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Australian (ASX) Metals and Mining Industry Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies677
  • 7D3.8%
  • 3M15.2%
  • 1Y41.6%
  • YTD41.0%

Over the last 7 days, the Metals and Mining industry has risen 3.8%, driven by gains from BHP Group of 2.8%. During this same period, the Brazilian Rare Earths underperformed, falling 5.8%. This takes the industry's 12 month performance to a gain of 42%. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Dec 2025AU$628.7bAU$196.9bAU$19.1b23x33x3.2x
Mon, 24 Nov 2025AU$550.5bAU$202.3bAU$19.5b19.6x28.2x2.7x
Wed, 22 Oct 2025AU$588.9bAU$201.9bAU$19.3b21.9x30.5x2.9x
Fri, 19 Sep 2025AU$509.6bAU$199.3bAU$19.2b15.4x26.6x2.6x
Sun, 17 Aug 2025AU$503.2bAU$204.8bAU$21.8b14.4x23.1x2.5x
Tue, 15 Jul 2025AU$461.5bAU$203.3bAU$21.4b13.6x21.6x2.3x
Thu, 12 Jun 2025AU$454.4bAU$204.7bAU$21.6b12.1x21x2.2x
Sat, 10 May 2025AU$431.8bAU$206.8bAU$22.0b12.4x19.7x2.1x
Mon, 07 Apr 2025AU$405.2bAU$215.4bAU$23.5b11.5x17.3x1.9x
Wed, 05 Mar 2025AU$433.7bAU$210.1bAU$22.6b12.5x19.2x2.1x
Fri, 31 Jan 2025AU$446.8bAU$213.8bAU$21.7b13x20.6x2.1x
Sun, 29 Dec 2024AU$438.1bAU$214.1bAU$21.7b13.1x20.2x2x
Tue, 26 Nov 2024AU$449.0bAU$207.5bAU$20.7b11.7x21.7x2.2x
Thu, 24 Oct 2024AU$474.9bAU$204.6bAU$20.4b12.9x23.2x2.3x
Sat, 21 Sep 2024AU$437.3bAU$201.8bAU$20.1b12.6x21.8x2.2x
Mon, 19 Aug 2024AU$428.7bAU$209.0bAU$21.2b12.7x20.2x2.1x
Wed, 17 Jul 2024AU$475.4bAU$206.5bAU$20.5b14.4x23.2x2.3x
Fri, 14 Jun 2024AU$476.1bAU$209.4bAU$20.9b14.1x22.8x2.3x
Sun, 12 May 2024AU$496.6bAU$210.6bAU$21.1b14.5x23.5x2.4x
Tue, 09 Apr 2024AU$494.4bAU$212.8bAU$21.4b13.1x23.1x2.3x
Thu, 07 Mar 2024AU$490.0bAU$213.4bAU$22.1b12.5x22.1x2.3x
Sat, 03 Feb 2024AU$556.5bAU$222.9bAU$32.8b11.9x17x2.5x
Mon, 01 Jan 2024AU$590.1bAU$218.4bAU$31.8b12.5x18.5x2.7x
Wed, 29 Nov 2023AU$535.6bAU$222.5bAU$32.7b11.1x16.4x2.4x
Fri, 27 Oct 2023AU$520.1bAU$229.8bAU$34.4b10.3x15.1x2.3x
Sun, 24 Sep 2023AU$523.2bAU$226.3bAU$33.8b11.2x15.5x2.3x
Tue, 22 Aug 2023AU$519.2bAU$239.1bAU$49.6b10.3x10.5x2.2x
Thu, 20 Jul 2023AU$551.4bAU$231.3bAU$48.1b10.3x11.5x2.4x
Sat, 17 Jun 2023AU$558.7bAU$228.8bAU$47.4b10x11.8x2.4x
Mon, 15 May 2023AU$539.2bAU$233.9bAU$48.8b9.6x11x2.3x
Wed, 12 Apr 2023AU$555.7bAU$233.8bAU$48.9b9.5x11.4x2.4x
Fri, 10 Mar 2023AU$551.2bAU$230.4bAU$48.9b9.7x11.3x2.4x
Sun, 05 Feb 2023AU$574.3bAU$225.1bAU$52.1b12.1x11x2.6x
Tue, 03 Jan 2023AU$529.4bAU$227.4bAU$52.4b10.8x10.1x2.3x
Price to Earnings Ratio

