The team at Bell Potter have been busy casting their eye over the recently published profit reports and has earmarked three miners with the potential for large share price gains.
Let's see who they like.
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Fenix Resources Ltd (ASX: FEX)
Iron ore producer Fenix produced a record 4.4 million tonnes of ore for the full year, boosting net profit by 128% to $12 million, on revenue of $589.7 million, up 87%.
The company also said it expected to further grow production in the current year to 4.7 to 5.3 million tonnes while maintaining costs at FY26 levels.
Bell Potter said earnings came in above its estimates, and there was also a positive surprise in the form of a 1-cent-per-share dividend.
The broker said:
FEX has outlined a clear pathway to incrementally grow iron ore production to 10Mtpa at significantly lower unit costs, leveraging its integrated logistics network to underpin cash flows and fund its substantial organic growth outlook. FEX holds the largest storage position at the strategic and fast-growing Geraldton Port.
Bell Potter has a price target of 54 cents on Fenix compared to 29.25 cents currently.
Nickel Industries Ltd (ASX: NIC)
Bell Potter said Nickel Industries' full-year result was mixed, with revenue higher than their forecast but earnings lower due to higher finance and depreciation charges.
On the positive side, Bell Potter said the company was well leveraged to changes in the nickel price.
They said:
Overall, this leverage was reflected in revenue rising 13%, EBITDA rising 54% and NPAT rising 366% vs the previous corresponding period. Looking ahead, we expect volume growth and increased margins to drive aggressive EBITDA and earnings growth in 2HCY26 and CY27 as mining ramps up.
Bell Potter has a price target of $1.45 on Nickel Industries shares compared to 86.75 cents currently.
Paladin Energy Ltd (ASX: PDN)
The uranium miner recently reported revenue of US$304 million and EBITDA of US$63 million, which was below Bell Potter's estimate of US$71 million.
The broker said this was "due to higher corporate and marketing costs which reflect the larger, multi-jurisdictional business following the completion of the Fission acquisition in FY25''.
Bell Potter said FY26 was a "transitional year" at Paladin's Langer Heinrich mine, and they expected a lift in operating performance "with fresh ore now the sole feed to the processing plant and rising uranium prices to further support earnings''.
The broker added:
We retain our Buy recommendation. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements.
Bell Potter has a price target of $14.50 on Paladin compared to $12.07 currently.
