When it comes to investing in the lithium industry, PLS Group Ltd (ASX: PLS) shares are the go-to for many investors.

And while it is undoubtedly one of the highest-quality lithium miners in the world, a strong gain over the past 12 months could mean that upside is limited from here.

That certainly isn’t the case for the ASX lithium share in this article according to the team at Bell Potter, with the broker suggesting that it could more than double in value.

Which ASX lithium share?

The share that Bell Potter is bullish on is lithium developer Ioneer Ltd (ASX: INR).

It is the owner of the Rhyolite Ridge lithium-boron project in Nevada, USA.

Bell Potter notes that the project is designed to produce +24ktpa lithium carbonate equivalent and +135ktpa boric acid over the first 25 years.

However, it points out that ore reserves suggest that it could support an 82-year project life at this initial production rate.

Bell Potter was pleased to see that the South Korean government and Hyundai Engineering have taken a shine to the project and has signed non-binding letters of intent this week. It said:

While non-binding, the calibre and commentary from these counterparties provides strong endorsement of INR’s project development pathway. INR is currently running a Strategic Partnering Process to introduce new project-level equity funding in support of a Final Investment Decision at Rhyolite Ridge. It is reasonable to assume that the KIND, MOLIT and Hyundai LOIs are part of this process.

The Rhyolite Ridge project is fully permitted; an October 2025 project economic update outlined potential production of 27.8ktpa lithium hydroxide and 135.5ktpa boric acid at a capital cost of US$1.7b and with a lithium AISC of US$4,628/t LCE (net of boron co-product credits). The project is also backed by a US$996m US Department of Energy concessional loan. With cash of US$62m and no debt (31 March 2026), INR is fully funded to FID.

Should you invest?

According to the note, the broker has retained its speculative buy rating on the ASX lithium share with a slightly improved price target of 40 cents (from 39 cents).

Based on its current share price of 15.5 cents, this implies potential upside of approximately 160% for investors over the next 12 months.

Commenting on its buy recommendation, Bell Potter said:

Rhyolite Ridge is strategically important as a fully permitted, near-term and US-located source of lithium and boron supply. Both lithium and boron are USGS-designated critical minerals. Rhyolite Ridge received development approval in October 2024 and engineering design is 70% complete. Lithium markets have recently strengthened, and we expect continued growth in underlying demand and limited new sources of supply will support lithium chemicals prices over the medium to long term. Our INR valuation is $0.40/sh.

Key INR value catalysts are the outcomes of the Strategic Partnering Process in the lead-up to a Final Investment Decision and commencement of development, all expected in 2H 2026.

The post Forget PLS shares, this US-focused ASX lithium share could rise 100%+ appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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.

The ASX dividend share end of the market is a great place to hunt for opportunities that offer compelling passive income. The recent Federal budget changes make capital gains a little less appealing than they were before, compared to dividends. Large dividend yields could be a solution.

Businesses with extremely high dividend yields aren’t necessarily the best choices because they could be less reliable or not grow the payout as much as a business with a lower payout, simply because they’re keeping more money to invest for growth.

I’m not expecting significant growth of the following two names, but they have demonstrated a track record of dividend stability and long-term payout growth.

WAM Leaders Ltd (ASX: WLE)

WAM Leaders is a listed investment company (LIC) operated by Wilson Asset Management.

The portfolio is focused towards S&P/ASX 200 Index (ASX: XJO) shares, which are the biggest, strongest and most resilient businesses that have strong market positions and good margins. It’s important to note that this is not a passive, index-following portfolio but an active one that buys and sells shares as valuation appeal changes.

Between its inception in May 2016 to May 2026, the WAM Leaders portfolio has returned an average of 12% (before fees, expenses and taxes), outperforming the 9.1% average annual return of the S&P/ASX 200 Accumulation Index (ASX: XJOA).

That level of investment return – which is not guaranteed to continue – has helped the business increase its annual payout every year since FY17. The increases have been small in the last few years because the yield is already so large.

The guided dividend amount for FY26 is 9.6 cents per share, which translates into a grossed-up dividend yield of 10.4%, including franking credits, at the time of writing.

I think the business has a good profit reserve to continue paying the current dividend for the foreseeable future.

Hearts and Minds Investments Ltd (ASX: HM1)

Hearts and Minds is another ASX share with a large dividend yield.

