Let's see who they like.

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.  

The post 3 ASX mining shares Bell Potter rates a buy appeared first on The Motley Fool Australia.

That's because the team at Bell Potter believes these shares could rise at least 90% over the next 12 months.

Here's what the broker is recommending to clients:

Falcon Metals Ltd (ASX: FAL)

Bell Potter sees significant value in this gold explorer's shares. In response to its latest drilling results, the broker has retained its speculative buy rating and $1.10 price target on the ASX share.

Based on its current share price of 36.5 cents, this suggests that upside of 201% is possible between now and this time next year.

Its analysts are very optimistic on Falcon Metals' Blue Moon project in Victoria. They commented:

Blue Moon continues to shape as a potentially district-scale orogenic gold system, with these results defining a fifth mineralised zone with the system remaining open at depth and along strike. Each successive step-out has validated the geological model generated by FAL's exploration team, which continues to identify additional stacked reefs where predicted, building our confidence in both the targeting and the scale on offer. 

Magnolia Zone does not form part of our Blue Moon NDS, offering valuation upside once the zone becomes derisked through further exploration. We maintain our Valuation of $1.10 and Speculative Buy recommendation.

Fenix Resources Ltd (ASX: FEX)

This iron ore miner's shares could be deeply undervalued according to Bell Potter. In response to its fourth-quarter update, the broker has retained its buy rating on the ASX share with a trimmed price target of 54 cents.

Based on its current share price of 28 cents, this implies potential upside of approximately 93% for investors.

Bell Potter was pleased with its performance in the fourth quarter and is positive on the company's production growth outlook. Commenting on its outlook, the broker said:

FEX's FY27 guidance points to sales of 4.7-5.3Mt, up 14% YoY at the midpoint. Notably, C1 cash cost guidance is consistent with FY26 at A$70-80/t, demonstrating strong cost discipline during a highly inflationary environment.

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.

The post Bell Potter says these ASX shares could rise 90% to 200% appeared first on The Motley Fool Australia.

The broader S&P/ASX 300 Index (ASX: XKO) has now slipped into the red for 2026, down 1.4% the year to date (YTD).

However, ASX mining shares are on a different path, up 21% YTD.

The long-term outlook for the mining sector remains bright, despite the short to medium-term headwind of the global oil shock.

As we've reported, there are many drivers behind the new commodities super cycle now underway.

ASX mining shares began the year well after spectacular growth last year.

The ASX 300 Metals & Mining Index rose 9.7% in January and 9.3% in February, but fell 14.1% in March due to the war in Iran.

In April, the index rose 5.2% as investors bought the dip. In May, ASX mining shares have gathered even more strength, up 12.3% so far.

And today, BHP Group Ltd (ASX: BHP) reclaimed its crown as the market's largest company, while also resetting its record price at $62.30.

With mining looking attractive for the long term, here are two ASX shares tipped to rocket 55% to 85% over the next year.

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is steady at 35 cents, down 28% YTD.

Bell Potter has a buy rating on this ASX iron ore mining share with a price target of 63 cents.

This suggests 83% capital growth ahead.

For 3Q FY26, Fenix Resources reported group iron ore production of 1,243kt and sales of 974kt.

Its average realised price was A$146 per tonne. Group C1 cash costs were A$70 per tonne, down 7% over the quarter.

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.

On Wednesday, iron ore was trading at a near 15-month high of US$111.10 per tonne, mainly due to resurgent industrial activity in China.

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is 46 cents, up 2.7% today and down 22% YTD.

Morgans reiterated its buy rating on this ASX copper mining share after the miner released its 3Q FY26 report.

The broker expects the Aeris Resources share price to rise more than 55% to its previous 52-week high of 70 cents within 12 months.

Morgans said:

Copper production missed on lower Tritton grades but this was offset by a solid cost performance and strong cash flow (+72% qoq), materially strengthening the balance sheet and funding flexibility.

Tritton is set up for a stronger 4Q26, while Constellation, Golden Plateau and the Peel acquisition underpin a longer-term production and mine life extension story.

Today, the copper price reached a new record high of US$6.60 per pound, up 7.6% over the past week and 16% in the YTD.

The post 2 ASX mining shares tipped by experts to rocket 55% to 85% appeared first on The Motley Fool Australia.

The long-term outlook for mining stocks is positive, with 5 key drivers behind the new commodities super cycle underway.

Several commodities have risen in value this week.

The iron ore price is 3.5% higher this week at US$110.95 per tonne, supported by fresh buying in China amid depleting steel inventories.

Gold is up 2.2% to US$4,714 per ounce, silver is up 6.1% to US$79.48 per ounce, and copper is up 3.4% to US$6.14 per pound.

The lithium carbonate price is up 9.6% to a three-year high of US$28,508 per tonne this week.

This represents a massive increase in 2026 — find out how much and why here.

Meanwhile, let's check out these 4 ASX mining shares with buy ratings from the experts.

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is 33 cents, down 4.4% today, and up 10% over 12 months.

Bell Potter has a buy rating on this ASX iron ore mining share with a price target of 63 cents.

This suggests 91% capital growth ahead.

After reviewing the miner's 3Q FY26 report, Bell Potter said:

FEX has maintained guidance (upgraded December 2025) of 4.2-4.8Mt sales at average C1 cash cost of A$70-80/wmt.

