7 Magnificent Miners: 2026’s top picks in copper, iron ore, lithium, rare earths, gold, silver, and uranium

Think of your favourite stock — it could be one you own now or one you once wished you’d bought. I’ll bet, like most Aussie investors, it was probably a mining stock that went from under 10 cents to a dollar… or much more!

Aussies love their mining stocks. They’re a staple in the Great Australian Portfolio — the mix of names we trade stories about at barbecues, the office, and between rounds of golf. Mining stocks aren’t just companies; they’re cultural touchpoints, from tiny explorers kicking over rocks in the desert dreaming of striking it big, to global behemoths paying steady dividends.

And unlike 2024 — when resources under-performed and left many investors underwhelmed — 2025 was a bumper “repay the faith” year for those who stuck with their resources holdings. Indeed, a large share of mining stocks notched new peaks this year amid a strong rally in many commodities like gold, silver, copper, lithium and rare earths.

The S&P/ASX 200 Resources Total Return Index (XJRA), which adds dividends back to the regular XJR, enjoyed significant gains this year — up 32.0%. This made it easily the best major sector index, with other stalwarts such as Financials (XFJ) (+10.5%), Healthcare (XHJ) (-21.1%), and Information Technology (XIJ) (-19.3%) lagging well behind.

Note, I chose to include the Gold Sub-Index Total Return (XGDA) (+116%) in the comparison above — even though it’s not a major sector index — to illustrate what a stellar year it had. Given that the vast majority of XGD constituents are also XJR constituents, clearly the XJRA owes much of its strong performance in 2025 to gold stocks.

Which begs the question for 2026: after this rally, are mining stocks still the place to be, or is the party winding down? In this outlook, we’ll leverage the latest research from the likes of Barrenjoey, Canaccord Genuity, Citi, E&P, Macquarie, Morgan Stanley, RBC, and UBS to recap the key commodity themes from the year that was, examine what might drive or derail them in 2026, and highlight 7 Magnificent Miners that they’ve tipped to benefit as the cycle unfolds.

Copper — Delivering on years of “next big thing” promise

Copper market and outlook

For copper, 2025 was the year that clearly reasserted the metal’s status as the industrial heartbeat of the energy transition — but not without dramatic twists. From the outset, the London Metals Exchange (“LME”) copper benchmark rallied consistently, carving out a string of new all-time highs as structural demand outpaced mine and refined supply.

This wasn’t just a nominal uptick — it was a persistent excess demand dynamic, visible not only in London but echoed across global markets. As UBS observed, the market moved on “material” mine disruptions and the debasement trade driving investor inflows into hard assets [C1]. In plain English, UBS is citing a combination of physical market tightness and macro hedge positioning due to growing fears around the US’s debt, deficits, and loose monetary policy.

Across the Atlantic, US COMEX copper also traded stronger on average, but with far greater volatility. For much of the year, the benchmark COMEX price enjoyed a sizeable premium to its LME counterpart as traders front-ran potential tariff measures.

That all changed in July when a scaled-back tariff announcement from the Trump administration — targeting only semi-finished products and excluding refined copper — triggered one of the most violent one-day swings in the contract’s history. The benchmark contract tumbled roughly 20% in a session, underscoring how policy speculation, even without enduring structural effect, can sharply amplify commodity price moves.

As a trend following technical analyst, the LME copper chart is a picture of excess demand. It’s certainly showing all of the typical traits I’d associate with continued strength, including strong short and long term uptrend ribbons and constantly higher major peaks and major troughs. COMEX copper is clearly less demonstrative of the wall of demand versus supply vacuum seen in the chart of its London counterpart — but it’s solid — and it’s improving.

From a fundamental perspective, the tilt toward excess demand was unmistakable. Citi noted that while cyclical industrial demand remained mixed, structural drivers tied to electrification, renewables and data centres continued to underpin robust consumption growth. On supply, persistent under-investment and ongoing mine outages have limited new output growth, feeding into tightening balances and inventory drawdowns [C2].

