S&P/ASX 200 Index (ASX: XJO) mining shares experienced an outstanding year in FY26.
The ASX 200 materials sector, which is dominated by miners, was the best-performing of the 11 market sectors, rising 47% and offering a 4.6% dividend yield.
The S&P/ASX 300 Metals & Mining Index (ASX: XMM), which captures more of the mineral explorers than the ASX 200, did even better.
ASX 300 mining shares rose 53.2%, and delivered total returns of 58.59%. Wow.
This all happened because Australia is in the midst of a new mining boom that will be different to the last one in the early 2000s to 2013.
That boom was characterised by insatiable Chinese demand for iron ore to create steel for new infrastructure and residential apartments in the cities.
The new mining boom today is being driven by the green energy transition, the artificial intelligence (AI) build-out, and central bank purchasing of gold.
The green energy transition and AI build-out are driving much higher demand for critical minerals, such as lithium, and base metals, such as copper.
Lithium prices slumped in 2023-2025 due to global oversupply, but supply/demand finally rebalanced at the start of FY26.
Lithium went on to top the charts of best-performing commodities in FY26 by a long way.
The lithium spodumene price rose about 280%, and carbonate soared 160%.
So, it's no surprise to see four lithium producers among the top five ASX 200 mining shares for capital growth last year.
Let's review.
Image source: Getty Images
1. Minerals 260 Ltd (ASX: MI6)
ASX 200 gold share, Minerals 260, skyrocketed 508% to close out FY26 at 73 cents per share.
The mineral explorer is building the Bullabulling Gold Project in Western Australia's Eastern Goldfields region.
Bullabulling is one of Australia's largest near-term gold mines with a Mineral Resource Estimate (MRE) of 130MT at 1.0g/t for 4.5Moz.
Minerals 260 recently signed a $220 million funding deal with gold royalty company, Franco-Nevada Corporation, to advance and de-risk Bullabulling.
2. Elevra Lithium Ltd (ASX: ELV)
This ASX 200 lithium share roared 327% higher to $9.60 apiece in FY26.
Elevra has a globally diversified portfolio of mines and development projects across Québec, North Carolina, Ghana, and Western Australia.
Formed through the merger of Piedmont Lithium and Sayona Mining, Elevra's flagship mine is the North American Lithium Project.
3. PLS Group Ltd (ASX: PLS)
Formerly known as Pilbara Minerals, PLS Group shares rocketed 275% to close out FY26 at $5.02.
PLS Group is the largest lithium miner on the ASX 200 by market capitalisation.
The company's flagship is the Pilgangoora Operation, the world's largest independent hard-rock lithium mine.
4. Mineral Resources Ltd (ASX: MIN)
Iron ore and lithium producer Mineral Resources experienced 188% share price growth in FY26.
The Mineral Resources share price finished the year at $62.65.
Mineral Resources shares were in rebound mode in FY26 after serious corporate governance issues and financial concerns had plagued the company in FY25.
Founder Chris Ellison faced board-imposed financial penalties of $8.8 million and loss of remuneration of up to $9.6 million for reputational damage to the company.
The need to strengthen the balance sheet contributed to the board's call not to pay dividends in FY25. No dividends have been paid in FY26, either.
The Mineral Resources share price hit a 5-year low of $14.05 in April 2025 before commencing its rebound into FY26.
For 1H FY26, Mineral Resources reported its strongest half-year result ever. The miner reported record revenue of $3.1 billion and EBITDA of $1.2 billion.
Rebounding lithium prices and the successful ramp-up of the Onslow iron ore project contributed to the result.
5. Liontown Ltd (ASX: LTR)
The Liontown share price leapt 197% higher to finish the year at $1.58.
Liontown owns one of Australia's newest lithium operations, the Kathleen Valley Project, which only began production in early FY25.
The ASX 200 lithium share had the same commodity tailwinds as other providers last year, as the company sought to ramp up production.
For 1H FY26, Liontown reported a doubling in revenue year over year to $207.5 million, after a 70% lift in spodumene production.
In 3Q FY26, Liontown became cash flow positive and achieved its 1.5Mtpa annualised underground run-rate ahead of schedule.
