ASX Mining Stocks Warming Up in Global Race for Resources

As global demand for iron ore, copper and battery metals heats up, these ASX mining heavyweights are delivering solid results to set the stage for a strong run ahead.

Fortescue Limited (ASX: FMG)

began FY26 on a strong note with record iron ore shipments and steady progress in its decarbonisation goals.

During the September quarter, it shipped 49.7 million tonnes of iron ore, up 4% from last year, marking the highest ever first-quarter record. 

By the end of the quarter Fortescue had around US$4.6 billion in cash, its net debt stood at US$1.9 billion after paying the FY25 final dividend of US$1.2 billion and spending US$908 million in capital expenditure. 

It also raised about US$2 billion through a Renminbi-based syndicated term loan which added more flexibility to its funding options.

Fortescue also came out with its 2025 Climate Transition Plan showing a clear path to reach Real Zero emissions by 2030.

Sandfire Resources Limited (ASX: SFR)

started FY26 on a good note with strong output from its mines and a tight control on spending as the company recorded a total copper equivalent production of around 35.5 kilo tonnes in the September quarter, which came out 5% above from what was planned.

The revenue for the quarter came to about US$328 million and underlying EBITDA stood at US$137 million.

The balance sheet also looks stronger now as the company brought down its net debt by US$61 million to around US$62 million.

The company kept its FY26 production target between 149–165 kilo tonnes of copper equivalent, with most of the production expected in the second half of the year. 

Rio Tinto Limited (ASX: RIO)

had a pretty steady third quarter in 2025, showing good progress in its main segments like iron ore, copper and aluminium. 
In its Pilbara operations, iron ore shipments came in at 84.3 million tonnes which is 6% higher than last quarter and the second highest third quarter number since 2019. 

Copper output went up 10% from last year to 204 thousand tonnes and this was mainly because of the ramp up at Oyu Tolgoi in Mongolia, which is expected to lift total copper output by more than 50% this year.

Pre-tax and pre-divestment spend on exploration and evaluation for the first nine months of 2025 was about US$537 million which is down from US$692 million during the same period last year. 

The Rincon Lithium Project in Argentina got full environmental approval and the group’s Low-Carbon AP60 Aluminium Smelter in Quebec and the Nemaska Lithium JV in Canada are both showing continuous progress.

IGO Limited (ASX: IGO)

started FY26 with stable production across all its sites and kept its balance sheet strong even though the lithium and nickel markets were tough this period. 

The company posted a group underlying EBITDA of $19 million for the September quarter which was higher than the $5 million made in the last quarter. 

Free cash flow stood at $15 million while net cash increased to $287 million showing solid cost control and discipline.

The Nova nickel-copper site produced 3,429 tonnes of nickel and 1,377 tonnes of copper which matched the company’s life-of-mine plan. 

With its focus on battery metals and steady progress across lithium and nickel projects, IGO looks in a good position to take advantage of the growing global shift towards clean energy.

(Source: Company Reports)