ASX 200
Team Veye   November 25, 2025

2 ASX 200 mining stocks surging to new 52 week high

Team Veye   November 25, 2025
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The following two ASX 200 mining stocksΒ are hovering around their 52-week highs due to improved demand across key commodities leaving investors to ponder over how long can this rally continue?

Perseus Mining Limited (ASX: PRU)Β 

posted a stable September 2025 quarter as the company produced 99,953 ounces of gold from Yaoure, Edikan and Sissingue.
Cash and bullion at the end of the quarter stood at US$837 million and the company continues to carry no debt.

Yaoure produced 55,405 ounces which accounted for roughly half of group output for the quarter and its AISC improved to US$1,110 per ounce helped by a strong 94% recovery rate.Β 
The first mechanised underground mine in Cote d’Ivoire moved into development at the CMA deposit where first ore is expected in Q3 FY26 and commercial production is planned for Q3 FY27.
PRU’s development pipeline also improved this quarter, led by steady progress at the Nyanzaga Gold Project in Tanzania where several workstreams advanced.Β 

For FY26, Perseus maintained its production guidance of 400,000 to 440,000 ounces at an AISC of US$1,460 to 1,620 per ounce.

Liontown Resources Limited (ASX: LTR)Β 

has been a clear beneficiary of rebound in global lithium prices as it has doubled year-to-date.
The company is shifting fully to underground mining at its main Kathleen Valley Lithium Project and in the September 2025 quarter, it produced around 87,172 dry metric tonnes of spodumene concentrate and revenue was $68 million.

The company holds a solid cash balance of around $420 million and its future looks bright as Benchmark Minerals Intelligence expects energy storage systems to make up around 25% of total lithium demand growth by 2029.

FY26 is shaping up as a transition phase as the open pit winds down and underground mining continues to scale towards the planned 1.5Mtpa run rate by Q3 FY26.Β 
With production improving, a solid cash position and more flexibility from updated offtake terms, Liontown appears well positioned to benefit from rising lithium demand supported by EVs and energy storage systems.

(Source: Company Reports)

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