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Australian (ASX) Metals and Mining Industry Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies689
  • 7D-2.3%
  • 3M-3.5%
  • 1Y52.3%
  • YTD9.1%

Over the last 7 days, the Metals and Mining industry has dropped 2.3%, driven by a pullback from BHP Group of 2.2%. On the other hand Elevra Lithium is actually up 30%. In the past year, the industry has gained 52%. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 30 Apr 2026AU$688.2bAU$202.9bAU$25.5b12.6x27x3.4x
Sat, 28 Mar 2026AU$628.7bAU$207.5bAU$26.4b12.5x23.8x3x
Mon, 23 Feb 2026AU$687.1bAU$197.9bAU$22.9b22.3x30x3.5x
Wed, 21 Jan 2026AU$675.0bAU$196.3bAU$19.0b25.9x35.6x3.4x
Fri, 19 Dec 2025AU$607.4bAU$199.3bAU$19.1b22.3x31.8x3x
Sun, 16 Nov 2025AU$575.0bAU$200.7bAU$19.3b21.2x29.7x2.9x
Tue, 14 Oct 2025AU$563.5bAU$200.9bAU$19.4b21.6x29.1x2.8x
Thu, 11 Sep 2025AU$502.8bAU$200.2bAU$19.3b17x26x2.5x
Sat, 09 Aug 2025AU$482.9bAU$204.3bAU$21.6b14.5x22.4x2.4x
Mon, 07 Jul 2025AU$452.7bAU$203.9bAU$21.5b13.5x21x2.2x
Wed, 04 Jun 2025AU$444.2bAU$205.8bAU$21.8b12.7x20.4x2.2x
Fri, 02 May 2025AU$425.8bAU$207.7bAU$22.2b12.1x19.2x2x
Sun, 30 Mar 2025AU$438.0bAU$209.6bAU$22.1b11.9x19.8x2.1x
Tue, 25 Feb 2025AU$452.6bAU$205.9bAU$22.3b11.9x20.3x2.2x
Thu, 23 Jan 2025AU$453.2bAU$212.5bAU$21.5b12.6x21.1x2.1x
Sat, 21 Dec 2024AU$432.3bAU$213.8bAU$21.6b12.8x20x2x
Mon, 18 Nov 2024AU$442.3bAU$208.6bAU$20.9b11.6x21.2x2.1x
Wed, 16 Oct 2024AU$482.8bAU$203.4bAU$20.2b12.2x23.8x2.4x
Fri, 13 Sep 2024AU$420.5bAU$204.6bAU$20.0b13.5x21.1x2.1x
Sun, 11 Aug 2024AU$434.5bAU$210.2bAU$21.2b12.6x20.5x2.1x
Tue, 09 Jul 2024AU$471.9bAU$206.7bAU$20.5b13.8x23x2.3x
Thu, 06 Jun 2024AU$491.0bAU$209.7bAU$21.0b14.6x23.4x2.3x
Sat, 04 May 2024AU$490.2bAU$211.3bAU$21.4b14.1x22.9x2.3x
Mon, 01 Apr 2024AU$492.4bAU$214.4bAU$21.6b13.2x22.8x2.3x
Wed, 28 Feb 2024AU$485.4bAU$211.7bAU$21.8b11.9x22.3x2.3x
Fri, 26 Jan 2024AU$551.6bAU$223.0bAU$32.8b12x16.8x2.5x
Sun, 24 Dec 2023AU$580.1bAU$218.7bAU$31.9b11.7x18.2x2.7x
Tue, 21 Nov 2023AU$538.7bAU$223.8bAU$33.0b10.4x16.3x2.4x
Thu, 19 Oct 2023AU$531.7bAU$228.1bAU$34.0b10.6x15.6x2.3x
Sat, 16 Sep 2023AU$522.2bAU$226.4bAU$34.0b11.7x15.3x2.3x
Mon, 14 Aug 2023AU$542.1bAU$237.2bAU$49.4b9.6x11x2.3x
Wed, 12 Jul 2023AU$539.2bAU$233.6bAU$48.7b10.3x11.1x2.3x
Fri, 09 Jun 2023AU$535.1bAU$233.2bAU$48.7b10.1x11x2.3x
Sun, 07 May 2023AU$541.7bAU$231.7bAU$48.4b9.8x11.2x2.3x
Price to Earnings Ratio

11.2x


Total Market Cap: AU$541.7bTotal Earnings: AU$48.4bTotal Revenue: AU$231.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 21.4x202420252026
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 21.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.4x.
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 4.4% 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 Market-2.58%
Materials-2.21%
Metals and Mining-2.32%
Diversified Metals and Mining-0.47%
Aluminum-2.02%
Steel-3.43%
Copper-6.14%
Silver-6.20%
Gold-6.22%
Precious Metals and Minerals-6.45%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 1.3x.
    • Analysts are expecting annual earnings growth of 26.0%, 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
ELV Elevra LithiumAU$13.5529.7%
+AU$525.1m		375.4%PS10.6x
BSL BlueScope SteelAU$30.493.3%
+AU$429.1m		27.7%PE46.5x
LTR LiontownAU$2.434.7%
+AU$349.7m		362.9%PS19.1x
ARU Arafura Rare EarthsAU$0.3916.7%
+AU$257.4m		87.8%PB2.6x
PDI Predictive DiscoveryAU$1.025.2%
+AU$244.6m		178.1%PB23.2x

