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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies677
  • 7D4.4%
  • 3M14.7%
  • 1Y45.9%
  • YTD4.4%

Over the last 7 days, the Metals and Mining industry has risen 4.4%, driven by gains from BHP Group of 4.3%. This means that the industry has gained 46% over the past year. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026AU$653.2bAU$197.3bAU$19.1b24.5x34.2x3.3x
Tue, 09 Dec 2025AU$593.4bAU$198.8bAU$19.0b21.8x31.2x3x
Thu, 06 Nov 2025AU$546.9bAU$202.0bAU$19.5b19.9x28x2.7x
Sat, 04 Oct 2025AU$556.6bAU$200.0bAU$19.1b21.8x29.2x2.8x
Mon, 01 Sep 2025AU$514.9bAU$201.6bAU$19.4b15.4x26.6x2.6x
Wed, 30 Jul 2025AU$469.6bAU$204.7bAU$21.6b12.9x21.7x2.3x
Fri, 27 Jun 2025AU$430.3bAU$204.1bAU$21.6b12.7x20x2.1x
Sun, 25 May 2025AU$445.2bAU$205.0bAU$21.7b12.4x20.5x2.2x
Tue, 22 Apr 2025AU$422.1bAU$206.7bAU$22.0b11.8x19.2x2x
Thu, 20 Mar 2025AU$436.2bAU$208.7bAU$22.2b11.6x19.6x2.1x
Sat, 15 Feb 2025AU$460.9bAU$213.4bAU$22.3b13.5x20.6x2.2x
Mon, 13 Jan 2025AU$441.6bAU$215.8bAU$21.9b12x20.2x2x
Wed, 11 Dec 2024AU$467.2bAU$209.9bAU$21.0b12.6x22.2x2.2x
Fri, 08 Nov 2024AU$471.0bAU$204.9bAU$20.5b12.2x23x2.3x
Sun, 06 Oct 2024AU$478.4bAU$201.6bAU$20.0b11.9x23.9x2.4x
Tue, 03 Sep 2024AU$434.9bAU$202.5bAU$19.6b12.9x22.2x2.1x
Thu, 01 Aug 2024AU$453.0bAU$211.8bAU$21.2b13.5x21.4x2.1x
Sat, 29 Jun 2024AU$461.9bAU$208.3bAU$20.7b13.5x22.3x2.2x
Mon, 27 May 2024AU$508.1bAU$210.2bAU$21.1b15x24.1x2.4x
Wed, 24 Apr 2024AU$499.7bAU$214.3bAU$21.8b12.8x22.9x2.3x
Fri, 22 Mar 2024AU$487.0bAU$212.4bAU$21.5b12.4x22.6x2.3x
Sun, 18 Feb 2024AU$498.5bAU$208.9bAU$30.5b11.8x16.3x2.4x
Tue, 16 Jan 2024AU$551.8bAU$221.5bAU$32.5b11.8x17x2.5x
Thu, 14 Dec 2023AU$545.0bAU$223.8bAU$33.0b10.4x16.5x2.4x
Sat, 11 Nov 2023AU$524.2bAU$228.4bAU$33.9b10.3x15.5x2.3x
Mon, 09 Oct 2023AU$511.8bAU$227.7bAU$33.9b9.8x15.1x2.2x
Wed, 06 Sep 2023AU$538.5bAU$228.3bAU$34.5b12.5x15.6x2.4x
Fri, 04 Aug 2023AU$542.7bAU$237.0bAU$49.6b9.4x10.9x2.3x
Sun, 02 Jul 2023AU$544.3bAU$233.7bAU$48.8b10x11.2x2.3x
Tue, 30 May 2023AU$527.5bAU$236.4bAU$49.7b9.7x10.6x2.2x
Thu, 27 Apr 2023AU$539.9bAU$234.9bAU$49.3b9.5x11x2.3x
Sat, 25 Mar 2023AU$515.7bAU$230.1bAU$48.2b9.3x10.7x2.2x
Mon, 20 Feb 2023AU$562.8bAU$225.5bAU$51.1b11x11x2.5x
Wed, 18 Jan 2023AU$574.4bAU$224.2bAU$51.4b11.7x11.2x2.6x
Price to Earnings Ratio

