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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies676
  • 7D2.0%
  • 3M19.4%
  • 1Y52.0%
  • YTD10.3%

The Metals and Mining industry is up 2.0% in the last week, with Evolution Mining up 9.8%. During this same period, the Fortescue underperformed, falling 5.7%. In the last 12 months, the industry was up 52%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 26 Jan 2026AU$690.8bAU$193.5bAU$18.5b27.6x37.3x3.6x
Wed, 24 Dec 2025AU$624.6bAU$197.7bAU$18.9b23.7x33.1x3.2x
Fri, 21 Nov 2025AU$575.9bAU$202.0bAU$19.5b20.9x29.6x2.9x
Sun, 19 Oct 2025AU$588.6bAU$201.9bAU$19.3b22.6x30.5x2.9x
Tue, 16 Sep 2025AU$510.8bAU$199.3bAU$19.1b16.4x26.7x2.6x
Thu, 14 Aug 2025AU$498.3bAU$203.8bAU$21.6b15x23.1x2.4x
Sat, 12 Jul 2025AU$448.0bAU$203.4bAU$21.4b13.3x20.9x2.2x
Mon, 09 Jun 2025AU$451.0bAU$204.9bAU$21.7b12.2x20.8x2.2x
Wed, 07 May 2025AU$430.5bAU$205.9bAU$21.8b12.4x19.7x2.1x
Fri, 04 Apr 2025AU$410.8bAU$208.6bAU$22.3b11.9x18.4x2x
Sun, 02 Mar 2025AU$432.1bAU$211.0bAU$22.7b12x19x2x
Tue, 28 Jan 2025AU$446.8bAU$212.3bAU$21.4b12.5x20.8x2.1x
Thu, 26 Dec 2024AU$435.6bAU$213.7bAU$21.6b13x20.1x2x
Sat, 23 Nov 2024AU$450.2bAU$207.6bAU$20.7b11.9x21.7x2.2x
Mon, 21 Oct 2024AU$471.1bAU$203.5bAU$20.3b12.8x23.2x2.3x
Wed, 18 Sep 2024AU$429.9bAU$203.0bAU$19.8b14.5x21.7x2.1x
Fri, 16 Aug 2024AU$419.8bAU$209.9bAU$21.4b12.7x19.6x2x
Sun, 14 Jul 2024AU$476.7bAU$205.7bAU$20.4b14.1x23.4x2.3x
Tue, 11 Jun 2024AU$497.0bAU$210.6bAU$21.0b14.4x23.6x2.4x
Thu, 09 May 2024AU$501.6bAU$211.4bAU$21.2b14.6x23.6x2.4x
Sat, 06 Apr 2024AU$493.0bAU$212.9bAU$21.3b13.1x23.1x2.3x
Mon, 04 Mar 2024AU$493.8bAU$212.6bAU$22.2b13.5x22.2x2.3x
Wed, 31 Jan 2024AU$553.7bAU$222.9bAU$32.8b11.8x16.9x2.5x
Fri, 29 Dec 2023AU$592.8bAU$218.0bAU$31.7b12.5x18.7x2.7x
Sun, 26 Nov 2023AU$539.6bAU$223.1bAU$32.8b10.4x16.5x2.4x
Tue, 24 Oct 2023AU$504.8bAU$229.7bAU$34.3b10x14.7x2.2x
Thu, 21 Sep 2023AU$525.3bAU$225.6bAU$33.8b11.3x15.6x2.3x
Sat, 19 Aug 2023AU$519.2bAU$239.3bAU$49.6b9.9x10.5x2.2x
Mon, 17 Jul 2023AU$561.9bAU$229.7bAU$47.6b10.3x11.8x2.4x
Wed, 14 Jun 2023AU$537.0bAU$231.0bAU$48.0b10x11.2x2.3x
Fri, 12 May 2023AU$544.2bAU$232.0bAU$48.5b9.6x11.2x2.3x
Sun, 09 Apr 2023AU$543.1bAU$233.7bAU$48.9b9.3x11.1x2.3x
Tue, 07 Mar 2023AU$563.9bAU$227.9bAU$48.3b9.7x11.7x2.5x
Thu, 02 Feb 2023AU$582.5bAU$221.6bAU$51.0b12x11.4x2.6x
Price to Earnings Ratio

11.4x


Total Market Cap: AU$582.5bTotal Earnings: AU$51.0bTotal Revenue: AU$221.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 19.9x202420252026
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 37.3x which is higher than its 3-year average PE of 19.9x.
  • The 3-year average PS ratio of 2.4x 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 29% per year over the last three years,
  • Revenues have also declined 4.4% 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 Market-0.29%
Materials1.89%
Metals and Mining2.03%
Silver15.81%
Gold7.46%
Precious Metals and Minerals6.27%
Diversified Metals and Mining1.25%
Aluminum0.32%
Copper-0.68%
Steel-4.26%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 2.1x.
    • Analysts are expecting annual earnings growth of 25.7% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 26% over the next 5 years.
  • 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
EVN Evolution MiningAU$14.869.8%
+AU$2.7b		167.3%PE32.6x
LYC Lynas Rare EarthsAU$16.868.9%
+AU$1.4b		158.6%PE2123.9x
PLS PLS GroupAU$5.088.5%
+AU$1.3b		119.9%PS21.3x
NST Northern Star ResourcesAU$27.602.9%
+AU$1.1b		60.7%PE29.4x
S32 South32AU$4.395.5%
+AU$1.0b		24.0%PE42.6x