Looking ahead to 2026, broker conviction around tightness in the copper market hardens materially. UBS is explicit that the market is approaching an inflection point, arguing that “2026 is expected to be the year the copper market experiences real tightness, putting the market into deficit and driving sustainable price upside” [C1]. Citi reaches a similar conclusion, forecasting a clear shift into deficit as supply constraints bite, noting that it expects the market to “look beyond near-term physical demand headwinds and price a more constructive copper micro and macro backdrop from 2026” [C2].

On pricing, Citi is among the most bullish, targeting copper to average US$12,000 per tonne by the second quarter of 2026, with a bull-case scenario extending materially higher should deficits persist [C2]. UBS’s forecasts also embed this tightening outlook, with its 2026 copper price assumption of US$5.20 per pound, comfortably above consensus, and reflecting confidence that supply constraints will outweigh any residual demand volatility [C1].

Taken together, broker research increasingly frames 2026 not as a continuation of speculative excess, but as the point where structural undersupply becomes unavoidable — and appropriately priced by the market.

Which ASX copper stock makes the Magnificent 7?

Let’s investigate which ASX copper stocks are the most highly rated by the big brokers. I’ll be drawing on data from Market Index’s Broker Consensus page where we collate the ratings and price targets for all the broker research we receive on a daily basis.

Note, I’ve only considered stocks that have met the minimum requirement for “consensus” of three broker reports within the last three months. Additionally, for this Magnificent 7 spot, I’ve only considered stocks that derive the bulk of their earnings from copper.

There are only two ASX copper producers that have a “Broker Consensus Rating” equivalent to a buy. Let’s start with the larger of the two, Capstone Copper Corp. (ASX: CSC), which I will offer as our first Magnificent 7 candidate on the basis that it has wider coverage than the other, smaller option — Aeris Resources (ASX: AIS).

To obtain a stock’s Broker Consensus Rating, we assign a value of +1 to any rating better than HOLD/NEUTRAL/MARKETWEIGHT, a value of 0 for any rating equivalent to HOLD/NEUTRAL/MARKETWEIGHT, and a value of -1 to any rating worse than HOLD/NEUTRAL/MARKETWEIGHT.

We then take the average of all assigned rating values and assign a Broker Consensus Rating of BUY to values greater than +0.5, a rating of HOLD for values between -0.5 and +0.5, and a rating of SELL for values less than -0.5.

The Broker Consensus Target is simply the average of the target prices we have on file for each broker. Typically, brokers define their target prices as a 12-month forecast. Each target price is based on fundamental valuation assumptions.

CSC’s broker consensus rating is +0.86, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $16.03. This suggests brokers collectively believe the stock is around 13.5% undervalued based upon the closing price on Thursday 18 December of $14.12.

Don’t worry copper lovers, I’ll do AIS also — and given its four-from-four buy-or-buy-equivalent ratings, and the fact that copper is just so hot — I propose it for our second Magnificent 7 candidate.

AIS’s broker consensus rating is +1.0, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $0.65. This suggests brokers collectively believe the stock is around 19.9% undervalued based upon the closing price on Thursday 18 December of $0.540.

Gold and Silver — First and second in 2025 🥇🥈

Gold and silver markets and outlooks

If copper was about excess demand in 2025, gold was about excess uncertainty — but that’s a good thing for gold — an asset that typically thrives on economic dislocation and heightened geopolitical tension. And the market responded accordingly: the gold price surged relentlessly through the year, printing repeated all-time highs as investors sought protection from a volatile mix of geopolitics, trade policy uncertainty, ballooning fiscal deficits and persistent questions around the Federal Reserve’s independence.

2025 marked a decisive shift in asset allocation behaviour and gold was at its forefront. As UBS put it, gold’s ascent has been “supported by broad-based buying reflecting a structural shift in private and official sector demand”, rather than extreme positioning or frothy leverage [GS1].

Crucially, central banks remained a dominant and price-insensitive buyer. World Gold Council data shows central banks had already accumulated around 200 tonnes year-to-date by September — almost matching the 215 tonnes bought over the same period in 2024, and equivalent to roughly two months of global mine supply — with buying accelerating into the second half of the year [GS2].

Citi argues this last point matters because the physical gold market is simply too small to absorb even modest shifts in global wealth allocation — meaning “prices need to do the work” to ration supply and encourage existing holders to sell [GS3]. That dynamic helps explain why gold has been able to remain elevated even as jewellery demand softened sharply.

