10% yield! 2 ASX shares to get rich from a mining boom

Pay attention, because one of these expert picks is paying out an 'appealing' level of income.

| More on:
Two treasure hunters high-five after finding a treasure chest buried in the ground

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In high inflation and economically uncertain times, ASX mining shares continue to hold their own.

However, after more than a year of outperformance, all the usual names are already pretty popular.

To get you thinking outside the square, here are two mining-related stocks with smaller market capitalisations that Argonaut associate dealer Harrison Massey rates as buys:

'A big pipeline of work'

GR Engineering Services Ltd (ASX: GNG) is not a resources producer itself but provides construction and procurement subcontractor services to mining clients.

And it's handing out a mouthwatering 9.64% dividend yield that's 100% franked.

Massey told The Bull he would buy the stock now.

Created with Highcharts 11.4.3Gr Engineering Services PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

"The engineering services company has entered into a binding term sheet with a subsidiary of Hastings Technology Metals Ltd (ASX: HAS) involving the construction of a plant and associated infrastructure for the Yangibana Rare Earths project worth $210 million."

He added that the outlook for GR Engineering was looking positive.

"The company continues to build a big pipeline of future work. The company's fully franked dividend yield is also appealing."

The GR Engineering share price is the same as 12 months ago.

According to CMC Markets, Euroz Securities also agrees with Massey that the stock is a strong buy.

22-bagger? Yes, please

Meteoric Resources NL (ASX: MEI) is an exploration company, for those investors comfortable with that phase.

According to Massey, the company has much potential.

Created with Highcharts 11.4.3Meteoric Resources Nl PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

"Meteoric recently announced a global mineral resource estimate of 409 million tonnes of rare earths at 2626 parts per million at its Caldeira project," he said.

"The company has planned a further 100,000 metres of air core and diamond drilling to target high-grade areas within the current resource model."

On top of this, Meteoric Resources is currently "acquiring further licences surrounding the deposit". 

"Meteoric Resources is well capitalised, with $25 million in the bank."

Believe it or not, Meteoric shares have lived up to its name by multiplying 22 times over the past 12 months.

Most of that rise has come since December, when information about the Caldeira site came to light.

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why did the Mineral Resources share price rip 15% higher today?

The iron ore and lithium giant was the fastest riser of the ASX 200 on Thursday.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

2030 forecast: As Australia's iron ore export earnings decline, copper will rise. What does this mean for BHP shares?

BHP is expanding its iron ore and copper production.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background.
Resources Shares

4 reasons to buy BHP shares today

A leading expert outlines four key reasons BHP shares are a buy.

Read more »

Businessman walks through exit door signalling resignation
Resources Shares

Pilbara Minerals share price drops as CFO announces resignation

It’s been a challenging few years for outgoing Pilbara Minerals CFO Luke Bortoli.

Read more »

Miner looking at a tablet.
Resources Shares

What happened with the BHP share price in May?

Did you buy BHP shares in May? Here’s how much the ASX 200 miner returned.

Read more »

Two men in hard hats and high visibility jackets look together at a laptop screen at a mine site.
Resources Shares

Should I buy Fortescue shares today?

A leading investing expert offers his verdict on the outlook for Fortescue shares.

Read more »

A female miner wearing a high vis vest and hard hard smiles and holds a clipboard while inspecting a mine site with a colleague.
Resources Shares

Is this a good time to buy BHP shares?

Should investors jump on the ASX mining shares right now?

Read more »

a miner holds his thumb up as he holds a device in his other hand.
Broker Notes

Why Macquarie expects this ASX 200 copper stock to surge 36% in a year

Macquarie forecasts some hefty gains ahead for the ASX 200 copper miner. But why?

Read more »