S&P/ASX 200 Index (ASX: XJO) mining shares outperformed in FY26 as the new boom, driven by the green energy transition, continued.
Materials, which is dominated by miners, was the best performer of the 11 market sectors, rising 47% and giving a total return of 52% last year.
The artificial intelligence (AI) build-out, and an increasing desire for sovereign energy capability, is further driving the mining boom.
If you want to get in on the action, here are four ASX 200 mining shares that experts have rated buys after their June quarter reports.
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Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is $3.10, down 2.8% today and up 18% over 12 months.
The ASX 200 gold miner released its June quarter report yesterday.
Ramelius Resourcres reported gold production of 53,466 ounces at an all-in sustaining cost (AISC) of $1,973 per ounce for the quarter.
The miner said it had operating cash flow of $191.2 million and underlying free cash flow of $138.3 million.
Ord Minnett retained its buy rating but reduced its price target from $5.30 to $4.80.
This still implies a potential 55% upside over the next 12 months.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is $166.86, up 0.9% today and up 44% over 12 months.
Rio Tinto released its 1H FY26 results this week.
The miner reported a 15% increase in revenue to US$31 billion and a 28% rise in underlying EBITDA to US$14.8 billion.
JP Morgan reiterated its buy rating with a slightly reduced price target of $207.
This implies a potential upside of 24% ahead.
Newmont Corporation CDI (ASX: NEM)
The Newmont share price is $130.41, down 1.8% today and up 33% over 12 months.
Newmont released its 2Q FY26 report last week.
Morgans maintained its buy rating but cut its price target from $201 to $194.
This still suggests a potential near 50% gain ahead.
The broker commented:
A broadly in-line result with small beats and misses across the board despite the Cadia disruption, with the qoq earnings decline driven by a lower realised gold price rather than operating performance.
NEM's capital returns remain best in class among its gold peers, with US$1.9bn returned this quarter implying a capital return yield of around 7-8%.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is $57.80, up 3.9% today and up 88% over 12 months.
The ASX 200 mining giant released its 4Q FY26 report yesterday.
The miner said it had delivered record mining and lithium volumes in the June quarter.
The company also boasted achieving or exceeding guidance across all business segments and reducing net debt.
Morgans raised its rating from accumulate to buy with an unchanged $68 target.
This suggests an 18% upside ahead.
Morgans said:
MIN delivered a strong 4Q26 result, with production and cost beats across mining services, iron ore and lithium.
FY26 guidance was achieved or exceeded across every segment.
Net debt reduced to A$4.3bn (-8% below expectations) and is now below 2x ND/EBITDA on our FY26 EBITDA forecasts.
