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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies689
  • 7D3.0%
  • 3M3.8%
  • 1Y62.7%
  • YTD17.7%

Over the last 7 days, the Metals and Mining industry has risen 3.0%, driven by gains from BHP Group of 5.0%. This takes the industry's 12 month performance to a gain of 63%. Earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 03 Jun 2026AU$744.8bAU$203.1bAU$25.3b13.1x29.5x3.7x
Fri, 01 May 2026AU$668.7bAU$203.0bAU$25.5b12.8x26.2x3.3x
Sun, 29 Mar 2026AU$628.8bAU$207.9bAU$26.4b12.5x23.8x3x
Tue, 24 Feb 2026AU$701.0bAU$199.1bAU$23.2b22.5x30.2x3.5x
Thu, 22 Jan 2026AU$692.6bAU$196.1bAU$18.9b26.4x36.6x3.5x
Sat, 20 Dec 2025AU$604.8bAU$199.4bAU$19.1b23x31.7x3x
Mon, 17 Nov 2025AU$575.0bAU$200.7bAU$19.3b21.2x29.7x2.9x
Wed, 15 Oct 2025AU$580.6bAU$203.1bAU$19.5b22.3x29.8x2.9x
Fri, 12 Sep 2025AU$505.6bAU$200.2bAU$19.3b17.1x26.2x2.5x
Sun, 10 Aug 2025AU$482.9bAU$204.3bAU$21.6b14.5x22.4x2.4x
Tue, 08 Jul 2025AU$447.2bAU$205.0bAU$21.7b13.4x20.6x2.2x
Thu, 05 Jun 2025AU$448.1bAU$205.4bAU$21.7b12.4x20.6x2.2x
Sat, 03 May 2025AU$429.5bAU$206.5bAU$21.9b12x19.6x2.1x
Mon, 31 Mar 2025AU$438.0bAU$209.5bAU$22.5b11.9x19.5x2.1x
Wed, 26 Feb 2025AU$448.3bAU$206.6bAU$22.0b11.7x20.4x2.2x
Fri, 24 Jan 2025AU$445.9bAU$212.9bAU$21.5b12.6x20.7x2.1x
Sun, 22 Dec 2024AU$432.3bAU$213.2bAU$21.5b12.8x20.1x2x
Tue, 19 Nov 2024AU$447.4bAU$208.6bAU$20.9b11.9x21.4x2.1x
Thu, 17 Oct 2024AU$480.8bAU$204.0bAU$20.3b12.4x23.6x2.4x
Sat, 14 Sep 2024AU$431.6bAU$204.2bAU$20.0b14.2x21.6x2.1x
Mon, 12 Aug 2024AU$434.5bAU$210.2bAU$21.2b12.6x20.5x2.1x
Wed, 10 Jul 2024AU$472.0bAU$206.6bAU$20.5b13.3x23x2.3x
Fri, 07 Jun 2024AU$493.6bAU$209.6bAU$20.9b14.7x23.6x2.4x
Sun, 05 May 2024AU$490.3bAU$210.7bAU$21.3b14.1x23x2.3x
Tue, 02 Apr 2024AU$492.4bAU$214.4bAU$21.6b13.2x22.8x2.3x
Thu, 29 Feb 2024AU$483.5bAU$212.8bAU$22.0b11.8x22x2.3x
Sat, 27 Jan 2024AU$551.4bAU$223.2bAU$32.8b12x16.8x2.5x
Mon, 25 Dec 2023AU$580.1bAU$218.7bAU$31.9b11.7x18.2x2.7x
Wed, 22 Nov 2023AU$545.8bAU$223.6bAU$32.9b10.5x16.6x2.4x
Fri, 20 Oct 2023AU$525.2bAU$229.4bAU$34.3b10.2x15.3x2.3x
Sun, 17 Sep 2023AU$536.9bAU$226.7bAU$34.0b11.5x15.8x2.4x
Tue, 15 Aug 2023AU$532.9bAU$237.7bAU$49.6b9.4x10.8x2.2x
Thu, 13 Jul 2023AU$543.9bAU$233.0bAU$48.6b10.2x11.2x2.3x
Sat, 10 Jun 2023AU$541.3bAU$232.4bAU$48.5b10.1x11.2x2.3x
Price to Earnings Ratio

11.2x


Total Market Cap: AU$541.3bTotal Earnings: AU$48.5bTotal Revenue: AU$232.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 22x202420252026
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 29.5x which is higher than its 3-year average PE of 22.0x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 20% 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 Market0.96%
Materials3.03%
Metals and Mining3.01%
Diversified Metals and Mining4.01%
Copper3.79%
Aluminum3.76%
Precious Metals and Minerals3.17%
Steel2.07%
Silver1.28%
Gold0.43%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 0.13x.
    • Analysts are expecting annual earnings growth of 27.1%, 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 27% 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
BHP BHP GroupAU$64.915.9%
+AU$18.4b		71.0%PE23.1x
NST Northern Star ResourcesAU$21.7110.4%
+AU$2.9b		3.3%PE20x
BSL BlueScope SteelAU$33.337.8%
+AU$1.1b		40.8%PE50.8x
SGM SimsAU$28.3913.2%
+AU$641.5m		82.0%PS0.7x
S32 South32AU$4.912.5%
+AU$537.3m		62.6%PE40.1x

