Mineral Resources Ltd (ASX: MIN) shares have been very strong performers over the past six months.
During this time, the mining and mining services company's shares have rallied over 120% higher.
This has been driven by a combination of positive company developments, balance sheet deleveraging, and rising lithium prices.
Can its shares keep rising? Let's see what analysts at Bell Potter are saying about the company.
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What is the broker saying?
Bell Potter has been looking at the ASX mining stock ahead of the release of its quarterly update this month. It is expecting a slight quarter on quarter dip in iron ore production with an equally slight increase in costs,. Relatively stable spodumene concentrate production is also on the cards. It said:
In the December 2025 quarter, we expect Onslow iron ore production of around 8.1Mt at unit costs of A$58/t FOB, following strong September 2025 quarter production of 8.4Mt at A$54/t FOB. Pilbara Hub price realisations will fall, with higher Iron Valley volumes ahead of Lamb Creek ramp-up in Q3 FY26. We expect spodumene concentrate production to remain steady and unit costs to trend higher throughout FY26 as mining moves into higher strip areas at Wodgina and Mt Marion.
Where next for Mineral Resources shares?
Thanks to its improving balance sheet and exposure to rising lithium prices, Bell Potter sees value in Mineral Resources shares at current levels.
According to the note, the broker has retained its buy rating on its shares with an improved price target of $68.00 (from $59.00). Based on its current share price of $61.34, this implies potential upside of 11% for investors over the next 12 months.
No dividends are expected in the forecast period.
Commenting on its buy recommendation, the broker said:
EPS changes as a result of these upgrades are: +39% in FY26; +95% in FY27; and +67% in FY28. Our MIN valuation is now $68.00/sh (previously $59.00/sh). Completion of the $1.2b MIN-POSCO lithium transaction will accelerate balance sheet deleveraging paired with higher cash flows from the ramp-up of Onslow iron ore sales. MIN is positioned to benefit from a recovery in lithium markets, holding around 338ktpa (SC6 attributable, pre-POSCO deal completion) of offline spodumene production capacity. MIN's mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume growth.
Overall, Bell Potter doesn't appear to believe it is too late to invest in this miner if you are looking for lithium exposure.
