ASX small-cap shares have a market capitalisation of between a few hundred million and $2 billion.
In the mining space, small-caps are typically junior producers or mineral explorers that are still focused on test drilling.
Resilient commodity prices are supporting ASX mining shares in 2025, leading to an outperformance against the benchmark.
The S&P/ASX 300 Metal & Mining Index (ASX: XMM) is up 23.4% while the S&P/ASX 300 Index (ASX: XKO) has lifted 7.8% in 2025.
In terms of commodity prices, silver has been the standout.
The silver price has soared 67% in the year to date to US$48.30 per ounce yesterday, supporting ASX small-cap silver mining shares.
The gold price is 52% higher in the year to date, and reached a new record above US$4,300 per ounce last month.
As we reported last month, many ASX small-cap gold mining shares are shooting the lights out this year.
Copper has also risen strongly, up 26% to US$5 per pound in the year to date, supporting pure-play copper shares and major diversified miners with expanding copper segments.
Aluminium is up 12% to US$2,863 per tonne, cobalt has doubled to US$48,570 per tonne, and tin is up 23% to US$35,814 per tonne.
Iron ore was trading at US$104.73 per tonne yesterday, up 1.1% in 2025, providing support for the three major ASX 200 iron ore shares.
In 2025, BHP Group Ltd (ASX: BHP) and Fortescue Ltd (ASX: FMG) shares are both up 8% and Rio Tinto Ltd (ASX: RIO) is up 11%.
The mining segment's strong performance relative to the broader market is particularly evident among small-cap mining shares.
Let's check out some examples.
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4 ASX small-cap mining shares that have doubled in 2025
Here are four ASX small-cap mining shares that have doubled in value in the year to date.
Kingsgate Consolidated Ltd (ASX: KCN)
The Kingsgate share price has ripped 242% in the year to date, closing at $4.41 yesterday.
Kingsgate is an Australian gold and silver producer and the owner and operator of the Chatree Gold Mine in central Thailand.
It also owns and operates the Nueva Esperanza Gold-Silver Project in the renowned Maricunga Belt in northern Chile.
Kingsgate Consolidated shares have a market capitalisation of $1.1 billion.
Cyprium Metals Ltd (ASX: CYM)
Cyprium Metals shares are up 1,850% in the year to date, closing at 39 cents yesterday.
Cyprium's flagship property is the Nifty Copper Complex in Western Australia.
Nifty previously produced significant copper oxide and sulphide.
The site has a Mineral Resource Estimate of 1,038,000 tonnes of copper and a mineral inventory of 91,000 tonnes of copper.
Cyprium Metals intends to redevelop Nifty, which has current operational approvals and recent new investment backing.
This ASX small-cap copper mining share a market capitalisation of $109 million.
Locksley Resources Ltd (ASX: LKY)
The Locksley Resources share price is up 1,650% in the year to date, closing at 35 cents yesterday.
Locksley Resources is a critical minerals explorer advancing its flagship Mojave project in California in the US.
The Mojave project includes the Desert Antimony project and El Campo rare earths prospect.
On The Bull, Niv Dagan from Peak Asset Management warned of a likely period of profit-taking on Locksley Resources shares.
The ASX small-cap mining share streaked to a record 69 cents in September.
Despite its recent tumble, the stock's 2025 gain remains impressive.
Locksley Resources shares have a market cap of $96 million.
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is up 125% in the year to date, closing at 41 cents on Thursday.
Aeris Resources is a mid-tier base and precious metals producer, with a copper-dominant portfolio.
Its main copper project is Tritton, which is a long life mine in Cobar, NSW.
In Queensland, Aeris Resources has the high-grade gold project, Cracow, in the state's centre, as well as North Queensland operations.
In Victoria's East Gippsland, Aeris has an advanced copper and zinc development project called Stockman.
Aeris Resources shares have a market capitalisation of $374 million.