Latest News

FMG
AU$21.51
Fortescue
7D
-5.7%
1Y
14.4%

FMG: Dividend Policy Will Face Mounting Pressure As Execution Risks Persist

Fortescue's analyst price target has been revised to about A$19.88 from A$19.33. Analysts point to updated assumptions around discount rates, revenue trends, profit margins and future P/E to support the change.
BHP
AU$48.43
BHP Group
7D
-1.1%
1Y
23.2%
CIA
AU$6.19
Champion Iron
7D
-6.5%
1Y
9.2%

CIA: Future Upside Will Depend On P/E Support And Operational Execution

Analysts have lifted their price target on Champion Iron to C$7 from C$6, reflecting updated assumptions on fair value, discount rate, growth and margins that feed into a higher expected future P/E multiple. Analyst Commentary Analysts lifting the price target to C$7 signals a shift in how they view Champion Iron's earnings power and risk profile, even though the formal rating remains unchanged.
S32
AU$4.39
South32
7D
5.5%
1Y
24.0%

S32: Mozal Power Uncertainty And Improved Margins Will Shape Steady Outlook

Analysts have lifted their price target on South32 to around A$4.15 from about A$3.50, pointing to updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of this change. What's in the News South32 plans to place the Mozal Aluminium operation on care and maintenance on or around 15 March 2026 after not securing a new electricity supply agreement beyond the expiry of the current deal in March 2026 (Key Developments).
EVN
AU$14.86
Evolution Mining
7D
9.8%
1Y
167.3%
GGP
AU$13.94
Greatland Resources
7D
9.6%
1Y
n/a
WGX
AU$7.67
Westgold Resources
7D
10.5%
1Y
192.7%

WGX: Future Production Ramp And Margins Will Support Bullish Re-Rating

Narrative Update on Westgold Resources Analysts have lifted their price target on Westgold Resources from A$7.98 to A$9.24, citing slightly higher assumed revenue growth, a marginally lower discount rate, and modestly stronger profit margins supported by a higher future P/E multiple. What's in the News Reported group gold production of 111,418 oz for the second quarter ended 31 December 2025, compared with 83,937 oz in the first quarter of fiscal 2026.
NST
AU$27.60
Northern Star Resources
7D
2.9%
1Y
60.7%

NST: Softer Production Guidance Will Likely Undermine Elevated Gold Price Optimism

Analysts have lifted their price target for Northern Star Resources to A$17.43 from A$17.06 as they incorporate updated assumptions for revenue growth of 14.50%, profit margins of 23.84% and a future P/E of 16.64x. What's in the News Northern Star Resources revised its production guidance for fiscal 2026, now targeting 1,600 to 1,700 koz of output, compared with the previous range of 1,700 to 1,850 koz (Key Developments).
LYC
AU$16.86
Lynas Rare Earths
7D
8.9%
1Y
158.6%

LYC: Full Operations And Offtake Ramp Will Test Stretch Rare Earth Expectations

Analysts have nudged their Lynas Rare Earths price targets higher into the mid A$16 to high A$17 range, pointing to fresh Buy ratings, an Outperform initiation, and a slightly adjusted discount rate alongside updated assumptions for revenue growth, margins, and future P/E as full operations and new offtake agreements come through. Analyst Commentary Recent research on Lynas Rare Earths has leaned positive, with several firms either initiating or upgrading ratings while setting price targets in the mid A$16 to high A$17 range.
PRN
AU$2.89
Perenti
7D
-4.0%
1Y
115.7%

PRN: Slight Model Adjustments Will Support A Measured Fair Value Outlook

Analysts have reduced their price target on Perenti, citing a slightly higher discount rate and revised revenue growth assumptions, along with a marginally lower future P/E. Together, these factors contribute to a more conservative valuation framework, while their fair value estimate remains at A$3.10.
PLS
AU$5.08
PLS Group
7D
8.5%
1Y
119.9%

PLS: Rich Multiple Will Likely Outweigh Stronger Margins Going Forward

Analysts have raised their price target on PLS Group from A$2.10 to A$2.40, citing updated assumptions based on higher expected revenue, an improved profit margin profile and a lower future P/E estimate in their models. What's in the News PLS Group is the new corporate name for Pilbara Minerals Limited, following an official change on November 25, 2025.
GMD
AU$7.86
Genesis Minerals
7D
7.7%
1Y
156.9%
OBM
AU$1.58
Ora Banda Mining
7D
-5.4%
1Y
107.9%
29M
AU$0.43
29Metals
7D
-29.8%
1Y
97.7%

29M: Sector Downgrade And Richer Assumptions Will Likely Cap Future Upside

Narrative update on 29Metals The analyst price target for 29Metals has shifted modestly higher to A$0.45 from A$0.40, as analysts factor in updated assumptions across fair value, discount rate, revenue growth, profit margin and future P/E, even though one firm now rates the stock Underperform within its broader 2026 sector outlook. Analyst Commentary Recent research reflects a mixed stance on 29Metals, with the price target lifted to A$0.45 while the rating has shifted to Underperform within a broader sector review for 2026.
BSL
AU$30.47
BlueScope Steel
7D
-1.7%
1Y
51.5%
VAU
AU$5.85
Vault Minerals
7D
-3.5%
1Y
146.6%