3 ASX 200 mining shares to buy with 41% to 79% upside ahead: broker

The S&P/ASX 200 Materials Index (ASX: XMJ) is up 9% in 2026, further capitalising on last year’s 32% growth.

The materials sector, which is dominated by ASX mining shares, was the best-performing sector of 2025.

This year, it’s running fourth behind energy (up 31%), consumer staples (17%), and utilities (10%).

Commodity prices have been resilient in 2026, which has supported mining stock valuations.

The green energy transition and other factors are providing strong drivers for new long-term growth in Australia’s mining sector.

However, over the next five years, the government forecasts many commodity prices to peak in FY27 and decline through to FY31.

With that said, let’s look at some ASX 200 mining shares with buy recommendations from Bell Potter.

PLS Group Ltd (ASX: PLS)

The PLS Group share price is $3.02, up 1.7% today.

This ASX 200 lithium mining share has tumbled 30% in the calendar year to date (YTD).

Bell Potter upgraded PLS Group shares to a buy rating on Wednesday.

The broker cut its 12-month price target from $5.20 to $4.40.

This suggests a potential 45% upside ahead.

Analyst James Williamson said:

We upgrade to a Buy recommendation on recent share price weakness.

At current lithium market prices, PLS will generate substantial earnings and cash flow with the restart of the 200ktpa Ngungaju processing plant.

P2000 and Colina development studies are being progressed, providing organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.

Minerals 260 Ltd (ASX: MI6)

The Minerals 260 share price is 81 cents, up 6.6% today.

This ASX 200 gold mining share has ripped 88% YTD despite a 3% fall in the gold commodity price.

Bell Potter maintained a speculative buy rating on Minerals 260 shares this week.

The broker kept its 12-month target of $1.45 in place.

This suggests a potential 79% upside ahead.

Analyst David Coates said:

MI6 offers gold exposure via the 6.2Moz BGP, valuation uplift through exploration success, project advancement and de-risking as the BGP progresses towards production.

MI6 is now largely funded to develop the BGP and on track to complete a DFS and make a FID in early CY27, plus secure long-lead items and commence early site works.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $44.67, up 0.7% today.

This ASX 200 lithium and iron ore mining share has fallen 19% YTD.

Bell Potter reiterated its buy call on Mineral Resources shares on Wednesday.

The broker slashed its 12-month price target from $75 to $63.

This suggests a potential 41% upside ahead.

Analyst James Williamson said:

Completion of the US$765m MIN-POSCO lithium transaction is expected in the current half, and will accelerate balance sheet deleveraging paired with strong cash flows from iron ore and lithium operations.

MIN’s mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume
growth. The company is strongly positioned to execute its next phase of growth, having reinstated dividends.

The post 3 ASX 200 mining shares to buy with 41% to 79% upside ahead: broker appeared first on The Motley Fool Australia.

More reading

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• PLS Group to invest $650m in Pilgangoora upgrades to fuel growth
• 5 ASX 200 stocks analysts have upgraded this week
• Own ASX mining shares? Official forecasts show commodity prices peaking in FY27
• 2 ASX lithium shares to buy with 38% to 120% upside

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.