Australian (ASX) Metals and Mining Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 23 Jun 2026	AU$713.6b	AU$205.9b	AU$25.8b	11.9x	27.6x	3.5x
Thu, 21 May 2026	AU$684.3b	AU$203.8b	AU$25.4b	12.4x	27x	3.4x
Sat, 18 Apr 2026	AU$705.8b	AU$202.7b	AU$25.5b	12.9x	27.7x	3.5x
Mon, 16 Mar 2026	AU$651.0b	AU$204.7b	AU$25.0b	15.2x	26x	3.2x
Wed, 11 Feb 2026	AU$678.2b	AU$190.5b	AU$18.1b	24.8x	37.4x	3.6x
Fri, 09 Jan 2026	AU$651.6b	AU$197.1b	AU$19.1b	24.8x	34.2x	3.3x
Sun, 07 Dec 2025	AU$598.5b	AU$198.7b	AU$19.0b	21.9x	31.5x	3x
Tue, 04 Nov 2025	AU$566.6b	AU$201.1b	AU$19.2b	20.8x	29.5x	2.8x
Thu, 02 Oct 2025	AU$543.2b	AU$199.8b	AU$18.8b	21x	28.9x	2.7x
Sat, 30 Aug 2025	AU$514.1b	AU$202.0b	AU$19.5b	15.6x	26.4x	2.5x
Mon, 28 Jul 2025	AU$477.7b	AU$203.4b	AU$21.4b	13.5x	22.3x	2.3x
Wed, 25 Jun 2025	AU$435.9b	AU$204.7b	AU$21.7b	12.7x	20.1x	2.1x
Fri, 23 May 2025	AU$447.7b	AU$206.7b	AU$22.0b	12.4x	20.4x	2.2x
Sun, 20 Apr 2025	AU$422.0b	AU$207.7b	AU$22.2b	11.8x	19x	2x
Tue, 18 Mar 2025	AU$437.1b	AU$208.4b	AU$22.5b	11.4x	19.4x	2.1x
Thu, 13 Feb 2025	AU$456.8b	AU$213.1b	AU$21.6b	13.5x	21.1x	2.1x
Sat, 11 Jan 2025	AU$441.1b	AU$214.8b	AU$21.8b	12x	20.3x	2.1x
Mon, 09 Dec 2024	AU$454.9b	AU$210.1b	AU$21.1b	12.5x	21.6x	2.2x
Wed, 06 Nov 2024	AU$472.3b	AU$205.1b	AU$20.5b	12.4x	23.1x	2.3x
Fri, 04 Oct 2024	AU$484.2b	AU$200.8b	AU$19.9b	12.1x	24.3x	2.4x
Sun, 01 Sep 2024	AU$440.9b	AU$202.6b	AU$19.7b	13.3x	22.4x	2.2x
Tue, 30 Jul 2024	AU$455.0b	AU$210.6b	AU$21.0b	13.3x	21.6x	2.2x
Thu, 27 Jun 2024	AU$467.4b	AU$208.3b	AU$20.7b	13.3x	22.5x	2.2x
Sat, 25 May 2024	AU$508.0b	AU$210.4b	AU$21.1b	15x	24.1x	2.4x
Mon, 22 Apr 2024	AU$496.2b	AU$215.0b	AU$21.9b	13.5x	22.7x	2.3x
Wed, 20 Mar 2024	AU$480.5b	AU$214.2b	AU$21.8b	11.8x	22.1x	2.2x
Fri, 16 Feb 2024	AU$490.4b	AU$209.3b	AU$30.6b	11.6x	16x	2.3x
Sun, 14 Jan 2024	AU$556.6b	AU$221.1b	AU$32.4b	12.1x	17.2x	2.5x
Tue, 12 Dec 2023	AU$544.1b	AU$223.6b	AU$32.9b	10.7x	16.5x	2.4x
Thu, 09 Nov 2023	AU$522.0b	AU$226.8b	AU$33.8b	10.1x	15.5x	2.3x
Sat, 07 Oct 2023	AU$511.8b	AU$228.4b	AU$34.1b	9.8x	15x	2.2x
Mon, 04 Sep 2023	AU$532.0b	AU$226.2b	AU$34.2b	12.2x	15.6x	2.4x
Wed, 02 Aug 2023	AU$554.0b	AU$234.4b	AU$48.9b	9.7x	11.3x	2.4x
Fri, 30 Jun 2023	AU$542.3b	AU$234.4b	AU$48.9b	10x	11.1x	2.3x

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 27.6x 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 3.5x.

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 4.2% 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	0.56%
Materials	0.11%
Metals and Mining	0.052%
Gold	9.20%
Aluminum	5.57%
Copper	3.91%
Silver	-0.92%
Steel	-1.96%
Diversified Metals and Mining	-2.28%
Precious Metals and Minerals	-4.99%

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 28.2%, 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?

