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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJun 08, 2026
DataAggregated Company Financials
Companies688
  • 7D-3.2%
  • 3M8.7%
  • 1Y52.7%
  • YTD12.2%

Over the last 7 days, the Metals and Mining industry has dropped 3.2%, driven by declines in Fortescue and BHP Group of 8.0% and 1.7%, respectively. Meanwhile, Northern Star Resources actually outperformed within the industry, gaining 5.7% in the last week. In the past year, the industry has gained 53%. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 08 Jun 2026AU$709.8bAU$205.3bAU$25.7b12x27.6x3.5x
Wed, 06 May 2026AU$675.5bAU$202.8bAU$25.5b13x26.5x3.3x
Fri, 03 Apr 2026AU$647.6bAU$208.2bAU$26.4b12.8x24.6x3.1x
Sun, 01 Mar 2026AU$746.6bAU$202.0bAU$24.4b22x30.6x3.7x
Tue, 27 Jan 2026AU$690.8bAU$193.1bAU$18.5b27.6x37.4x3.6x
Thu, 25 Dec 2025AU$628.6bAU$196.9bAU$19.0b23.4x33.1x3.2x
Sat, 22 Nov 2025AU$550.9bAU$202.8bAU$19.6b19.6x28.1x2.7x
Mon, 20 Oct 2025AU$588.6bAU$201.9bAU$19.3b22.6x30.5x2.9x
Wed, 17 Sep 2025AU$515.3bAU$199.2bAU$19.1b16.4x26.9x2.6x
Fri, 15 Aug 2025AU$496.3bAU$204.4bAU$21.7b15.4x22.9x2.4x
Sun, 13 Jul 2025AU$456.8bAU$203.1bAU$21.4b13.3x21.4x2.2x
Tue, 10 Jun 2025AU$451.0bAU$204.5bAU$21.6b12.2x20.9x2.2x
Thu, 08 May 2025AU$433.3bAU$205.4bAU$21.8b12.5x19.9x2.1x
Sat, 05 Apr 2025AU$404.2bAU$213.1bAU$23.1b11.5x17.5x1.9x
Mon, 03 Mar 2025AU$432.1bAU$210.9bAU$22.7b12.1x19x2x
Wed, 29 Jan 2025AU$444.5bAU$213.3bAU$21.6b12.4x20.6x2.1x
Fri, 27 Dec 2024AU$435.6bAU$213.6bAU$21.6b13x20.1x2x
Sun, 24 Nov 2024AU$450.3bAU$207.7bAU$20.7b11.9x21.7x2.2x
Tue, 22 Oct 2024AU$478.1bAU$203.9bAU$20.3b13x23.5x2.3x
Thu, 19 Sep 2024AU$427.9bAU$202.4bAU$19.7b15.3x21.7x2.1x
Sat, 17 Aug 2024AU$428.7bAU$209.7bAU$21.3b12.7x20.1x2x
Mon, 15 Jul 2024AU$476.7bAU$205.7bAU$20.4b14.1x23.4x2.3x
Wed, 12 Jun 2024AU$497.0bAU$210.4bAU$21.0b14.1x23.7x2.4x
Fri, 10 May 2024AU$498.1bAU$211.3bAU$21.2b14.3x23.5x2.4x
Sun, 07 Apr 2024AU$493.0bAU$213.0bAU$21.4b13.1x23x2.3x
Tue, 05 Mar 2024AU$490.0bAU$212.8bAU$22.3b12.9x22x2.3x
Thu, 01 Feb 2024AU$555.4bAU$223.2bAU$32.8b11.9x16.9x2.5x
Sat, 30 Dec 2023AU$590.1bAU$218.7bAU$31.9b12.4x18.5x2.7x
Mon, 27 Nov 2023AU$539.6bAU$223.1bAU$32.8b10.4x16.5x2.4x
Wed, 25 Oct 2023AU$510.3bAU$228.4bAU$34.1b10.3x15x2.2x
Fri, 22 Sep 2023AU$519.1bAU$227.2bAU$34.1b11.1x15.2x2.3x
Sun, 20 Aug 2023AU$519.2bAU$239.1bAU$49.6b10.2x10.5x2.2x
Tue, 18 Jul 2023AU$557.2bAU$230.1bAU$47.8b10.3x11.7x2.4x
Thu, 15 Jun 2023AU$550.4bAU$230.6bAU$47.9b10x11.5x2.4x
Price to Earnings Ratio

