ASX mining shares have been the worst hit by the war in Iran, with the Metal & Mining Index falling 17.4% vs. a 7.7% drop for the ASX 300.

Fears of rising fuel costs and constrained supply are a major headwind for mining operations, potentially threatening production.

Additionally, ASX mining shares have been on a tear for 12 months, and the war may be prompting some investors to take profits now.

A global fuel crisis would hit almost every market sector, so an ongoing conflict in Iran could drag the whole market lower over time.

Kylie Purcell, Senior Markets Analyst for online investment platform Stake, said:

If the Strait of Hormuz stays closed and oil prices march upwards, we could see a sharper, sustained fall in global and Australian shares.

Meantime, here are three ASX mining shares with buy, hold, and sell ratings today.

Meeka Metals Ltd (ASX: MEK)

The Meeka Metals share price is 16 cents on Thursday, down 4.7% today but up 15.7% over the past year.

This week, Morgans maintained its buy rating on the ASX gold mining share with a 12-month price target of 39 cents.

The broker said:

MEK announced an expansion to 800ktpa (equivalent ounce basis) via ore sorting, requiring modest capex of A$6m with commissioning scheduled for Q1FY27. Ore sorting effectively near doubles Andy Well underground head grade, lifting our annual production forecasts by an average of 7% from FY27 onwards.

We maintain our BUY rating and A$0.39ps price target, acknowledging near-term production softness may weigh on the 3Q result ahead of an anticipated step-change in output in 4Q.

The ASX gold mining share will join the ASX 300 Index at the next rebalance, effective next Monday.

Lynas Rare Earths (ASX: LYC)

The Lynas Rare Earths share price is $20.04, down 1.7% today but up 162% over the past year.

This week, Bell Potter upgraded its rating on this ASX rare earths mining share from sell to hold.

The broker also significantly increased its 12-month price target from $11.60 to $19 per share.

The rating change followed the miner's announcement that it has extended its Japan Australia Rare Earths offtake agreement to 2038.

Bell Potter said this effectively guaranteed revenue of around $775 million at the current exchange rate.

Today, Lynas announced it had produced its first samarium oxide at the Malaysia site.

Lunnon Metals Ltd (ASX: LM8)

The Lunnon Metals share price is 34 cents, down 9.5% today but up 60% over the past 12 months.

On The Bull this week, Nathan Lodge from Securities Vault put a sell rating on this ASX nickel mining share.

Lodge explained:

For companies, such as Lunnon Metals, exploration success isn't sufficient to drive value if the underlying commodity price environment remains weak.

The company's strategy centres on exploring and advancing sulphide nickel deposits in a region historically known for high grade discoveries and established mining infrastructure.

However, global nickel prices have been under sustained pressure as supply from Indonesia has increased rapidly, creating a structural oversupply in the market.

Lunnon Metals gave a presentation at the Euroz Hartleys Conference yesterday.

The post Buy, hold, sell: 3 ASX mining shares appeared first on The Motley Fool Australia.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) has also dropped 14.4% since the war started, but is up 38% over the past year.

ASX mining shares have been on a tear over the past year as commodity prices have lifted and Australia commenced a new mining boom.

ASX small-caps have also outperformed over the period, largely due to interest rates falling in many Western nations.

The war in Iran may reverse this tailwind, as we've seen today with the Reserve Bank of Australia lifting rates again by 0.25%.

As always with small-caps, stock selection is critical.

The following two ASX small-cap mining shares have rocketed over the past 12 months, and these experts say it's time to sell.

Let's find out more.

EQ Resources Ltd (ASX: EQR)

The EQ Resources share price is 33 cents, down 9.7% on Tuesday but up 713% over the past year.

EQ Resources owns a tungsten mine in Mt Carbine in North Queensland, and also holds gold exploration licences in NSW.

The company's long-term ambition is to become Australia's pre-eminent producer of tungsten, which is used to harden metals.