It’s a LIC that aims to provide a concentrated portfolio of between 25 and 35 global shares based on the highest-conviction ideas from well-regarded fund managers. There are no management fees, and instead, money is donated to leading Australian medical research organisations.

Close to a third of the portfolio is decided by picks from investment professionals from an annual investment conference. Core, ongoing, portfolio managers decide a greater share of the portfolio.

Since its inception in November 2018, the LIC’s portfolio has returned an average of 10.25% after expenses and before Australian taxes.

Its dividend has steadily increased since FY23, and it plans to continue to increase its half-year payout by 0.5 cents every six months.

It plans to pay an annual dividend per share of 19.5 cents in FY26, which translates into a grossed-up dividend yield of 9.8%, though the next 12 months of payments are likely to be a yield of 10.4%, including franking credits.

The business is trading at a discount of around 20% to its pre-tax net tangible assets (NTA), so it looks like great value to me right now.

The post 2 ASX shares with dividend yields above 9% appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has positions in Hearts And Minds Investments. 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.

It has been a remarkable 12 months for some of the big ASX mining stocks.

PLS Group Ltd (ASX: PLS), Liontown Resources Ltd (ASX: LTR), and Mineral Resources Ltd (ASX: MIN) have all delivered triple-digit gains over the past year, making them among the strongest-performing ASX mining stocks.

However, momentum has cooled recently. All three lithium stocks have retreated over the past month as lithium prices pulled back.

That’s hardly surprising. The lithium carbonate price surged approximately 155% over the past year, helping fuel the sector’s rally. But with prices falling around 14% over the past month, investors are reassessing how much upside remains.

So, what comes next for these ASX mining stocks?

PLS Group

PLS Group shares have surged 356% over the past 12 months but have slipped 10% to $5.66 in the past four weeks.

The rally wasn’t driven solely by higher lithium prices. The $18 billion ASX mining stock also delivered strong operational growth.

During its first-half result, PLS reported a 47% increase in revenue to $624 million, supported by higher realised lithium prices and increased sales volumes.

Underlying EBITDA jumped 241% to $253 million, while EBITDA margins expanded to 41%, up from 17% a year earlier.

The company’s flagship Pilgangoora operation remains one of the world’s largest hard-rock lithium assets and provides significant scale advantages.

The key risk remains lithium prices. If the recent weakness continues, earnings could come under pressure despite strong operational performance.

Liontown Resources

Liontown Resources has gained 185% over the past year but has fallen 18% over the past month to $1.90.

Investors have been attracted to the company’s rapidly growing Kathleen Valley project, which is emerging as one of Australia’s most significant lithium operations.

In its half-year results, Liontown reported a 70% increase in lithium production to 192,514 dry metric tonnes and revenue more than doubled. It rose 107% to $207.5 million.

The company’s growth profile remains compelling as production ramps up and operational efficiencies improve.

However, Liontown remains highly exposed to lithium market conditions. Any prolonged decline in lithium prices could weigh on profitability and the price of the ASX mining stock.

Mineral Resources

Mineral Resources shares have climbed 213% over the past 12 months despite falling 7% in the past month to $65.86.

Unlike PLS Group and Liontown, Mineral Resources offers greater diversification through its mining services, iron ore, and lithium operations.

The company recently delivered its strongest half-year result on record. Supported by stronger lithium demand and a standout performance from its Onslow Iron project, Mineral Resources reported EBITDA of $1.2 billion and record revenue of $3.1 billion.

The Onslow Iron operation has become a major growth driver and reduces the company’s reliance on lithium alone.

That said, commodity prices remain a key risk. Weakness in either lithium or iron ore markets could affect earnings and investor confidence in this ASX mining stock.

What now for the ASX mining stocks?

The recent pullback highlights how closely lithium stocks remain tied to commodity prices.

Yet the fundamentals behind these businesses remain strong. Production is growing, revenues are increasing, and key projects continue to ramp up.

If lithium prices stabilise or resume their upward trend, these ASX mining stocks could regain momentum. But investors should expect continued volatility as the market weighs strong company performance against an uncertain commodity outlook.

The post These ASX mining stocks soared 185%+, then tumbled. What now? appeared first on The Motley Fool Australia.

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• PLS shares drop 5%: What’s driving the move?
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Motley Fool contributor Marc Van Dinther 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.