The company is confident it will maintain sufficient diesel supply for all operational activities.

However, costs are expected to rise in the current quarter with higher fuel and freight rates.

Fenix Resources reported group iron ore production of 1,243kt and sales of 974kt at an average realised price of A$146 per tonne.

Group C1 cash costs were A$70 per tonne, down 7% over the quarter.

The broker added:

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.

Ramelius Resources Ltd (ASX: RMS)

The Ramelius Resources share price is $3.50, down 1.4% on Friday and up 22% over 12 months.

Morgans has a buy rating on this ASX gold mining share with a price target of $6.10.

This suggests a potential 74% upside ahead.

For 3Q FY26, Ramelius reported gold production of 38.1koz at an all-in sustaining cost (AISC) of A$2,211 per ounce.

Morgans noted "strong operating cash flow of A$171.3m with underlying FCF of A$101.9m after A$51.2m growth capex and A$26.4m exploration investment."

The broker added:

We forecast FY26 production within guided midrange of 192.1koz; AISC guidance revised to A$1,900-2,050/oz driven by Dalgaranga commercial production reclassification (~A$100/oz), diesel (~A$35/oz) and royalties (~A$40/oz).

Liontown Ltd (ASX: LTR)

The Liontown share price is $2.48, down 1.2% today and up 358% over 12 months.

Bell Potter has a buy rating on this ASX 200 lithium mining share.

The broker recently lifted its 12-month target from $2.42 to $2.65.

After reviewing Liontown's 3Q FY26 report, the broker said:

LTR is now in a net cash position. Over FY26-27, LTR will continue to ramp up and de-risk Kathleen Valley.

With current lithium price strength, LTR can rapidly generate cash to support incremental production expansions and shareholder returns.

Kathleen Valley is highly strategic in terms of scale, long project life and location in a tier-one mining jurisdiction.

LTR has offtake contracts with top-tier EV and battery OEMs.

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is steady at $13.57, up 39% over 12 months.

Bell Potter gives this ASX 200 gold mining share a buy rating and recently raised its target from $16.10 to $16.25.

This suggests a near-20% upside ahead.

The broker explained its positive stance:

CMM is a sector leading gold producer, unhedged and debt free.

It is fully funded to grow production from ~120kozpa to ~300kozpa from two gold mines in WA, each with +10 year mine lives.

CMM is run by a management team that has an excellent track record of delivery.

The post 4 ASX mining shares to buy: brokers appeared first on The Motley Fool Australia.

But the ASX iron ore stock that investors should be focusing more on is Fenix Resources Ltd (ASX: FEX), according to analysts at Bell Potter.

That's because they believe this iron ore miner's shares are significantly undervalued at current levels.

What is the broker saying?

Bell Potter was impressed with Fenix's performance during the third quarter, highlighting that production and sales were ahead of expectations despite the impact of Tropical Cyclone Narelle on operations. It said:

FEX reported quarterly group iron ore production of 1,243kt (BPe 955kt) and sales of 974kt (BPe. 955kt) at an average realised price of US$101/dmt CFR (A$146/dmt; BPe US$97/t), a 2% discount to the 61% Fe benchmark index. Group C1 cash costs were A$70/t (BPe A$78/t), down 7% QoQ. Stockpiles were drawn to support sales following impacts of Tropical Cyclone Narelle, with two shipments (~120kt) deferred into April 2026 due to the temporary Geraldton Port closure.

At 31 March 2026, FEX had cash of $86m (31 December 2025 $79m); we estimate debt (including leases) of around $74m. Key quarterly cash flows include: Operating cash flow +$18m; iron ore prepayments +$13m; capex -$11m; and debt repayments -$8m.

Another positive is that the ASX iron ore stock has reaffirmed its upgraded guidance for the full year despite diesel shortages. It adds:

FEX has maintained guidance (upgraded December 2025) of 4.2-4.8Mt sales at average C1 cash cost of A$70-80/wmt. The company is confident it will maintain sufficient diesel supply for all operational activities. However, costs are expected to rise in the current quarter with higher fuel and freight rates.

At the Beebyn Hub, construction of a new 5Mtpa crushing and screening facility is underway and mining is ramping up as Iron Ridge and Shine near the end of current mine plans. Several workstreams are underway at the broader Weld Range Project aiming to optimise the mine plan and product mix, and advance the permitting pathway ahead of the release of a Definitive Feasibility Study scheduled for 2H CY26.

Big potential returns

According to the note, Bell Potter has retained its buy rating and 63 cents price target on Fenix Resources' shares.

Based on its current share price of 34 cents, this implies potential upside of 85% for investors over the next 12 months.

Commenting on its buy recommendation, 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.

The post Guess which ASX iron ore stock could rise 85% (hint, not Fortescue shares) appeared first on The Motley Fool Australia.

But that doesn't necessarily mean it is the best way to gain exposure to the base metal.

In fact, there is one ASX iron ore stock that Bell Potter believes could be a top buy with major upside potential.

Which ASX iron ore stock?

The stock that Bell Potter is bullish on is Fenix Resources Ltd (ASX: FEX).

It is focused on unlocking stranded mining assets across the Mid-West region of Western Australia, through three wholly owned business pillars. This includes the Iron Ridge, Beebyn, Shine, and Weld Range projects.

