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Australian (ASX) Metals and Mining Industry Analysis

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies688
  • 7D-1.2%
  • 3M1.9%
  • 1Y51.6%
  • YTD7.9%

Over the last 7 days, the Metals and Mining industry has dropped 1.2%, driven by BHP Group declining 2.1%. Meanwhile, Mineral Resources actually outperformed within the industry, gaining 12% in the last week. This takes the industry's 12 month performance to a gain of 52%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 04 May 2026AU$681.4bAU$202.1bAU$25.4b12.8x26.8x3.4x
Wed, 01 Apr 2026AU$636.5bAU$208.4bAU$26.5b12.5x24x3.1x
Fri, 27 Feb 2026AU$736.1bAU$200.9bAU$24.1b23.1x30.5x3.7x
Sun, 25 Jan 2026AU$690.8bAU$193.5bAU$18.5b27.6x37.3x3.6x
Tue, 23 Dec 2025AU$620.9bAU$198.7bAU$19.0b23.4x32.7x3.1x
Thu, 20 Nov 2025AU$560.5bAU$201.6bAU$19.5b20.7x28.8x2.8x
Sat, 18 Oct 2025AU$588.4bAU$202.4bAU$19.4b22.6x30.3x2.9x
Mon, 15 Sep 2025AU$513.0bAU$199.4bAU$19.1b16.8x26.8x2.6x
Wed, 13 Aug 2025AU$493.6bAU$205.0bAU$21.8b15.1x22.7x2.4x
Fri, 11 Jul 2025AU$448.0bAU$203.4bAU$21.4b13.3x20.9x2.2x
Sun, 08 Jun 2025AU$451.0bAU$204.9bAU$21.7b12.2x20.8x2.2x
Tue, 06 May 2025AU$426.8bAU$205.3bAU$21.7b12.4x19.6x2.1x
Thu, 03 Apr 2025AU$420.7bAU$209.3bAU$22.4b11.8x18.8x2x
Sat, 01 Mar 2025AU$432.1bAU$210.8bAU$22.6b12.4x19.1x2.1x
Mon, 27 Jan 2025AU$446.8bAU$211.8bAU$21.4b12.5x20.9x2.1x
Wed, 25 Dec 2024AU$435.6bAU$213.5bAU$21.6b13x20.2x2x
Fri, 22 Nov 2024AU$446.9bAU$207.2bAU$20.7b12.1x21.6x2.2x
Sun, 20 Oct 2024AU$471.1bAU$203.5bAU$20.3b12.8x23.2x2.3x
Tue, 17 Sep 2024AU$429.5bAU$203.3bAU$19.9b15.2x21.6x2.1x
Thu, 15 Aug 2024AU$424.9bAU$209.0bAU$21.1b13.5x20.2x2x
Sat, 13 Jul 2024AU$476.7bAU$205.9bAU$20.4b14.1x23.4x2.3x
Mon, 10 Jun 2024AU$497.0bAU$210.8bAU$21.1b14.4x23.6x2.4x
Wed, 08 May 2024AU$502.3bAU$210.7bAU$21.1b14.4x23.8x2.4x
Fri, 05 Apr 2024AU$496.8bAU$212.3bAU$21.3b13.1x23.4x2.3x
Sun, 03 Mar 2024AU$493.8bAU$212.6bAU$22.2b13.7x22.2x2.3x
Tue, 30 Jan 2024AU$549.6bAU$222.8bAU$32.7b11.9x16.8x2.5x
Thu, 28 Dec 2023AU$586.7bAU$217.9bAU$31.7b12.5x18.5x2.7x
Sat, 25 Nov 2023AU$539.2bAU$223.5bAU$32.9b10.4x16.4x2.4x
Mon, 23 Oct 2023AU$516.7bAU$229.5bAU$34.3b9.9x15.1x2.3x
Wed, 20 Sep 2023AU$532.1bAU$226.1bAU$33.8b11.3x15.7x2.4x
Fri, 18 Aug 2023AU$514.6bAU$240.8bAU$49.7b10x10.4x2.1x
Sun, 16 Jul 2023AU$561.9bAU$229.7bAU$47.6b10.3x11.8x2.4x
Tue, 13 Jun 2023AU$541.3bAU$231.5bAU$48.2b10.1x11.2x2.3x
Thu, 11 May 2023AU$546.4bAU$231.6bAU$48.4b9.6x11.3x2.4x
Price to Earnings Ratio

11.3x


Total Market Cap: AU$546.4bTotal Earnings: AU$48.4bTotal Revenue: AU$231.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 21.5x202420252026
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 26.8x which is higher than its 3-year average PE of 21.5x.
  • 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-0.54%
Materials-1.22%
Metals and Mining-1.18%
Steel1.47%
Diversified Metals and Mining-0.14%
Copper-0.17%
Aluminum-2.12%
Silver-5.29%
Gold-5.39%
Precious Metals and Minerals-9.32%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 1.1x.
    • Analysts are expecting annual earnings growth of 26.4%, 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 26% 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 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
MIN Mineral ResourcesAU$66.7012.3%
+AU$1.4b		219.1%PE32.8x
LTR LiontownAU$2.6417.9%
+AU$1.3b		412.6%PS20.7x
PLS PLS GroupAU$6.146.4%
+AU$1.2b		314.9%PS20.5x
LYC Lynas Rare EarthsAU$19.145.0%
+AU$926.0m		133.1%PE233.9x
FMG FortescueAU$20.011.2%
+AU$708.1m		22.4%PE11.9x