This month, Morgans issued a new note downgrading this ASX small-cap mining share from a speculative buy rating to a trim rating.

The broker increased its 12-month price target from 16 cents to 23 cents.

Morgans explained the change:

The ammonium paratungstate (APT) price continues to climb, above US$1,600 per metric tonne unit (mtu – 10kg).

We have lifted the modelled short-term price to US$1,300/mtu, and our long-term price from US$600/mtu to US$700/mtu.

With the share price above our target price, we lower our rating to TRIM from Speculative Buy.

Morgans added:

Continued strength in the tungsten price, a most critical metal, could lead to a further increase in our target price.

Lunnon Metals Ltd (ASX: LM8)

The Lunnon Metals share price is 40 cents, down 1.3% today but up 98% over the past 12 months.

Lunnon Metals is a nickel explorer with assets in the Kambalda district of Western Australia.

On The Bull this week, Nathan Lodge from Securities Vault revealed a sell rating on this ASX nickel mining share.

Lodge explained:

The company's strategy centres on exploring and advancing sulphide nickel deposits in a region historically known for high grade discoveries and established mining infrastructure.

However, global nickel prices have been under sustained pressure as supply from Indonesia has increased rapidly, creating a structural oversupply in the market.

For companies, such as Lunnon Metals, exploration success isn't sufficient to drive value if the underlying commodity price environment remains weak.

The nickel price is US$17,485 per tonne on Tuesday, up 4% in the year to date and up 7% over the past 12 months.

The post 2 ASX small-cap mining shares to sell: Experts appeared first on The Motley Fool Australia.

Lunnon is currently transitioning from developer to producer, having carried out its first ore blast just last week with delivery of ore to the run of mine (ROM) pad at its Lady Herial project now ongoing.

The company only discovered the Lady Herial deposit two years ago, marking a swift transition from discovery to imminent production.

More gold in the ground

Lunnon also upgraded the mineral resource estimate at the project last week, with a 49% increase in gold ounces to 54,200.

Managing director Edmund Ainscough said regarding the upgrade last week:

Lady Herial reporting more than 50,000 ounces in mineral resource is an outcome we could not have imagined back in early 2024 when we refocused our activities on gold. Having mining up and running and first ore already on the ROM, whilst the gold price tops $7,000 per ounce, is equally pleasing. The focus now switches to evaluating how the balance of the deposit not in the current mine plan can be profitably extracted, be that by a second stage of open pit mining, underground development, or possibly both. In parallel, as the ore purchase agreement model starts to deliver cash flow and with the heavy lifting of drilling at Lady Herial completed by the exploration team, they can pin their ears back and crank up the rigs to tackle our portfolio of high-ranking targets on the rest of our leases at St Ives.

The company said that free cash flow from Lady Herial was expected "in the near future".

Lunnon metals added:

This, coupled with the company's existing cash balance and recently secured small working capital facility, sees the company well placed to continue its aggressive program to evaluate all gold opportunities at Foster-Baker whilst enabling the company to consider new opportunities within the district.

ASX gold stock looking cheap

The team at Shaw and Partners has looked at the ASX gold stock's update and said it bodes well for the company.

Shaw and Partners said the company is poised to generate "significant cash flow" which it can use to fund its "prolific Kambalda targets''.

Shaw and Partners added:

The current Stage 1 open pit is just the beginning, as the company is simultaneously exploring the potential for underground mining to follow the high-grade shoots as they extend deeper into the fresh rock. Lady Herial remains open down plunge, and technical studies are evaluating a second stage of mining through open-pit cut-backs or underground development to extract the remaining 30,100 ounces.

Shaw and Partners has a price target of 92 cents on Lunnon Metals shares, compared with 47 cents currently.

Lunnon Metals was valued at $102.7 million at the close of trade on Friday.

The post This newly-producing ASX gold company could almost double in value: Broker appeared first on The Motley Fool Australia.

The theory is that if they have the confidence to buy shares, it could be a sign that things are going well and they expect them to appreciate in value.

