In a pretty depressing year for ASX shares, the shining light has been the resources sector.
But mining stocks are notoriously cyclical, meaning they can fluctuate up and down violently depending on how commodity prices are tracking.
So a great 2022 does not necessarily make for a bright 2023.
If you're still interested in the industry though, two of the minerals most talked about at the moment seem to be gold and lithium.
We all know the lithium story by now. It's an essential ingredient for high-powered batteries that will be in hot demand as the world moves to a zero-carbon state.
Gold is traditionally seen as a safe haven during anxious times, but surprisingly lost value for most of this year. But the gold price has just started rallying in the past month.
Here are two ASX shares involved in producing those resources that are currently recommended as buys:
'Anticipating a substantial mineral resource upgrade'
Argonaut private client dealer Harrison Massey currently likes where Global Lithium Resources Ltd (ASX: GL1) is heading.
"Global Lithium recently raised $120 million to acquire the remaining 20% of the Manna Lithium project from Breaker Resources NL (ASX: BRB)," Massey told The Bull.
"Global has an existing resource of 20.4 million tonnes of lithium oxide across its two assets."
After an up-and-down year, the Global Lithium share price is now roughly double where it started the year.
Massey's team is looking forward to a significant catalyst this month.
"We're anticipating a substantial mineral resource upgrade at the Manna Lithium project in December 2022," he said.
"Global Lithium also has an impressive [shareholder] register with Mineral Resources Limited (ASX: MIN) owning 9.9% of the company."
All four analysts that cover Global are currently recommending it as a strong buy, according to CMC Markets.
Waiting to hit the jackpot
Massey's other pick, Auteco Minerals Ltd (ASX: AUT), is different to Global in that it's in the exploratory stage.
"The gold explorer owns and operates the Pickle Crow project," he said.
"The existing gold resource stands at 2.2 million ounces at 7.8 grams a tonne of gold and is located in the tier 1 Thunder Bay region in Canada."
The site has some precedence in producing the precious metal.
"The asset has historical underground production of 1.5 million ounces at 16.1 grams a tonne of gold."
Chief executive Darren Cooke is "an experienced geologist", Massey added.
"The company is progressing its 50km drill program."
The Auteco share price is down 20% year to date.
