Surging ASX Mining Stocks Defy The Markets

A fresh wave of momentum is lifting these mining stocks as growing production, rising commodity prices are building investor confidence again.

Top 5 ASX Mining Stocks 

Liontown Resources Limited (ASX: LTR)

Pilbara Minerals Limited (ASX: PLS)

South32 Limited (ASX: S32) 

DPM Metals Inc. (ASX: DPM) 

Elevra Lithium Limited (ASX: ELV) 

Liontown Resources Limited (ASX: LTR)

is going through a key phase right now as it shifts fully to underground mining at its Kathleen Valley Lithium Project. 
In the September 2025 quarter, revenue was $68 million and 87,172 dry metric tonnes of spodumene concentrate was produced. 

Benchmark Minerals Intelligence expects energy storage systems to make up around 25% of total lithium demand growth by 2029 which puts Liontown in a good position.
The company reported a cash balance of around $420 million which was helped by an equity raise.
With its underground work picking up and more flexibility in offtake deals, Liontown Resources is aiming to cut costs and lift production volumes through FY26.

Pilbara Minerals Limited (ASX: PLS)

has got a good start to FY26 as it kept up steady production and cut down costs.
In the September 2025 quarter, the company produced around 224,800 tonnes of spodumene concentrate which grew 2% from the last quarter with an average realised price of around US$742 per tonne.

Total group revenue was $251 million which represents a growth of 30% and by the end of the quarter, cash balance was $852 million.
The company also holds $625 million in undrawn credit lines. 
PLS is in a great position to amplify its growth in the next lithium cycle with its high-quality assets.

South32 Limited (ASX: S32) 

started FY26 with steady operations across all key assets as the company boosted production in areas like copper, aluminium and manganese.
Payable copper equivalent output at Sierra Gorda went up 12%, Manganese production jumped 33% and Aluminium production inched higher by 1%.

Net cash came in at about US$64 million by the end of the quarter. 
Growth is expected to come through exploration at Peake and Ambler along with ongoing improvements in aluminium and manganese operations.
The company is focused on maintaining operating momentum and capitalising on favourable market conditions in base metals.

DPM Metals Inc. (ASX: DPM) 

had one of its best quarters ever with rising metal prices, higher production and a very low-cost structure combined to lift margins sharply.
The company completed its major acquisition of Adriatic Metals, bringing the high-grade Vares silver-gold mine into its portfolio.

DPM generated US$147.7 million of free cash flow and US$184.5 million of operating cash flow while total net earnings came in at US$96 million.
DPM processed 780,924 tonnes of ore, up 10% year-on-year while copper output rose 6% and Ada Tepe delivered 19,363 ounces of gold with better grades lifting output by 19%.
The company is on track to meet its full-year 2025 production guidance of 225,000–265,000 ounces of gold and 28–33 million pounds of copper.

Elevra Lithium Limited (ASX: ELV) 

entered FY26 after completing one of the most important mergers in the North American lithium sector.
The merger between Sayona Mining and Piedmont Lithium has created a unified, large-scale producer with control over North American Lithium (NAL) and a much bigger project pipeline.
The merger formally closed on 30 August 2025 supported by shareholders of both companies and also completed a 150-to-1 share consolidation and changed its name to Elevra Lithium Limited.
Cash rose from $72.3 million to $148.8 million as Elevra secured a $69 million equity placement from Resource Capital Fund VIII, providing immediate funding and becoming a strategic long-term investor. 

Elevra has given FY26 guidance of 195,000–210,000 dmt of production and sales with unit operating costs expected to remain in the $1,175–1,275/dmt range.

(Source: Company Reports)