Top ASX mining stocks to buy in 2026

Rising commodities demand from electrification, large-scale infrastructure spending along with energy transition and currency debasement trends could make these ASX mining stocks to outperform in 2026.

Northern Star Resources Limited (ASX: NST) 

on 12 February 2026 reported its first half FY26 result which led the share price to rise 4.67% by early afternoon trade.
Revenue rose 19% to $3.41 billion which was supported by a 31% increase in the average realised gold price to $4,670 per ounce while underlying EBITDA jumped 34% year-on-year to $1.876 billion which lifted EBITDA margins to 55% and pushed underlying NPAT up 49% to $760 million.

Cash earnings stood at $1.1 billion which allowed the company to declare a fully franked interim dividend of 25 cents per share and the company will benefit from currency debasement trend which is likely to continue in 2026.

The balance sheet is in a net cash position of $293 million which includes $1.2 billion in cash and bullion and total liquidity of $2.7 billion while FY26 guidance is 1.60 to 1.70 million ounces with AISC expected between $2,600 and $2,800 per ounce.

The KCGM mill expansion is now 86% complete and is on schedule which is expected to lift production from FY27 as throughput capacity increases from 13Mtpa to 27Mtpa which will support higher output over the next three years.

Capstone Copper Corp. (ASX: CSC) 

delivered record production in 2025 with consolidated copper output of 224,764 tonnes which was up 22% year-on-year which marks its fourth straight year of record volumes.

The company currently has a market capitalisation of $16.44 billion and in Q4 2025 alone produced 58,273 tonnes of copper which was a quarterly record supported by strong output from Mantoverde, Mantos Blancos, Pinto Valley and Cozamin.

A new three-year labour agreement at Mantoverde was signed which ended the strike that had reduced output to nearly 55% of normal levels and removed operational uncertainty.
Capstone approved the Mantoverde Optimized expansion which is a US$176 million brownfield project expected to add about 20,000 tonnes of copper each year and extend mine life to 25 years while Santo Domingo has moved toward a final investment decision in H2 2026.

Copper spot prices are widely expected to rise in 2026 which is driven by electrification, renewable energy expansion, EV demand and grid upgrades that have created supply deficits which positions Capstone to benefit from both higher volumes and stronger realised prices.

South32 Limited (ASX: S32) 

reported a solid H1 FY26 result as profit after tax attributable to members rose to US$464 million and underlying earnings reached US$435 million which was supported by stronger commodity prices and strict cost control.

Underlying EBITDA came in at US$1.1 billion with an operating margin of 28% which reflects better performance from base metals along with the restart of Australia Manganese operations.
The balance sheet is strong with net debt of only US$25 million and total liquidity of US$1.7 billion in cash plus an undrawn US$1.4 billion revolving credit facility which provides financial flexibility.

Production guidance for FY26 is unchanged across operated assets while growth capital expenditure of US$338 million supports progress at the large-scale Hermosa zinc lead silver project in the United States.

Underground ore reserves at Cannington increased by 28% which extends mine life to FY33 and South32 is well placed to deliver higher earnings and stronger free cash flow if market conditions remain supportive through 2026.

(Source: Company Reports)