Company	Last Price	7D	1Y	Valuation
LYC Lynas Rare Earths	AU$18.62	4.1% +AU$744.8m	103.9%	PE227.6x
NST Northern Star Resources	AU$21.20	2.0% +AU$585.8m	6.6%	PE19.6x
PDI Predictive Discovery	AU$0.97	12.1% +AU$513.7m	151.9%	PB23.6x
GMD Genesis Minerals	AU$6.16	6.8% +AU$445.5m	39.1%	PE17.6x
SRL Sunrise Energy Metals	AU$17.64	19.4% +AU$439.5m	2,613.8%	PS20383.6x

EQ Resources Approves Mt Carbine Expansion Project

EQ Resources Ltd. had its Board approve the AUD 39 million Mt Carbine Expansion Project which is expected to be fully commissioned in the Third Quarter Fiscal Year 2027. The Project is designed to increase the crushing capacity from approximately 1 million tonnes per annum to approximately 2 million tonnes per annum whilst streamlining and automating the existing materials handling. The increased crushing capacity is expected to initially increase targeted production by 500 WO3 tonnes per annum based on processing the low grade stock pile with further increased production potentially available from additional ore sources coming from Mt Carbine resource conversion, Wolfram Camp exploration opportunity and other regional sources. Funding of The Project is expected from current and future cash flows generated from Mt Carbine Operations as production ramp up delivers into a record price environment. Board approval enables the Company to progress its development plans for the next stage of its previously announced capacity expansion plan at Mt Carbine, including increased processing capacity and associated infrastructure works. The expanded processing capacity is expected to enable greater throughput of tungsten ore and provide the capacity required to pursue a regional hub-and-spoke model with Wolfram Camp and other potential opportunities in the broader Mt Carbine tungsten district. The Project is also intended to improve plant efficiency by automating and integrating crushing, screening, ore sorting and product crushing into an integrated flow with ore bins, stockpiles and reclaim tunnels. The new circuit will reduce material handling by a factor of eight, reducing mobile equipment requirements and diesel fuel consumption. The expanded capacity is expected to position Mt Carbine to increase production in the near term and improve exposure to the current strong tungsten price environment. The Company recommenced detailed engineering in December 2025 which led to a redesign of The Project and an AACE Class 3 capital cost estimate of AUD 39 million. The approved works includes installation of an upgraded crushing and screening circuit and associated feed, transfer and materials handling infrastructure; installation and integration of an upgraded ore sorting circuit and supporting infrastructure; earthworks, civil and concrete works across staged project work areas; structural, mechanical and piping works required to integrate the upgraded circuit with existing Mt Carbine operations; electrical, instrumentation and control works, together with dry, wet and ore commissioning activities; operational readiness, shutdown and cutover planning, HSE controls and commissioning support to minimise disruption to ongoing operations during execution. The Company has now advanced with project execution and procurement activities, site construction, contract formation and commissioning preparation. The Project is expected to be delivered in stages aligned with future cashflows, procurement commitments and construction readiness to minimise disruption and maintain appropriate safety, environmental and production controls. Detailed engineering is expected to continue through June 2026, with procurement and contracting continuing through the 2026 calendar year. Site works, commissioning, and ramp-up are expected to progress in stages from June 2026 through to February 2027. Full plant acceptance and performance testing is currently targeted for March 2027, subject to procurement, contractor availability, operational interface management and normal project execution risks. The Company expects to fund the Project through a combination of current cash reserves and expected cash flows from operations.

Australian (ASX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Elliott Management Presses Northern Star Resources for Review and Board Refresh After CEO Exit

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

IperionX Limited (ASX:IPX) agreed to acquire critical mineral and mining assets from Covia Holdings LLC.

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

BHP Group (ASX:BHP) Shares Could Be 46% Undervalued After Copper Growth News

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

Regis Resources Stock Jumps 13% as Vault Minerals Merger Plan Advances

Investor sentiment improves as stock rises 17%

Decarbonization And Green Metals Expansion Will Reshape Long Term Earnings Quality

IGO Limited Announces Resignation of Debra Bakker as Non-Executive Director Role, Effective June 15, 2026

Genesis Minerals Jumps 10.8% on Gold Rally and Magnetic Resources Acquisition Approval

Mineral Resources Lifts FY26 Output Forecasts as Lithium and Iron Ore Boost Earnings

Lynas Rare Earths Faces Supply Constraints and CEO Transition as Long-Term Deals Support Outlook

LTR: Future Upside Will Likely Be Capped Despite Cash Flow Milestone

EQ Resources Approves Mt Carbine Expansion Project

Permit Risks And Rising Costs Will Challenge Long Term Gold Expansion Potential