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Australian (ASX) Metals and Mining Industry Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies677
  • 7D-4.0%
  • 3M18.3%
  • 1Y47.4%
  • YTD5.9%

In the last week, the Metals and Mining industry is flat overall, with PLS Group standing out by going down 14%. As for the the longer term, the industry is up 49% over the past 12 months. 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
Tue, 03 Feb 2026AU$663.7bAU$192.5bAU$18.4b23.8x36x3.4x
Thu, 01 Jan 2026AU$624.8bAU$197.3bAU$19.1b24.2x32.8x3.2x
Sat, 29 Nov 2025AU$580.8bAU$200.9bAU$19.3b22x30.1x2.9x
Mon, 27 Oct 2025AU$573.4bAU$201.7bAU$19.3b21.4x29.7x2.8x
Wed, 24 Sep 2025AU$529.1bAU$200.3bAU$19.1b18.6x27.8x2.6x
Fri, 22 Aug 2025AU$502.9bAU$202.4bAU$18.1b14.2x27.8x2.5x
Sun, 20 Jul 2025AU$466.7bAU$204.6bAU$21.6b13.6x21.6x2.3x
Tue, 17 Jun 2025AU$445.1bAU$204.5bAU$21.6b12.6x20.6x2.2x
Thu, 15 May 2025AU$445.6bAU$205.4bAU$21.8b12.1x20.5x2.2x
Sat, 12 Apr 2025AU$406.5bAU$210.9bAU$22.7b11.4x17.9x1.9x
Mon, 10 Mar 2025AU$424.3bAU$208.5bAU$22.3b12.1x19x2x
Wed, 05 Feb 2025AU$447.7bAU$214.2bAU$21.6b13.6x20.7x2.1x
Fri, 03 Jan 2025AU$434.6bAU$214.1bAU$21.7b12.7x20x2x
Sun, 01 Dec 2024AU$453.3bAU$207.1bAU$20.7b12x21.9x2.2x
Tue, 29 Oct 2024AU$477.2bAU$205.5bAU$20.6b12.9x23.2x2.3x
Thu, 26 Sep 2024AU$460.0bAU$200.1bAU$20.0b13.2x23x2.3x
Sat, 24 Aug 2024AU$438.3bAU$206.8bAU$20.4b13.1x21.5x2.1x
Mon, 22 Jul 2024AU$462.8bAU$207.8bAU$20.6b14x22.4x2.2x
Wed, 19 Jun 2024AU$465.4bAU$210.0bAU$21.0b13.4x22.2x2.2x
Fri, 17 May 2024AU$508.4bAU$209.2bAU$20.9b15.1x24.3x2.4x
Sun, 14 Apr 2024AU$508.5bAU$213.3bAU$21.6b13.7x23.5x2.4x
Tue, 12 Mar 2024AU$479.2bAU$211.6bAU$22.0b11.9x21.8x2.3x
Thu, 08 Feb 2024AU$501.9bAU$209.9bAU$31.5b11.8x15.9x2.4x
Sat, 06 Jan 2024AU$567.2bAU$221.1bAU$32.4b12x17.5x2.6x
Mon, 04 Dec 2023AU$537.7bAU$221.3bAU$32.4b11x16.6x2.4x
Wed, 01 Nov 2023AU$516.6bAU$228.3bAU$34.1b10.3x15.2x2.3x
Fri, 29 Sep 2023AU$512.1bAU$227.5bAU$34.0b10.8x15.1x2.3x
Sun, 27 Aug 2023AU$519.8bAU$227.2bAU$37.6b10.6x13.8x2.3x
Tue, 25 Jul 2023AU$539.6bAU$231.6bAU$48.2b9.8x11.2x2.3x
Thu, 22 Jun 2023AU$554.7bAU$231.3bAU$48.1b10.1x11.5x2.4x
Sat, 20 May 2023AU$542.9bAU$233.6bAU$48.8b9.7x11.1x2.3x
Mon, 17 Apr 2023AU$566.3bAU$232.7bAU$48.7b9.7x11.6x2.4x
Wed, 15 Mar 2023AU$529.9bAU$229.2bAU$48.5b9.6x10.9x2.3x
Fri, 10 Feb 2023AU$576.8bAU$223.8bAU$51.7b12.1x11.2x2.6x
Price to Earnings Ratio

