ASX mining shares are broadly lower with the materials sector the worst performer on Friday.
The S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.79% at the time of writing.
The sector is vastly underperforming the broader market, with the S&P/ASX 200 Index (ASX: XJO) down 0.4% and the S&P/ASX All Ordinaries Index (ASX: XAO) 0.41% lower.
But ASX mining shares investors shouldn't let today's dark market mood get them down.
This week, brokers issued new ratings on a variety of stocks.
And all of them have a positive outlook for the new year ahead.
Here are the details.
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Brokers are backing these ASX mining shares for growth
Brokers are feeling optimistic about the following ASX mining shares.
Champion Iron Ltd (ASX: CIA)
This ASX iron ore share is trading 1.50% lower at $5.91 at the time of writing.
Bell Potter maintains a buy rating on Champion Iron shares with a 12-month price target of $6.11.
The broker says the shift to higher-grade production in the second half of 2025 will likely support average realised prices and earnings amid a weak global environment for iron ore prices.
Northern Star Resources Ltd (ASX: NST)
ASX gold mining share Northern Star Resources is also lower on Friday. The Northern Star share price is down 1.9% to $16.43 at the time of writing.
Bell Potter maintains its buy rating on Northern Star Resources shares. The broker is positive about Northern Star's proposed acquisition of DeGrey Mining Ltd (ASX: DEG).
It has a 12-month share price target of $16.59 on the ASX gold mining share.
Bell Potter also has a speculative buy rating on DeGrey Mining and values it at $2.15 per share. DeGrey Mining shares are trading at $1.91 on Friday, down 1.9%.
Pilbara Minerals Ltd (ASX: PLS)
This ASX lithium mining share is down 3.60% at $2.28 on Friday.
Bell Potter has upgraded its rating on Pilbara Minerals from hold to buy. It maintains its 12-month share price target of $2.95.
Bell Potter analyst James Williamson says recent share price weakness makes Pilbara Minerals an attractive investment proposition, given its low-cost operation in a tier-one jurisdiction.
The ASX lithium mining share has dived 27% over the past month.
Williamson said the share price weakness was due to traders reducing their short positions on the stock.
He says lithium markets have stabilised, and commodity prices are slightly up following a rebalancing of supply and demand. Williamson expects the lithium market to return to deficit earlier, in 2026.
Rio Tinto Ltd (ASX: RIO)
This major ASX mining share is trading down 2.74% at $120.76 on Friday.
Goldman Sachs says Rio Tinto has an attractive relative valuation, good free cash flow, and a solid dividend yield. This is underpinned partly by the miner's exposure to copper and aluminium.
The broker has a buy rating on the iron ore mining major with a 12-month share price target of $135.10.
Fenix Resources Ltd (ASX: FEX)
This micro-cap ASX gold mining share is down 1.79% to 28 cents on Friday.
Bell Potter has initiated coverage of Fenix Resources shares with a buy rating. The broker has placed a 12-month price target of 41 cents on the ASX gold mining share.
The broker notes the miner's portfolio of low-capital mining assets and integrated logistics networks.
It says this should continue to underpin robust cash flows, which will fund growth expenditure and shareholder returns in 2025.
