Buy Buy Buy: 11 hot commodity stocks

No, that's not a typo in the headline. 

We're currently running our Commodities in Focus series, so for this episode of Buy Hold Sell, it's a commodities takeover. 

We're also departing slightly from our traditional format, with each guest pitching stocks that they like across five different commodities segments. 

That's right - it's wall-to-wall buys for this episode... Because who wants holds and sells when it comes to commodities stocks.

Sharing their best and brightest picks across the precious metal, bulk, base metals, battery/energy transition metal, and energy segments are Romano Sala Tenna from Katana Asset Management and Emanuel Datt from Datt Capital. 

Please note this episode was recorded on 9 September 2026.

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Episode summary

Here's a summary of all the stock calls, key verdicts and choice quotes from our commodities takeover. This time, there are no holds or sells, with Romano Sala Tenna and Emanuel Datt each bringing their best ideas across precious metals, bulks, base metals, battery and energy transition metals, and energy.

#1 - PRECIOUS METALS

Westgold Resources (ASX: WGX) – Emanuel's pick

His verdict: A high-cost producer offering plenty of leverage if gold prices keep climbing.

What he said: "We are seeing very strong demand for gold. So we think the fundamentals underpinning gold prices are very strong presently and at these price levels."

"Westgold is probably on the high end in terms of the cost curve for a producer, but will produce a substantial amount of gold. They're really focused on improving operationally over the past couple of years and pushing out the length of their mine life."

Ramelius Resources (ASX: RMS) – Romano's pick

His verdict: The acquisition of Spartan and its high-grade Dalgaranga resource is a game changer.

What he said: "I think that their takeover of Dalgaranga, the project there, is an absolute game changer for them. Spartan Resources now is part of the conglomerate."

"Their starter resource there is 2.1 million ounces at 8.8 grams a tonne, which is exceptional, and there's a lot more gold to be discovered there."

Bellavista Resources (ASX: BVR) – Romano's pick

His verdict: An under-the-radar explorer with a high-grade Canadian resource, proven management and significant rerating potential.

What he said: "It's premature and we always tend to buy a bit early, but it's premature because the market's really focused on gold producers at the moment."

"It's got a tier-one management team. It's the CEO and CFO from De Grey Mining in a tier-one jurisdiction, Ontario. It's got a tier-one starter resource in terms of 2.8 million ounces at 7.2 grams a tonne."

"The really interesting part is you get all of this for an EV of $44 million."

#2 - BULK COMMODITIES

Metro Mining (ASX: MMI) – Romano's pick

His verdict: Operational problems have tested his patience, but its cost advantage and exposure to China's bauxite demand keep the thesis intact.

What he said: "I must confess it is testing our patience. They've had a good number of operational mishaps, so we are being tested here, but we believe that China's having its iron ore moment in bauxite."

"Metro Mining is the lowest-cost producer of bauxite globally. They can land bauxite in China at about US$30 a tonne."

Whitehaven Coal (ASX: WHC) – Emanuel's pick

His verdict: A much bigger business without the equity dilution, with strong commodity tailwinds and growing scope for shareholder returns.

What he said: "The production base has doubled effectively, but on the same share count. So whilst it's taken a couple of years to digest this transaction and integrate it, we think that the majority of that work is behind us now."

"They are very focused on returning capital back to shareholders through buybacks, dividends, and all the usual sort of measures."

#3 - BASE METALS

Metals X (ASX: MLX) – Emanuel's pick

His verdict: A rare listed exposure to tin, with constrained supply meeting growing demand from AI-related infrastructure.

What he said: "For some years there's been the perception that tin is going to be in short supply. And I think over time that only grows stronger."

"This is very much a thematic where demand will stay elevated for a commodity that is not very easily found."

FireFly Metals (ASX: FFM) – Romano's pick

His verdict: An exceptional undeveloped copper asset, with recent share price weakness providing an opportunity to add.

What he said: "FireFly has what we consider to be the best undeveloped copper mine on the ASX, with 75 million tonnes at 2.5% copper equivalent."

"We think once the mine's built and they're up and running, it will be the lowest-quartile producers globally."

"They raised $190 million recently at $1.78, and there's a share purchase plan currently in the market. So we are seeing a bit of indigestion and that's the opportunity to top up an excellent stock at a reduced price."

#4 - BATTERY AND ENERGY TRANSITION METALS

Mineral Resources (ASX: MIN) – Romano's pick

His verdict: The big problems have been addressed, leaving three quality lithium assets, organic growth and an undemanding valuation.

What he said: "Mineral Resources have resolved their debt issues. They've resolved their management and corporate governance issues, and they've got three excellent lithium mines, Wodgina, Mount Marion and Bald Hill."

"For a company that's about to enter the ASX 50 to be trading on 13 times earnings, that is notably undervalued."

Core Lithium (ASX: CXO) – Emanuel's pick

His verdict: A higher-risk bull-market lithium play that could offer significant upside as Finniss returns to production.

What he said: "This is an asset that is coming back into production after previously producing, which does reduce the technical risk. It's well capitalised now post recapitalisation."

"This is very much a bull market asset, no doubt about it, but these assets can often have really good upside if you invest in them in the right sort of proportion and being fully conscious of the risks."

#5 - ENERGY

New Hope Corporation (ASX: NHC) – Emanuel's pick

His verdict: Low-cost thermal coal exposure, organic growth and a strong record of capital allocation.

What he said: "The assets are high quality in the sense of being fairly low on the cost curve. So they're able to make money throughout the cycle."

"For a commodity company, one of the big key things is capital allocation and New Hope, I think, have proven over time they do the right thing by shareholders."

"We're very favourably inclined towards energy commodities at the moment, and this is probably what we think is one of the best exposures on the local exchange."

NexGen Energy (ASX: NXG) – Romano's pick

His verdict: A world-class undeveloped uranium project with enormous valuation upside and the potential to become a takeover target.

What he said: "NexGen Energy, I think, has got the largest, highest-grade, best undeveloped uranium project in the world by a long margin."

"If we were to place NexGen on a 10 times EBITDA multiple, it would place the stock on a valuation about $50 per share versus current price around about $15 per share."

"We're reasonably confident that it will be taken out by either BHP or Cameco, and we suspect it's going to be soon-ish because a major mining house will want to control the construction process."