Top 3 ASX Mining Stocks with Great Upside Potential

These three mining companies have delivered several noteworthy developments backed by production performance and cash generation to major project milestones.

Iluka Resources Limited (ASX: ILU)

on 28 July 2026, released its quarterly report till 30 June 2026 which reflected robust sales and better pricing despite lower production. During Q2, the company produced a total of 58kt of minerals which includes zircon, rutile and synthetic rutile while sales increased to 157kt which includes 109kt of zircon and 37kt of synthetic rutile which generated a total of $286 million in mineral sands revenue. The average realised zircon sand price rose to US$1,546/t which is up by US$55/t from Q1. The contracted prices are expected to increase further by US$215/t in Q3.
The mineral sands business also generated $247 million in operating cash flow and $200 million in free cash flow during H1. The construction of the Eneabba Rare Earths Refinery reached nearly 60% completion with the investment amount of $1.10 billion to date. Iluka secured its first multi-year rare earths offtake agreement and access to the full $1.65 billion government-backed loan facility. Management maintained full-year zircon production guidance of around 180kt, supported by stronger pricing and continued progress across its strategic growth projects.

Westgold Resources Limited (ASX: WGX)

Westgold Resources Limited (ASX: WGX), on 22 July 2026, released its last quarterly result of FY26 ending 30 June 2026, delivering an outstanding operational performance that exceeded its FY26 production guidance. The company produced 387,354oz of gold during FY26 which is above its guidance range, while Q4 production reached 98,854oz at an all-in sustaining cost of $2,802/oz which contributed to a full-year AISC of $2,841/oz which lies within the guidance. Improved operational efficiency drove a Q4 underlying cash build of $233 million which enabled the company to close the year with $939 million in cash, bullion and liquid investments while recording an increase of $575 million over FY26.

Westgold also remained 100% debt free and fully unhedged which reinforces its strong financial position. The company also completed the divestment of its Peak Hill and Chalice Gold projects during the quarter to simplify its portfolio, while continuing its on-market share buyback program. Management will provide FY27 guidance, an updated three-year outlook, full-year financial results and a dividend update in August 2026 which highlights confidence in the company’s growth strategy.

Capstone Copper Corp. (ASX: CSC)

Capstone Copper Corp. (ASX: CSC) reported the first quarterly result for FY26, ended 30 June 2026, marking a strong start to the year despite a 35-day strike at its Mantoverde mine while higher copper prices acted as one of the key factor in driving record profitability. During Q1, the company produced a total of 47,960 tonnes of copper at a C1 cost of US$2.66/lb while also reported a record adjusted EBITDA of US$329.1 million compared to US$179.9 million a year earlier. Net income attributable to shareholders increased to US$102.5 million compared with a US$6.8 million loss in the prior corresponding period. The operating cash flow before working capital changes also rose to about US$217.9 million.
Management allocated its focus on advancing the Mantoverde Optimized Project and progressing the Santo Domingo development which helps in positioning the company for long-term production growth. With copper market fundamentals being expected to remain favourable due to the global energy transition, Capstone remains well positioned to benefit from growing demand for metal. Capstone has also recently announced that it will release its Q2 2026 results on 30 July which will provide the next major operational and financial update to the investors.

(Source: Company Announcements)