4 ASX mining shares just re-rated by Morgans

ASX mining shares are all the rage at the moment as many commodity prices continue to roar higher, particularly gold.

In 2025, the materials sector, which incorporates mining stocks, soared 32% and produced total returns, including dividends, of 36%.

It outperformed the benchmark S&P/ASX 200 Index (ASX: XJO) by more than 4:1.

And the momentum is continuing in 2026, with materials up 9.5% compared to the ASX 200, up 1.6%.

Top broker Morgans has just re-rated a bunch of ASX mining shares, so let’s see what they had to say about these four names.

Regis Resources Ltd (ASX: RRL)

Morgans maintained a hold rating on this ASX gold mining share after the company released its latest quarterly report.

However, the broker raised its 12-month share price target significantly from $6.17 to $8.05 due to the runaway gold price.

The Regis Resources share price is $8, down 6.2% on Friday.

Morgans said:

RRL delivered a strong 2Q26, with group gold production of 96.6koz Au supporting record quarterly cash and bullion generation of A$255m, lifting the balance to A$930m.

The result was underpinned by stable performance at Duketon, a sharp uplift in gold sales at Tropicana and continued strength in spot gold prices.

The gold price went close to US$5,600 per ounce this week, and has risen by more than 20% in January alone.

Liontown Ltd (ASX: LTR)

Morgans kept its trim rating on Liontown shares after the lithium producer filed its second-quarter update this week.

The broker increased its 12-month share price target substantially from 89 cents to $2.

The Liontown share price is currently $1.89, down 8%.

The broker said:

2Q26 result beat expectations on production and costs.

Balance sheet de-risked following LG Energy Solution’s election to convert its US$250m convertible notes into equity, removing debt and strengthening flexibility despite dilution.

Maintain TRIM with much of the near-term upside factored into its share price.

Mineral Resources Ltd (ASX: MIN)

Morgans maintained its hold rating on Mineral Resources shares after the miner released its second-quarter report.

But it also raised its 12-month share price target from $47.40 to $66.

The ASX mining share is trading at $58.68, down 3.8% on Friday.

The broker commented:

2Q26 result beat expectations across all divisions.

Lithium optionality increases in the current pricing environment, with potential to increase volumes at Mt Marion and Wodgina and re-start Bald Hill.

Deleveraging has accelerated. Net debt now sits at A$4.9bn (A$5.4bn last quarter).

Valuation appears full at 7x ND/EBITDA but strong execution, balance sheet momentum and a supportive commodity backdrop underpins ongoing exposure.

True North Copper Ltd (ASX: TNC)

Morgans has initiated coverage on this ASX copper mining share with a speculative buy rating and a price target of $1.20 per share.

The True North Copper share price is currently 58 cents, down 3.3%.

True North Copper provided a mineral resource update on its Cloncurry Copper Project this week and released its quarterly activities report today.

Morgans said:

We initiate coverage on TNC following a period of successful exploration led growth, project planning and renewed corporate strategy which importantly avoids early production commitments and debt-funded development, materially reducing financial risk relative to prior operating models employed by previous management.

TNC’s strategy is structured around three pillars: develop, grow, discover with Mt Oxide providing district-scale exploration leverage through the Vero, Aquila and other emerging discoveries, and Cloncurry offering optionality around near-term development and cashflow generation.

ASX copper mining shares surged yesterday after the copper price reached a new record above US$6.30 per pound.

The post 4 ASX mining shares just re-rated by Morgans appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Is the Mineral Resources share price going to hit $70.00 this year?
• 5 things to watch on the ASX 200 on Friday
• Why Liontown shares could continue to roar higher
• This ASX lithium stock is being sold off today. Here’s why

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.