Silver quietly outperformed expectations as well. While it continues to trade in gold’s slipstream, its smaller market size and ongoing physical deficits — particularly from solar demand — made it far more responsive to incremental investment flows. Citi noted that silver’s tighter balance leaves it “disproportionately impacted by investor inflows”, prompting a sharper upgrade to its silver outlook relative to gold [GS3].

Looking to 2026, the broker community remains constructive, albeit with different shades of optimism. UBS forecasts a further ~8.5% upside in gold prices to an average of US$4,675 per ounce, arguing that the macro conditions historically associated with gold bear markets are simply not present [GS1]. Citi is more cautious tactically, warning that valuation and volatility risks are rising, but still concedes that structural demand from central banks and investors keeps gold “well supported” into 2026 [GS4].

For silver, Citi’s conviction is less about a specific price target and more about relative upside versus gold, arguing that silver’s ongoing physical deficit and far smaller market size make it highly sensitive to incremental investment flows. As Citi notes, “one day of gold ETF buying can equal around 10% of the silver market”, creating the conditions for sharp upside if investor rotation accelerates at elevated gold prices [GS3].

In short, gold’s 2025 rally looks less like a blow-off top and more like a repricing — while silver remains the higher-beta expression of the same underlying forces. The charts of each, above only speak of strong excess demand — and that makes each a risk-on proposition for me.

Which ASX gold stock makes the Magnificent 7?

This was a much closer race compared to the other commodity categories because there are so many ASX precious metals stocks to choose from. The title of highest rated ASX gold stock heading into 2026 goes to 2025’s candidate: Westgold Resources (ASX: WGX). Unlike last year, however, there were three ASX gold stocks with perfect Broker Consensus Ratings of +1.0 — the other two are Newmont Mining (ASX: NEM) and Vault Minerals (ASX: VAU).

I’m submitting WGX as this year’s precious metals-focused Magnificent 7 candidate due to its superior Broker Consensus Target upside of +23.7%, versus NEM’s +8.2%, and VAU’s commendable +16.2% (based upon the closing price on Thursday 18 December).

WGX’s broker consensus rating is +1.0, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $7.22. This suggests brokers collectively believe the stock is around 16.7% undervalued based upon the closing price on Thursday 18 December of $6.19.

(Note: I couldn’t find an ASX silver pure play that met the minimum consensus criteria — so sorry, no Magnificent 7 silver miner today!)

Iron ore — Stronger for longer equals cash, cash, cash!

Iron ore market and outlook

Iron ore confounded expectations through 2025. Against a backdrop of persistent pessimism around Chinese property and long-running calls for structural demand decline, prices instead spent most of the year comfortably above US$100 per tonne. The reason was simple: the parts of the steel ecosystem that matter most for iron ore demand proved far more resilient than the continued deterioration of the Chinese property market.

Chinese hot metal production held up, steel exports surged to multi-year highs, and iron ore imports repeatedly printed record monthly volumes, keeping port inventories tight and mills active. As Barrenjoey observed: Chinese iron ore imports hit a monthly record 116.3Mt in September, while hot metal output remained resilient [IO1].

That resilience came despite genuine softness in traditional demand drivers. UBS notes that Chinese property starts and sales deteriorated further through the year, and that they’re not likely to trough until next year [IO2].

It’s a reminder that iron ore’s strength has been earned elsewhere. Manufacturing, autos, and exports increasingly carried the load, while falling port stocks provided an important physical backstop for prices. UBS also highlights that Chinese finished steel exports surged to around 120 million tonnes annualised, even as trade restrictions increased — consistent with overseas buyers front-running tariffs and Chinese producers redirecting volumes into receptive markets [IO2]. In other words, iron ore held firm not because China re-accelerated, but because it never slowed as much as feared.

Supply discipline was equally important. While Australian exports hit records at times and Brazilian volumes continued to recover, the long-anticipated surge from Rio Tinto’s part-owned Simandou mine in Guinea remained more promise than reality. Citi notes that uncertainty around the timing and scale of the mine’s ramp-up kept the market focused on near-term tightness rather than longer-term supply risks [IO3].

