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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies685
  • 7D-2.0%
  • 3M-7.9%
  • 1Y33.1%
  • YTD2.9%

The Metals and Mining industry is down 2.0% over the last week with BHP Group the worst performer, down 0.7%. In contrast, South32 has gained 7.4%. In the past year, the industry has gained 33%. Looking forward, 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, 22 Jul 2026AU$652.0bAU$205.8bAU$25.8b10.7x25.3x3.2x
Fri, 19 Jun 2026AU$741.9bAU$206.0bAU$25.8b11.9x28.7x3.6x
Sun, 17 May 2026AU$721.2bAU$203.3bAU$25.6b13.3x28.2x3.5x
Tue, 14 Apr 2026AU$684.7bAU$204.8bAU$25.8b13.1x26.5x3.3x
Thu, 12 Mar 2026AU$681.0bAU$201.4bAU$24.3b19.4x28x3.4x
Sat, 07 Feb 2026AU$648.9bAU$192.0bAU$18.4b22.8x35.3x3.4x
Mon, 05 Jan 2026AU$625.8bAU$197.2bAU$19.1b24.4x32.8x3.2x
Wed, 03 Dec 2025AU$587.1bAU$200.5bAU$19.3b22.6x30.5x2.9x
Fri, 31 Oct 2025AU$569.6bAU$200.9bAU$19.2b21.3x29.6x2.8x
Sun, 28 Sep 2025AU$539.7bAU$201.0bAU$19.2b18.8x28.2x2.7x
Tue, 26 Aug 2025AU$513.8bAU$203.2bAU$18.9b14.4x27.1x2.5x
Thu, 24 Jul 2025AU$486.2bAU$202.9bAU$21.3b13.1x22.8x2.4x
Sat, 21 Jun 2025AU$430.0bAU$205.1bAU$21.7b13.2x19.8x2.1x
Mon, 19 May 2025AU$447.9bAU$206.9bAU$22.0b11.9x20.3x2.2x
Wed, 16 Apr 2025AU$417.7bAU$208.0bAU$22.2b11.8x18.8x2x
Fri, 14 Mar 2025AU$420.2bAU$209.1bAU$22.4b11.5x18.7x2x
Sun, 09 Feb 2025AU$460.4bAU$212.6bAU$21.4b13.7x21.5x2.2x
Tue, 07 Jan 2025AU$433.9bAU$212.5bAU$21.4b12.1x20.2x2x
Thu, 05 Dec 2024AU$457.1bAU$209.6bAU$21.0b12.4x21.8x2.2x
Sat, 02 Nov 2024AU$476.2bAU$206.3bAU$20.6b12.4x23.1x2.3x
Mon, 30 Sep 2024AU$483.5bAU$199.8bAU$19.9b13.1x24.3x2.4x
Wed, 28 Aug 2024AU$445.3bAU$205.8bAU$19.9b12.9x22.4x2.2x
Fri, 26 Jul 2024AU$444.5bAU$210.9bAU$21.4b13.1x20.8x2.1x
Sun, 23 Jun 2024AU$466.2bAU$208.7bAU$20.8b13.3x22.4x2.2x
Tue, 21 May 2024AU$522.0bAU$208.9bAU$20.9b15.4x25x2.5x
Thu, 18 Apr 2024AU$498.4bAU$215.1bAU$21.9b13.4x22.8x2.3x
Sat, 16 Mar 2024AU$473.2bAU$213.1bAU$21.9b12.9x21.6x2.2x
Mon, 12 Feb 2024AU$500.1bAU$209.8bAU$31.5b11.6x15.9x2.4x
Wed, 10 Jan 2024AU$566.1bAU$220.9bAU$32.4b12x17.5x2.6x
Fri, 08 Dec 2023AU$543.2bAU$223.6bAU$32.9b11x16.5x2.4x
Sun, 05 Nov 2023AU$527.8bAU$224.9bAU$33.4b10.6x15.8x2.3x
Tue, 03 Oct 2023AU$522.4bAU$227.5bAU$34.0b10.7x15.4x2.3x
Thu, 31 Aug 2023AU$534.0bAU$225.5bAU$34.6b10.8x15.4x2.4x
Sat, 29 Jul 2023AU$548.5bAU$233.8bAU$48.8b10x11.2x2.3x
Price to Earnings Ratio

11.2x


Total Market Cap: AU$548.5bTotal Earnings: AU$48.8bTotal Revenue: AU$233.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 22.7x202420252026
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 25.3x which is higher than its 3-year average PE of 22.7x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.2x.
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-0.20%
Materials-1.87%
Metals and Mining-2.00%
Precious Metals and Minerals-1.08%
Diversified Metals and Mining-1.49%
Steel-1.90%
Silver-2.39%
Copper-3.20%
Gold-3.52%
Aluminum-5.83%
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 29.3%, 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 29% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Steel industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
S32 South32AU$4.5512.1%
+AU$2.2b		44.9%PE36.2x
NST Northern Star ResourcesAU$20.351.3%
+AU$370.2m		22.1%PE18.7x
CLA Celsius ResourcesAU$0.101,328.6%
+AU$346.2m		1,438.5%PS468202.1x
GMD Genesis MineralsAU$6.103.4%
+AU$228.5m		48.1%PE17.4x
RMS Ramelius ResourcesAU$3.103.7%
+AU$207.2m		11.5%PE20x

Latest News

SRL
AU$14.74
Sunrise Energy Metals
7D
-12.4%
1Y
1,065.2%
IGO
AU$6.70
IGO
7D
-4.3%
1Y
28.6%
BHP
AU$59.76
BHP Group
7D
-1.3%
1Y
42.8%
Narrative Update • Jul 20

