The team at Bell Potter has been busy picking out the best ASX shares to buy in 2023.
Among its mining picks are the two listed below. Here's what the broker is saying about these ASX mining shares:
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Chalice Mining Ltd (ASX: CHN)
This mineral exploration company is one of Bell Potter's top picks for 2023. The broker is bullish on the company due to its globally significant PGE-NiCu deposit and exposure to highly sought critical minerals. It commented:
CHN's 100%-owned Julimar project is a globally significant PGE-NiCu deposit. Located 70km north of Perth in WA, it represents a unique opportunity to establish new strategic PGE and base metals supply in a top mining jurisdiction.
This is reinforced by the inclusion of PGE's nickel and cobalt on Australia's and the USA's critical minerals lists, due to their role in the lithium-ion battery and hydrogen fuel cell production value chain and Russia's market dominance. Exploration and project development updates in 2022 have reinforced the upside at the Gonneville deposit, and the Julimar project.
Bell Potter has a speculative buy rating and $11.10 price target on its shares.
De Grey Mining Limited (ASX: DEG)
If you're looking for exposure to gold, then De Grey Mining could be the way to do it according to Bell Potter. It has named this gold developer as one of its best ideas of 2023.
The broker sees significant potential in the Mallina Gold Project in Western Australia. It also appears to believe the project is so attractive that it could be a top acquisition option for a big gold mining company. Bell Potter said:
DEG is advancing its 100%-owned Mallina Gold Project (MGP) located 60km south of Port Hedland in WA. Mineral Resource for the MGP are 251Mt at 1.3g/t gold containing 10.6Moz of gold. Based on the PFS outcomes and our own modelling, we believe the MGP can support a large-scale, long life production asset with operational flexibility and robust margins in one of the world's top mining jurisdictions. We view the MGP as a rare opportunity that is attractive as both a foundation production asset for DEG or as a meaningful acquisition for any of the world's top gold production companies.
Bell Potter has a speculative buy rating and $1.83 price target on De Grey Mining's shares.
