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Australian (ASX) Metals and Mining Industry Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies686
  • 7D4.4%
  • 3M-2.9%
  • 1Y40.1%
  • YTD6.0%

The Metals and Mining industry is up 2.0% in the last week, with BHP Group up 4.4%. This takes the industry's 12 month performance to a gain of 35%. 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
Tue, 28 Jul 2026AU$671.1bAU$206.1bAU$25.9b11.1x26x3.3x
Thu, 25 Jun 2026AU$693.6bAU$208.2bAU$26.2b11.8x26.5x3.3x
Sat, 23 May 2026AU$709.1bAU$203.8bAU$25.4b12.6x27.9x3.5x
Mon, 20 Apr 2026AU$707.9bAU$202.7bAU$25.5b12.9x27.8x3.5x
Wed, 18 Mar 2026AU$640.1bAU$203.3bAU$25.9b14.2x24.8x3.1x
Fri, 13 Feb 2026AU$696.2bAU$190.8bAU$18.7b24.9x37.2x3.6x
Sun, 11 Jan 2026AU$653.2bAU$197.2bAU$19.1b24.5x34.2x3.3x
Tue, 09 Dec 2025AU$593.4bAU$198.8bAU$19.0b21.8x31.2x3x
Thu, 06 Nov 2025AU$546.9bAU$202.0bAU$19.5b19.9x28x2.7x
Sat, 04 Oct 2025AU$556.6bAU$200.0bAU$19.1b21.8x29.2x2.8x
Mon, 01 Sep 2025AU$514.9bAU$201.6bAU$19.4b15.4x26.6x2.6x
Wed, 30 Jul 2025AU$469.6bAU$204.7bAU$21.6b12.9x21.7x2.3x
Fri, 27 Jun 2025AU$430.3bAU$204.1bAU$21.6b12.7x20x2.1x
Sun, 25 May 2025AU$445.2bAU$205.0bAU$21.7b12.4x20.5x2.2x
Tue, 22 Apr 2025AU$422.1bAU$206.7bAU$22.0b11.8x19.2x2x
Thu, 20 Mar 2025AU$436.2bAU$208.7bAU$22.2b11.6x19.6x2.1x
Sat, 15 Feb 2025AU$460.9bAU$213.4bAU$22.3b13.5x20.6x2.2x
Mon, 13 Jan 2025AU$441.6bAU$215.8bAU$21.9b12x20.2x2x
Wed, 11 Dec 2024AU$467.2bAU$209.9bAU$21.0b12.6x22.2x2.2x
Fri, 08 Nov 2024AU$471.0bAU$204.9bAU$20.5b12.2x23x2.3x
Sun, 06 Oct 2024AU$478.4bAU$201.6bAU$20.0b11.9x23.9x2.4x
Tue, 03 Sep 2024AU$434.9bAU$202.5bAU$19.6b12.9x22.2x2.1x
Thu, 01 Aug 2024AU$453.0bAU$211.8bAU$21.2b13.5x21.4x2.1x
Sat, 29 Jun 2024AU$461.9bAU$208.3bAU$20.7b13.5x22.3x2.2x
Mon, 27 May 2024AU$508.1bAU$210.2bAU$21.1b15x24.1x2.4x
Wed, 24 Apr 2024AU$499.7bAU$214.3bAU$21.8b12.8x22.9x2.3x
Fri, 22 Mar 2024AU$487.0bAU$212.4bAU$21.5b12.4x22.6x2.3x
Sun, 18 Feb 2024AU$498.5bAU$208.9bAU$30.5b11.8x16.3x2.4x
Tue, 16 Jan 2024AU$551.8bAU$221.5bAU$32.5b11.8x17x2.5x
Thu, 14 Dec 2023AU$545.0bAU$223.8bAU$33.0b10.4x16.5x2.4x
Sat, 11 Nov 2023AU$524.2bAU$228.4bAU$33.9b10.3x15.5x2.3x
Mon, 09 Oct 2023AU$511.8bAU$227.7bAU$33.9b9.8x15.1x2.2x
Wed, 06 Sep 2023AU$538.5bAU$228.3bAU$34.5b12.5x15.6x2.4x
Fri, 04 Aug 2023AU$542.7bAU$237.0bAU$49.6b9.4x10.9x2.3x
Price to Earnings Ratio