11.2x


Total Market Cap: AU$574.4bTotal Earnings: AU$51.4bTotal Revenue: AU$224.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 19.6x202420252026
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 34.2x which is higher than its 3-year average PE of 19.5x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 28% per year over the last three years,
  • Revenues have also declined 4.1% 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 Market0.16%
Materials4.41%
Metals and Mining4.36%
Aluminum5.73%
Diversified Metals and Mining5.50%
Steel5.35%
Copper3.82%
Gold1.42%
Precious Metals and Minerals1.11%
Silver-4.30%
Industry PE
  • Investors are most optimistic about the Precious Metals and Minerals industry which is trading above its 3-year average PE ratio.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Gold industry, expecting annual earnings growth of 24% over the next 5 years.
  • However this is lower than its past earnings growth rate of 97% per year.
  • In contrast, the Silver industry is expected to see its earnings decline by 35% 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$47.724.3%
+AU$10.0b		20.3%PE18x
BSL BlueScope SteelAU$30.0024.3%
+AU$2.6b		54.9%PE177.1x
LYC Lynas Rare EarthsAU$14.1015.4%
+AU$1.9b		101.7%PE1776.2x
FMG FortescueAU$22.712.6%
+AU$1.8b		26.7%PE13.8x
S32 South32AU$3.858.5%
+AU$1.3b		13.2%PE36.2x

Latest News

S32
AU$3.85
South32
7D
8.5%
1Y
13.2%
FFM
AU$1.92
FireFly Metals
7D
-6.8%
1Y
97.9%
RMS
AU$4.13
Ramelius Resources
7D
-2.4%
1Y
89.4%

RMS: Share Buyback Will Contrast With Higher Risk And Pressured Earnings Profile

Analysts have raised their price target on Ramelius Resources from A$2.60 to A$3.50, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E, which they view as better reflecting the company’s current risk and earnings profile. What's in the News The Board of Directors authorized a share buyback plan on December 10, 2025, indicating a decision to return capital to shareholders through repurchases over time (Key Developments).
WGX
AU$6.32
Westgold Resources
7D
-2.0%
1Y
140.3%

WGX: Great Fingall Ramp Up Will Support Stronger Future Margins

Analysts have nudged their price target on Westgold Resources higher to A$7.98, reflecting slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Westgold has begun mining the first virgin stopes at the Great Fingall underground mine near Cue, with initial stope grades reported at over 3 g/t Au. This marks a shift from development to production at this asset.
BSL
AU$30.00
BlueScope Steel
7D
24.3%
1Y
54.9%
BHP
AU$47.72
BHP Group
7D
4.3%
1Y
20.3%

BHP: Commodity Cycles Legal Liabilities And Copper Projects Will Shape Future Performance

Analysts have trimmed their price target on BHP Group to £21.00 from £22.00, reflecting slightly updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E, while maintaining a neutral overall stance. Analyst Commentary Recent research on BHP Group has focused on fine tuning valuation assumptions rather than shifting the overall stance, with the latest move being a trim in the price target while keeping a neutral rating.
LYC
AU$14.10
Lynas Rare Earths
7D
15.4%
1Y
101.7%

LYC: Execution Risks On Project Pipeline Will Pressure Overextended Earnings Expectations

Narrative Update Analysts have lifted their price target for Lynas Rare Earths to A$17.80 from A$16.60, citing what they view as an attractive entry point after the recent share pullback and potential exploration upside from recent drilling results. Analyst Commentary Recent research has highlighted two key angles on Lynas Rare Earths.
RRL
AU$7.55
Regis Resources
7D
-1.0%
1Y
173.6%
PLS
AU$4.65
PLS Group
7D
7.9%
1Y
112.3%

PLS: Elevated Future P/E Will Constrain Returns Despite Firmer Margins

The analyst price target for PLS Group remains at US$2.10, with analysts citing slightly adjusted assumptions for revenue growth, profit margins and future P/E as the basis for maintaining this level. What's in the News On November 25, 2025, Pilbara Minerals Limited changed its name to PLS Group Limited, reflecting the new corporate identity of the company (Key Developments).
CMM
AU$13.82
Capricorn Metals
7D
-4.3%
1Y
104.7%

Calculating The Fair Value Of Capricorn Metals Ltd (ASX:CMM)

Dec 30
Calculating The Fair Value Of Capricorn Metals Ltd (ASX:CMM)
FMG
AU$22.71
Fortescue
7D
2.6%
1Y
26.7%

There's No Escaping Fortescue Ltd's (ASX:FMG) Muted Earnings

Dec 27
There's No Escaping Fortescue Ltd's (ASX:FMG) Muted Earnings
LTR
AU$2.05
Liontown
7D
26.5%
1Y
269.4%

LTR: Higher Earnings Multiple Will Likely Prove Unsustainable Amid Moderating Outlook

Liontown's analyst price target has been lifted from A0.35 to A0.50 per share, as analysts factor in improved long term profit margins and a higher justified earnings multiple, despite moderating revenue growth expectations and a slightly higher discount rate. Valuation Changes Fair Value: raised from A$0.35 to A$0.50 per share, representing a substantial upward revision.
BGL
AU$1.66
Bellevue Gold
7D
-2.4%
1Y
55.1%
GGP
AU$11.52
Greatland Resources
7D
9.1%
1Y
n/a
PNR
AU$4.99
Pantoro Gold
7D
-3.3%
1Y
179.6%
MTM
AU$0.91
Metallium
7D
-15.0%
1Y
223.2%