Even the brief political flare-up between BHP and China’s state-run buyer CMRG did little to unsettle the market. Headlines around temporary purchase suspensions proved more noise than signal. As RBC put it, while the rhetoric looked negative, the episode was “more a negotiating tactic”, and ultimately highlighted just how structurally dependent China remains on BHP’s high-quality Pilbara supply [IO4].

Looking into 2026, the consensus is one of caution — but such caution is unchanged from this time last year. Generally, the big brokers expect the iron ore price to ease modestly into the US$90/t–$100/t range in 2026 as supply growth finally emerges.

The key to unlocking the performance of ASX iron ore stocks, however, rests in how long the spot price can remain above these underwhelming expectations. As I just noted, 2025 started in a similarly pessimistic fashion. The fact that prices turned out around 10-15% better, meant local iron ore stocks generally saw major re-ratings of their share prices — particularly in the second half of the year.

Which ASX iron ore stock makes the Magnificent 7?

This is where we see our greatest change from last year’s edition. BHP Group (ASX: BHP) and Rio Tinto (ASX: RIO) were at the time each sporting a highly commendable Broker Consensus rating of +0.70. In the end, I gave last year’s Magnificent 7 iron ore spot to Champion Iron (ASX: CIA) with its then-perfect +1.0 rating.

BHP’s present Broker Consensus Rating has slipped to 0.33 and RIO’s is down to 0.38 and CIA has dipped to 0.60. It’s worth bringing in Fortescue here — its current rating is just 0.0.

CIA’s broker consensus rating is +0.60, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $5.64. This suggests brokers collectively believe the stock is around 6.2% overvalued based upon the closing price on Thursday 18 December of $6.01.

 

RIO’s broker consensus rating is +0.38, resulting in a Broker Consensus Rating of HOLD. Its Broker Consensus Target is $136.94. This suggests brokers collectively believe the stock is around 4.2% overvalued based upon the closing price on Thursday 18 December of $142.88.

It would be easy to stick with CIA as this year’s nomination for Magnificent 7 iron ore miner, but for me, it’s line-ball with RIO. After careful consideration, I’m going to put forward RIO as this edition’s Magnificent 7 candidate on the basis of:

• RIO straddles iron ore and copper — and this means exposure to two strong commodity price trends.
• RIO is more widely covered than CIA, and it has a narrower share price premium to its Broker Consensus Target.
• RIO has the strongest set of technicals compared to its iron ore peers.

Encouragingly though, RIO, BHP, CIA, and FMG have each featured regularly in my ChartWatch ASX Scans Uptrends list since August — and apart from BHP — as recently as last week.

Lithium — A plug-in hybrid phoenix rises from the ashes!

Lithium market and outlook

As a technical analyst, I’m always on the lookout for “V-shaped” recoveries — in my experience, these are the most likely to turn into new bull markets. Lithium’s 2025 resurgence is beginning to look very V-shaped indeed.

Lithium’s inflection in 2025 owed as much to policy and regulation as it did to traditional market forces. Mid-year, a series of developments in China combined fortuitously to arrest the race to the bottom that had plagued lithium commodities since 2023. Authorities injected an explicit “anti-involution” pulse into commodity-related industries in an attempt to curb destructive price competition and force rationalisation.

At the same time, regulators cracked down on a number of marginal lepidolite operations, tightening environmental and permitting standards and raising the effective cost base for domestic supply. With the most price-destructive tonnes hobbled or removed altogether, one of lithium’s key suppressing forces was finally neutralised.

But removing supply alone is not enough to sustain a recovery — rising prices require rising demand. That demand story was quietly improving beneath the surface in 2025, but not in the way the market had been conditioned to expect. Rather than an EV-led rebound, growth increasingly came from battery energy storage systems (BESS).

UBS describes this as a “third upcycle” in lithium demand, driven by grid-scale storage, renewables integration and power-hungry data infrastructure, noting it upgraded demand assumptions materially and it now envisages markets moving into deficit from 2026 onwards [LI1]. Morgan Stanley echoes the point, arguing that “strong ESS demand appears likely to persist into 2026”, supported by AI-related electricity demand and policy-driven energy transition spend [LI2].

