ASX mining stocks have been mixed in 2026 so far. ASX iron ore giants like BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) have gone from strength to strength during the first four months of the year.
Then there are the gold miners like Evolution Mining Ltd (ASX: EVN) and Genesis Minerals Ltd (ASX: GMD) which have had a much slower start to the year (or in Genesis' case, even tumbled in value).
But there is another ASX mining stock which has caught my eye recently.
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The booming ASX mining stock tipped to keep going
Mineral Resources Ltd (ASX: MIN) shares closed 4% higher on Tuesday afternoon, at $61.37 a piece.
The shares are down 11% higher for the year-to-date and an enormous 238% higher than this time last year.
That means $6,000 invested in Mineral Resources shares would be worth a huge $20,280 today.
The best part is, the majority of analysts think the ASX mining stock will continue to increase.
According to TradingView data, 10 out of 15 analysts have a buy or strong buy rating on the shares. Another three have a hold rating and two rate the stock as a strong sell.
The average $61.83 target price implies a 1% upside at the time of writing. But some think the ASX mining stock can jump 27% to $78 a piece over the next 12 months.
Why are Mineral Resources shares storming higher?
The ASX iron ore and lithium mining stock has flown higher over the past year, partly off the back of a lithium market rebound.
A rally in lithium prices and sentiment, primarily driven by a surge in interest in electric vehicles (EVs) and battery energy storage. Global EV sales have been rising faster than carmakers can keep up, and demand for grid-scale energy is also soaring.
EV demand spiked even higher recently after the conflict in the Middle East threatened global fuel supplies and prompted a shift towards EVs as an alternative. Lithium miners like Mineral Resources have scooped up a lot of demand.
The iron ore price growth and some record earnings results has also driven the ASX mining stock higher this year.
Most recently, Mineral Resources priced a US$1.3 billion senior unsecured notes offering last week. The two-tranche deal will have US$650 million due in 2032 and another US$650 million due in 2034. The notes carry interest rates of 6% and 6.25% respectively. The miner said the proceeds will be used alongside existing cash to refinance debt, including the full repayment of US$625 million in notes due in November 2027.
The news follows the company's half-year FY26 results announcement in February. Mineral Resources posted a 286% year-on-year increase in its EBITDA for the six month period ending 31 December.
The ASX miner also posted a 33% year-on-year revenue increase to a new all-time half-year high.
The ASX company credited the strong result to an "outstanding operational performance".
