If you're looking for mining sector exposure in FY 2024, then you might want to check out the ASX mining shares below that Bell Potter is recommending as buys.
Here's what the broker is saying about these shares:
Image source: Getty Images
Aeris Resources Ltd (ASX: AIS)
Bell Potter thinks investors should consider this copper miner. Particularly given its belief that a re-rating could be on the cards in the near future. It explains:
Its near-term outlook is highly leveraged to rising copper grades at the Tritton copper mine, where high grade ore sources are commencing production and exploration success is likely to sustain it. We are of the view that now is the time to buy AIS as the delivery of higher grades and increased copper production into FY24 is substantially de-risked and set to drive a positive re-rating.
The broker has a buy rating and 89 cents price target on its shares.
Azure Minerals Ltd (ASX: AZS)
This lithium explorer could be an ASX mining share to buy according to the broker. It is excited about the company's 60% owned Andover project, which it feels has the potential to be a tier one asset. It said:
Soon, 6 drill-rigs will be testing potentially Tier-1 scale lithium deposits at Andover. In our opinion, over the next 12-months, there's an excellent chance exploration will delineate a large lithium resource, which could support a strategically significant spodumene concentrate business, close to bulk commodities ports, and major regional towns in Western Australia.
Bell Potter has a speculative buy rating and a $2 price target on its shares.
Boss Energy Ltd (ASX: BOE)
Finally, this South Australia-based uranium developer could be another ASX mining share to buy according to Bell Potter. This is due to its belief that the uranium price will be heading higher. It explains:
BOE owns the Honeymoon project, a restart operation looking to begin production in December 2023. We continue to see support for uranium prices driven by 1) a lack of near-term supply, and 2) expansion in Nuclear adoption. We anticipate a rising price environment over the next 6-12 months as Nuclear utilities begin contracting for new supply. As BOE is yet to secure an offtake agreement, we see its portfolio of 2.45Mlbs annual production as being exposed to higher prices over the short-medium term.
Bell Potter has a speculative buy rating and $3.42 price target on its shares.