BHP: Potash Overruns And Impairment Will Restrain Future Project Returns

The analyst fair value estimate for BHP Group has been raised from A$40.94 to A$43.59 as analysts recalibrate their models following a series of mixed price target revisions that reflect updated views on project capex, impairment charges, and sector risk. Analyst Commentary Recent research on BHP Group shows a mix of cautious and supportive views, with several firms adjusting price targets and ratings as new information on project spending, impairments, and macro risks has emerged.
WGX
AU$4.85
Westgold Resources
7D
3.9%
1Y
69.0%
S32
AU$4.55
South32
7D
12.1%
1Y
44.9%
Narrative Update • Jul 17

S32: Aluminium Exit To Alcoa Will Fund Future Electrification Metals Pivot

Analysts have modestly adjusted their fair value estimate for South32 to A$5.96 per share, down from A$6.10, reflecting updated assumptions on discount rates, profitability and future P/E, alongside recent price target increases cited in Street research. Analyst Commentary Recent Street research on South32 points to a constructive tone, with bullish analysts refining their views and, in some cases, lifting formal price targets.
PRU
AU$4.95
Perseus Mining
7D
2.7%
1Y
33.8%
LTR
AU$1.24
Liontown
7D
-13.9%
1Y
32.8%
Narrative Update • Jul 16

LTR: Underground Ramp At Kathleen Valley Will Support Future Re Rating

Analysts have trimmed their Liontown price target from A$2.12 to A$2.00, citing updated assumptions around slightly lower revenue growth, reduced profit margins and a higher projected P/E multiple, along with a modestly higher discount rate. What’s in the News for Liontown Liontown Resources is progressing construction of its Kathleen Valley hard rock lithium project toward full production while operating through volatile lithium prices, according to recent reports.
MIN
AU$53.63
Mineral Resources
7D
-11.1%
1Y
74.9%
RMS
AU$3.10
Ramelius Resources
7D
3.7%
1Y
11.5%
Narrative Update • Jul 16

RMS: Edna May Sale And Production Delivery Will Support Future Returns

Analysts have lifted their price target for Ramelius Resources to A$6.85 from A$6.21, reflecting updated assumptions around revenue growth, profit margins, a slightly higher discount rate, and a modestly lower future P/E multiple. What’s in the News for Ramelius Resources Ramelius Resources has a binding agreement to sell its Edna May Gold Hub to Forrestania Resources for A$300 million, split between A$200 million in upfront cash and A$100 million in Forrestania shares, subject to escrow and sale commitments.
CLA
AU$0.10
Celsius Resources
7D
1,328.6%
1Y
1,438.5%
PLS
AU$4.15
PLS Group
7D
-10.6%
1Y
126.8%
Narrative Update • Jul 15

PLS: Lithium Rebound And Expansion Costs Will Test Elevated Future P/E

Analysts have trimmed their price target for PLS Group to A$5.51 from A$5.70, as they factor in a slightly higher discount rate, a modest adjustment to profit margin expectations, and a higher assumed future P/E multiple in their valuation work. What’s in the News for PLS Group PLS Group is a key participant in a lithium stock rebound in 2026, with its Pilgangoora project in Western Australia contributing to a 47% revenue increase and a return to profitability in the first half of 2026, according to recent news reports.
NST
AU$20.35
Northern Star Resources
7D
1.3%
1Y
22.1%
Narrative Update • Jul 14

NST: Leadership Upheaval And Activist Demands Will Sustain Overvaluation Risk

Analysts have trimmed their price target for Northern Star Resources from A$15.58 to A$15.20, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple in their valuation work. What’s in the News for Northern Star Resources Northern Star Resources has appointed Suresh Vadnagra, a Glencore executive with over 25 years of mining experience, as its next Managing Director and CEO from 5 October 2026, with CFO Ryan Gurner acting as interim CEO during the transition period.
LYC
AU$15.38
Lynas Rare Earths
7D
-6.7%
1Y
51.7%
New Narrative • Jul 12

Should we LYC Lynas? A Rare Opportunity?

At A$11.226 per share, Lynas Rare Earths (ASX: LYC) appears reasonably valued when considering its existing operations, recently completed expansion work and stronger rare earth pricing. With approximately 1.01 billion shares on issue, the assessed price values the company’s shares at around A$11.3 billion.
GMD
AU$6.10
Genesis Minerals
7D
3.4%
1Y
48.1%
Narrative Update • Jul 10

GMD: Vault Minerals Bid And Synergy Upside Will Reshape Future Scale

Analysts have trimmed their fair value estimate for Genesis Minerals from A$9.16 to A$8.72. They now apply a slightly higher discount rate and more moderate assumptions for revenue growth and profit margins, while keeping longer term P/E expectations broadly similar.
VAU
AU$5.06
Vault Minerals
7D
3.5%
1Y
92.2%
FMG
AU$18.57
Fortescue
7D
-2.7%
1Y
2.0%
Narrative Update • Jul 08

FMG: Rising Decarbonisation Capex Will Pressure Future Cash Flows And Returns

Analysts have modestly lifted their fair value estimate for Fortescue to about A$15.33 from A$14.84, while noting that higher mine replacement and decarbonization spending could weigh on future cash flows and support a lower forward P/E assumption. What's in the News for Fortescue Chinese authorities, through China Mineral Resources Group, have extended restrictions on Fortescue’s lower grade iron ore shipments, limiting access for some steel mills from 15 July and raising commercial and geopolitical risks for one of Fortescue’s key export markets.