Mineral Resources Ltd (ASX: MIN) shares are jumping higher today.
Again.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed yesterday trading for $57.79. In morning trade on Friday, shares are changing hands for $58.97 apiece, up 2%.
That sees the Mineral Resources share price up a whopping 106.3% since this time last year.
For some context the ASX 200 is up 0.9% today and up 3.5% in 12 months.
We'll look at what top brokers are forecasting for the miner's surging share price below.
But first…
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What's been sending the ASX 200 mining stock flying?
Mineral Resources shares have been on a tear amid surging revenue and record earnings.
At its half-year results (H1 FY 2026), released on 20 February, the miner reported a 33% year-on-year revenue increase to $3.1 billion for the six months to 31 December.
And underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at $1.2 billion. That was up 286% from H1 FY 2025 and marked a new record.
On the bottom line, net profit after tax (NPAT) was up 275% to $343 million.
And Mineral Resources shares got another lift on Wednesday, closing up 4.8%, following the release of the company's June quarter operating update.
Investors reacted positively with the miner reporting it had achieved or exceeded FY 2026 volume and cost guidance across all of its business segments.
Now there's still a sizeable debt to keep an eye on, though the debt levels have been coming down.
As at 30 June, Mineral Resources had a net debt of $4.3 billion, down from $4.5 billion at 31 March. The ASX 200 miner also reported liquidity of $2.4 billion, which is up from $1.8 billion from 31 March. And it has a fully undrawn $800 million revolving credit facility.
Which brings us back to…
Should I buy Mineral Resources shares today?
Despite more than doubling over the past year, a number of prominent brokers still forecast significant further upside for Mineral Resources shares.
Following Wednesday's update, Morgans raised its rating from accumulate to buy.
The broker noted:
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.
Morgans left its price target for the ASX 200 mining stock unchanged at $68 a share. That represents a potential upside of more than 15% from current levels.
The analysts at Macquarie also had a positive take on the quarterly results. Macquarie noted:
The result beat our optimistic expectations going into the result, with all assets performing well. The focus remains on execution of Onslow's growth, continuing the deleveraging cycle and potential capital returns.
Macquarie left its price target for Mineral Resources shares unchanged at $85, suggesting a potential upside of more than 30% from current levels.
