Broker names 3 ASX mining shares to buy for FY24

These mining shares could be top options for investors in the next financial year.

| More on:
A mining employee in a white hard hat cheers with fists pumped as the Hot Chili share price rises higher today

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

If you're looking for mining sector exposure in FY 2024, then you might want to check out the ASX mining shares below that Bell Potter is recommending as buys.

Here's what the broker is saying about these shares:

Aeris Resources Ltd (ASX: AIS)

Bell Potter thinks investors should consider this copper miner. Particularly given its belief that a re-rating could be on the cards in the near future. It explains:

Its near-term outlook is highly leveraged to rising copper grades at the Tritton copper mine, where high grade ore sources are commencing production and exploration success is likely to sustain it. We are of the view that now is the time to buy AIS as the delivery of higher grades and increased copper production into FY24 is substantially de-risked and set to drive a positive re-rating.

The broker has a buy rating and 89 cents price target on its shares.

Azure Minerals Ltd (ASX: AZS)

This lithium explorer could be an ASX mining share to buy according to the broker. It is excited about the company's 60% owned Andover project, which it feels has the potential to be a tier one asset. It said:

Soon, 6 drill-rigs will be testing potentially Tier-1 scale lithium deposits at Andover. In our opinion, over the next 12-months, there's an excellent chance exploration will delineate a large lithium resource, which could support a strategically significant spodumene concentrate business, close to bulk commodities ports, and major regional towns in Western Australia.

Bell Potter has a speculative buy rating and a $2 price target on its shares.

Boss Energy Ltd (ASX: BOE)

Finally, this South Australia-based uranium developer could be another ASX mining share to buy according to Bell Potter. This is due to its belief that the uranium price will be heading higher. It explains:

BOE owns the Honeymoon project, a restart operation looking to begin production in December 2023. We continue to see support for uranium prices driven by 1) a lack of near-term supply, and 2) expansion in Nuclear adoption. We anticipate a rising price environment over the next 6-12 months as Nuclear utilities begin contracting for new supply. As BOE is yet to secure an offtake agreement, we see its portfolio of 2.45Mlbs annual production as being exposed to higher prices over the short-medium term.

Bell Potter has a speculative buy rating and $3.42 price target on its shares.

Motley Fool contributor James Mickleboro 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

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Why did the Fortescue share price fall 7% in October?

Let's review what happened with the ASX 200 mining giant in October.

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Resources Shares

Why did the BHP share price get hammered in October?

ASX 200 investors sent BHP shares sharply lower in October. But why?

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Resources Shares

Gina Rinehart's empire raked in another $5.6 billion. Here's how

Resources and mining continue to dominate the Australian market.

Read more »

two men in business suits sit across from each other at a table with a chess board on it. Both hold their hands to their chins and look down in serious contemplation of their next move.
Resources Shares

'Not ruled out': Could BHP still buy Anglo-American?

This mega-deal might not be as dead as it looks.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Mineral Resources share price rockets 16% on $1.1 billion news!

ASX 200 investors appear thrilled with Mineral Resources' latest news.

Read more »

Miner looking at a tablet.
Resources Shares

Here are the latest share price forecasts for Fortescue

Let’s unearth what analysts think could happen with this iron ore miner.

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
Resources Shares

Lake Resources share price sinks on quarterly cash flow news

Let's take a look at the highlights of the company's Q3 update.

Read more »

A company manager presents the ASX company earnings report to shareholders at an AGM.
Resources Shares

Why today is a big day for BHP shares

Guess why everyone’s talking about BHP shares today.

Read more »