If you're wanting some mining sector exposure in the new financial year, then you might want to check out the two ASX mining stocks listed below that Bell Potter rates as buys.
Here's what the broker is saying about them:
Azure Minerals Ltd (ASX: AZS)
The first ASX mining stock that could be a buy is this lithium explorer.
Bell Potter sees significant promise in the company's 60% owned Andover project in Western Australia. In fact, the broker suspects it could have the potential to become a tier one asset. It explains:
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 $3 price target on its shares. This compares to the latest Azure Minerals share price of $1.64.
Boss Energy Ltd (ASX: BOE)
Another ASX mining stock that could be a buy is Boss Energy.
It is the South Australia-based uranium developer behind the Honeymoon Uranium Project.
Bell Potter believes it could be a top option due to the favourable outlook for uranium. 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 a $3.72 price target on its shares. This compares to the current Boss Energy share price of $3.08.