Channel checks reinforce how quickly this demand is scaling. UBS reports that Chinese contacts expect around 620GWh of BESS production in 2025, rising to 950GWh in 2026, with some estimates stretching higher — and critically, order books are already sold out until February 2026. UBS flags a potential early-2026 wobble as China EV incentives roll off, but inventories across the lithium complex are falling and balance dynamics are tightening, with deficits expected to emerge in the second half of 2026 [LI3].

That tightening is reflected clearly in forward pricing assumptions. UBS now forecasts SC6 CFR China at US$1,800 per tonne in 2026, explicitly marking the start of a deficit phase [LI1]. Canaccord has also brought forward its tightening thesis, modelling a reversal to deficit in 2026 and lifting its cycle pricing deck, with peak assumptions of US$2,250 per tonne for SC6 and US$25,000 per tonne for chemicals later in the cycle [LI4].

RBC adds an important structural layer — China’s royalty reforms effectively institutionalise a higher domestic cost base, lifting the floor for global pricing by pressuring high-cost lepidolite supply [LI5]. After years of surplus and scepticism, lithium exits 2025 with both sides of the equation finally moving in its favour.

Which ASX lithium stock makes the Magnificent 7?

The rule of at least three brokers within the last three months has made this one a little tricky. Two stood out for having unanimous buy-or-buy-equivalent ratings — PMET Resources (ASX: PMT) and Core Lithium (ASX: CXO) — while IGO (ASX: IGO) deserves an honorable mention for being the highest rated of the majors. I’m submitting PMT as lithium’s Magnificent 7 candidate, but I’ll show you the broker consensus data for all three. 

PMT’s broker consensus rating is +1.0, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $0.600. This suggests brokers collectively believe the stock is around 41.2% undervalued based upon the closing price on Thursday 18 December of $0.510.

CXO’s broker consensus rating is +1.0, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $0.270. This suggests brokers collectively believe the stock is around 11.1% undervalued based upon the closing price on Thursday 18 December of $0.240.

IGO’s broker consensus rating is +0.40, resulting in a Broker Consensus Rating of HOLD. Its Broker Consensus Target is $6.65. This suggests brokers collectively believe the stock is around 12.4% overvalued based upon the closing price on Thursday 18 December of $7.59.

Rare earths — The race is on!

Rare earths market and outlook

Rare earth elements (“REEs”) are a family of 17 metals — but for investors, it usually boils down to the magnet materials that make modern electrification possible. Neodymium and praseodymium (NdPr) are the “workhorse” ingredients in NdFeB permanent magnets (think EV drivetrains, wind turbines, and industrial motors), while heavies like dysprosium (Dy) and terbium (Tb) are used to improve performance in higher-temperature, more demanding applications. 

2025 was the year rare earths stopped behaving like a niche commodity story and started trading like a geopolitical one. Macquarie’s framing is blunt — this is “a tight market – fundamentally and politically” — and it ties the mid-year NdPr price jump to a chain of events including: US producer MP Materials suspending concentrate sales to China, China’s magnet export controls (Dy/Tb), and the emergence of ex-China price discovery as buyers secured supply outside traditional Chinese channels [RE1].

That last item is arguably the most important development of 2025 — as the term “bifurcated pricing” entered the fray. This refers to the growing trend towards a lower “in-China” price and a structurally higher price for “ex-China” supply chains that prioritise security of supply over lowest cost. Morgan Stanley notes the telltale sign — Europe’s Dy and Tb assessments running at “significant premiums (>300%)” to China domestic material — and explicitly links that to a bifurcation of pricing as western supply stays limited while demand scales across EVs and defence applications [RE2].

Looking into 2026, the outlook has become less about “is demand growing for REEs?” and more about “who controls the marginal tonne?” Macquarie forecasts NdPr moving into deficit — “108kt of supply and 110kt of demand” in CY25 — with the market potentially staying tight into CY26–CY27, and it expects prices to peak at US$120/kg in late 2026 to early 2027 [RE1].

The key reason the market is willing to pay up for ex-China supply, is that governments are now trying to engineer a price floor to support the development of new projects. Canaccord highlights specific “pricing mechanisms” which will act as price floors embedded in the US–Australia critical minerals framework [RE3], while UBS sums up the policy direction as western efforts to “decouple” supply chains from China [RE4].

