3 ASX mining shares with 43% to 322% upside ahead: brokers

ASX mining shares remain on an upward trajectory despite the broader market weakening in 2026.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) is up 11% in the calendar year to date (YTD).

Meanwhile, the broader S&P/ASX 300 Index (ASX: XKO) has slipped 1% YTD.

ASX mining shares have continued to outperform in 2026 after an incredible run last year.

Strong commodity prices continue to boost the miners amid significant global geopolitical and economic challenges.

Here are three ASX mining shares that the experts say have strong upside potential.

Liontown Ltd (ASX: LTR)

The Liontown share price is 77 cents on Friday, down 3.8%.

This ASX lithium mining share has fallen 52% YTD.

Morgans has an accumulate rating on Liontown shares with a 12-month target of $1.10.

This suggests more than 40% potential upside over the next year.

LTR has approved the A$389m Kathleen Valley Expansion, targeting ~780ktpa of spodumene concentrate from FY30, with steady-state production in line with our expectations but unit costs above MorgansF and consensus.

Our target price falls to A$1.10ps (from A$1.40ps) on a slower FY28-FY29 ramp-up and higher near-term capex and costs, with falling lithium prices and execution now the key risks.

True North Copper Ltd (ASX: TNC)

The True North Copper share price is 31 cents, down 6.2% today.

This ASX copper share has fallen 41% YTD.

True North’s flagship project is Mount Oxide, which has copper, silver, and cobalt deposits. It also owns the Cloncurry Copper Project.

Morgans has a speculative buy rating on True North Copper shares.

The broker’s 12-month target is $1.31, which implies a 322% potential upside ahead.

The broker commented:

TNC continues to build value across both hubs.

At Mt Oxide, drilling has extended Aquila’s high-grade mineralisation to ~300m depth, while Chidna adds northern strike potential.

At Cloncurry, an ~18% CCP resource uplift amid a backdrop of accelerating regional M&A reinforces the strategic value of TNC’s assets.

Global Lithium Resources Ltd (ASX: GL1)

The Global Lithium Resources share price is $1, down 1% today.

This ASX lithium mining share has ripped 64% higher YTD.

Shaw & Partners has a buy call on Global Lithium shares with a price target of $1.75.

This implies 75% potential upside over the next 12 months.

In a note, Shaw & Partners said: 

Global Lithium Resources Limited (ASX: GL1) has released its Manna-Nova Integration Study, the first quantified assessment of a streamlined development pathway that treats Manna ore at the recently acquired Nova processing plant.

By utilising Nova’s existing infrastructure ($7m acquisition) via a 135km haul route, GL1 avoids the $440m greenfield concentrator build proposed in the Dec’25 DFS.

Integrating targeted process additions onto Nova’s established brownfield foundation significantly reduces upfront capital requirements, de-risks project delivery, and accelerates the timeline to first cash flow.

The post 3 ASX mining shares with 43% to 322% upside ahead: brokers 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.