All that glitters isn't gold: Here are the worst performing ASX mining shares of the quarter

Which shares dragged on the sector last period? We take a look…

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Key points

  • It wasn't all rainbows and sunshine for the mining sector last quarter
  • Several names lagged the peer group and saw substantial declines for the three months
  • The mining sector continues to drive gains for investors in 2022

ASX mining shares were the star performers last quarter, with the basket coming clearly out on top.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) gained 14.7% between December 31 and March 31. The S&P/ASX 200 Materials Index (ASX: XMJ) also rose by 11.9% during the period. In contrast, the broader S&P/ASX 200 Index (ASX: XJO) edged just 0.74% higher.

While some names flourished and kept the sector easily afloat, it wasn't bonanza shareholder returns for everyone involved.

Here are the laggards of the mining sector for the three months of trade to 31 March 2022.

TradingView Chart

Underperforming ASX mining shares last quarter

We'll talk in terms of percentage change for the quarter, as the list differs when talking in terms of points and dollars.

Taking out the top spot for ASX mining laggards is Australian Strategic Materials (ASX: ASM), which slid 28.8% for the three months. This was followed closely by Chalice Mining Ltd (ASX: CHN) with a 26.3% loss.

Perenti Global Ltd claimed third spot, falling 19.35%.

Perhaps surprisingly, nickel player Nickel Mines Ltd (ASX: NIC) saw an 11.9% down-step too. Even as nickel prices surged to record heights in the quarter, the company's relationship with a large nickel supplier and trader had the market nervous about the stock.

Not all the laggards were in the red, however. Further down the list are shares such as Alumina Limited (ASX: AWC) with a 7.5% gain. That's not bad, but not great compared to the other winners.

One of the larger ASX mining shares, Pilbara Minerals Ltd (ASX: PLS), finished flat for the quarter.

Below are the top 10 underperforming ASX mining shares for the March quarter in table form.

 TickerCompany NameQuarterly return (%
ASM Australian Strategic Materials-28.8
CHN Chalice Mining Ltd-26.35 
PRN Perenti Global Ltd-19.35 
RSG Resolute Mining Limited-15.38 
INR Ioneer Ltd-13.75 
SFR Sandfire Resources Ltd-13.68 
NIC Nickel Mines Ltd-11.89 
RMS Ramelius Resources Limited-8.28 
IMD Imdex Limited-8.14 

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Imdex Limited. The Motley Fool Australia owns and has recommended Imdex Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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