Latest News

NST
AU$21.71
Northern Star Resources
7D
10.4%
1Y
3.3%
KCN
AU$5.45
Kingsgate Consolidated
7D
-16.8%
1Y
148.9%
S32
AU$4.91
South32
7D
2.5%
1Y
62.6%
Narrative Update • Jun 02

S32: Citi Upgrade And Hermosa Progress Will Shape Balanced Future Prospects

Analysts have lifted their South32 price target to A$3.00 from A$2.80, reflecting updated assumptions for slightly higher fair value, discount rate, revenue growth, profit margin and a modestly lower future P/E multiple. Analyst Commentary Recent research has focused on how updated assumptions feed into South32's valuation, with the higher price targets pointing to a reassessment of fair value rather than a change in rating stance in some cases.
SGM
AU$28.39
Sims
7D
13.2%
1Y
82.0%
Narrative Update • Jun 02

SGM: Elevated Lifecycle Services Expectations Will Pressure Future Return Profile

Analysts have lifted their price targets on Sims, with our fair value estimate moving from A$22.78 to A$23.36 as they factor in upgraded ratings, a higher A$20 Street target, and stronger Sims Lifecycle Services EBITDA supported by higher chip prices, resale volumes, and hyperscaler service fees. Analyst Commentary Recent research updates show a shift toward a more balanced view on Sims, with price targets aligning around A$20 and greater focus on the earnings power of Sims Lifecycle Services.
PLS
AU$6.43
PLS Group
7D
2.4%
1Y
435.8%
PRU
AU$5.14
Perseus Mining
7D
-4.5%
1Y
29.8%
Narrative Update • Jun 01

PRU: Cost Discipline And New Underground Mine Will Support Future Upside

Analysts have nudged their price target for Perseus Mining higher to A$6.54, supported by updated assumptions on revenue growth, profit margins and future P/E, as well as a recent A$6.70 target and rating upgrade to Outperform in Street research. What's in the News Perseus Mining completed the first underground production blast at the CMA Underground project at the Yaouré Gold Mine in Côte d’Ivoire, with excavation of the first production ore starting immediately.
FMG
AU$21.92
Fortescue
7D
-0.5%
1Y
43.6%
New Narrative • Jun 01

Decarbonization Spend And Global Expansion Will Pressure Margins And Earnings Trajectory

Catalysts About Fortescue Fortescue is a global mining group focused on iron ore, with expanding exposure to copper, critical minerals and green energy technologies. What are the underlying business or industry changes driving this perspective?
CIA
AU$4.48
Champion Iron
7D
-10.6%
1Y
4.2%
Narrative Update • Jun 01

CIA: Higher Discount Rate Yet Production Execution And Dividend Policy Will Support Upside

Analysts have reduced their price target on Champion Iron to A$6.00 from A$6.25, citing updated views on discount rates, revenue growth, profit margins and a lower assumed future P/E multiple. Analyst Commentary Recent research points to a more cautious stance on Champion Iron, with price targets adjusted to C$6.00 from C$6.25 and, in a separate report, reduced by C$2.75.
BSL
AU$33.33
BlueScope Steel
7D
7.8%
1Y
40.8%
Narrative Update • Jun 01

BSL: Stable Assumptions And Modest P/E Outlook Will Shape Balanced Prospects

Analysts now place BlueScope Steel's fair value at about A$31.18 per share, up slightly from roughly A$30.96. This reflects updated assumptions around discount rates, steady revenue growth, profit margins and future P/E expectations.
BHP
AU$64.91
BHP Group
7D
5.9%
1Y
71.0%
LTR
AU$2.42
Liontown
7D
6.6%
1Y
296.7%
MIN
AU$72.84
Mineral Resources
7D
2.6%
1Y
260.6%
Narrative Update • May 28

MIN: Richer P/E And Weaker Margins Will Limit Future Upside

Analysts have lifted their price target for Mineral Resources from A$32.52 to A$38.79, citing updated assumptions on discount rates, revenue trends, profit margins and future P/E that contribute to a higher assessed fair value. Valuation Changes Fair Value: raised from A$32.52 to A$38.79, reflecting a higher assessed valuation per share.
CMM
AU$13.80
Capricorn Metals
7D
-5.6%
1Y
37.3%
EVN
AU$12.48
Evolution Mining
7D
-1.2%
1Y
35.4%
GMD
AU$5.90
Genesis Minerals
7D
-4.8%
1Y
21.9%
RMS
AU$3.28
Ramelius Resources
7D
-3.0%
1Y
11.9%
Narrative Update • May 17

RMS: Conviction List Inclusion Will Drive Upside If Margin Execution Holds

Analysts have lifted their price target for Ramelius Resources from A$3.90 to A$4.40, citing updated assumptions on revenue growth, margins, and future P/E following its addition to a key APAC conviction list. Analyst Commentary The latest move to lift the price target to A$4.40 and add Ramelius Resources to a key APAC conviction list has put a spotlight on the stock, but not all commentary is upbeat.