There have been some big returns generated in the mining sector over the next past 12 months.
But what about the next 12 months?
Well, one ASX mining stock that is being tipped by Bell Potter to rise materially is named below.
Let’s see why it could be destined to outperform the market by some distance between now and this time next year.
Which ASX mining stock?
The stock that is getting the team at Bell Potter excited is WA1 Resources Ltd (ASX: WA1).
It is a niobium explorer which owns the Luni Niobium Project in Western Australia.
Bell Potter has been pleased with recent developments and particularly the scaled-up beneficiation testwork results across four composites. It explains:
WA1 Resources has announced scaled-up beneficiation testwork results across four composites representing key Indicated Mineral Resource Estimate (MRE) zones at its 100%-owned Luni Niobium Project (Luni) in Western Australia. The testwork confirms a two-stage flotation regime can produce high-quality niobium concentrates with commercially relevant recoveries across the deposit, using raw site water. The testwork is a significant metallurgical data point and materially de-risks the beneficiation stage of the processing flowsheet.
Bell Potter was also pleased with the concentrate grades that were revealed. It adds:
The headline result is a weighted average concentrate grade of 44% NbâOâ at 54% overall recovery across all four composites (open cycle, bulk float). Critically, Composite A, which incorporates material from the higher-grade portion of the resource area and that also represents the focus area for early years of mining, returned 46% NbâOâ at 67% recovery, a significant uplift on prior results from this area. These results support an upward revision to our recovery assumptions and are directly feeding into the PFS, which remains on track for Q4 CY2026.
Big potential returns
According to the note, the broker has retained its speculative buy rating on the ASX mining stock with an improved price target of $27.20. Based on its current share price of $12.36, this implies potential upside of almost 120%. Bell Potter concludes:
We increase our valuation for WA1 to $27.20/sh (previously $24.40/sh) and maintain Our Speculative Buy recommendation. Our valuation for WA1 is based on a notional development scenario (NDS) for Luni discounted at 10% and risked at 30% to reflect the project’s current stage. We revise our recovery assumptions in our model upward to 54%, which sees our unrisked NPV10% increase from A$1,814m to ~A$2,021m â an ~11% uplift. Key catalysts include: PFS completion and Reserve declaration, further beneficiation optimisation of Composites Bâ D, downstream refining results, and strategic partner/government engagement.
The post Which ASX mining stock could rocket 100%+ after ‘breakthrough’? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Wa1 Resources right now?
Before you buy Wa1 Resources shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Wa1 Resources wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 16 June 2026
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Motley Fool contributor James Mickleboro 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.