S&P/ASX 300 Metal & Mining Index (ASX: XMM) shares are up 7% in 2026 amid resilient commodity prices this year.
ASX mining shares are benefiting from greater demand for the metals and minerals essential to the green energy transition.
The energy transition will likely be a multi-decade driver for Australian mining.
Here are 3 mining shares with buy recommendations from Bell Potter.
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Liontown Ltd (ASX: LTR)
The Liontown share price is 70 cents, up 1.8% today and down 57% in 2026.
Bell Potter has a buy rating on this ASX lithium mining share with a 12-month price target of $1.60.
That implies a 129% potential upside ahead.
Analyst Stuart Howe said:
LTR is our preferred lithium exposure. We expect a value re-rate as the Kathleen Valley ramp-up and expansion are progressively derisked over the forecast period.
On recent share price weakness, LTR is trading on an EV last seen in mid-2025 when SC6 prices were around US$650/t and the company's balance sheet was materially weaker.
Spot prices are now over 2.5x this level and LTR is in a net cash position.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is $12.15, down 2.9% today and down 4% in 2026.
Bell Potter has a buy rating on this ASX gold share with a $15.85 target.
That suggests a 30% potential upside ahead.
Analyst David Coates said:
EVN has reported a softer September quarter 2026 result. Group production was 153.6koz gold and 17.9kt copper (vs BPe 165.1koz gold and 16.9kt copper). All-In-Sustaining-Costs (AISC) for continuing operations were A$1,653/oz (vs BPe A$1,687/oz).
Production was below our forecasts, while costs were lower than our forecasts and below the low end of FY27 guidance
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.
PLS Group Ltd (ASX: PLS)
The PLS share price is $2.91, up 0.2% today and down 33% in 2026.
Bell Potter has a buy call on the ASX's largest lithium mining company with a target of $4.10 per share.
That implies a 41% potential upside ahead.
He said:
PLS has approved a Final Investment Decision to double Pilgangoora nameplate Spodumene Concentrate capacity to 2Mtpa.
Separately, PLS will spend $600-650m to upgrade infrastructure including: Sealing the Wodgina Road East; a new 1,200 bed accommodation village; and construction of services facilities.
The P2000 and site enhancement capex of ~$2.5b will be spent across FY27-29 and excludes annual sustaining and mine development capital of ~$350m.
While P2000 introduces medium-term execution risk, completion will meaningfully strengthen PLS' long-term position as a large, low-cost hard-rock lithium producer.
