There are a lot of options for investors to choose from in the resources sector.
To narrow things down, let's take a closer look at two popular options offering exposure to two in-demand commodities.
Are they buys, holds, or sells? Let's see what analysts are saying:
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Evolution Mining Ltd (ASX: EVN)
Bell Potter remains positive on this gold miner despite its softer than expected start to gold production in FY 2027.
The broker highlights that Evolution Mining's gold production fell short of expectations (153.6koz gold vs BPe 165.1koz gold), but this was offset by lower than expected costs and strong pricing.
In fact, the broker has boosted its earnings estimates for the financial year despite the production miss. It said:
EPS changes on this update are +6% for FY27, +3% for FY28 and +8% for FY29. The soft start to FY27 is more than offset by updates to our commodity price forecasts which include higher copper prices.
Outside this, the broker likes Evolution Mining shares due to the quality of its assets and its unhedged gold and copper exposure. It adds:
EVN offers fully unhedged gold and copper exposure via a portfolio of high quality, long-life assets in Tier 1 jurisdictions, overseen by a high-quality management team. EVN has delivered on its promise to increase shareholder returns and gold price exposure. Our NPV-based valuation lifts 2%, to $15.85/sh. We retain our Buy recommendation.
Bell Potter has retained its buy rating on the gold miner's shares with an improved price target of $15.85. This implies potential upside of 30% for investors over the next 12 months.
An attractive 3.7% dividend yield is also expected over the period.
Rio Tinto Ltd (ASX: RIO)
The team at Morgans is sitting on the fence with Rio Tinto shares following its quarterly update.
The broker felt that Rio Tinto delivered a steady quarter, with copper and alumina slightly ahead of expectations. It said:
RIO delivered a largely steady quarter, with slight beats from copper and alumina, iron ore inline, while lithium trailed estimates. Oyu Tolgoi was the highlight in 3Q26, enough to offset lower output from Escondida and Kennecott. RIO's share price has traded sideways so far through 2026, in a ~20% range. Our new forced ranking is now RIO then S32, BHP and FMG. We maintain a HOLD rating, with a A$162 target price (was A$159).
As mentioned above, Morgans has retained its hold rating on Rio Tinto's shares with a slightly improved price target of $162.00.
Based on its current share price of $152.70, this implies modest potential upside of approximately 6% over the next 12 months. Including dividends, the total return lifts to around 10%.