Latest News

EUR
AU$0.36
European Lithium
7D
49.0%
1Y
575.9%
PDI
AU$1.02
Predictive Discovery
7D
5.2%
1Y
178.1%

Bullish View That Kiniero Strength And Bankan Development Will Transform Long Term Production Profile

Catalysts About Predictive Discovery Predictive Discovery is a West African gold producer with 2 operating mines and the Bankan development project, targeting 400,000 ounces of annual production by 2029. What are the underlying business or industry changes driving this perspective?
PLS
AU$5.98
PLS Group
7D
1.0%
1Y
297.3%
S32
AU$4.26
South32
7D
-5.3%
1Y
54.9%

S32: Citi Upgrade And West Musgrave Option Will Drive Future Upside

Analysts have lifted their A$ price target for South32 slightly, reflecting updated assumptions for fair value, revenue growth, discount rate and future P/E after recent supportive research. Analyst Commentary Recent research has focused on how revised assumptions for fair value, revenue trajectories, discount rate and future P/E feed into South32's updated price targets.
NIC
AU$1.06
Nickel Industries
7D
4.4%
1Y
87.6%
SFR
AU$16.70
Sandfire Resources
7D
-6.5%
1Y
67.5%

SFR: Free Cash Flow And Commodity Assumptions Will Guide Fair Outcome

Analysts have trimmed their fair value estimate for Sandfire Resources by A$0.17 to A$18.81, reflecting updated assumptions on discount rates, revenue growth, margins and future P/E, following recent research that includes higher Street price targets in the A$18 to A$21 range and continued focus on free cash flow and revised commodity price decks. Analyst Commentary Bullish Takeaways Bullish analysts point to strong free cash flow as a key support for the current valuation, arguing that consistent cash generation offers flexibility for funding projects or strengthening the balance sheet.
RMS
AU$3.59
Ramelius Resources
7D
-8.7%
1Y
36.5%
IGO
AU$7.57
IGO
7D
-14.7%
1Y
93.1%
ELV
AU$13.55
Elevra Lithium
7D
29.7%
1Y
375.4%
FMG
AU$20.22
Fortescue
7D
-4.6%
1Y
24.9%

FMG: Reset Commodity Deck And Steady Shipments Will Support Fair Value

Analysts have reduced their Fortescue price target by A$1.20 to A$17.20, citing updated longer term commodity price forecasts across key metals and mining benchmarks. Analyst Commentary Bullish Takeaways Bullish analysts may view the A$17.20 target as still reflecting confidence that Fortescue can execute within the updated commodity price deck, even with more conservative long term assumptions for key metals.
EVN
AU$12.57
Evolution Mining
7D
-4.8%
1Y
60.5%

EVN: Higher Metal Price Assumptions Will Support Dividend Strength Under Rising Geopolitical Risk

Analysts have lifted their fair value estimate for Evolution Mining from A$18.25 to A$18.70, reflecting updated commodity price decks and price target increases across recent research that reassess the stock under tighter commodity balances and higher geopolitical risk. Analyst Commentary Recent research on Evolution Mining has become more constructive, with several bullish analysts revisiting their assumptions on commodity prices and risk.
LTR
AU$2.43
Liontown
7D
4.7%
1Y
362.9%

LTR: Project Execution Risks Will Test Rich Forward P/E Assumptions

Liontown's analyst price target has shifted from A$1.79 to A$1.83 as analysts factor in updated assumptions for revenue growth, profit margins, discount rates and forward P/E following recent research commentary. Analyst Commentary Analysts updating their models around the A$1.83 price target are weighing both upside and risk around Liontown's revenue outlook, margin profile and the P/E multiples they are willing to apply.
BHP
AU$54.95
BHP Group
7D
-2.2%
1Y
43.9%

BHP: Commodity Mix And China Stabilization Will Shape Future Fairly Valued Outlook

The analyst fair value estimate for BHP Group has shifted slightly lower to A$52.50 from A$53.37, as analysts factor in updated assumptions for higher long term revenue growth, a modestly lower profit margin, a slightly higher discount rate, and a higher future P/E multiple following a mix of recent price target increases and trims across the Street. Analyst Commentary Recent research on BHP Group has been mixed, with several bullish analysts lifting price targets while more cautious analysts have trimmed theirs or maintained restrained views.
NST
AU$21.59
Northern Star Resources
7D
-5.3%
1Y
12.6%

NST: Higher Commodity Price Deck Is Expected To Support Future Upside

Northern Star Resources' analyst price target has shifted from A$24.70 to A$35.00, with analysts linking the change to updated long term commodity price forecasts that have fed through to refreshed targets across Australian metals and mining names. Analyst Commentary Recent research shows bullish analysts lifting their price target on Northern Star Resources to A$35.00, with the change linked to updated long term commodity price assumptions across copper, aluminum, PLV met coal, Newcastle thermal coal and gold.
BSL
AU$30.49
BlueScope Steel
7D
3.3%
1Y
27.7%

BSL: Takeover Talks And Cash Returns Will Support Balanced Future Prospects

Analysts have trimmed their price target on BlueScope Steel by A$0.45 to A$30.91, reflecting updated assumptions around discount rates, expectations of modest revenue growth, and slightly adjusted profit margin and P/E inputs. What's in the News BlueScope Steel declared an unfranked interim dividend of A$0.65 per share for the six months ended 31 December 2025, with an ex date of 20 February 2026, record date of 23 February 2026, and payment date of 24 March 2026 (company announcement).
ARU
AU$0.39
Arafura Rare Earths
7D
16.7%
1Y
87.8%