Bell Potter notes that a December 2025 scoping study outlined production growth to 10Mtpa at significantly lower C1 costs of A$55 per wet metric tonne by FY 2031.

What's the latest?

Bell Potter highlights that the ASX iron ore stock released an update on current operating conditions. It said:

FEX has provided an operational update. The Mid-West Port Authority will temporarily pause shipping operations at the Geraldton Port, with latest Bureau of Meteorology forecasts indicating that Tropical Cyclone Narelle is intensifying off Western Australia's coast and could track towards the Mid-West region.

Additionally, FEX is preparing to reduce non-essential mining and haulage activities (i.e. some waste movement) with potential diesel supply disruptions from contracted providers due to the Middle East conflict. Subject to cyclone impacts and given healthy iron ore stockpiles at its mines, FEX expects to maintain sufficient fuel to continue processing and hauling volumes to its port facilities in Geraldton.

The good news is that the ASX iron ore stock has maintained its guidance for FY 2026 and Bell Potter believes its "growth pathway" is intact. It adds:

While the Geraldton Port closure will defer some March 2026 sales, FEX have maintained FY26 guidance (4.2-4.8Mt sales at A$70-80/t C1 cost; 1H 2.1Mt at A$75/t) with the expectation that ship loading resumes in early April 2026 and diesel supply maintained at normal levels. FEX's three-year production outlook and growth pathway to 10Mtpa iron ore production remains intact.

Should you invest?

According to the note, the broker thinks investors should be buying the dip following recent share price weakness.

It has retained its buy rating with a trimmed price target of 63 cents (from 67 cents). Based on its current share price of 33 cents, this implies potential upside of 90% for investors over the next 12 months.

Commenting on its buy recommendation, Bell Potter concludes:

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.

The post Is this ASX iron ore stock a better buy than Fortescue? appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set for a heavy decline on Friday following a poor night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 87 points or 1% lower this morning. In late trade on Wall Street, the Dow Jones is down 1%, the S&P 500 is down 1.75% and the Nasdaq is down 2.4%.

Oil prices rebound

It could be a good finish to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.5% to US$94.38 a barrel and the Brent crude oil price is up 5.4% to US$107.78 a barrel. Oil prices jumped after Iran rejected peace talks with the US.

Xero-Anthropic deal

Xero Ltd (ASX: XRO) shares will be on watch on Friday after the cloud accounting platform provider announced a deal with AI giant Anthropic. The multi-year partnership will bring Claude's AI directly into Xero, and Xero's financial data and tools into Claude.ai. The company notes that this will give small businesses and their accounting and bookkeeping advisors real-time financial intelligence and the ability to act on it, wherever they choose to work.

Gold price tumbles

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a poor finish to the week after the gold price tumbled overnight. According to CNBC, the gold futures price is down 3.9% to US$4,375.5 an ounce. Inflation and higher interest rate concerns are weighing on the precious metal.

Buy Fenix shares

Fenix Resources Ltd (ASX: FEX) shares could be good value according to the team at Bell Potter. This morning, the broker has reaffirmed its buy rating on the iron ore miner's shares with a trimmed price target of 63 cents (from 67 cents). It 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."

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

However, it's also important to remember that just because a stock is cheap doesn't mean it's a good value. 

One small-cap stock that has drawn attention from experts is Fenix Resources Ltd (ASX: FEX). 

Fenix Resources overview

Fenix Resources is an Australian company engaged in exploring, developing, and mining mineral tenements.

According to the team at Bell Potter, it is unlocking stranded mining assets across the Mid-West region of Western Australia, through three wholly owned business pillars:

• iron ore mining (Westmine)
• bulk commodity haulage (Newhaul Road Logistics)
• port services (Newhaul Port Logistics)

Over the last 12 months, its operations have produced record iron ore production and sales. 

This has seen its stock price rise from $0.27 to $0.47 per share. 

That's good for a rise of 74%. 

It has already drawn positive attention from investors in 2026, hitting all-time highs along with posting strong production results. 

The team at Bell Potter believe it has plenty of room to keep rising. 

Printing records & cash

In a new report out of Bell Potter on Thursday, the broker said Fenix Resources reported a record quarterly result, delivering group iron ore production of 1.14 million tonnes and sales of 1.24 million tonnes. 

This was 40% higher than the previous quarter and equates to an annualised run rate of around 4.9 million tonnes. 

The company also generated strong cash flow during the quarter, building its cash balance by $21 million. 

As at 31 December 2025, Fenix held $79 million in cash and had estimated debt, including leases, of approximately $81 million, leaving net debt of around $2 million. 

The broker also said Fenix Resources is on track to shift all mining operations to the Beebyn Hub. 

Its newest mine, Beebyn-W11, is now running steadily. 

FEX continues to demonstrate strong project execution with Beebyn-W11, its third operating mine, reaching steady-state production of ~1.5Mtpa.

Buy recommendation

Bell Potter has maintained its buy recommendation on this ASX small-cap stock. 

The broker has a price target of $0.70 per share. 

From last week's price of $0.47 per share, this indicates an upside of approximately 49%. 

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.

The post The ASX small-cap stock that could be set to boom appeared first on The Motley Fool Australia.

While they may be among the biggest players in iron ore, they may not offer the biggest returns in 2026.

That's the view of analysts at Bell Potter, which believe that another ASX iron ore stock could outperform these giants this year.

