There are a lot of options for investors to choose from in the mining sector.
So many, it can be hard to decide which ones to buy above others.
To narrow things down, let's see what the team at Morgans is saying about three of the most popular ASX mining shares out there. Here's how it rates them:
Rio Tinto Ltd (ASX: RIO)
Morgans notes that Rio Tinto released its half year results last week and delivered numbers a touch ahead of expectations. This was thanks largely to its copper operations.
However, it isn't enough for the broker to change its recommendation on Rio Tinto's shares. It has held firm with its hold rating and a $110.00 price target on them. It said:
RIO delivered a healthy 1H25 result coming in just ahead of estimates, helped by a solid beat in copper EBITDA, strong on volumes and costs. Copper C1 cost range cut to US110-130 cents/lb (from 130-150). Free cash flow and net debt was solid versus consensus estimates, but is unlikely to rebound in 2H with US$6bn capex implied by guidance. Interim dividend US148 cents. We maintain our HOLD rating with a A$110 target price.
Mineral Resources Ltd (ASX: MIN)
This mining and mining services company is another ASX share that Morgans has been looking at.
It notes that the company achieved its guidance in FY 2025 and the Onslow operation is expected to hit nameplate production in the current quarter.
But as with Rio Tinto shares, this isn't enough for a bullish recommendation. Morgans has put a hold rating and $31.00 price target on its shares. It summarises:
FY25 guidance met across all segments, Onslow on track for nameplate in 1Q26. Year-end net debt expected to be ~$5.35bn, with ND/EBITDA of ~6.2x. We rate MIN a HOLD (previously TRIM) with a A$31ps TP (previously A$30ps).
Pilbara Minerals Ltd (ASX: PLS)
Finally, one ASX mining share that gets the seal of approval from Morgans is lithium miner Pilbara Minerals.
It was impressed with its fourth quarter performance, highlighting that its production was comfortably ahead of expectations. The broker was also pleased with its guidance for the year ahead.
As a result, Morgans has put a buy rating and $2.30 price target on its shares. It said:
4Q25 spodumene production of +77% qoq resulted in a strong beat to consensus expectations and MorgansF, as well as a +2% beat to FY25 guidance. FY26 guidance implies +12% yoy production growth and -7% yoy cost reductions and is in line with prior consensus and MorgansF. Balance sheet remains solid, with MorgansF year-end net cash of A$521m. Maintain our BUY rating with a A$2.30ps target price (previously A$2.20ps).
