Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Metals and Mining Industry Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies680
  • 7D-9.7%
  • 3M9.8%
  • 1Y50.1%
  • YTD5.6%

Over the last 7 days, the Metals and Mining industry has dropped 9.7%, driven by BHP Group declining 11%. This takes the industry's 12 month performance to a gain of 50%. 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, 11 Mar 2026AU$663.7bAU$201.9bAU$24.5b19.4x27.1x3.3x
Fri, 06 Feb 2026AU$669.7bAU$192.1bAU$18.4b23.5x36.5x3.5x
Sun, 04 Jan 2026AU$625.8bAU$197.2bAU$19.1b24.4x32.8x3.2x
Tue, 02 Dec 2025AU$583.4bAU$200.4bAU$19.2b22.2x30.3x2.9x
Thu, 30 Oct 2025AU$566.6bAU$200.0bAU$19.1b21.8x29.7x2.8x
Sat, 27 Sep 2025AU$543.4bAU$202.2bAU$19.3b18.8x28.1x2.7x
Mon, 25 Aug 2025AU$499.9bAU$203.2bAU$18.9b14.3x26.4x2.5x
Wed, 23 Jul 2025AU$481.3bAU$204.5bAU$21.6b13.1x22.3x2.4x
Fri, 20 Jun 2025AU$430.4bAU$205.7bAU$21.8b12.8x19.7x2.1x
Sun, 18 May 2025AU$448.0bAU$206.9bAU$22.0b11.9x20.3x2.2x
Tue, 15 Apr 2025AU$415.1bAU$208.9bAU$22.4b11.8x18.5x2x
Thu, 13 Mar 2025AU$420.5bAU$209.1bAU$22.4b11.2x18.8x2x
Sat, 08 Feb 2025AU$460.4bAU$212.4bAU$21.4b13.7x21.6x2.2x
Mon, 06 Jan 2025AU$439.4bAU$214.0bAU$21.7b12.3x20.3x2.1x
Wed, 04 Dec 2024AU$454.1bAU$207.8bAU$20.8b12.1x21.9x2.2x
Fri, 01 Nov 2024AU$477.0bAU$206.3bAU$20.7b12.6x23.1x2.3x
Sun, 29 Sep 2024AU$483.5bAU$199.8bAU$19.9b13.1x24.3x2.4x
Tue, 27 Aug 2024AU$441.3bAU$204.6bAU$19.3b13.1x22.9x2.2x
Thu, 25 Jul 2024AU$457.4bAU$209.6bAU$20.9b13.9x21.9x2.2x
Sat, 22 Jun 2024AU$466.2bAU$208.4bAU$20.8b13.3x22.5x2.2x
Mon, 20 May 2024AU$512.4bAU$208.7bAU$20.9b15.2x24.5x2.5x
Wed, 17 Apr 2024AU$509.2bAU$215.3bAU$21.9b13.1x23.2x2.4x
Fri, 15 Mar 2024AU$482.6bAU$211.5bAU$21.7b13x22.2x2.3x
Sun, 11 Feb 2024AU$500.2bAU$210.0bAU$31.5b11.6x15.9x2.4x
Tue, 09 Jan 2024AU$562.2bAU$221.1bAU$32.4b12x17.4x2.5x
Thu, 07 Dec 2023AU$540.3bAU$223.4bAU$32.9b10.9x16.4x2.4x
Sat, 04 Nov 2023AU$527.8bAU$226.4bAU$33.7b10.6x15.7x2.3x
Mon, 02 Oct 2023AU$519.3bAU$226.9bAU$33.8b10.7x15.3x2.3x
Wed, 30 Aug 2023AU$526.4bAU$226.7bAU$35.1b10.9x15x2.3x
Fri, 28 Jul 2023AU$557.3bAU$230.5bAU$47.9b10.1x11.6x2.4x
Sun, 25 Jun 2023AU$538.1bAU$233.2bAU$48.7b10x11.1x2.3x
Tue, 23 May 2023AU$542.9bAU$234.0bAU$48.9b9.5x11.1x2.3x
Thu, 20 Apr 2023AU$573.1bAU$232.8bAU$48.7b9.7x11.8x2.5x
Sat, 18 Mar 2023AU$516.3bAU$228.8bAU$48.0b8.7x10.7x2.3x
Price to Earnings Ratio

10.7x


Total Market Cap: AU$516.3bTotal Earnings: AU$48.0bTotal Revenue: AU$228.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 20.8x202420252026
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 27.1x which is higher than its 3-year average PE of 20.8x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.3x.
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 4.1% 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-3.87%
Materials-9.65%
Metals and Mining-9.66%
Steel-3.04%
Aluminum-7.74%
Precious Metals and Minerals-8.05%
Diversified Metals and Mining-9.13%
Silver-10.76%
Gold-13.59%
Copper-13.95%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 3.5x.
    • Analysts are expecting annual earnings growth of 24.5%, 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 24% 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 38% 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
MIN Mineral ResourcesAU$57.452.5%
+AU$277.0m		168.0%PE28.2x
LIN Lindian ResourcesAU$0.7717.7%
+AU$192.4m		688.7%PB22x
SRL Sunrise Energy MetalsAU$8.5310.9%
+AU$120.8m		3,454.2%PS6659.9x
CRN Coronado Global ResourcesAU$0.3516.7%
+AU$83.8m		-32.0%PS0.2x
LTR LiontownAU$1.581.0%
+AU$47.7m		154.8%PS16.9x

