ASX mining shares are falling on Thursday with the S&P/ASX 300 Metal & Mining Index (ASX: XMM) down 2.1%.
The long-term outlook for the mining sector is bright, but the ongoing fuel crisis presents a short to medium-term headwind.
ASX mining shares began the year well after a ripsnorting period of growth last year.
The ASX 300 Metals & Mining Index rose 9.7% in January and 9.3% in February, but fell 14.1% in March due to the oil shock.
In April, the index rose 5.2% as investors bought the dip.
However, as more stories of higher fuel costs at mining operations emerge, ASX mining shares may once again experience volatility.
Regardless, experts say there are good long-term buys amid all this uncertainty.
Here are five ASX mining shares with buy ratings this week.
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Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price is $6, down 5.6% today.
In the YTD, this ASX 200 gold mining share has fallen 17.9%.
Shaw and Partners reiterated its buy rating on Genesis Minerals shares this week.
The broker has a $10 price target on the stock, suggesting a potential 58% upside ahead.
In a new note, the broker said:
March quarter production was slightly below expectations, as was FY26 guidance commentary.
However, any perceived 2H weakness is largely driven by a reduction in third-party ore purchases.
Genesis Minerals Limited (ASX:GMD) owned mines ramp-up well in Q3, with better production expected Q4 and beyond.
Shaw & Partners noted that higher diesel prices had had only a minor impact on the gold producer's quarterly results.
GMD budgeted for diesel at A$1.10/L which would have been ~4% of costs.
GMD has found no interruption to supply, and can mitigate its diesel use if required.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is $16.52, down 1.1% today.
In the YTD, this ASX 200 copper mining share has fallen 8.3%.
Morgans upgraded its rating on Sandfire shares this week.
The broker moved from hold to accumulate with an unchanged 12-month price target of $20.40.
The target suggests a near-25% capital gain ahead.
Morgans said:
3Q26 production weakness was pre-flagged and driven by grade timing and weather impacts, with improving throughput at MATSA and grade uplift at Motheo to support a strong 4Q26 finish.
Costs remain well controlled but risks are building through potential Middle East conflict impacts.
Move to an ACCUMULATE (previously HOLD) rating with an unchanged A$20.40ps target price, with recent weakness presenting a more attractive entry point against a constructive copper outlook.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is $6.97, down 2.5% today.
In the YTD, this ASX 200 gold mining share has fallen 8.7%.
Macquarie maintained its buy rating on Regis Resources shares this week.
The broker lowered its price target from $9.70 to $9.50, which still suggests strong upside of 36% ahead.
Alkane Resources Ltd (ASX: ALK)
The Alkane Resources share price is $1.53, down 1.2% today.
In the YTD, this ASX gold mining share has lifted 10.7%.
Bell Potter renewed its buy rating on Alkane Resources shares this week.
The broker lifted its price target from $1.95 to $2.10.
The target suggests possible capital growth of 37% ahead.
In a new note, the broker said:
ALK offers multimine gold and antimony exposure across three attractive jurisdictions, a strong balance sheet and an operating platform focused on organic and inorganic growth options.
Valuation metrics are undemanding and we retain our Buy recommendation.
Newmont Corporation CDI (ASX: NEM)
The Newmont share price is $151.41, down 1.4% today.
In the YTD, this ASX gold mining share has edged 0.2% higher.
Citi renewed its buy rating on Newmont shares on Tuesday with a $215 target.
This suggests potential capital growth of 42% ahead.