With that in mind, listed below are five ASX mining shares that have reported insider buying recently:

Andromeda Metals Ltd (ASX: ADN)

A non-executive director of this ASX-listed emerging industrial minerals producer has been buying shares on the market. A change of director's interest notice reveals that Austen Perrin picked up 939,598 shares between 19 June and 21 June for a total consideration of $38,889.37.

Challenger Gold Ltd (ASX: CEL)

Another ASX mining share reporting insider buying has been gold developer Challenger Gold. According to a notice, the company's non-executive chairman, Fletcher Quinn, bought 1 million shares through an on-market trade on 23 June. Quinn paid a total of $113,720 for the parcel of shares.

Lunnon Metals Ltd (ASX: LM8)

This nickel and gold explorer has also reported some insider buying. Non-executive director Deborah Lord bought 35,000 shares at an average of 93 cents per share on 22 June. This represents a total consideration of $32,550.

Nova Minerals Ltd (ASX: NVA)

A couple of directors of this gold developer have been buying its shares on-market. CEO Chris Gerteisen picked up a modest 25,000 for $6,500. Whereas executive director Craig Bentley snapped up 512,144 shares for a total consideration of $135,355.15. Nova Minerals is developing North America's next major gold trend, Estelle, to become a world-class, tier-one, global gold producer.

Prospect Resources Ltd (ASX: PSC)

A final ASX mining share that has reported insider buying is Prospect Resources. It is a lithium explorer with operations in Zimbabwe. Three directors have been buying shares recently. This includes Gerry Fahey picking up 300,000 shares for 10.5 cents per share on 20 June, Sam Hosack snapping up 1,670,000 shares for between 10.5 cents and 14.07 cents per share across 20 June and 22 June, and Mark Wheatley buying 500,000 shares at 10.5 cents per share on 19 June.

The post 5 ASX mining directors buying up their company shares in the past week appeared first on The Motley Fool Australia.

The Anson Resources Ltd (ASX: ASN) and Lunnon Metals Ltd (ASX: LM8) share prices are both flying higher on the back of new discoveries.

So let's take a look at what these two explorers discovered.

Lunnon Metals Ltd 

The Lunnon share price is surging by nearly 11% today. Lunnon is exploring the Kambalda Nickel project in Western Australia.

Today, Lunnon provided an update on its drilling program at the Baker Shoot site. Drilling returned 23m at 6.78% nickel including 14m at 8.13% nickel and 7m at 5.92% nickel.

The company highlighted the width and grades are better than the recent mineral resource estimation for the project.

Commenting on the results, managing director Ed Ainscough said:

Another stand out result for Baker – the run of five consecutive metres over 10% Ni really is the "cherry on top".

Following the results reported last week from this same section, the fact that Baker has the ability to deliver these nickel grades over such impressive widths and all so close to surface, is exciting for the entire Lunnon Metals team and naturally, of course, for our shareholders

Anson Resources Ltd (ASX: ASN)

The Anson Resources Ltd (ASX: ASN) share price is soaring 9% today. Ansom is exploring the Paradox Lithium Project in the state of Utah, USA.

Anson reported "high concentrations" of lithium and bromine from drilling at the site.

Results included:

• 97 parts per million (ppm) lithium (Li), 882ppm bromine(Br) in Clastic Zone 33 (11ft thick)
• 240ppm Li, 4,115ppm Br in Clastic Zone 31 (18ft thick)
• 111ppm Li, 4,112ppm Br in Clastic Zone 29 (18ft thick)

These assay results are outside the existing resource estimate at the site. Commenting on the resource, Anson said:

Anson plans to confirm a major resource upgrade on completion of its current
drilling campaign at the Cane Creek 32-1 and Long Canyon No. 2 wells.

There is also scope for further Resource expansion via targeted drilling in the western areas of the Paradox Project.

The post 2 tiny ASX mining shares soaring on new discoveries appeared first on The Motley Fool Australia.