S&P/ASX 200 Index (ASX: XJO) mining shares had a ripper year in FY26.
The S&P/ASX 200 Materials Index (ASX: XMJ), dominated by miners, soared 47% and produced a total return of 52%.
The S&P/ASX 300 Metals & Mining Index (ASX: XMM), which captures more of the smaller explorers, did even better.
ASX 300 mining shares rose 53%, and delivered a total return of 59%.
Let's take a look at some fresh buy, hold, and sell calls in the mining sector for FY27.
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Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is $11.24, down 2.3% today and up 55% over 12 months.
In its 2Q FY26 report, the miner reported production of 180,000 ounces of gold and 19,000 tonnes of copper.
Total FY26 production came in at 715,000 ounces of gold and 66,000 tonnes of copper.
The all-in sustaining cost (AISC) for gold in FY26 was AU$1,717 per ounce.
Evolution reported record operating mine cash flow of $3,394 million and net mine cash flow of $2,079 million.
Managing Director and CEO, Lawrie Conway, said:
FY26 continued to build on the improved consistent performance of the past couple of years, meeting Group production and cost guidance.
We are now fully unhedged and in a net cash position with a cash balance of $1,347M.
All high-return organic growth projects remain on schedule and budget.
JP Morgan maintained its buy rating on Evolution Mining shares after reviewing the report.
The broker trimmed its 12-month target from $14.30 to $14.10.
This suggests a potential 25% upside for FY27 for the ASX gold mining share.
29Metals Ltd (ASX: 29M)
The 29Metals share price is 25 cents, down 2% today and down 15% over 12 months.
For the June quarter, 29Metals reported copper production of 4.8kt and zinc production of 3.1kt at Golden Grove.
The miner said drilling continued to indicate the existing Mineral Resource Estimate could be expanded.
Development at Oizon, a high-grade copper ore reserve at Gossan Hill, is progressing with first ore expected by the end of 2026.
29Metals CEO James Palmer, said:
The team continue to advance development to the Gossan Valley and Oizon orebodies, and progress works to recommence mining at Xantho Extended in the December quarter.
The progressive ramp-up of mining from these high-grade ore sources is expected to provide mine plan flexibility and support metal production growth at Golden Grove from the end of 2026.
Capricorn Copper continues to present as a low capital intensity pathway to more than double 29Metals' annual copper production.
With water levels no longer an impediment to a restart of production, all focus is now on regulatory approval of our application for a new Tailings Storage Facility and completion of a Restart Definitive Feasibility Study by the end of 2026.
Morgans reiterated its hold rating on 29Metals shares after reviewing the report.
The broker commented:
Copper production missed forecasts, but copper sales and zinc, gold and silver production made up for it, leading to a ~30% revenue beat versus forecasts.
Liquidity remains sound. Cash and liquidity came in ahead of expectations.
The broker has a 12-month target of 26 cents on 29Metals shares.
This implies the ASX copper mining share is already near-fully valued.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is $159.83, down 2.3% today and up 37% over 12 months.
For 2Q FY26, Rio Tinto reported a 3% increase in copper production and a 20% lift in lithium production year-over-year.
The company also reported a 5% increase in global iron ore sales.
Rio Tinto CEO, Simon Trott, commented:
We are delivering growth as we drive performance across the group, with copper equivalent production up 3 per cent in the first half.
Our scale, geographical diversification and sophisticated supply chains continue to underpin our resilience and strong operational performance despite ongoing geopolitical uncertainty throughout the period.
Morgan Stanley reiterated its sell rating on Rio Tinto shares with a price target of $147.50.
This suggests a potential 8% downside in FY27 for the ASX iron ore mining share.