Which ASX iron ore stock?

The stock that Bell Potter is tipping as a buy to clients is Fenix Resources Ltd (ASX: FEX).

The broker was impressed with the company's performance during the second quarter, noting that its production and sales were higher than expected. It said:

FEX reported record quarterly group iron ore production of 1.14Mt (BP est. 1.10Mt) and sales of 1.24Mt (up 40% QoQ, ~4.9Mtpa annualised; BP est. 1.10Mt). FEX realised an average CFR price of US$97/dmt (A$147/dmt), a 91% realisation to the 62% Fe benchmark index with higher fines sales vs lump (66%; Q1 FY26 53%).

Group C1 cash costs were A$75/wmt. FEX reported a $21m quarterly cash build, with strong operating cash flow of $43m, capex of -$5.7m and debt repayments of -$7.6m. At 31 December 2025, FEX had cash of $79m; we estimate debt (including leases) of around $81m, for net debt (including leases) of ~$2m. Group revised (Dec-25) guidance was reiterated (4.2-4.8Mt sales at a C1 cash cost of A$70-80/wmt).

Major upside potential

In response to the update, the broker has retained its buy rating and 70 cents price target on the ASX iron ore stock.

Based on its current share price of 48 cents, this implies potential upside of 46% for investors over the next 12 months.

As a comparison, Bell Potter has a hold rating and $19.30 price target on Fortescue shares (10% downside). It doesn't have a recommendation for BHP shares, but most brokers have price targets in the range of $48.00 to $50.00. This is broadly in line with where they trade today.

Commenting on its buy recommendation on Fenix Resources shares, Bell Potter 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.

The post Why this ASX iron ore stock could outperform BHP and Fortescue shares appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Civmec Ltd (ASX: CVL)

The Civmec share price is up 7% to $1.57. Investors have been buying this construction and engineering services provider's shares after it announced a series of new contracts and extensions. Management advised that they have a combined value exceeding $400 million and reflect its success in converting a strong pipeline of opportunities. It also believes that it reinforces Civmec's strategic focus on continued early-contractor involvement, sustainable growth, and order book diversification. Among the new contracts is one from BHP Group Ltd (ASX: BHP) for the Port Debottlenecking Project 2 (PDP2) at Nelson Point, Port Hedland. Civmec's CEO, Patrick Tallon, said: "We are absolutely delighted to be entrusted with this significant package of work. We are honoured to be trusted to deliver, particularly given the location and complexity of the scope, which plays to Civmec's strengths."

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is up 4% to 50 cents. This follows the release of a quarterly update from the iron ore miner. Fenix reported record quarterly iron ore shipments and a strong cash build. Management believes this demonstrates the company's successful ramp up in production, consistent operational execution, and the strength of a fully integrated and scalable pit to port model. Fenix shipped 1,241,000 wet metric tonnes (wmt) during the three months. Its cash at 31 December was $78.9 million, representing an increase of $21.2 million from the end of September.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is up 8% to $10.92. Investors have been buying Paladin Energy and other ASX uranium stocks on Monday after their US counterparts raced higher on Friday. Given how short sellers have built large positions in uranium stocks, there could be some short covering going on today, boosting their shares further.

Vulcan Steel Ltd (ASX: VSL)

The Vulcan Steel share price is up 1% to $6.95. This morning, this New Zealand based steel products company announced that Gavin Street has been appointed as its new chief executive officer, replacing Rhys Jones. Vulcan Steel advised that Rhys Jones will remain as a director on Vulcan's board and has been appointed as non-executive chair of the board.

The post Why Civmec, Fenix, Paladin Energy, and Vulcan Steel shares are pushing higher today appeared first on The Motley Fool Australia.

The iron ore junior said in a statement to the ASX on Monday that it now had $79 million in cash at bank, representing a $21 million cash build over the December quarter.

This was built on the back of record production, as the company said:

Record quarterly iron ore shipments have resulted in a strong cash build demonstrating the company's successful ramp up in production, consistent operational execution, and the strength of a fully integrated and scalable pit to port model.

The company also reconfirmed its FY26 guidance at total iron ore sales of 4.2 to 4.8 million tonnes, with that guidance last upgraded on December 11.

Delivering on the plan

Fenix said it had shipped 21 cargoes of iron ore, and the 1.24 million tonnes of ore shipped was a milestone for the company, being the first quarter of production at greater than one million tonnes.

At that rate, the company's annualised production would be 4.9 million tonnes of iron ore.

Fenix said the strong results reflected optimised mining across its midwest iron ore operations, efficient haulage through the company's wholly-owned Newhaul logistics subsidiary, and streamlined port operations at the Geraldton port.

While Fenix is targeting slightly less than 5 million tonnes of exports from its three mines this year, the company said in its ASX release that it has "an identified pathway to long term production of 10 million tonnes per annum''.

As the company said:

Fenix's diversified midwest iron ore, road, rail, and asset base provides an excellent foundation for future growth. Assets include the Iron Ridge Iron Ore Mine, the Shine Iron Ore Mine, the Weld Range Iron Ore Project (including the Beebyn-W11 Iron Ore Mine), the Newhaul Road Logistics haulage business which owns and operates a state-of-the-art road haulage fleet, two rail sidings at Ruvidini and Perenjori, as well as the Newhaul Port Logistics business which owns and operates three on-wharf bulk storage sheds at Geraldton Port.