10.9x


Total Market Cap: AU$542.7bTotal Earnings: AU$49.6bTotal Revenue: AU$237.0bTotal 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 4.5% 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%
Materials4.36%
Metals and Mining4.39%
Silver11.70%
Gold8.61%
Copper7.03%
Precious Metals and Minerals5.05%
Diversified Metals and Mining3.81%
Aluminum3.74%
Steel0.67%
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 25.3%, 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 25% 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
BHP BHP GroupAU$60.104.4%
+AU$13.0b		49.1%PE20.9x
EVN Evolution MiningAU$11.5111.6%
+AU$2.4b		58.3%PE17.6x
S32 South32AU$4.5010.3%
+AU$1.9b		48.5%PE35.8x
NST Northern Star ResourcesAU$20.366.9%
+AU$1.9b		27.9%PE18.7x
CMM Capricorn MetalsAU$13.7016.7%
+AU$895.3m		51.2%PE27x

Latest News

CMM
AU$13.70
Capricorn Metals
7D
16.7%
1Y
51.2%
EVN
AU$11.51
Evolution Mining
7D
11.6%
1Y
58.3%
S32
AU$4.50
South32
7D
10.3%
1Y
48.5%
New Narrative • Jul 25

S32 on Solid Ground

At A$4.167 per share, South32 (ASX: S32) appears reasonably valued based on its current operating performance. South32 reports in US dollars and recorded first-half FY26 underlying earnings of US$435 million, or approximately US 9.7 cents per share.
SFR
AU$19.24
Sandfire Resources
7D
7.7%
1Y
75.1%
Narrative Update • Jul 25

SFR: Future Returns Will Rely On Copper Momentum And Margins

Analysts have increased their fair value estimate for Sandfire Resources from A$19.40 to A$20.06, with the updated A$20 price target reflecting revised assumptions on growth and margins, while recent research indicates limited upside from current levels. What’s in the News for Sandfire Resources Sandfire Resources has attracted increased investor interest, with the share price recently rising over 4%, according to recent coverage.
GMD
AU$6.15
Genesis Minerals
7D
11.4%
1Y
59.7%
Narrative Update • Jul 24

GMD: Vault Acquisition And Leonora Hub Will Drive Future Upside

Analysts have trimmed their fair value estimate for Genesis Minerals to A$7.00 from A$7.50, citing updated assumptions on discount rates, margins and future P/E multiples. They also highlight the A$7.80 Street price target as reflecting confidence in the company's production growth outlook.
VAU
AU$5.09
Vault Minerals
7D
10.7%
1Y
106.1%
DTR
AU$0.13
Dateline Resources
7D
-10.7%
1Y
0%
EQR
AU$0.27
EQ Resources
7D
-8.5%
1Y
650.0%
LYC
AU$14.87
Lynas Rare Earths
7D
-4.8%
1Y
37.6%
ILU
AU$5.83
Iluka Resources
7D
-2.2%
1Y
11.3%
ELV
AU$7.91
Elevra Lithium
7D
-3.4%
1Y
129.3%
BHP
AU$60.10
BHP Group
7D
4.4%
1Y
49.1%
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.
SMR
AU$2.72
Stanmore Resources
7D
-2.2%
1Y
18.8%
LTR
AU$1.23
Liontown
7D
-3.9%
1Y
41.6%
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.
NST
AU$20.36
Northern Star Resources
7D
6.9%
1Y
27.9%
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.
NIC
AU$0.78
Nickel Industries
7D
-10.4%
1Y
0.6%
Narrative Update • Jul 08

NIC: ENC Ramp And Margin Upside Will Reset Earnings Narrative

Analysts have lifted their fair value estimate for Nickel Industries to A$1.26 from A$1.19, citing updated assumptions that pair slightly lower revenue growth with a higher projected profit margin and a modestly lower future P/E multiple. Analyst Commentary Recent commentary around Nickel Industries highlights how analysts are thinking about the balance between valuation, execution risk and growth potential, even as they refine fair value estimates and underlying assumptions.