There are a lot of options to choose from in the mining sector.
To narrow things down for investors, let's take a look and see what analysts at Morgans are saying about the three ASX mining stocks listed below.
Here's what you need to know about them:
Catalyst Metals Ltd (ASX: CYL)
Catalyst Metals could be an ASX mining stock to buy according to the team at Morgans.
It recently put a buy rating and $6.75 price target on the gold miner's shares. This implies potential upside of 33% for investors over the next 12 months. The broker said:
Ahead of the June quarter results we update our model to account for the recent Old Highway acquisition as well as adjustments to quarterly and FY26 forecasts. With the majority of ASX gold producers reporting unit costs to the upper end of our forecasts, we adjust our cost estimates to reflect the broader upward trend across the gold space. We upgrade CYL to a BUY recommendation (previously ACCUMULATE).
Liontown Resources Ltd (ASX: LTR)
Another ASX mining stock that Morgans has been looking at is Liontown Resources. It is the lithium miner behind the Kathleen Valley operation.
It wasn't overly impressed with its recent quarterly update and has reaffirmed its sell rating on its shares with an improved price target of 56 cents. This suggests that downside of 28% is possible between now and this time next year.
Commenting on its quarter, the broker said:
4Q25 spodumene production fell -10% qoq, but the result was lifted by sales which were +4% qoq. LTR finished FY25 with A$156m of cash (-10% qoq). FY26 will be a transitional year with production and cost reductions to be 2H26 weighted as LTR ramps up underground mining. We maintain our SELL rating with a A$0.56ps target price (previously A$0.50ps).
Sandfire Resources Ltd (ASX: SFR)
Finally, this copper miner released a solid quarterly update this week. However, the broker hasn't seen enough in the update to change its recommendation. It continues to rate the ASX mining stock as a hold with an $11.40 price target. This implies potential upside of 6% for investors over the next 12 months.
Speaking about its performance, Morgans said:
Solid 4Q25 sees SFR's FY25 CuEq production miss guidance by a minor -1%. Net debt reduced by -49% qoq, with net cash now imminent. We maintain our HOLD rating with a A$11.40ps TP (previously A$11.60ps).