The company has a three-year production plan which envisages 15 million tonnes of production across the financial years out to FY28.

Fenix shares were 9.3% higher in early trade at 52.5 cents. The shares have more than doubled from lows of 25.5 cents over the past years and are not far off their highs of 55.5 cents.

The company was valued at $357.6 million at the close of trade on Friday.

The post This ASX iron ore producer, trading near record highs, just announced a record result appeared first on The Motley Fool Australia.

And that's not been a bad move this year. Since the start of 2025, the mining giant's shares have risen approximately 18%. And that doesn't include the dividends the ASX iron ore stock has paid to shareholders over the period.

However, with many analysts believing that Fortescue shares are now fairly valued to overvalued, better returns could potentially be found elsewhere.

Bell Potter certainly thinks that could be the case. It has a hold rating and $19.30 price target on Fortescue's shares, but a buy rating and sky-high price target on one of its rivals.

Which ASX iron ore stock?

The iron ore miner that Bell Potter is recommending to investors is Fenix Resources Ltd (ASX: FEX).

The broker notes that it is aiming to unlock stranded mining assets across the Mid-West region of Western Australia through three wholly owned business pillars.

It is also in the process of growing its iron ore production to 10Mtpa by FY 2031 through its Weld Range Project.

What is the broker saying?

Bell Potter was pleased with the ASX iron ore stock's scoping study results. It notes that the company is positioned to grow its production and cut its costs materially. The broker said:

FEX has announced results of a Scoping Study (SS) outlining a 10Mtpa iron ore operation at the Weld Range Project in Western Australia's Mid-West. The study assesses production ramp-up from FY29, with the development of the Madoonga hub to produce in parallel with the Beebyn Hub, and construction of a 244km private road to leverage FEX's integrated logistics business. Key SS financial metrics (net to FEX) include: Development capex of $521m (including 16% contingency); average C1 cash cost $55/wmt; average annual EBITDA $235m; and pre-tax NPV10 $1.2b (assumed average iron ore 61% Fe price of US$85/t and AUDUSD 0.65).

In response, the broker has retained its buy rating on Fenix's shares with an improved price target of 70 cents (from 65 cents).

Based on its current share price, this implies potential upside of almost 50% for investors over the next 12 months.

Commenting on its buy recommendation, Bell Potter concludes:

FEX continues to grow its portfolio of low capital mining assets, leveraging its integrated logistics networks to underpin cash flows for growth and shareholder returns. The company holds the largest storage position at the strategic and fast-growing Geraldton Port. The expanded FEX-SMC agreement provides a clear pathway to 10Mtpa iron ore production at significantly lower unit costs.

The post Fortescue shares may have peaked but this ASX iron ore stock could rise 50% appeared first on The Motley Fool Australia.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to fall on Wednesday despite a decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% lower this morning. In late trade in the United States, the Dow Jones is up 0.2%, the S&P 500 is up 0.4%, and the Nasdaq is up 0.5%.

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.75% to US$58.45 a barrel and the Brent crude oil price is up 0.6% to US$58.45 a barrel. Traders were buying oil in response to geopolitical risks.

Lendlease update

Lendlease Group (ASX: LLC) shares will be on watch on Wednesday after the real estate developer announced that it has grown its Development and Construction pipelines. The company revealed that it has secured the Sydney Metro Hunter Street West Over Station Development, which includes construction of the metro station. The project includes development of a 52-storey premium commercial tower on the corner of George Street and Hunter Street in the Sydney CBD that will be delivered by Lendlease. It estimates that the gross end value will be ~$2.2 billion for the West Tower and ~$1.5 billion for construction of the station. The project is targeted to commence in FY 2027 and complete in 2032. This is in line with the station's planned opening.

Gold price storms higher

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a strong session on Wednesday after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 1.1% to US$4,517.6 an ounce. The precious metal hit a new record high amid increased demand for safe haven assets.

Buy Fenix shares

Bell Potter thinks that Fenix Resources Ltd (ASX: FEX) shares are in the buy zone. This morning, the broker reiterated its buy rating on the iron ore miner's shares with an improved price target of 70 cents. It said: "FEX continues to grow its portfolio of low capital mining assets, leveraging its integrated logistics networks to underpin cash flows for growth and shareholder returns. The company holds the largest storage position at the strategic and fastgrowing Geraldton Port. The expanded FEX-SMC agreement provides a clear pathway to 10Mtpa iron ore production at significantly lower unit costs."

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is up 6% to $3.79. This respiratory imaging technology company's shares have been on fire again this month. The driver of this has been a commercial arrangement for the clinical use of its CT:VQ platform with United States-based Cleveland Clinic. CT:VQ is a CAT scan-based ventilation-perfusion software. 4DMedical's founder and CEO, Andreas Fouras, said: "In just over three months since FDA clearance, we've established CT:VQ at three of America's leading academic medical centres: Stanford, University of Miami, and Cleveland Clinic. This rapid adoption by elite institutions demonstrates the compelling clinical and operational advantages of CT:VQ over traditional nuclear VQ imaging."

