3 ASX mining stocks surging as commodity prices shift

Following are the top three ASX mining stocks, supported by impressive business fundamentals, new business contracts and a growth-led outlook.

Also Explore the latest ASX market insights and research from Veye to stay informed about stock market trends, company announcements, and emerging investment opportunities.

Perseus Mining Limited (ASX: PRU) is one of the top ASX mining stocks, which is currently trading a market capitalisation of $7.81 billion and has a current annual unfranked dividend yield of 2.37%.

PRU had announced on 27 October 2026 its September 2026 quarter report. It has reported a gold production of 92,551oz for the quarter, with an All-in Site Cost (AISC) of US$2,035 per oz. The Yaoure CMA Underground achieves commercial production. It has reported a cash margin of  US$1,846 per oz with an average gold sale price of US$3,881 per oz.

It has incurred capital & exploration expenditure of US$160 million and working capital & corporate expenses of US$67 million. Notional cash flow stands at US$171 million with net cash & bullion of US$900 million. Liquidity reached US$1.3 billion with zero debt and an undrawn debt capacity of US$400 million.

Perseus Mining is expected to do a group production of 420,000oz-480,000oz at AISC of US$1,835-US$2,070 per oz for FY27. It is also expected to do a buyback of up to $350 million in FY27.

Arafura Rare Earths Limited (ASX: ARU) is one of the top ASX-based mining stocks which is currently trading at a market capitalisation of $971.93 million.

ARU had announced on 12 October 2026 that it had executed a binding off-take agreement with a global trading company seeking supply of critical rare earth elements. It is a five-year contract with a two-year extension option by mutual agreement. The company has to supply 850tpa NdPr oxide at nameplate production with associated heavy rare earths.

Arafura Rare Earths had also announced on 18 September 2026 it had extended the existing off-take agreement with a global wind turbine OEM to supply up to 500 tpa of NdPr oxide equivalent. It is for a period of five years, with a potential extension of up to eight years.

Mineral Resources Limited (ASX: MIN) is one of the top mining-based companies listed on ASX, and it is currently trading at a market capitalisation of $8.99 billion.

MIN had announced on 23 October 2026 its quarterly activities report for the period ended September 2026. The mining service production volume reached 103Mt, an increase of 10% quarter-on-quarter. It has reported iron ore attributable to a shipped volume of 5.019Mt from Onslow Iron and 2.922 Mt from Pilbara Hub. MIN has reported lithium production of 166k dmt SC6 and sales of 170k dmt SC6.

Mineral Resources incurred a capex of $310 million in Q1 FY27 and has an Onslow Iron carry loan of $303 million. It has reported a cash balance of $1.7 billion, making liquidity reach $2.5 billion. Net debt declined quarter on quarter to $4.1 billion. Fitch has upgraded its credit rating to BB providing a stable outlook.

MIN is expected to do a mining services production of 370-390Mt and it is expected to do a capex of $1.4 billion in FY27. It is expected to have an iron ore volume of 30-32.7 million wmt for FY27.

(Source: Company Announcements)