Latest News

S32
AU$4.12
South32
7D
-4.6%
1Y
45.6%
RMS
AU$3.40
Ramelius Resources
7D
-8.6%
1Y
25.5%

RMS: Conviction List Inclusion Will Support Future Upside Potential

Analysts have made a small adjustment to the Ramelius Resources price target, trimming it by A$0.02. This reflects updated views on fair value, discount rate, revenue growth, profit margins and future P/E after the stock was recently added to the APAC Conviction List by a major broker.
RSG
AU$1.19
Resolute Mining
7D
-15.7%
1Y
139.4%

RSG: Doropo Development And 2026 Guidance Will Support Stronger Long Term Earnings

Analysts have slightly reduced their fair value estimate for Resolute Mining to A$2.09 from A$2.10, citing updated assumptions around discount rates, revenue growth, margins and future P/E expectations. Analyst Commentary Recent street research on Resolute Mining highlights a modest reset in expectations, with at least one published target move pointing to a lower valuation in absolute price terms.
WGX
AU$5.36
Westgold Resources
7D
-11.7%
1Y
99.3%

WGX: Higginsville Expansion Will Support Future Re Rating Potential

Analysts have reduced their fair value estimate for Westgold Resources from A$8.91 to A$8.47, reflecting updated assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Third quarter FY26 operational update reported gold production of 93,145 oz, with 1,481 kt of ore processed at an average grade of 2.1 g/t Au (Q2 FY26: 111,418 oz, 1,529 kt, 2.4 g/t Au, company announcement of operating results).
LYC
AU$19.14
Lynas Rare Earths
7D
5.0%
1Y
133.1%

LYC: Long Term Offtake Floor And Western Upside Will Shape Future Returns

Analysts have nudged their fair value estimate for Lynas Rare Earths to about A$19.81 per share, supported by the revised Lynas JARE deal that secures 5,000tpa NdPr to 2038 at a A$110/kg floor while keeping capacity available for potential higher returning Western offtakes. Analyst Commentary Analysts are focusing on how the revised Lynas JARE agreement might influence long term earnings visibility, capital allocation, and exposure to rare earth pricing.
ILU
AU$8.36
Iluka Resources
7D
9.7%
1Y
102.4%

Growth Investors: Industry Analysts Just Upgraded Their Iluka Resources Limited (ASX:ILU) Revenue Forecasts By 15%

Apr 30
Growth Investors: Industry Analysts Just Upgraded Their Iluka Resources Limited (ASX:ILU) Revenue Forecasts By 15%
NST
AU$21.17
Northern Star Resources
7D
-3.2%
1Y
10.4%

NST: Higher Long Term Gold Pricing And Buyback Plan Will Support Upside

Analysts have lifted their price target on Northern Star Resources to A$35 from A$30, citing refreshed commodity price assumptions and updated views on revenue growth, margins and future P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher A$35 price target as a reflection of refreshed commodity price assumptions for gold and other key inputs, which feeds directly into higher modeled earnings and P/E support.
MIN
AU$66.70
Mineral Resources
7D
12.3%
1Y
219.1%

MIN: Less Severe Revenue Contraction Will Still Restrain Future Returns

Analysts have lifted their price target on Mineral Resources from A$21.79 to A$32.52, supported by updated assumptions that point to less pronounced revenue contraction, slightly higher profit margins and a broadly steady forward P/E multiple despite a modestly higher discount rate. Valuation Changes Fair Value: A$21.79 to A$32.52, reflecting a large upward reset in the assessed equity value per share.
PLS
AU$6.14
PLS Group
7D
6.4%
1Y
314.9%

PLS: Index Inclusions And Steady Output Will Support Stronger Share Pricing

Analysts have raised their price target for PLS Group from A$5.80 to A$6.70, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News PLS Group Limited (ASX:PLS) has been added to the S&P/ASX 50 Index, bringing it into a wider group of large Australian listed companies that index funds and benchmarked investors track (Key Developments).
NIC
AU$1.07
Nickel Industries
7D
7.0%
1Y
82.1%
IGO
AU$7.68
IGO
7D
9.6%
1Y
94.9%
FMG
AU$20.01
Fortescue
7D
1.2%
1Y
22.4%

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$12.15
Evolution Mining
7D
-4.8%
1Y
52.8%

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$2.64
Liontown
7D
17.9%
1Y
412.6%

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$54.94
BHP Group
7D
-2.1%
1Y
44.3%

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.
GMD
AU$5.74
Genesis Minerals
7D
-9.2%
1Y
47.6%

Tower Hill Execution And Cost Pressures Will Shape Long Term Production Outcomes

Catalysts About Genesis Minerals Genesis Minerals is a gold mining company with operations centered on the Leonora and Laverton regions in Western Australia. What are the underlying business or industry changes driving this perspective?