S&P/ASX 200 Index (ASX: XJO) mining shares rose strongly on Friday with the S&P/ASX 200 Materials Index (ASX: XMJ) up 2.1%.
Materials was the best performer of the 11 market sectors today.
The ASX 200 finally broke one of its longest losing streaks in years, rising 0.7% on Friday.
This follows eight consecutive days in the red amid stalled negotiations between the US and Iran and the continuing global fuel crisis.
Higher fuel costs are a short to medium-term headwind for the mining sector.
However, the future is bright due to rising long-term demand for commodities with industrial uses amid the green energy transition.
This week, Bell Potter reviewed its ratings and 12-month price targets on three ASX 200 mining shares.
Let’s take a look.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metalsshare price closed at $11.77 on Friday, up 3.9%.
This ASX 200 gold share has risen 29% over the past year, and Bell Potter gives it a buy rating.
The broker explained why:
CMM is a sector leading gold producer, unhedged and debt free.
It is fully funded to grow production from ~120kozpa to ~300kozpa from two gold mines in WA, each with +10 year mine lives.
CMM is run by a management team that has an excellent track record of delivery.
Bell Potter increased its 12-month share price target from $16.10 to $16.25, implying a 38% gain ahead.
PLS Group Ltd (ASX: PLS)
The PLS Group share price closed at $6.14, up 2%.
This ASX 200 lithium share has ripped 321% over the past 12 months, and hit a record $6.17 this week.
Bell Potter gives PLS Group shares a hold rating following the miner’s 3Q FY26 update.
The broker said:
At current lithium market prices, PLS will generate substantial earnings and cash flow ahead of the restart of the 200ktpa Ngungaju processing plant.
P2000 and Colina development studies are being progressed, providing substantial organic growth optionality in markets with strong
underlying EV and BESS-led long term demand fundamentals.
Bell Potter increased its 12-month share price target from $4.60 to $5.50.
This suggests a 10.5% fall for PLS Group shares from here.
Fortescue Ltd (ASX: FMG)
The Fortescue share price closed at $20.01, up 1.8%.
The ASX 200 iron ore giant has risen 23% over 12 months.
Bell Potter downgraded Fortescue shares to a sell rating this week.
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 broker reduced its target from $20.30 to $18.15, suggesting a 9% fall over the year ahead.
The post Buy, hold, sell: Capricorn Metals, PLS Group, Fortescue shares appeared first on The Motley Fool Australia.
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More reading
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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.