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Australian (ASX) Metals and Mining Industry Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies688
  • 7D3.0%
  • 3M3.0%
  • 1Y52.7%
  • YTD3.0%

In the last week, the Metals and Mining industry is up 3.0%, with Northern Star Resources leading the way, up 18%. In the same time, Mineral Resources was down 7.1%. This takes the industry's 12 month performance to a gain of 53%. 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
Sat, 04 Apr 2026AU$647.7bAU$207.7bAU$26.3b12.8x24.7x3.1x
Mon, 02 Mar 2026AU$746.6bAU$202.1bAU$24.4b22x30.6x3.7x
Wed, 28 Jan 2026AU$699.4bAU$192.9bAU$18.4b26.9x37.9x3.6x
Fri, 26 Dec 2025AU$628.6bAU$197.1bAU$19.0b23.4x33x3.2x
Sun, 23 Nov 2025AU$550.4bAU$202.3bAU$19.5b19.6x28.2x2.7x
Tue, 21 Oct 2025AU$588.6bAU$202.1bAU$19.4b21.7x30.4x2.9x
Thu, 18 Sep 2025AU$511.2bAU$199.0bAU$19.2b15.8x26.7x2.6x
Sat, 16 Aug 2025AU$503.3bAU$204.7bAU$21.7b14.4x23.1x2.5x
Mon, 14 Jul 2025AU$456.8bAU$203.1bAU$21.4b13.3x21.4x2.2x
Wed, 11 Jun 2025AU$451.6bAU$204.6bAU$21.6b12x20.9x2.2x
Fri, 09 May 2025AU$434.5bAU$206.7bAU$22.0b12.2x19.8x2.1x
Sun, 06 Apr 2025AU$405.2bAU$215.4bAU$23.5b11.5x17.3x1.9x
Tue, 04 Mar 2025AU$438.0bAU$210.5bAU$22.7b12.6x19.3x2.1x
Thu, 30 Jan 2025AU$445.5bAU$213.8bAU$21.7b12.8x20.6x2.1x
Sat, 28 Dec 2024AU$438.1bAU$214.0bAU$21.7b13.1x20.2x2x
Mon, 25 Nov 2024AU$450.3bAU$207.7bAU$20.7b11.9x21.7x2.2x
Wed, 23 Oct 2024AU$472.9bAU$203.9bAU$20.3b12.9x23.3x2.3x
Fri, 20 Sep 2024AU$436.3bAU$201.5bAU$19.5b14.4x22.4x2.2x
Sun, 18 Aug 2024AU$428.7bAU$209.0bAU$21.2b12.7x20.2x2.1x
Tue, 16 Jul 2024AU$479.2bAU$205.7bAU$20.4b14.3x23.5x2.3x
Thu, 13 Jun 2024AU$483.2bAU$210.1bAU$21.0b14x23.1x2.3x
Sat, 11 May 2024AU$498.0bAU$210.6bAU$21.1b14.5x23.6x2.4x
Mon, 08 Apr 2024AU$493.0bAU$213.0bAU$21.4b13.1x23x2.3x
Wed, 06 Mar 2024AU$492.2bAU$214.1bAU$22.3b12.2x22.1x2.3x
Fri, 02 Feb 2024AU$550.3bAU$224.7bAU$33.2b11.7x16.6x2.4x
Sun, 31 Dec 2023AU$590.1bAU$218.4bAU$31.8b12.5x18.5x2.7x
Tue, 28 Nov 2023AU$533.1bAU$222.8bAU$32.7b10.7x16.3x2.4x
Thu, 26 Oct 2023AU$519.1bAU$228.9bAU$34.2b10.3x15.2x2.3x
Sat, 23 Sep 2023AU$523.1bAU$226.2bAU$33.9b11.2x15.4x2.3x
Mon, 21 Aug 2023AU$519.2bAU$239.1bAU$49.6b10.2x10.5x2.2x
Wed, 19 Jul 2023AU$554.3bAU$230.1bAU$47.7b10.3x11.6x2.4x
Fri, 16 Jun 2023AU$551.3bAU$230.2bAU$47.8b10x11.5x2.4x
Sun, 14 May 2023AU$539.1bAU$233.9bAU$48.8b9.6x11x2.3x
Tue, 11 Apr 2023AU$543.2bAU$234.1bAU$49.0b9.3x11.1x2.3x
Price to Earnings Ratio

11.1x


Total Market Cap: AU$543.2bTotal Earnings: AU$49.0bTotal Revenue: AU$234.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 21.1x202420252026
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 24.7x which is higher than its 3-year average PE of 21.1x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.1x.
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 3.9% 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 Market0.63%
Materials2.89%
Metals and Mining2.98%
Gold9.50%
Precious Metals and Minerals2.70%
Copper2.48%
Aluminum1.53%
Silver1.52%
Diversified Metals and Mining1.49%
Steel-0.53%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 2.4x.
    • Analysts are expecting annual earnings growth of 24.3%, 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 25% 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$21.9118.1%
+AU$4.8b		16.2%PE20.2x
BHP BHP GroupAU$51.231.7%
+AU$4.4b		39.1%PE17.5x
GGP Greatland ResourcesAU$12.8531.7%
+AU$2.1b		n/aPE13.4x
S32 South32AU$4.429.7%
+AU$1.7b		57.3%PE34.6x
EVN Evolution MiningAU$13.024.5%
+AU$1.1b		86.3%PE19.9x