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 2.5% to 27.7 cents. This morning, this lithium miner announced the sale of non-core uranium assets. It has sold its 100% interests in the Napperby, Fitton, and Entia Uranium Projects for a cash consideration of $2.5 million to Elevate Uranium Ltd (ASX: EL8). The deal also includes $2.5 million in Elevate Uranium shares and a net smelter royalty of 1% on any metals or minerals produced from the Napperby project area. Core Lithium's CEO, Paul Brown, said: "We're pleased to enter into this transaction for our non-core uranium assets which sharpens our strategic focus as a lithium developer and advances our Finniss operation towards a restart."

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is up 5.5% to 47.5 cents. This follows the release of the results of a scoping study into the opportunity to expand production, reduce costs, and extend mine life from the Weld Range Iron Ore Project. The study found that Fenix could lift production from the Weld Range from 6Mtpa in 2028 to 10Mtpa by 2031, with operations continuing through to 2042. It also believes it can reduce life of mine C1 cash costs to ~A$55.40 per wet metric tonne. This is 27% lower than the midpoint of its FY 2026 guidance range.

Goodman Group (ASX: GMG)

The Goodman Group share price is up almost 9% to $31.77. This has been driven by news that the industrial property giant has signed an agreement with the Canada Pension Plan Investment Board to establish a A$14 billion European data centre partnership. The partnership's portfolio will comprise four projects totalling 435 MW of primary power and 282 MW of IT load. This includes two centres in Paris (PAR01 and PAR02), one in Frankfurt (FRA02), and one in Amsterdam (AMS01).

The post Why 4DMedical, Core Lithium, Fenix, and Goodman shares are storming higher today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Austal Ltd (ASX: ASB)

The Austal share price is down 1.5% to $6.33. This morning, the shipbuilder revealed that the Foreign Investment Review Board and Federal Treasurer Jim Chalmers have approved an application South Korean giant Hanwha Corporation to increase its direct equity shareholding in Austal from 9.9% to 19.9%. Not everyone is happy with the decision, with the ABC reporting that Japanese officials twice contacted the Department of Defence to raise concerns about the Hanwha bid.

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is down 3.5% to 48.2 cents. This may have been driven by profit taking from some investors after the iron miner's shares jumped on Thursday. That was driven by the release of its three-year production plan. After delivering production of 2.4Mt in FY 2025, it is now aiming to increase this to between 4.2 million and 4.8 million tonnes in FY 2026, 4.7 million and 5.3 million tonnes in FY 2027, and then 5.4 million and 6 million tonnes in FY 2028.

Metcash Ltd (ASX: MTS)

The Metcash share price is down 3% to $3.25. This has been caused by the wholesale distributor's shares going ex-dividend this morning for its latest payout. At the start of the month, Metcash released its half year results and reported a 5.9% decrease in underlying profit after tax to $126.7 million. Nevertheless, the Metcash board elected to maintain its fully franked interim dividend at 8.5 cents per share. Eligible shareholders can look forward to receiving this dividend late next month on 28 January.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is down 1.5% to $1.22. This is despite the medical device company being the subject of a bullish broker note out of Morgans today. According to the note, the broker has upgraded Polynovo's shares to a buy rating with a $2.03 price target. This implies potential upside of approximately 65% for investors over the next 12 months. Its analysts said: "Following changes to its Board and with the appointment of a new CEO, we see more stability and focus returning to the PNV business."

The post Why Austal, Fenix Resources, Metcash, and Polynovo shares are falling today appeared first on The Motley Fool Australia.

But that doesn't mean the mining giant is the best way to do it.

Right now, one leading broker is tipping investors to snap up a different ASX iron ore stock following a strong update.

Which ASX iron ore stock?

The stock that is being tipped as a buy is Fenix Resources Ltd (ASX: FEX).

On Thursday, its shares rocketed higher after the company unveiled its three-year production plan.

After delivering production of 2.4Mt in FY 2025, the ASX iron ore stock is now aiming to increase this materially over the next three years due to the Weld Range Project.

Fenix is guiding to production of 4.2 million to 4.8 million tonnes in FY 2026, 4.7 million to 5.3 million tonnes in FY 2027, and then 5.4 million to 6 million tonnes in FY 2028. It also reaffirmed its FY 2026 cost guidance of A$70 to A$80 per tonne, with sustaining capital for the three-year period estimated at $35 million to $45 million.

Bell Potter was pleased with the update. It said:

The staged production ramp-up provides a low-risk pathway towards 10Mtpa production, with ore sourced from adjacent hubs resulting in streamlined logistics and operational efficiencies. FEX holds mine plan optionality, with numerous Weld Range deposits across the Beebyn and Madoonga hubs.

The company is exploring several cost-reduction initiatives, including: Transition to owner-operator mining; development of private haul road to decrease mileage and increase haulage capacity; and use of transhippers to reduce shipping costs.

Forget Fortescue shares

Bell Potter currently has a hold rating on Fortescue's shares with a price target of $19.30. This is approximately 15% below where they currently trade.

Whereas this morning, the broker has reaffirmed its buy rating and 65 cents price target on Fenix shares.

Based on its current share price of 50 cents, this implies potential upside of 30% for investors over the next 12 months.

In addition, the broker is expecting a fully franked 2% dividend yield in FY 2026, sweetening the deal further.

Commenting on its buy recommendation, Bell Potter said:

FEX continues to grow its portfolio of low capital mining assets, leveraging its integrated logistics networks to underpin cash flows for growth and shareholder returns. The company holds the largest storage position at the strategic and fast-growing Geraldton Port. The expanded FEX-SMC agreement provides a clearer pathway to +10Mtpa iron ore production at significantly lower unit costs.

