ASX mining shares are higher on Wednesday with the S&P/ASX 300 Metal & Mining Index (ASX: XMM) up 2.3%.
The broader S&P/ASX 300 Index (ASX: XKO) has now slipped into the red for 2026, down 1.4% the year to date (YTD).
However, ASX mining shares are on a different path, up 21% YTD.
The long-term outlook for the mining sector remains bright, despite the short to medium-term headwind of the global oil shock.
As we've reported, there are many drivers behind the new commodities super cycle now underway.
ASX mining shares began the year well after spectacular 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 war in Iran.
In April, the index rose 5.2% as investors bought the dip. In May, ASX mining shares have gathered even more strength, up 12.3% so far.
And today, BHP Group Ltd (ASX: BHP) reclaimed its crown as the market's largest company, while also resetting its record price at $62.30.
With mining looking attractive for the long term, here are two ASX shares tipped to rocket 55% to 85% over the next year.
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Fenix Resources Ltd (ASX: FEX)
The Fenix Resources share price is steady at 35 cents, down 28% YTD.
Bell Potter has a buy rating on this ASX iron ore mining share with a price target of 63 cents.
This suggests 83% capital growth ahead.
For 3Q FY26, Fenix Resources reported group iron ore production of 1,243kt and sales of 974kt.
Its average realised price was A$146 per tonne. Group C1 cash costs were A$70 per tonne, down 7% over the quarter.
The broker said:
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.
On Wednesday, iron ore was trading at a near 15-month high of US$111.10 per tonne, mainly due to resurgent industrial activity in China.
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is 46 cents, up 2.7% today and down 22% YTD.
Morgans reiterated its buy rating on this ASX copper mining share after the miner released its 3Q FY26 report.
The broker expects the Aeris Resources share price to rise more than 55% to its previous 52-week high of 70 cents within 12 months.
Morgans said:
Copper production missed on lower Tritton grades but this was offset by a solid cost performance and strong cash flow (+72% qoq), materially strengthening the balance sheet and funding flexibility.
Tritton is set up for a stronger 4Q26, while Constellation, Golden Plateau and the Peel acquisition underpin a longer-term production and mine life extension story.
Today, the copper price reached a new record high of US$6.60 per pound, up 7.6% over the past week and 16% in the YTD.
