Copper and uranium: 2 ASX mining stocks to buy

Analysts at Bell Potter think these miners are buys right now.

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Two of the hottest commodities around right now are copper and uranium.

With demand rising and supply struggling to keep up, prices have been increasing strongly. But how could you gain exposure to copper and uranium on the ASX?

Two ASX mining stocks that analysts at Bell Potter have recently tipped as buys are listed below.

Here's why they could be in the buy zone right now:

Aeris Resources Ltd (ASX: AIS)

Bell Potter thinks that this ASX mining stock could be a great way to invest in the copper space.

The broker recently responded to the company's quarterly update by reiterating its buy rating with an improved price target of 30 cents. This implies potential upside of almost 18% for investors over the next 12 months.

Commenting on the company, the broker said:

AIS is a copper dominant producer with all its assets in Australia. On balance, we maintain our production growth forecast for Tritton to which AIS' financial performance and valuation is highly leveraged. With our higher commodity price forecasts our NPVbased valuation is up 30%, to $0.30/sh and we retain our Buy recommendation.

Lotus Resources Ltd (ASX: LOT)

The broker thinks that this ASX mining stock could be a great option for investors looking for uranium exposure.

Last week, Bell Potter retained its speculative buy rating on the uranium developer's shares with an improved price target of 60 cents. This suggests that upside of 30% is possible over the next 12 months.

The broker highlights that Lotus Resources has just released an updated mineral resource estimate for the Letlhakane project (LM). This project was acquired through its merger with ACAP Resources.

It notes that "the updated MRE stands at 155.3Mt at 345ppm U3O8 for a total contained 118.2Mlbs U3O8, inclusive of 34.4Mlbs in Indicated Resources." In response to the above, the broker said:

We maintain a Speculative Buy recommendation and our valuation lifts to $0.60/sh (previously $0.50/sh). Our valuation lift comes from an extension of potential operations at LM beyond our initial forecast (initial LOM production of 61Mlbs). We see positive catalysts at KM [Kayelekera] including 1) MDA finalisation, 2) FID and 3) offtake negotiations. Successful navigation of these hurdles will place LOT in the best position to advance project funding for KM, all whilst LM advances in the background.

Though, it is worth noting that Bell Potter's speculative buy rating means this ASX mining stock may only be suitable for investors with a high tolerance for risk.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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