The S&P/ASX 200 Index (ASX: XJO) may be trading sharply lower this year, but that hasn't stopped some ASX shares from reaching new highs.
Three ASX mining shares that have just climbed to all-time highs are listed below. Here's why they are flying high right now:
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Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price hit a new all-time high of $78.14 this morning. While there was no news out of the mining and mining services company, investors have been fighting to buy its shares all year due to its lithium operations. These are expected to generate bumper profits this year thanks to sky high lithium prices.
Interestingly, despite hitting an all-time high, the team at Macquarie still sees significant value in the Mineral Resources share price. Its analysts have an outperform rating and $98.00 price target on its shares.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price reached a record high of $5.66 this morning. This followed the release of the lithium miner's first quarter update this morning, which revealed further solid production and sales growth.
Macquarie is also positive on the Pilbara Minerals share price. Though, it doesn't see anywhere near as much upside potential as it does with Mineral Resources shares. Its analysts have an outperform rating and $5.70 price target. However, it is worth noting that this could change once the broker has reviewed the company's quarterly update.
Tietto Minerals Ltd (ASX: TIE)
The Tietto Minerals share price climbed to an all-time high of 73 cents on Tuesday despite there being no news out of the gold developer. Though, it is worth noting that last week the company provided a positive update on its Abujar Gold Project in the Ivory Coast.
That update revealed that the construction of the project is on track and Tietto expects to deliver its first gold during the current quarter. If everything goes to plan, management expects to produce 260,000oz of gold from Abujar in 2023.
