Buy, hold, sell: Mineral Resources, Fortescue, Champion Iron shares

ASX mining shares are rising strongly on Thursday with the S&P/ASX 300 Metal & Mining Index (ASX: XMM) up 3.1%.

This compares to a 0.9% increase for the broader S&P/ASX 300 Index (ASX: XKO).

The long-term outlook for the mining sector is strong, with five key elements driving a new commodities super cycle today.

However, not all ASX mining shares are a good buy — or at least, not today.

Here, we canvas the views of three brokers on three different ASX iron ore mining shares.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $70.82, up 2.2% today and up 239% over 12 months.

Mineral Resources produces iron ore and lithium, and provides services to the mining sector.

For 3Q FY26, Mineral Resources reported 7.2Mt in iron ore shipments from Onslow.

It also reported sales of 115k dmt in lithium spodumene concentrate at an average price of US$2,105/dmt, up 92% over the quarter, from Wodgina and Mt Marion.

Morgans maintained an accumulate rating on MinRes shares and raised its 12-month target from $67 to $71.

Morgans said:

Strong 3Q26 beat against expectations led by Onslow and lithium. FY26 guidance upgraded marginally across Mining Services, Onslow, Wodgina and Mt Marion. Diesel headwinds are emerging but remain contained.

No supply risk currently but cost inflation is apparent. Compelling outlook supported by continued deleveraging and commodity prices.

Champion Iron Ltd (ASX: CIA) 

The Champion Iron share price is $5.06, up 2.2% today and up 9.5% over 12 months.

Champion Iron, which is an iron ore pure-play mining company, released its Q4 FY26 report last week.

The miner reported production of 3.4 million wmt of 66.2% Fe concentrate, up 8% from Q4 FY25.

After reviewing the report, Bell Potter maintained its hold rating and cut its price target form $5.55 to $5.

Bell Potter commented:

CIA expect to ramp-up high-grade concentrate (DRPF grade) production from mid2026. While we expect iron content price premiums for this product, full value-in-use premiums are unlikely to be realised until longer-term offtake is secured.

Free cash flow should improve from FY27 as capex rolls off, supporting debt servicing and ongoing dividends. However, on our iron ore price outlook, earnings will peak in FY27.

Fortescue Ltd (ASX: FMG)

The Fortescue share price $21.19, up 2.6% today and up 32% over 12 months.

In the company’s third quarter update, Fortescue reported total iron ore shipments of 48.4 Mt, down 5% year-over-year.

However, the miner said it had shipped a record 148.7Mt in the nine months to 31 March, up 4% on the same period last year.

Bell Potter downgraded Fortescue shares to a sell rating and reduced its 12-month target from $20.30 to $18.15.

The broker said:

FMG’s core iron ore operations continue to perform very well and benefit from an elevated iron ore price.

However, we anticipate higher costs to emerge in 2HCY26 as low-cost inventories are exhausted, putting pressure on earnings.

We are wary of the “portfolio optimisation” review encompassing Iron Bridge.

The post Buy, hold, sell: Mineral Resources, Fortescue, Champion Iron shares appeared first on The Motley Fool Australia.

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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.