
Shares in aspiring tin producer Elementos Ltd (ASX: ELT) are up almost exactly 100% over the past year, but the team at Shaw and Partners believes they have a way to go yet.
The broker has just issued a new research note on the company with a bullish share price target, which I’ll get to shortly.
First let’s have a look at what the company’s up to.
Spanish project is coming together
Elementos is developing its Oropesa project in Spain, where it currently waiting on the approval of its mining licence and its environmental approval.
Shaw and Partners said it expected the environmental approval to be granted in the next six to eight weeks, which would then trigger 30 days of public consultation.
The broker added:
Once consultation commences, ELT will likely begin pre-final investment decision engineering studies, with Environmental permitting targeted by the end of Q1CY27 and the Mining Licence to follow after around four weeks of administration. We expect shovel-ready status by June CY27.
Elementos Chair Andy Greig said in the company’s recent annual report that the demand for its products would be high.
He said:
Tin’s importance as an essential technology metal has never been clearer. LME tin prices reached all-time highs in Q1 2026 and remained in the mid-US$50,000/t range for much of the year. Persistent global supply shocks and rising demand continue to validate the strategic theme on which Elementos’ strategy was founded.
Mr Greig said Oropesa had the potential to supply about 10% of Europe’s tin needs, and was one of few tin projects globally which was primed for development.
He added:
During the year, the Company significantly progressed the regulatory, commercial and funding work required to develop the Oropesa project. Importantly, our strategy now extends beyond concentrate production, with Elementos having executed a binding call option to acquire a 50% interest in Iberian Smelting SL, owner of the Robledollano tin smelter in Spain. This partnership establishes the foundations for a domestic mine-to-metal supply chain at a time when governments, manufacturers and investors are prioritising critical mineral security and resilience.
Elementos also owns the Cleveland project in Tasmania, which the company said contains substantial tin, copper and tungsten resources.
Shares looking cheap
Shaw and Partners said Elementos was rapidly derisking the Oropesa project and was strongly supported by the local government.
It has raised its share price target for the company from 65 cents to 70 cents, compared to 48 cents currently.
This would constitute an increase of 45.8% if achieved.
Elementos is valued at $210.4 million.
The post This small-cap ASX mining company could rise more than 45%, Shaw and Partners says appeared first on The Motley Fool Australia.
Should you invest $1,000 in Elementos right now?
Before you buy Elementos 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 Elementos 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 1 August 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- Brokers tip these 3 ASX shares to jump 72% to 162%
- Guzman y Gomez in focus as Q1 FY27 sales jump 18.8%
- 17 ASX shares going ex-dividend next week
- IVV ETF and other iShares funds are paying dividends today. Here’s how much
- 2 ASX 200 shares tipped to rise 39% to 130%
Motley Fool contributor Cameron England 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.

