3 ASX mining shares to buy: Morgans

S&P/ASX 300 Metal & Mining Index (ASX: XMM) shares are outperforming on Tuesday, up 2.28%, while the S&P/ASX 300 Index (ASX: XKO) is 1.29% higher.

Top broker Morgans gives the following ASX miners a buy rating.

Here’s why.

Ramelius Resources Ltd (ASX: RMS)

This ASX gold mining share is up 2.05% to $4.50 apiece on Tuesday.

Ramelius Resources shares have rocketed 78% over the past 12 months, while the gold commodity price has ascended 68%.

After the miner revealed its 2Q FY26 results, Morgans remained buy-rated on the stock and lifted its price target from $4.50 to $5.50.

However, the broker downgraded its recommendation from buy to accumulate.

Morgans said:

RMS reported its 2Q26 result following its pre-release update on 8 January, delivering production of 45.6koz at an AISC of A$1,977/oz.

RMS remains on track to meet FY26 guidance of 185–205koz at an AISC of A$1,700–A$1,900/oz, with YTD production now at 100.6koz at an AISC of A$1,901/oz.

Lower production reflects the ongoing tapering of Cue open pit head grades, partially offset by higher-grade feed from Penny (9.8g/t Au).

Importantly, development at Dalgaranga has now accessed the high-grade Never Never orebody, with initial development ore stockpiled (16kt at 3.5g/t Au), providing a positive lead indicator for grade uplift into coming quarters.

Meeka Metals Ltd (ASX: MEK)

This fellow ASX gold mining share is 23 cents, up 5.5% today and up 132% over the past 12 months.

After reviewing the company’s 2Q FY26 results, Morgans maintained its buy rating on Meeka Metals shares.

It also kept its 12-month share price target at 33 cents.

MEK delivered its 2Q26 operating result as the Murchison Gold Project continues to ramp up.

Gold production increased 28% quarter on quarter to 9.1koz Au and was in-line with MorgansF of 9.3koz Au.

Ounce production was underpinned by a mill head grade of 3.3g/t Au, ~10% above MorgansF assumptions; however, this grade outperformance is partially offsetting lower-than-expected throughput.

Looking ahead, improvements in mill throughput, driven by underground production remain key to maintaining alignment with PFS forecasts.

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is 58 cents, up 3% on Tuesday.

The ASX copper mining share has skyrocketed by 316% over the past 12 months.

Like gold, copper has also been on an upward trajectory, rising 35% year over year due to higher demand because of the energy transition.

Following Aeris Resources’ 2Q FY26 report, Morgans maintained its accumulate rating and lifted its price target from 60 cents to 70 cents.

The broker said:

Solid 2Q26 delivery. Cracow continues its strong performance and Tritton operated broadly to plan.

Our earnings forecasts and valuation have been upgraded to reflect the company’s improved earnings outlook for the remainder of FY26 in the current copper and gold price environment.

The post 3 ASX mining shares to buy: Morgans 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.