11.2x


Total Market Cap: AU$576.8bTotal Earnings: AU$51.7bTotal Revenue: AU$223.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 20.1x202420252026
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 37.2x which is higher than its 3-year average PE of 20.1x.
  • 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 4.9% 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-1.47%
Materials-4.09%
Metals and Mining-4.03%
Copper-0.47%
Steel-2.34%
Diversified Metals and Mining-2.35%
Aluminum-7.19%
Gold-8.43%
Silver-11.06%
Precious Metals and Minerals-12.44%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 2.7x.
    • Analysts are expecting annual earnings growth of 27.0% 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 27% 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
BHP BHP GroupAU$49.422.0%
+AU$5.0b		25.9%PE19.4x
TVN TivanAU$0.3920.0%
+AU$146.8m		254.5%PS12766.5x
S32 South32AU$4.420.7%
+AU$134.3m		33.5%PE43.3x
TGN Tungsten MiningAU$0.3346.7%
+AU$117.3m		275.0%PS3458.6x
SRL Sunrise Energy MetalsAU$10.427.6%
+AU$98.3m		4,153.1%PS7524.9x

Latest News

SRL
AU$10.42
Sunrise Energy Metals
7D
7.6%
1Y
4,153.1%
PLS
AU$4.39
PLS Group
7D
-13.6%
1Y
96.9%
GMD
AU$6.97
Genesis Minerals
7D
-11.3%
1Y
120.6%
MIN
AU$56.32
Mineral Resources
7D
-9.6%
1Y
70.3%
TGN
AU$0.33
Tungsten Mining
7D
46.7%
1Y
275.0%
EVN
AU$13.88
Evolution Mining
7D
-6.6%
1Y
144.8%

EVN: Rich Precious Metal Assumptions Will Likely Cap Future Share Upside

Narrative update The analyst price target for Evolution Mining has been lifted to A$13.75 from A$12.45, with analysts pointing to updated models that reflect their new precious metals price deck and refreshed assumptions for revenue growth, profit margins and future P/E multiples. Analyst Commentary Bearish analysts have shifted to a more cautious stance on Evolution Mining, even as their price target has been set at A$13.75 compared with the prior A$12.45.
LTR
AU$1.78
Liontown
7D
-18.7%
1Y
178.1%

LTR: Execution And Commodity Price Risks Will Pressure Overextended Earnings Assumptions

Analysts have lifted their price target for Liontown from A$1.07 to A$1.63, citing adjustments to discount rates, revenue growth assumptions, profit margin forecasts and a lower future P/E multiple in their updated models. Analyst Commentary Analysts updating their models around the new A$1.63 price target are weighing both upside potential and execution risks around Liontown's growth plans and valuation reset.
BHP
AU$49.42
BHP Group
7D
2.0%
1Y
25.9%
PC2
AU$0.68
PC Gold
7D
37.8%
1Y
n/a
S32
AU$4.42
South32
7D
0.7%
1Y
33.5%

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).
GGP
AU$12.31
Greatland Resources
7D
-11.7%
1Y
n/a
NST
AU$26.60
Northern Star Resources
7D
-3.6%
1Y
54.4%

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$14.77
Lynas Rare Earths
7D
-12.4%
1Y
125.2%

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.
TM1
AU$0.33
Terra Metals
7D
54.8%
1Y
915.6%
EQR
AU$0.17
EQ Resources
7D
9.7%
1Y
553.8%
TVN
AU$0.39
Tivan
7D
20.0%
1Y
254.5%