10.1x


Total Market Cap: AU$529.4bTotal Earnings: AU$52.4bTotal Revenue: AU$227.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 19.2x20242025
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 33.0x which is higher than its 3-year average PE of 19.2x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 29% 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 Market1.70%
Materials3.57%
Metals and Mining3.77%
Precious Metals and Minerals19.32%
Copper5.31%
Silver4.37%
Gold4.26%
Diversified Metals and Mining3.95%
Steel1.74%
Aluminum0.88%
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 23% 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$45.622.8%
+AU$6.4b		14.7%PE17.2x
NST Northern Star ResourcesAU$27.014.6%
+AU$1.7b		73.1%PE28.8x
PLS PLS GroupAU$4.3811.5%
+AU$1.4b		100.0%PS18.3x
FMG FortescueAU$22.291.9%
+AU$1.3b		20.4%PE13.6x
MIN Mineral ResourcesAU$55.986.3%
+AU$655.2m		63.4%PS2.5x

Latest News

MIN
AU$55.98
Mineral Resources
7D
6.3%
1Y
63.4%
EVN
AU$12.94
Evolution Mining
7D
2.5%
1Y
165.7%

EVN: Premium Gold Price Assumptions Will Likely Expose Downside Risk

Analysts have raised their price target on Evolution Mining by A$2.00 to A$10.50, reflecting upgraded fair value assumptions driven by higher gold price expectations and improved forecasts for revenue growth and profit margins. Analyst Commentary The latest price target revision to A$10.50 from A$8.50 by JPMorgan underscores a constructive view on Evolution Mining, supported by a stronger gold price outlook and expectations for margin expansion.
LTR
AU$1.67
Liontown
7D
14.0%
1Y
203.6%

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.
PRN
AU$2.88
Perenti
7D
-2.0%
1Y
104.3%

Perenti (ASX:PRN) Ticks All The Boxes When It Comes To Earnings Growth

Dec 22
Perenti (ASX:PRN) Ticks All The Boxes When It Comes To Earnings Growth
PLS
AU$4.38
PLS Group
7D
11.5%
1Y
100.0%
FMG
AU$22.29
Fortescue
7D
1.9%
1Y
20.4%

FMG: Dividend Payout Will Continue To Worsen Emerging Earnings Risk Profile

Analysts have modestly raised their price target on Fortescue, citing slightly improving revenue trends, a small uplift in profit margin expectations, and a marginally higher future P/E outlook, which together support an increase in fair value from approximately $18.55 to $19.18 per share. Valuation Changes Fair Value has risen slightly from approximately A$18.55 to A$19.18 per share, reflecting modestly better fundamentals.
CRN
AU$0.33
Coronado Global Resources
7D
-7.1%
1Y
-56.1%

CRN: Future Earnings Power Will Likely Support A Fairly Valued Outlook

Analysts have raised their price target on Coronado Global Resources to reflect a higher implied fair value per share, supported by expectations of faster revenue growth, a near doubling of profit margins, and a lower future price to earnings multiple that together point to stronger earnings power than previously modeled. Valuation Changes The fair value estimate has risen moderately from 0.30x to 0.38x of the current share price, implying a higher justified valuation multiple.
BHP
AU$45.62
BHP Group
7D
2.8%
1Y
14.7%
ARR
AU$0.36
American Rare Earths
7D
-9.9%
1Y
30.4%
NST
AU$27.01
Northern Star Resources
7D
4.6%
1Y
73.1%

NST: Elevated Gold Price Optimism Will Likely Fade Against Cost Pressures

Analysts have lifted their price target on Northern Star Resources, raising fair value from about A$13.56 to A$17.06, citing higher gold price assumptions, stronger expected revenue growth, and improving profit margins, despite a modest increase in the discount rate and slightly lower future P E expectations. Analyst Commentary Recent Street research has highlighted a more constructive stance from some global banks, including a higher A$22 price target from JPMorgan, reflecting upgraded gold price assumptions.
BRE
AU$4.05
Brazilian Rare Earths
7D
-5.8%
1Y
82.4%
S32
AU$3.51
South32
7D
4.2%
1Y
3.2%

S32: Cannington Sale Prospects Will Shape Outlook Amid Steady Earnings Expectations

Narrative Update on South32 The analyst price target for South32 has been raised from $3.38 to $3.48 as analysts factor in slightly stronger long term revenue growth and higher future valuation multiples. This is partially offset by modestly lower profit margin expectations and a marginally higher discount rate.
SGQ
AU$0.10
St George Mining
7D
-4.8%
1Y
n/a
SVM
AU$0.58
Sovereign Metals
7D
-4.9%
1Y
-20.4%
SVL
AU$0.19
Silver Mines
7D
-5.0%
1Y
137.5%
LIN
AU$0.36
Lindian Resources
7D
-2.7%
1Y
356.3%