11.5x


Total Market Cap: AU$550.4bTotal Earnings: AU$47.9bTotal Revenue: AU$230.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 22.1x202420252026
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 22.1x.
  • 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 3.8% 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-1.23%
Materials-3.02%
Metals and Mining-3.20%
Copper-1.46%
Gold-2.26%
Aluminum-2.34%
Diversified Metals and Mining-3.17%
Precious Metals and Minerals-4.36%
Steel-4.91%
Silver-12.09%
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 26.6%, which is lower than the prior year's growth of 111.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Gold industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 92% 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
NST Northern Star ResourcesAU$19.885.7%
+AU$1.5b		-5.2%PE18.4x
BSL BlueScope SteelAU$33.194.6%
+AU$643.7m		39.6%PE50.6x
PDI Predictive DiscoveryAU$0.784.7%
+AU$171.2m		98.7%PB18.9x
SGM SimsAU$27.502.5%
+AU$131.4m		76.6%PS0.7x
SMR Stanmore ResourcesAU$2.884.7%
+AU$117.2m		48.5%PS1x

Latest News

LYC
AU$18.16
Lynas Rare Earths
7D
-5.4%
1Y
98.5%
LTR
AU$2.14
Liontown
7D
-11.6%
1Y
239.7%
MIN
AU$67.57
Mineral Resources
7D
-8.0%
1Y
185.0%
BHP
AU$61.24
BHP Group
7D
-1.7%
1Y
60.2%
Narrative Update • Jun 05

BHP: Copper Reliance And China Slowdown Will Drive Future Downside Risk

BHP Group's refreshed fair value estimate has moved from A$53.40 to A$55.62 as analysts factor in updated price targets, modestly higher projected revenue growth, slightly firmer profit margins, and a revised future P/E assumption alongside a small uptick in the discount rate. Analyst Commentary Recent research on BHP Group points to a mixed but generally balanced stance, with several firms adjusting price targets and ratings as they reassess valuation and macro risks.
BSL
AU$33.19
BlueScope Steel
7D
4.6%
1Y
39.6%
EVN
AU$11.73
Evolution Mining
7D
-3.4%
1Y
31.9%
Narrative Update • Jun 05

EVN: Copper Exposure And Lithium JV Will Support More Resilient Margins

Narrative Update on Evolution Mining The analyst price target for Evolution Mining has been revised slightly higher to A$13.91, with analysts noting expectations for wider margins supported by copper exposure and updated commodity price assumptions following recent upgrades across several firms. Analyst Commentary Recent research updates on Evolution Mining have focused on valuation, copper exposure and revised commodity price assumptions, with several firms revisiting their ratings and targets following share price moves and changes to their forecasts.
DVP
AU$6.39
Develop Global
7D
4.4%
1Y
51.1%
FMG
AU$20.53
Fortescue
7D
-8.0%
1Y
31.2%
Narrative Update • Jun 04

FMG: Renewable Push And Legal Compensation Will Pressure Future Returns

Analysts have trimmed their price target for Fortescue from about A$19.56 to around A$18.91, reflecting slightly higher assumed discount rates and modestly softer long term profit margins and P/E expectations in their models. What's in the News Fortescue has started building the 690MW Turner River solar farm in Western Australia's Pilbara region as part of its Pilbara Green Grid renewable energy initiative, source: recent company news.
NST
AU$19.88
Northern Star Resources
7D
5.7%
1Y
-5.2%
PLS
AU$5.91
PLS Group
7D
-8.5%
1Y
361.7%
Narrative Update • Jun 02

PLS: Record High Share Price Will Face Future P/E Headwinds

Analysts have nudged their fair value estimate for PLS Group from A$4.78 to A$5.55, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and a higher future P/E multiple. What's in the News PLS Group shares reached an all time high after a 12 month rally, supported by strong lithium market conditions and higher production capacity.
SMR
AU$2.88
Stanmore Resources
7D
4.7%
1Y
48.5%
Narrative Update • Jun 02

SMR: Anglo Coal Bid And Funding Plans Will Shape Future Upside

Analysts have trimmed their price target on Stanmore Resources to A$2.80 from A$2.80, reflecting slightly lower assumed revenue growth and discount rate, along with a small uplift in expected profit margins and a modestly lower future P/E multiple. What's in the News Stanmore Resources is reported to be a leading bidder for Anglo American's Queensland coal portfolio, valued at more than A$5b, in a sale process that could conclude within two to three weeks.
S32
AU$4.63
South32
7D
-3.7%
1Y
53.3%
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$27.50
Sims
7D
2.5%
1Y
76.6%
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.
PDI
AU$0.78
Predictive Discovery
7D
4.7%
1Y
98.7%
New Narrative • May 30

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

Catalysts About Predictive Discovery Predictive Discovery is a West African gold producer with two operating mines and the Bankan development project. What are the underlying business or industry changes driving this perspective?
TOK
AU$1.65
Tolu Minerals
7D
15.4%
1Y
91.9%
VYS
AU$0.92
Vysarn
7D
14.4%
1Y
105.6%