Latest News

S32
AU$4.42
South32
7D
9.7%
1Y
57.3%
NST
AU$21.91
Northern Star Resources
7D
18.1%
1Y
16.2%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
LTR
AU$1.70
Liontown
7D
-4.0%
1Y
256.8%
LYC
AU$19.41
Lynas Rare Earths
7D
-3.3%
1Y
165.5%

LYC: Revised Offtake Floor Price And Full Operations Will Support Rare Earth Upside

Analysts have lifted their price target on Lynas Rare Earths to A$26.00, citing the revised Lynas JARE offtake deal with its A$110/kg NdPr floor price and the capacity for additional higher return Western contracts as key supports for the updated assumptions on margins and valuation multiples. Analyst Commentary Bullish analysts are highlighting the revised Lynas JARE offtake deal and the company's operating position as key supports for more constructive views on the stock.
MIN
AU$52.68
Mineral Resources
7D
-7.1%
1Y
178.0%

MIN: Fair Value Will Reflect Balanced Profitability Assumptions And Revised Earnings Multiple

Analysts have trimmed their price target for Mineral Resources slightly to reflect a new fair value estimate of about A$59.38 per share, compared with roughly A$59.85 previously, citing refreshed assumptions for the discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: A$59.38 per share, slightly below the previous estimate of A$59.85.
PLS
AU$5.09
PLS Group
7D
-1.2%
1Y
272.9%

PLS: Lower Assumed Future P/E Will Constrain Share Price Upside

Analysts have lifted their price target for PLS Group to A$4.57 from A$3.00, reflecting updated assumptions for higher revenue growth, a stronger profit margin profile and a lower future P/E multiple. What's in the News PLS Group Limited added to the S&P/ASX 50 Index, increasing its visibility among large Australian equities (Key Developments).
LIN
AU$0.76
Lindian Resources
7D
-12.7%
1Y
686.5%
PRU
AU$5.28
Perseus Mining
7D
6.9%
1Y
62.5%

PRU: Execution Risks Will Likely Restrain Upside Despite Higher Margin Outlook

Analysts have lifted their fair value estimate for Perseus Mining from about A$3.41 to around A$3.68. This reflects updated views on discount rates, revenue growth, profit margins and future P/E assumptions following mixed recent research, including an upgrade to Outperform with a A$6.70 price target and a separate downgrade.
GGP
AU$12.85
Greatland Resources
7D
31.7%
1Y
n/a
BSL
AU$26.07
BlueScope Steel
7D
-2.5%
1Y
27.2%

BSL: Takeover Interest And Cash Returns Will Support Future Upside Potential

Analysts have kept their A$31.36 price target for BlueScope Steel broadly unchanged, with only minor tweaks to inputs such as a slightly lower discount rate and a small adjustment to the assumed future P/E multiple guiding this steady view. What's in the News BlueScope Steel received an unsolicited, non binding proposal from SGH and Steel Dynamics to acquire the company for A$13.2b on December 12, 2025, which was later revised to A$14.9b, structured as A$34 per share in cash, with SGH intending to on sell BlueScope’s North American businesses to Steel Dynamics.
SGM
AU$18.40
Sims
7D
-6.8%
1Y
39.3%

SGM: Lifecycle Services EBITDA Surge Will Support Future Upside Potential

Analysts have lifted their price targets for Sims. One recent move took the stock from A$16.30 to A$20, citing improved fair value estimates, a more supportive discount rate and growth assumptions, healthier profit margins, and stronger Sims Lifecycle Services EBITDA tied to higher chip prices, resale volumes, and hyperscaler service fees.
EVN
AU$13.02
Evolution Mining
7D
4.5%
1Y
86.3%

EVN: Higher Commodity Decks Will Likely Support Repriced Earnings Power

Analysts have lifted the fair value estimate for Evolution Mining from A$13.17 to A$13.91, reflecting higher price targets across the Street as they refresh commodity price decks and factor in updated views on gold and broader metals markets. Analyst Commentary Street research on Evolution Mining has shifted meaningfully in recent weeks as analysts refresh commodity price assumptions and update valuation models.
EMR
AU$5.66
Emerald Resources
7D
12.3%
1Y
48.2%
WGX
AU$6.01
Westgold Resources
7D
10.9%
1Y
109.4%
BHP
AU$51.23
BHP Group
7D
1.7%
1Y
39.1%

BHP: Commodity Cycles And China Recovery Will Shape Fairly Valued Outlook

Analysts have adjusted the BHP Group fair value estimate slightly higher to A$52.50. This reflects refreshed price targets that balance updated revenue and margin assumptions with mixed views on commodity exposure and valuation.
SMR
AU$2.59
Stanmore Resources
7D
-7.5%
1Y
40.8%

SMR: Future Returns Will Rely On Stable Margins And Production Delivery

Analysts have modestly increased their A$ price target on Stanmore Resources, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Stanmore Resources reported consolidated operating results for 2025, with saleable coal production of 14.0 Mt compared with 13.8 Mt a year earlier, and ROM coal mined of 20.5 Mt compared with 19.4 Mt a year earlier (Key Developments).