Mineral Resources Ltd (ASX: MIN) shares have been on a tear since early April, following on a rough 11-month slide.
On 9 April, shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed trading for $14.40. That saw the share price down a painful 58.5% in 2025.
But amid renewed optimism that a US-China trade war will be averted, portending stronger global demand for lithium and iron ore, investors have sent the ASX 200 mining stock soaring since then.
Despite sliding 5.8% in intraday trading today to $24.87, Mineral Resources shares remain up a whopping 72.7% since 9 April's close.
And according to Medallion Financial Group's Stuart Bromley, the ASX 200 miner still looks "heavily undervalued" (courtesy of The Bull).
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Is the ASX 200 mining stock a buy?
"Mineral Resources is a diversified resources company, with extensive operations in lithium, iron ore, energy and mining services across Western Australia," said Bromley, who has a buy recommendation on Mineral Resources shares.
"The share price closed at $14.40 on April 9. Identifying value, buyers have since stepped in to see the share price trading at $26.67 on May 15," he noted.
But Bromley expects there could be more gains on the table.
"The iron ore and lithium mining divisions still appear heavily undervalued at this point," he said.
As for the ASX 200 miner's debt burden, Bromley said, "We note MIN's high debt carries risk, but the stock presents as an appealing opportunity provided the company doesn't need to raise capital."
While a capital raise isn't out of the question, when it released its third-quarter update on 29 April, the company said it was not considering this due to its strong liquidity and "a number of other levers" at its disposal.
Mineral Resources shares closed up 13.2% on the day.
The miner reported having more than $1.25 billion in liquidity. That includes more than $450 million in cash and an undrawn $800 million credit facility. As at 31 March, the company had net debt of $5.4 billion.
How high might Mineral Resources shares go from here?
Medallion Financial Group's Bromley didn't offer a price forecast for Mineral Resources shares.
But following the miner's third-quarter results, the analysts at Macquarie Group Ltd (ASX: MQG) did.
According to the broker, Mineral Resources' third-quarter report "was on balance a good result, with Onslow shipments (-6%) lower vs VA consensus" but in line with Macquarie's own estimates.
Macquarie has an outperform rating on Mineral Resources shares with a $35.00 12-month target. That's more than 40% above the current share price.