The post Forget Fortescue shares, this ASX iron ore stock is better appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

Brazilian Rare Earths Ltd (ASX: BRE)

The Brazilian Rare Earths share price is up 7.5% to $3.98. This follows the release of the results of a scoping study for its bauxite project. The study was very successful and estimates that it will generate average EBITDA of US$102 million and free cash flow (FCF) of US$84 million per annum over a 17-year life. This is based on a spot bauxite price of US$71 per tonne. This means the project is forecast to have an after-tax net present value (8%) of US$630 million and a payback of 1.2 years. Brazilian Rare Earths also confirmed that it continues to target a demerger of the asset into a separate listing in 2026.

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is up 13% to 49.2 cents. This morning, this iron ore miner released its three-year production plan. After delivering production of 2.4Mt in FY 2025, it is now aiming to increase this materially over the next three years thanks to the Weld Range Project. Fenix is targeting production of 4.2 to 4.8 million tonnes in FY 2026, 4.7 to 5.3 million tonnes in FY 2027, and then 5.4 to 6 million tonnes in FY 2028. The miner also reaffirmed its FY 2026 cost guidance of A$70 to A$80 per tonne, with sustaining capital for the three-year period estimated at $35 million to $45 million.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up over 5% to $14.73. This follows news that the travel agent giant is making an acquisition. Flight Centre plans to acquire the United Kingdom-based online cruise agency Iglu for 100 million pounds (A$201 million) upfront. There will also be 27 million pounds (A$54 million) in performance-based earnouts. Flight Centre's managing director, Graham Turner, said: "This acquisition delivers immediate shareholder value through EPS accretion and is a game-changer in terms of the future opportunities it unlocks in the global cruise market. Iglu brings a strong brand and a scalable technology platform that aligns with FLT's strategic objectives."

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is up 3% to $21.87. This appears to have been driven by a broker note out of Morgans this morning. According to the note, in response to its latest limited time offer, the broker has reaffirmed its buy rating and $32.30 price target on the burrito seller's shares. It said: "The product leverages existing ingredients, meaning no incremental complexity or cost for stores, a margin-friendly innovation that aligns with GYG's operational discipline. Management has repeatedly emphasised that menu innovation is a key lever for same-store sales (SSS) growth, and this launch reinforces that commitment. We reiterate our BUY rating."

The post Why Brazilian Rare Earths, Fenix Resources, Flight Centre, and Guzman Y Gomez shares are storming higher today appeared first on The Motley Fool Australia.

At the time of writing, the ASX mining stock is up 14% to 49.5 cents.

Why is this ASX mining stock rocketing?

Investors have been bidding the iron ore producer's shares higher after it unveiled an ambitious, three-year production strategy.

According to the release, Fenix has outlined a major ramp-up in output across FY 2026, FY 2027, and FY 2028.

The ASX mining stock confirmed a transition from its current mines, Iron Ridge and Shine, toward the larger-scale Weld Range Project, which is set to become the company's long-term production hub.

The plan reveals that Fenix is targeting:

• 4.2 to 4.8 million tonnes of iron ore production in FY26 (upgraded from prior guidance).
• 4.7 to 5.3 million tonnes in FY 2027.
• 5.4 to 6 million tonnes in FY 2028, driven largely by ramp-up at the Beebyn Hub.

In total, around 15 million tonnes of ore is scheduled to be mined over the period, with 100% coming from ore reserves or measured and indicated mineral resources.

This represents a significant scale-up from the 2.4 million tonnes produced in FY 2025.

Fenix has also reiterated its FY 2026 cost guidance of A$70 to A$80 per tonne, with sustaining capital for the three-year period estimated at $35 million to $45 million. The latter is fully funded through cash flow and existing facilities.

'Exciting plan to create exceptional value'

The ASX mining stock's executive chair, John Welborn, was very pleased with the plan. He said:

Fenix has a clear and exciting plan to create exceptional value for our shareholders by delivering on our growth objectives. Having secured the 290 million tonne Weld Range Project, we are now centralising our mining activities and ramping up our production while we work on a feasibility study to transform the business. The 3-Year Plan confirms our near-term growth ambitions and will provide a strong revenue base for Fenix to become a larger, more profitable and sustainable iron ore producer.

This growth plan is organic and, consistent with our successful track record of incremental growth, capable of being fully funded from our operational cash flow and existing finance facilities. The outlook is underpinned by realistic production forecasts and cost assumptions and focuses on maximising the utilisation of our existing infrastructure assets in Western Australia's Mid-West.

With a clear pathway to becoming a 6Mtpa producer, today's surge suggests investors believe Fenix may be entering a new growth phase.

The post Guess which ASX mining stock is rocketing 14% on production plans appeared first on The Motley Fool Australia.

That's because these two small cap ASX shares have recently been named as buys and tipped to rise strongly from current levels.

Here's what brokers are saying about these shares:

Bluebet Holdings Ltd (ASX: BBT)

The first small cap ASX share that could be a buy is BlueBet. That's the view of analysts at Morgans, which are bullish on the sports betting company.

