ASX mining shares are falling on Friday, with the S&P/ASX 300 Metal & Mining Index (ASX: XMM) down 1.3%.
The long-term outlook for mining stocks is positive, with 5 key drivers behind the new commodities super cycle underway.
Several commodities have risen in value this week.
The iron ore price is 3.5% higher this week at US$110.95 per tonne, supported by fresh buying in China amid depleting steel inventories.
Gold is up 2.2% to US$4,714 per ounce, silver is up 6.1% to US$79.48 per ounce, and copper is up 3.4% to US$6.14 per pound.
The lithium carbonate price is up 9.6% to a three-year high of US$28,508 per tonne this week.
This represents a massive increase in 2026 — find out how much and why here.
Meanwhile, let's check out these 4 ASX mining shares with buy ratings from the experts.
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Fenix Resources Ltd (ASX: FEX)
The Fenix Resources share price is 33 cents, down 4.4% today, and up 10% over 12 months.
Bell Potter has a buy rating on this ASX iron ore mining share with a price target of 63 cents.
This suggests 91% capital growth ahead.
After reviewing the miner's 3Q FY26 report, Bell Potter said:
FEX has maintained guidance (upgraded December 2025) of 4.2-4.8Mt sales at average C1 cash cost of A$70-80/wmt.
The company is confident it will maintain sufficient diesel supply for all operational activities.
However, costs are expected to rise in the current quarter with higher fuel and freight rates.
Fenix Resources reported group iron ore production of 1,243kt and sales of 974kt at an average realised price of A$146 per tonne.
Group C1 cash costs were A$70 per tonne, down 7% over the quarter.
The broker added:
FEX has outlined a clear pathway to incrementally grow iron ore production to 10Mtpa at significantly lower unit costs, leveraging its integrated logistics network to underpin cash flows and fund its substantial organic growth outlook.
FEX holds the largest storage position at the strategic and fast-growing Geraldton Port.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is $3.50, down 1.4% on Friday and up 22% over 12 months.
Morgans has a buy rating on this ASX gold mining share with a price target of $6.10.
This suggests a potential 74% upside ahead.
For 3Q FY26, Ramelius reported gold production of 38.1koz at an all-in sustaining cost (AISC) of A$2,211 per ounce.
Morgans noted "strong operating cash flow of A$171.3m with underlying FCF of A$101.9m after A$51.2m growth capex and A$26.4m exploration investment."
The broker added:
We forecast FY26 production within guided midrange of 192.1koz; AISC guidance revised to A$1,900-2,050/oz driven by Dalgaranga commercial production reclassification (~A$100/oz), diesel (~A$35/oz) and royalties (~A$40/oz).
Liontown Ltd (ASX: LTR)
The Liontown share price is $2.48, down 1.2% today and up 358% over 12 months.
Bell Potter has a buy rating on this ASX 200 lithium mining share.
The broker recently lifted its 12-month target from $2.42 to $2.65.
After reviewing Liontown's 3Q FY26 report, the broker said:
LTR is now in a net cash position. Over FY26-27, LTR will continue to ramp up and de-risk Kathleen Valley.
With current lithium price strength, LTR can rapidly generate cash to support incremental production expansions and shareholder returns.
Kathleen Valley is highly strategic in terms of scale, long project life and location in a tier-one mining jurisdiction.
LTR has offtake contracts with top-tier EV and battery OEMs.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is steady at $13.57, up 39% over 12 months.
Bell Potter gives this ASX 200 gold mining share a buy rating and recently raised its target from $16.10 to $16.25.
This suggests a near-20% upside ahead.
The broker explained its positive stance:
CMM is a sector leading gold producer, unhedged and debt free.
It is fully funded to grow production from ~120kozpa to ~300kozpa from two gold mines in WA, each with +10 year mine lives.
CMM is run by a management team that has an excellent track record of delivery.