Latest News

FMG
AU$19.98
Fortescue
7D
5.2%
1Y
25.4%

FMG: Sector Commodity Reset Will Shape Fair Value And Dividend Outlook

Analysts have trimmed their price target on Fortescue to A$17.20 from A$18.40, reflecting updated commodity price assumptions and a view that softer revenue growth and profit margins, together with a higher future P/E and discount rate, temper the upside case for the shares. Analyst Commentary Recent research updates on Fortescue point to a more cautious stance, with analysts recalibrating their views after revising long term commodity price assumptions and sector wide expectations for Australian metals and mining names.
MIN
AU$60.33
Mineral Resources
7D
8.3%
1Y
185.8%
EVN
AU$14.15
Evolution Mining
7D
-11.9%
1Y
127.9%

EVN: Updated Commodity Assumptions And Dividend Outlook Will Support Stronger Future Profitability

Narrative Update on Evolution Mining The analyst fair value estimate for Evolution Mining has shifted from A$14.25 to A$18.25, with analysts pointing to updated commodity price decks and refreshed gold and precious metals models. These updates have also led to higher price targets in recent Street research.
CMM
AU$13.07
Capricorn Metals
7D
-11.0%
1Y
75.7%
BHP
AU$51.96
BHP Group
7D
-6.7%
1Y
33.4%
NST
AU$26.75
Northern Star Resources
7D
-10.6%
1Y
57.6%
GMD
AU$6.80
Genesis Minerals
7D
-10.2%
1Y
122.2%
WGX
AU$6.40
Westgold Resources
7D
-13.6%
1Y
162.3%
LTR
AU$1.63
Liontown
7D
7.6%
1Y
169.4%

LTR: Execution Risks And Higher Discount Rate Will Likely Cap Future Upside

Analysts have lifted their Liontown price target to A$0.82. This reflects updated assumptions for a slightly higher discount rate, revised revenue growth outlook and profit margin, along with a modest tweak to future P/E expectations.
LIN
AU$0.85
Lindian Resources
7D
30.5%
1Y
790.6%
S32
AU$4.36
South32
7D
-4.0%
1Y
21.8%

S32: UBS Upgrade And Mozal Power Shift Will Guide Balanced Outlook

Analysts have nudged their fair value estimate for South32 slightly higher to A$4.69 from A$4.67, citing updated assumptions around discount rates, revenue growth, profit margins and forward P/E following recent price target and rating changes at major brokers. Analyst Commentary Recent Street research highlights a mix of optimism and caution around South32, with valuation adjustments and rating changes reflecting differing views on how the company may execute on its plans and how that might flow through to earnings and cash flow.
LYC
AU$20.59
Lynas Rare Earths
7D
8.9%
1Y
191.6%

Lynas Rare Earths: Owning the Policy-Backed Growth Regime, Not Just the Ore Body.

Synopsis & Business Model: A Strategic Bottleneck, Not Just a Miner Lynas Rare Earths is best understood as a vertically integrated critical-minerals utility rather than a conventional cyclical miner. It operates one of the world’s highest‑grade rare earth deposits at Mt Weld in Western Australia, with ore concentrated on site and then processed through its cracking and leaching facility in Kalgoorlie and its separation and refining plant in Gebeng, Malaysia.
ARU
AU$0.29
Arafura Rare Earths
7D
13.7%
1Y
93.3%

Ex China Rare Earth Supply Diversification And Long Term Offtake Contracts Will Support This Thesis

Catalysts About Arafura Rare Earths Arafura Rare Earths is developing the Nolans Project north of Alice Springs to produce NdPr oxide outside China. What are the underlying business or industry changes driving this perspective?
PLS
AU$4.90
PLS Group
7D
3.4%
1Y
185.7%

PLS: Higher Margins And Solid Output Will Support Stronger Share Pricing

Analysts have nudged their price target for PLS Group higher to A$5.80 from A$5.60, pointing to updated assumptions that combine a slightly higher discount rate with revised expectations for revenue growth, profit margins and future P/E. What's in the News PLS Group reported production results for the first half of fiscal 2026, with output of 432.8 Kt compared with 408.3 Kt in the same period a year earlier (Key Developments).
SFR
AU$16.95
Sandfire Resources
7D
-10.3%
1Y
61.9%
IPX
AU$7.14
IperionX
7D
7.2%
1Y
126.7%