Morgans was happy with BlueBet's recent annual general meeting update. It notes that management continues to expect to achieve positive EBITDA during the first half of FY 2025. It also highlights that the company is performing well ahead of the prior corresponding period. It explains:

BlueBet Holdings (BBT) delivered an AGM address yesterday where it indicated that the business remains on track to achieve monthly EBITDA profitability before the end of 1H25. November trading month-to-date is materially ahead of prior year and encouragingly, BBT says it is well positioned to be normalised EBITDA-positive for FY25 (MorgansF: $4.1m).

Business momentum has been driven by a strong Spring Racing Carnival period, which looks to have been supportive to all bookies given many of the favourites fell well short of the mark. While disclosure was limited, BBT indicated that it achieved a net win margin of 15.8% across the four days at Flemington. As a result, we've bumped our 2Q25 net win margin to 10.2%.

Morgans has retained its add rating with an improved price target of 35 cents.

Based on its current share price of 31 cents, this implies potential upside of 13% for investors from current levels.

Fenix Resources Ltd (ASX: FEX)

Another small cap ASX share that could deliver big returns for investors is Fenix Resources.

Bell Potter is a fan of the small cap mining and development company. So much so, it named it as a top pick for 2025. It commented:

Fenix Resources is unlocking stranded mining assets across the Mid-West region of Western Australia, through three wholly owned business pillars: (1) iron ore mining; (2) bulk commodity haulage (Newhaul Road Logistics); and (3) port services (Newhaul Port Logistics). The company's internal iron ore production is growing to 4Mtpa through its Iron Ridge (100% FEX, operating), Beebyn-W11 (10Mt Right to Mine agreement, in development), and Shine (100% FEX, operating) mining operations.

FEX's logistics streams provision bulk commodity haulage and port services for in- house and third-party customers. The group controls the largest storage and throughput position at the strategic and fast growing Geraldton Port. Its portfolio of low- capital mining assets and integrated logistics networks should continue to underpin robust cash flows, funding growth expenditure requirements and shareholder returns. Buy, Price Target $0.41

Bell Potter has put a buy rating and 41 price target on its shares. Based on its current share price of 26 cents, this implies potential upside of almost 60%.

The post Analysts say these small cap ASX shares can deliver big returns appeared first on The Motley Fool Australia.

The S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.79% at the time of writing.

The sector is vastly underperforming the broader market, with the S&P/ASX 200 Index (ASX: XJO) down 0.4% and the S&P/ASX All Ordinaries Index (ASX: XAO) 0.41% lower.

But ASX mining shares investors shouldn't let today's dark market mood get them down.

This week, brokers issued new ratings on a variety of stocks.

And all of them have a positive outlook for the new year ahead.

Here are the details.

Brokers are backing these ASX mining shares for growth

Brokers are feeling optimistic about the following ASX mining shares.

Champion Iron Ltd (ASX: CIA)

This ASX iron ore share is trading 1.50% lower at $5.91 at the time of writing.

Bell Potter maintains a buy rating on Champion Iron shares with a 12-month price target of $6.11.

The broker says the shift to higher-grade production in the second half of 2025 will likely support average realised prices and earnings amid a weak global environment for iron ore prices.

Northern Star Resources Ltd (ASX: NST)

ASX gold mining share Northern Star Resources is also lower on Friday. The Northern Star share price is down 1.9% to $16.43 at the time of writing.

Bell Potter maintains its buy rating on Northern Star Resources shares. The broker is positive about Northern Star's proposed acquisition of DeGrey Mining Ltd (ASX: DEG).

It has a 12-month share price target of $16.59 on the ASX gold mining share.

Bell Potter also has a speculative buy rating on DeGrey Mining and values it at $2.15 per share. DeGrey Mining shares are trading at $1.91 on Friday, down 1.9%.

Pilbara Minerals Ltd (ASX: PLS)

This ASX lithium mining share is down 3.60% at $2.28 on Friday.

Bell Potter has upgraded its rating on Pilbara Minerals from hold to buy. It maintains its 12-month share price target of $2.95.

Bell Potter analyst James Williamson says recent share price weakness makes Pilbara Minerals an attractive investment proposition, given its low-cost operation in a tier-one jurisdiction.

The ASX lithium mining share has dived 27% over the past month.

Williamson said the share price weakness was due to traders reducing their short positions on the stock.

He says lithium markets have stabilised, and commodity prices are slightly up following a rebalancing of supply and demand. Williamson expects the lithium market to return to deficit earlier, in 2026.

Rio Tinto Ltd (ASX: RIO)

This major ASX mining share is trading down 2.74% at $120.76 on Friday.

Goldman Sachs says Rio Tinto has an attractive relative valuation, good free cash flow, and a solid dividend yield. This is underpinned partly by the miner's exposure to copper and aluminium.

The broker has a buy rating on the iron ore mining major with a 12-month share price target of $135.10.

Fenix Resources Ltd (ASX: FEX)

This micro-cap ASX gold mining share is down 1.79% to 28 cents on Friday.

Bell Potter has initiated coverage of Fenix Resources shares with a buy rating. The broker has placed a 12-month price target of 41 cents on the ASX gold mining share.

The broker notes the miner's portfolio of low-capital mining assets and integrated logistics networks.

It says this should continue to underpin robust cash flows, which will fund growth expenditure and shareholder returns in 2025.

The post 5 ASX mining shares to buy now: experts appeared first on The Motley Fool Australia.