There are a lot of options for investors to choose from in the mining sector.
So, to narrow things down, let's take a look at three that Morgans currently rates as buys. They are as follows:
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Capstone Copper Corp (ASX: CSC)
This copper miner's fourth quarter performance might have been a touch softer than expected, but Morgans remains positive due to its strong production growth outlook.
As a result, the broker has a buy rating and $16.00 price target on the ASX mining stock. It said:
Small 4Q25 EPS miss vs expectations but the near-long term reset in production targets (265kt vs 280kt near term, 375kt vs 400kt long term) was the driver of the -9% share price reaction, in our view. We trim our long-term production assumptions and target price to A$16ps (from A$16.60ps).
Even on a moderated growth profile, CSC still delivers ~60% production growth to CY30 from current CY26 forecasts and trades cheaply at 6x/4x CY26/CY27 EV/EBITDA, pricing in US$4.25/lb copper into perpetuity. Maintain BUY with a A$16ps target price (previously A$16.60ps).
Catalyst Metals Ltd (ASX: CYL)
Another ASX mining stock that gets the thumbs up from Morgans is gold miner Catalyst Metals.
It is expecting big things to commence in FY 2027 and is urging investors to buy its shares now before it's too late. The broker has a buy rating and $15.24 price target on its shares.
1H26 result was broadly in line with expectations, with FY26 shaping as a foundation year ahead of a step-change in ounce growth from FY27 and beyond, underpinned by ~10 years of reserves. Key positive: Continued uplift in the price of gold has delivered a material uplift in revenue (+50% pcp) and underlying EBITDA (+92%) despite ounce production effectively being flat pcp.
Minerals 260 Ltd (ASX: MI6)
Finally, this gold developer could be an ASX mining stock to buy according to Morgans.
It likes the company due to its recent funding package and attractive valuation. The broker has a buy rating and $1.20 price target on its shares. It said:
MI6 has agreed to a A$220m funding package with Franco-Nevada Corporation (Franco) to accelerate the development of the 4.6Moz Au Bullabulling Gold Project. The A$220m funding package consists of an updated A$170m royalty agreement lifting the total royalty to 2.45% (previously 1%) and a A$50m private placement to Franco at a 7% premium to last close.
Based on our forecasts, the upfront royalty consideration implies a long-term gold price of ~A$7,500/oz Au. This is materially above consensus assumptions and suggests the funding has been secured on favourable implied terms for MI6. We maintain our BUY recommendation and lift our target price to A$1.20 (previously A$1.10).
