Looking to buy a few, or even seven, ASX mining shares to slip into your Christmas stockings?
Then Macquarie Group Ltd (ASX: MQG) has some new stock upgrades for you.
In the broker's latest Commodities Update report, it notes that for 2026:
In the short term (CY26) we are overweight Gold (Au) with a 22% increase to CY26 price to US$4,225/Oz; we are 8% above VA consensus. Our Spodumene prices are 15%/20% below consensus/spot for CY26, but we note our med-long prices are 15% above consensus.
We are even-weight (within 5% of consensus) on Iron Ore (Fe), Met-Coal, Aluminium (Al), Thermal Coal and Nickel (Ni) in CY26E, but note our Fe and Thermal outlooks weaken over time.
Here's what that all boils down to for these seven upgraded ASX mining stocks.
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From underperform to neutral
Two large-cap ASX mining shares just earned upgrades from an underperform rating to neutral.
The broker noted that Mineral Resources Ltd (ASX: MIN) shares were raised to neutral, with the diversified S&P/ASX 200 Index (ASX: XJO) miner seeing "large EPS changes in FY26/27 as iron ore and lithium prices are materially raised".
With Macquarie's bullish outlook on the gold price, ASX 200 gold stock West African Resources Ltd (ASX: WAF) also earned an upgrade to neutral.
Macquarie expects these five ASX mining shares to outperform
Turning to the Aussie mining stocks Macquarie expects to outperform in 2026, ASX 200 coal miner Whitehaven Coal Ltd (ASX: WHC) was raised from neutral to outperform.
Macquarie said:
WHC remains our preferred coal exposure, which benefits from an expanded earnings multiple from 4.0x to 5.0x due to a recent tightening of the spread against peers (BHP/RIO, etc).
In the diversified ASX mining share space, Macquarie said "We prefer Rio Tinto Ltd (ASX: RIO) to BHP Group Ltd (ASX: BHP) and prefer South32 Limited (ASX: S32) outright."
The broker upgraded South32 to outperform "given prospects of an improved returns outlook and a favourable catalyst backdrop".
And three ASX gold stocks join the outperforming list.
Macquarie raised Newmont Corp (ASX: NEM) to outperform, stating:
We switch our large-cap preference from NST to NEM, due to its relatively attractive valuation (P/NPV of 0.9x vs NST at 1.1x) and underperformance over the last three months with NEM +21% and NST +36%.
Ora Banda Mining Ltd (ASX: OBM) also earned an upgrade to outperform.
Macquarie noted:
We still expect gold to trade at historically high levels in the near-term while also being held back by an upturn in global growth and a monetary policy easing cycle that falls short of market expectations.
And stating, "we remain overweight gold", Macquarie also raised ASX mining share Resolute Mining Ltd (ASX: RSG) to an outperform rating.
Happy Christmas stock shopping!
