The All Ordinaries Index (ASX: XAO) will shortly include two new ASX All Ords mining stocks.
Namely, Polymetals Resources Ltd (ASX: POL) and Greatland Resources Ltd (ASX: GGP).
The two Aussie miners will be elevated to the All Ords, commencing on Monday, 22 September, as part of the S&P Dow Jones Indices' September quarterly rebalance.
That inclusion alone could provide some tailwinds for their share prices, as their shares will now need to be held by All Ords Index tracking exchange-traded funds (ETFs). The upgrade also opens the door for some fund managers, limited to fishing in the deeper end of the pool, to buy shares.
Atop those potential tailwinds, here's why MPC Markets' Mark Gardner is bullish on the outlook for both ASX All Ords mining stocks (courtesy of The Bull).
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Polymetals' silver lining
"This mining company is developing the high-grade Endeavour silver-zinc-lead mine in the Cobar Basin in New South Wales," Gardner said of Polymetals Resources.
"First cargo of 11,000 wet metric tonnes of zinc concentrate is scheduled to depart in October," added Garnder, who has a buy recommendation on the ASX All Ords mining stock.
According to Gardner:
Polymetals stands to benefit from a lean cost base, high grade assets and increasing institutional interest in silver as a monetary and industrial metal. We believe the company offers attractive upside potential.
He concluded, "We see near term catalysts aligning with long term structural tailwinds."
The Polymetals share price has surged 289% over the past 12 months, currently at $1.05 a share.
Which brings us to…
ASX All Ords mining stock with 'material upside'
Gardner also has a buy recommendation for Greatland Resources.
"Greatland is a gold and copper producer, owning tier-1 assets in Western Australia, including 100% of the Telfer mine," he said.
"It's also developing the Havieron gold and copper project," he added.
As to why he's optimistic on the outlook for the ASX All Ords mining stock, Gardner said:
Fiscal year 2026 guidance of up to 310,000 ounces of gold from Telfer underpins a robust funding base. In its first seven months of operations in fiscal year 2025, the company generated $961.3 million in unaudited revenue from contract customers.
It reported an unaudited net profit after tax of $337.3 million. The balance sheet is strong, with no debt at June 30.
Gardner concluded, "The outlook is bright, and the company offers re-rate potential and material upside, in our view."
Greatland is also listed on the London Stock Exchange. The miner joined the ASX on 24 June this year, and shares have declined 14% since then.
