ASX investors are always on the lookout for S&P/ASX All Ordinaries Index (ASX XAO) mining stocks.
Australia is known for its resources sector. It ranks among the top global producers for bauxite, iron ore, rutile, and lithium.
Often, it is a select few ASX small-cap mining stocks that deliver outsized returns. However, over the past few years, several ASX large-cap stocks have also beaten the market by a wide margin. These include the likes of Newmont Mining (ASX: NEM) and Evolution Mining Ltd (ASX: EVN), which have risen 55% and 133%, respectively, over the past year.
There are several reasons to sell an ASX All Ords mining stock, including for valuation reasons.
In a 1 October report, Commodities Update: Balancing Act, Macquarie Group Ltd (ASX: MQG) downgraded the following 6 ASX All Ords mining stocks.
Are any of these on your radar?
29 Metals Ltd (ASX: 29M)
29 Metals shares have surged 100% for the year to date.
Macquarie recently downgraded the stock from outperform to neutral, noting:
We downgrade 29M to neutral after incorporating reduced CY25 production forecasts (zinc production guidance withdrawn following seismic impacts at Xantho Extended) and strong share price performance.
Aeris Resources Ltd (ASX: AIS)
Aeris Resources shares have also rallied this year, climbing 192% in 2025.
Macquarie also downgraded the stock from outperform to neutral on similar grounds, writing:
AIS is the best-performing stock in the base metals coverage universe and the increase in our earnings outlook due to higher copper prices results in a significant 79% uplift in our TP, but we downgrade AIS to Neutral after the stock has rallied 177% YTD [vs ASX200 up 8%].
Capricorn Metals Ltd (ASX: CMM)
Capricorn Metals shares have lifted 117% for the year to date.
Macquarie also downgraded the stock from neutral to underperform on valuation grounds, with a price target of $11.
Regis Resources Ltd (ASX: RRL)
Regis Resources shares have risen 135% for the year to date.
Macquarie also downgraded Regis Resources shares from neutral to underperform, and placed a price target of $5.20 on the stock.
Ramelius Resources Ltd (ASX: RMS)
Ramelius Resources are up 85% this year.
Macquarie recently downgraded the company from outperform to neutral and assigned it a price target of $3.70.
Perseus Mining Ltd (ASX: PRU)
Perseus Mining shares have lifted 86% this year.
Macquarie recently downgraded the company from outperform to neutral. The broker now has a price target of $4.70 on the stock.
