There are a lot of options for investors to choose from in the resources sector.
To narrow things down, let's find out what Morgans is saying about three ASX shares that have recently released updates.
Here's what you need to know:
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Amplitude Energy Ltd (ASX: AEL)
Morgans remains positive on this energy producer's shares following its fourth-quarter update. This was particularly the case with the Orbost operation, which continues to outperform.
In response, the broker has retained its buy rating and $3.05 price target on the company's shares. It said:
A solid Q4 production and sales result, with Orbost's continued outperformance the obvious standout. As we expected, revenue dipped on softer Victorian and South Australian spot prices through the quarter, though by less than we had allowed for. FY26 closed with records across the board. Group production of 27.6PJe (+3%), revenue of A$285.8m (+7%) and a record realised gas price of A$10.35/GJ (+4%), while net debt was slashed 85% yoy to A$37.2m.
Management's outlook commentary was very positive, with the flagship Orbost plant setting fresh production records post quarter end. AEL is our top energy sector pick following recent share price weakness. We maintain our BUY rating and A$3.05 target price.
Evolution Mining Ltd (ASX: EVN)
The broker notes that this gold miner delivered a result in line with expectations. And while capital expenditure will be higher than forecast in FY 2027, it remains positive on the investment opportunity here.
Morgans has retained its buy rating with a trimmed price target of $14.60. It commented:
4Q26 result and FY26 guidance were largely in line with expectations. FY27 outlook commentary flagged higher capex than previously expected and inflationary impacts to AISC, which affect FY27 cash flow forecasts. Maintain BUY with a A$14.60ps target price (previously A$16.00ps).
Rio Tinto Ltd (ASX: RIO)
Morgans highlights that this mining giant's Pilbara operations outperformed expectations during the second quarter. And while the Simandou operation's performance was weak, the broker doesn't see this as a negative.
However, for valuation reasons, Morgans only has a hold rating and $163.00 price target on Rio Tinto shares.
RIO posted a healthy Q2 where it matters, with Pilbara shipments beating consensus (+2%), while we see the headline Simandou miss (-68% vs consensus) as a net positive: a slower Simandou ramp supports iron ore benchmarks, and each US$10/t on the benchmark is worth ~US$2.5bn of annual EBITDA to RIO's far larger Pilbara business. The sting in the tail was Kennecott, with a late June converting furnace breach requiring a ~75-day full rebuild, hitting H2 refined copper and gold output (total copper including saleable matte unchanged).
Copper C1 guidance halved to US30-50c/lb, on strong by-prod prices, a material margin tailwind into the H2 result. Trading back close to where we see fair value, RIO remains one of the highest quality global exposures to a sector enjoying a multi-year upcycle (albeit not without its volatility). We maintain our HOLD rating, A$163.00 TP (was A$165.00).
