 19 Dec 2023AU$567.8bAU$220.8bAU$32.3b11.1x17.6x2.6x
Thu, 16 Nov 2023AU$541.1bAU$224.4bAU$33.1b10.5x16.4x2.4x
Sat, 14 Oct 2023AU$524.6bAU$229.6bAU$34.3b10.5x15.3x2.3x
Mon, 11 Sep 2023AU$516.8bAU$228.1bAU$34.3b11.2x15x2.3x
Wed, 09 Aug 2023AU$540.5bAU$237.1bAU$49.5b9.6x10.9x2.3x
Fri, 07 Jul 2023AU$541.9bAU$234.7bAU$49.0b10x11.1x2.3x
Sun, 04 Jun 2023AU$530.0bAU$234.9bAU$49.1b9.9x10.8x2.3x
Price to Earnings Ratio

10.8x


Total Market Cap: AU$530.0bTotal Earnings: AU$49.1bTotal Revenue: AU$234.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 21.9x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 28.7x which is higher than its 3-year average PE of 21.9x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 20% per year over the last three years,
  • Revenues have also declined 4.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Australian Materials industry?

AU Market2.49%
Materials6.54%
Metals and Mining6.46%
Copper11.90%
Diversified Metals and Mining7.05%
Gold6.56%
Aluminum5.12%
Steel3.05%
Precious Metals and Minerals2.29%
Silver1.48%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 0.28x.
    • Analysts are expecting annual earnings growth of 26.9%, which is lower than the prior year's growth of 111.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Silver industry is expected to see its earnings decline by 5.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BHP BHP GroupAU$60.552.5%
+AU$7.4b		58.7%PE21.4x
S32 South32AU$4.6712.8%
+AU$2.4b		53.6%PE37.9x
BSL BlueScope SteelAU$31.404.7%
+AU$613.1m		36.6%PE47.9x
SGM SimsAU$25.8912.7%
+AU$564.2m		70.6%PS0.7x
SRL Sunrise Energy MetalsAU$15.8524.4%
+AU$478.0m		3,461.8%PS18315.2x

Latest News

SFR
AU$18.98
Sandfire Resources
7D
5.4%
1Y
64.2%
S32
AU$4.67
South32
7D
12.8%
1Y
53.6%
EVN
AU$11.65
Evolution Mining
7D
-1.3%
1Y
31.5%
BHP
AU$60.55
BHP Group
7D
2.5%
1Y
58.7%
SGM
AU$25.89
Sims
7D
12.7%
1Y
70.6%
GMD
AU$5.57
Genesis Minerals
7D
-4.6%
1Y
23.2%
ARU
AU$0.27
Arafura Rare Earths
7D
-14.5%
1Y
60.6%
NST
AU$18.20
Northern Star Resources
7D
-3.9%
1Y
-10.5%
WGX
AU$4.87
Westgold Resources
7D
-3.2%
1Y
63.4%
LYC
AU$18.95
Lynas Rare Earths
7D
2.0%
1Y
143.6%
Narrative Update • May 21

LYC: Long Dated Offtake Floor And Western Options Will Shape Outlook

Analysts have nudged their fair value estimate for Lynas Rare Earths slightly higher to about A$19.86 per share, reflecting updated assumptions on discount rate, revenue growth, profit margins and future P/E following the revised Lynas JARE agreement. The agreement includes a 5,000tpa NdPr offtake to 2038 at a US$110/kg floor, with scope for additional Western offtakes.
VAU
AU$4.05
Vault Minerals
7D
-6.9%
1Y
43.2%
PLS
AU$6.30
PLS Group
7D
2.3%
1Y
379.1%
Narrative Update • May 19

PLS: Index Additions Will Sustain Rich Multiple Despite Higher Discount Rate

Analysts have modestly raised the price target for PLS Group to A$2.82 from A$2.63, reflecting updated views on discount rates, revenue growth and profit margins that feed into their refreshed fair value estimates. What's in the News PLS Group Limited (ASX:PLS) has been added to the S&P/ASX 50 Index, bringing the stock into a wider set of domestic institutional benchmarks (Key Developments).
PRU
AU$4.86
Perseus Mining
7D
-7.4%
1Y
27.2%
Narrative Update • May 18

PRU: Underground Ramp Up And Outperformance Rating Will Support Future Upside

Analysts have modestly lifted their A$6.70 price target on Perseus Mining as they refresh assumptions around discount rates, revenue growth and future P/E multiples, and factor in the recent upgrade to Outperform from Sector Perform. Analyst Commentary Analysts pointing to the refreshed A$6.70 price target and the recent upgrade to Outperform see this as a reassessment of Perseus Mining’s risk and reward profile, rather than a short term call.
RRL
AU$5.87
Regis Resources
7D
-6.2%
1Y
18.8%
Narrative Update • May 13

RRL: Index Inclusion And Higher Margins Will Support Future Upside Potential

Analysts have nudged their price target for Regis Resources slightly higher from A$11.00 to A$11.10, pointing to updated assumptions around discount rates, revenue growth, profit margins and future P/E as key drivers behind the change. Analyst Commentary Recent commentary points to bullish analysts becoming more constructive on Regis Resources following their latest review, with the small lift in the A$11.10 price target framed as part of a broader recheck of the investment case.
BSL
AU$31.40
BlueScope Steel
7D
4.7%
1Y
36.6%
SRL
AU$15.85
Sunrise Energy Metals
7D
24.4%
1Y
3,461.8%