Scandium has quietly become one of the strongest-performing corners of the rare earths universe this year. It has attracted growing strategic interest due to its role in high-strength aluminium alloys and defence applications. Sunrise Energy Metals (ASX: SRL) has been a key beneficiary, advancing a scandium–nickel–cobalt portfolio that now includes a scandium offtake option with Lockheed Martin. St George Mining (ASX: SGQ) has seen its share price rocket on solid progress at its scandium project, reinforcing how quickly markets are re-rating credible ex-China supply pathways.

Which ASX rare earths stock makes the Magnificent 7?

Slim pickings here in terms of broker coverage in the rare earths sector — with only two stocks meeting the minimum requirement for broker consensus: Iluka Resources (ASX: ILU) and Lynas Rare Earths (ASX: LYC). LYC was the clear winner with a Broker Consensus Rating of +0.57 — the equivalent of a BUY — plus it’s also sporting a 31.5% Broker Consensus Target upside. This makes it this year’s Magnificent 7 candidate.

ILU’s broker consensus rating is +0.33, resulting in a Broker Consensus Rating of HOLD. Its Broker Consensus Target is $6.99. This suggests brokers collectively believe the stock is around 29.5% undervalued based upon the closing price on Thursday 18 December of $5.40.

Uranium — Policy promise vs price disappointment

Uranium market and outlook

The uranium price is on track to finish 2025 around US$80/lb, only modestly above US$73.75/lb at the end of 2024 — but materially stronger than the US$64.15/lb low struck on 12 March. That range neatly captures the year that was: the uranium price once again tracked market sentiment that oscillated between optimism and scepticism.

At the heart of that turbulence was a familiar but unresolved supply-side tension: the growing gap between “available” pounds and “deliverable” pounds. On paper, supply looked adequate as Canada’s Cameco and Kazakhstan’s Kazatomprom do what they do best — produce enough pounds to not flood the market, choosing to stick with their “value over volume” approach.

Still, there were issues across their own and other major projects as production ramp-ups remained uneven, inventories continued to do more work than many expected, and the consequences of years of underinvestment were laid bare whenever something went wrong. The sell-off into March reflected a bout of confidence that supply would finally behave, while the rebound that followed was a reminder that execution risk remains endemic in uranium mining.

On the demand side, 2025 offered fewer fireworks but greater credibility. The year was punctuated by pockets of positive policy momentum from the Trump administration, particularly around increased investment in domestic nuclear fuel security and long-term generation capacity. Sprott Inc.’s NYSE-listed SPUT ETF and LSE-listed specialty investment company Yellow Cake collectively absorbed millions of pounds as investors continued to bet bottom-left-top-right charts of future uranium demand must eventually play out in the uranium price.

Looking forward, the uranium price forecasts among the major brokers are generally optimistic:

• Citi expects “upside momentum to continue” and prices to reach US$100/lb in 2026, pointing out that tight enrichment dynamics, dwindling inventories, and any under-delivery from producers can quickly feed back into spot pricing [U1].
• Morgan Stanley suggests renewed supply challenges, steady spot demand, and the prospect of higher contracting volumes keeps the floor on spot pricing firm – it sees further upside, with a forecast of US$87/lb by the end of this year [U2].
• Macquarie is also leaning constructive, having raised their long-term uranium price assumptions in October from US$85/lb to US$95/lb, arguing contract structures ultimately need to do more to incentivise new greenfield supply [U3].
• E&P is the sceptical anchor — it sees a circa 2-3% (approximately 4-6 million pound p.a.) surplus emerging in 2026/27. It has the lowest long-term uranium price assumption of the brokers we surveyed, at US$70/lb from 2026, but notes, “An extended supply-side disruption is the key risk to this outlook.” [U4]

Which ASX uranium stock makes the Magnificent 7?

Not Boss Energy (ASX: BOE)! Not only is its chart a trainwreck — having appeared in my ChartWatch ASX Scans Downtrends lists over 30 times since August — it also has the worst Broker Consensus Rating among the major ASX uranium stocks. At +0.08 (still a HOLD mind you!), it lags Paladin Energy's (ASX: PDN) +0.60 consensus BUY rating, and Deep Yellow's (ASX: DYL) sector leading +0.83 consensus BUY rating.

