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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies687
  • 7D-6.0%
  • 3M9.4%
  • 1Y57.3%
  • YTD10.2%

Over the last 7 days, the Metals and Mining industry has dropped 6.0%, driven by BHP Group declining 9.3%. Meanwhile, Lynas Rare Earths actually outperformed within the industry, gaining 6.9% in the last week. This takes the industry's 12 month performance to a gain of 57%. Looking forward, 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
Thu, 25 Jun 2026AU$697.6bAU$207.1bAU$26.0b11.7x26.8x3.4x
Sat, 23 May 2026AU$709.1bAU$203.8bAU$25.4b12.6x27.9x3.5x
Mon, 20 Apr 2026AU$707.9bAU$202.7bAU$25.5b12.9x27.8x3.5x
Wed, 18 Mar 2026AU$640.1bAU$203.3bAU$25.9b14.2x24.8x3.1x
Fri, 13 Feb 2026AU$696.2bAU$190.8bAU$18.7b24.9x37.2x3.6x
Sun, 11 Jan 2026AU$653.2bAU$197.2bAU$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
Price to Earnings Ratio

11.2x


Total Market Cap: AU$544.3bTotal Earnings: AU$48.8bTotal Revenue: AU$233.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 22.3x202420252026
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 26.8x which is higher than its 3-year average PE of 22.3x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 19% 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 Market-1.45%
Materials-5.80%
Metals and Mining-6.04%
Aluminum1.06%
Gold-2.87%
Steel-5.42%
Copper-5.56%
Diversified Metals and Mining-7.15%
Precious Metals and Minerals-9.98%
Silver-15.62%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 28.1%, 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 28% 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
LYC Lynas Rare EarthsAU$19.346.9%
+AU$1.2b		113.2%PE236.4x
BCI BCI MineralsAU$0.4120.3%
+AU$205.6m		20.3%PS319x
SRL Sunrise Energy MetalsAU$18.594.3%
+AU$118.3m		1,988.8%PS21481.3x
LIN Lindian ResourcesAU$0.915.2%
+AU$82.3m		810.0%PB11.2x
PRN PerentiAU$2.322.2%
+AU$46.8m		48.2%PE17.7x

Latest News

MIN
AU$65.86
Mineral Resources
7D
-8.5%
1Y
226.4%
INR
AU$0.15
ioneer
7D
10.7%
1Y
59.8%
FMG
AU$19.25
Fortescue
7D
-5.3%
1Y
29.4%
Narrative Update • Jun 24

FMG: Green Shipping Plans And Native Title Ruling Will Shape Future Returns

Fortescue's analyst price target has been revised slightly higher to A$19.23 from A$18.91. Analysts point to modest tweaks in the discount rate, long term revenue and margin assumptions, as well as a lower future P/E multiple in their updated models.
LYC
AU$19.34
Lynas Rare Earths
7D
6.9%
1Y
113.2%
Narrative Update • Jun 23

LYC: Long Dated Supply Contracts And Operational Issues Will Cap Rare Earth Upside

Analysts have made a small adjustment to Lynas Rare Earths' fair value estimate, with the target moving from A$10.03 to about A$10.00. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
LIN
AU$0.91
Lindian Resources
7D
5.2%
1Y
810.0%
PRN
AU$2.32
Perenti
7D
2.2%
1Y
48.2%
Narrative Update • Jun 23

PRN: Contract Wins And Higher Margins Will Shape Fairly Balanced Outlook

The analyst price target for Perenti has been adjusted from A$2.50 to about A$2.46. Analysts cited updated assumptions for discount rates, revenue growth, profit margins and future P/E as key drivers of the revision.
EVN
AU$12.35
Evolution Mining
7D
-8.2%
1Y
62.3%
Narrative Update • Jun 23

EVN: Copper Support Will Likely Fail To Offset Execution And Cost Risks

Analysts have trimmed their fair value estimate for Evolution Mining to A$7.06 from A$7.41, citing revised assumptions around discount rates, revenue growth, margins and future P/E. They also point to recent rating upgrades that highlight the support from copper exposure during periods of gold price volatility.
BHP
AU$59.50
BHP Group
7D
-9.3%
1Y
64.8%
Narrative Update • Jun 22

BHP: Copper Strength And Jansen Risks Will Shape Fairly Valued Outlook

The analyst price target for BHP Group has been revised higher to A$61.02 from A$55.62, as analysts incorporate updated assumptions around revenue growth, profit margins, and a slightly lower discount rate, despite mixed reactions to the Jansen Potash capex increase and related impairment. Analyst Commentary Recent research on BHP Group shows a split view, with some bullish analysts focusing on long term growth optionality and others highlighting execution risks and valuation constraints after the Jansen Potash updates.
NST
AU$20.59
Northern Star Resources
7D
-5.8%
1Y
6.8%
BCI
AU$0.41
BCI Minerals
7D
20.3%
1Y
20.3%
S32
AU$4.06
South32
7D
-5.4%
1Y
43.0%
Narrative Update • Jun 19

S32: Citi Upgrade And Hermosa Progress Will Shape Future Copper And Aluminium Upside

Analysts have lifted the South32 price target to A$3.20 from A$3.00, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and a revised future P/E multiple. Analyst Commentary Recent Street research on South32 highlights a series of upward price target revisions that give you a clearer view of how external specialists are thinking about the stock's valuation and execution risk.
SRL
AU$18.59
Sunrise Energy Metals
7D
4.3%
1Y
1,988.8%
Analysis Article • Jun 17

Sunrise Energy Metals (ASX:SRL) Shares Could Be 12% Below Fair Value After Agni Deal

Sunrise Energy Metals (ASX:SRL) has come into focus after committing a US$5 million equity investment in Agni Semiconductor, a move tied directly to its Syerston scandium project and broader battery metals and energy transition themes. See our latest analysis for Sunrise Energy Metals. The recent Agni Semiconductor deal lands at a time when Sunrise Energy Metals’ share price has been very strong, with a 7 day share price return of 30.45% and a 90 day share price return of 126.43%. The 1 year...
GGP
AU$12.87
Greatland Resources
7D
-11.0%
1Y
78.8%
PLS
AU$5.66
PLS Group
7D
-11.0%
1Y
354.6%
Narrative Update • Jun 17

PLS: Lithium Rebound And Project Restarts Will Test Elevated P/E

Analysts have adjusted their fair value estimate for PLS Group stock to A$5.70 from A$5.55, reflecting updated assumptions about revenue growth, profit margins and future P/E expectations. What’s in the News for PLS Group PLS Group stock rose nearly 10% as lithium prices remained strong and the company moved closer to restarting its Ngungaju plant, with the restart targeted for early July 2026.
RMI
AU$0.14
Resource Minerals International
7D
35.0%
1Y
800.0%
MI6
AU$0.94
Minerals 260
7D
1.6%
1Y
721.7%