S&P/ASX 200 Index (ASX: XJO) shares are up 1.1% and the materials sector is outperforming again today.
ASX 200 materials is up 1.5% as mining shares continue their remarkable run on the back of strongly increasing commodities.
The market's largest miner, BHP Group Ltd (ASX: BHP), rose to a two-year high of $50.08 per share this morning.
Amid this rosy backdrop, here are two outperforming ASX mining shares that have more than tripled in value over the past year.
And Canaccord Genuity reckons they still have more room to run.
Sun Silver Ltd (ASX: SS1)
Sun Silver is developing the Maverick Springs silver-gold deposit in Nevada, US.
The deposit has a JORC Inferred Mineral Resource Estimate of 539 Moz silver equivalent (AgEq) at 71g/t AgEq.
This includes 347.5Moz Ag at 45.5g/t Ag and 2.25Moz gold at 0.30g/t Au.
Sun Silver says this makes Maverick Springs the largest pre-production primary silver deposit listed on the ASX and within the US.
This month, Sun Silver tripled its landholding by staking 427 additional lode claims to the north and south of the existing project.
The Sun Silver share price is $2.39, up 3.01% after reaching a record $2.44 in earlier trading.
This ASX silver mining share has soared 237% over the past 12 months.
Sun Silver is benefiting from the gallivanting silver price, which leapt beyond US$100 per ounce for the first time yesterday.
Silver is supply-constrained at a time of rapidly rising global demand, largely due to its industrial usage in the green energy transition.
Silver is a key input in solar panels, tech devices, electric vehicles, and data centres due to its superior electrical conductivity to copper.
The silver price is up 256% over the past 12 months.
Like gold, silver is also a precious metal finding favour with investors as a safe haven amid volatile global geopolitics and economics.
This month, Canaccord Genuity reiterated its buy rating on Sun Silver with a share price target of $4.15.
This implies a potential upside of close to 75% over 12 months.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is 28 cents, down 3.5% on Tuesday and up 211% over the past year.
This ASX lithium mining share is riding the wave of increased demand for lithium since mid-2025.
The global oversupply that smashed lithium commodity prices in 2023 is over, and demand for batteries and electric vehicles is rising.
Analysts at Trading Economics say the lithium carbonate price is now at a two-year high and up 30% already in 2026.
Core Lithium put its flagship Finniss Project into care and maintenance in early 2024 due to weak lithium prices.
The miner released a restart plan last year and says it will only take a month to resume production, once it finds new financial partners.
This month, Canaccord Genuity reiterated its buy rating on Core Lithium and lifted its share price target from 27 cents to 40 cents.
This implies a potential upside of more than 40% over 12 months.