PDN’s broker consensus rating is +0.60, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $12.77. This suggests brokers collectively believe the stock is around 65.6% undervalued based upon the closing price on Thursday 18 December of $7.71.

PDN’s broker consensus rating is +0.83, resulting in a Broker Consensus Rating of BUY. Its Broker Consensus Target is $12.77. This suggests brokers collectively believe the stock is around 65.6% undervalued based upon the closing price on Thursday 18 December of $7.71.

While PDN is better covered, DYL is arguably well covered, and it has better technicals than PDN — having appeared in my ChartWatch ASX Scans Uptrends list on 12 December. It’s mainly for this reason that it takes the final spot in our Magnificent 7 miners list today.

That’s it for our sojourn through the commodities that Aussie investors love to watch, and that they love to try and spot the Next Ten Bagger in! If you’d like to stay abreast of the strongest trending ASX mining stocks, be sure to check out my ChartWatch ASX Scans series on Market Index, and for my latest commodities research — including regular technical analysis updates on each of the commodities discussed here — be sure to check out my ChartWatch Markets series.

Have a safe and happy holiday and I look forward to once again bringing you the best commodities research in 2026! 👋

References

Copper

• [C1] UBS — Copper & Rare Earths: Structural Tightness Emerging, 12 December 2025
  

• [C2] Citi — Copper: Deficits Loom as Supply Constraints Bite, 12 November 2025
  

Gold & Silver

• [GS1] UBS — Gold Miners: Cash Flow Leverage in a Higher-for-Longer Gold Price Environment (GDX, NEM), 1 December 2025
  

• [GS2] World Gold Council — Central bank gold statistics September 2025, 6 November 2025

• [GS3] Citi — Gold & Silver: Investment Flows and Physical Market Constraints, 29 September 2025
  

• [GS4] Citi — Gold: Central Banks, Geopolitics and the New Price Regime, 10 November 2025
  

Iron ore

• [IO1] Barrenjoey — Joey’s Iron Ore Monthly: Resilience Despite China Property Weakness, 3 November 2025
  

• [IO2] UBS — China Economics & Commodities: Iron Ore and Coal Demand Signals, 15 September 2025
  

• [IO3] Citi — Iron Ore, BHP & Rio: Supply Risks Build as Simandou Nears, 22 September 2025
  

• [IO4] RBC Capital Markets — BHP Group: China Iron Ore “Ban” Is Negotiation, Not Disruption, 1 October 2025
  

Lithium

• [LI1] UBS — Australian Resources Gearing up for more, 12 December 2025
  

• [LI2] Morgan Stanley — Lithium: Supply Rationalisation Meets Structurally Stronger Demand, 8 December 2025
  

• [LI3] UBS — Mining Strategy On the Road: China trip feedback, 21 November 2025
  

• [LI4] Canaccord Genuity — Lithium: Supply Rationalisation Accelerates, Cycle Tightening Brought Forward, 19 November 2025
  

• [LI5] RBC Capital Markets — China Lithium: Anti-Involution, Royalties and the End of Uneconomic Supply, 12 November 2025
  

Rare earths

• [RE1] Macquarie — Rare Earths: Structural Tightness and Geopolitical Premiums, 13 October 2025
  

• [RE2] Morgan Stanley — Rare Earths & ILU Materials: Pricing Bifurcation and Strategic Supply Constraints, 29 September 2025
  

• [RE3] Canaccord Genuity — Critical Minerals Outlook: Pricing Mechanisms and Supply Security (Rare Earths & Beyond), 21 October 2025
  

• [RE4] UBS — Copper & Rare Earths: Structural Tightness Emerging, 12 December 2025
  

Uranium

• [U1] Citi — Uranium: Contracting Tension Builds as Supply Risks Persist, 29 August 2025
  

• [U2] Morgan Stanley — Uranium: Supply Discipline Meets Strategic Demand, 29 August 2025
  

• [U3] Macquarie — Uranium Sector Update: PDN, DYL, LOT, BOE – Execution Risk in a Tight Market, 24 October 2025

• [U4] Evans & Partners — Uranium: Market Balance, Kazatomprom Risk and the Long-Term Price Floor, 14 July 2025