5 ASX Mining Stocks Entering Production in 2026!

This article looks at ASX Mining Stocks Entering Production in the coming 12 months. In recent weeks, we’ve looked at stocks expecting Feasibility Study Results or those making a Final Investment Decision, both of which are preludes to development and construction of those projects. The companies on this list are have passed those milestones and are expecting production prior to Christmas!

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5 ASX Mining Stocks Entering Production in 2026!

Lindian Resources (ASX:LIN)

Lindian Resources (ASX:LIN) is progressing into full construction and commissioning toward first production at its Kangankunde Project in Malawi. This project is focused on producing rare earth concentrate (with emphasis on neodymium and praseodymium which are key for magnets and clean energy technologies), and represents the transition from development to execution.

Lindian’s Kangankunde Rare Earths Project has been positioned by the company as a low-capex, long-life rare earth development with economics that compare very favourably to global peers. The Stage 1 pre-tax NPV for Kangankunde is reported in the realm of over A$1.7bn. The initial capital requirement (capex) to bring Stage 1 into production has been estimated by company disclosures at a comparatively modest ~US$40 million (~A$60 million) for pre-production infrastructure and processing assets, an unusually low level for a project of this scale and longevity when compared to peers.

First production is targeted for Q4 2026, with a mine life expected to exceed four decades based on current reserve tonnages and resource grades. The project’s economics have been underpinned by a strategic financing package including a A$91.5m institutional placement and a US$20m construction loan from strategic partner Iluka Resources (ASX:ILU), which together underpin funding through to first production and render Stage 1 fully funded to that point.

Larvotto Resources (ASX:LRV)

Larvotto made the Final Investment Decision on its Hillgrove Antimony-Gold Project in New South Wales in July 2025 and has since commenced refurbishment and upgrades of existing infrastructure. Hillgrove was historically an operating mine and represents a dual-commodity project focused on both antimony (a critical mineral used in flame retardants and batteries) and gold. It targets recommissioning of underground and surface mining operations with processing facilities capable of producing antimony concentrate and gold ore.

The project’s estimated capex for development was approximately A$73m, supported by existing surface infrastructure that significantly de-risks capital requirements. At a conservative pricing scenario (US$2,000/oz gold and US$15,000/t antimony), the pre-tax NPV was estimated at around US$157m, with an internal rate of return in the order of 50%, and rapid payback of less than two years.

At spot commodity prices, the NPV uplift is much larger (north of US$800m) and payback shorter, reflecting substantial upside potential. The company secured US$105m via a senior secured bond issue and A$60m in equity, fully funding the approved capex and working capital through construction and ramp-up toward targeted first production in Q2 2026.

Western Gold Resources (ASX:WGR)

Western Gold Resources has the Gold Duke Project in WA’s Yilgarn Craton. This is a smaller-scale, early-stage gold project targeting first gold production in Q1 2026 via a toll-milling arrangement with nearby processing infrastructure rather than building a standalone plant. Mining approvals are already in place for the four main deposits within the project — Eagle, Emu, Golden Monarch and Gold King — covering more than half of the resource inventory at ~1.3 Mt at ~2.2 g/t Au (~127,000oz contained).

Under the company’s updated scoping work, mining and processing of ~686,000t of ore feeding about 42,800oz of gold production has been modelled. That study found a scoping economics case with a projected A$97.3m cash surplus (implicitly translating to a strong operational margin at prevailing gold prices) although no formal NPV figure has been published in a bankable study to date.

Capital requirements are reported to be very modest, with pre-production capex estimated in the order of ~A$3m to A$3.5m, all of which has been covered via an oversubscribed ~$6.75m equity placement, contract arrangements and deferred payments with the mining contractor.

Funding is in place to see the program through site establishment and initial mine operations, and mobilisation was underway in early 2026. The strategy of toll-milling at third party facilities reduces upfront cost and removes the need for a large independent processing plant, preserving working capital and allowing the company to self-fund early production flows.

Lotus Resources (ASX:LOT)

The Kayelekera mine in Malawi is an established uranium operation previously operated by Paladin Energy before being placed on care and maintenance when uranium prices were low. Lotus Resources has undertaken the project’s restart, with steady-state production expected in early 2026 following commissioning and ramp-up of the processing infrastructure.

Lotus has not released a public bankable feasibility study’s NPV for restart economics in standard ASX disclosures, but previous operational history and mine restart status imply a lower reinvestment cost compared with a greenfields build. The company faced some acid supply chain constraints in late 2025 that delayed steady-state output, but its processing plant has been commissioned and ore feed is progressing with ramp-up through Q1 2026. Uranium prices and long-term offtake agreements (including multi-year off campus contracts) materially influence the underlying NPV on restart.

Star Minerals (ASX:SMS)

Star Minerals is focused on the Tumblegum South Gold Project. Tumblegum South is planned as a near-term, open-pit gold mine feeding into existing processing facilities via toll-treatment arrangements rather than requiring the construction of a dedicated standalone processing plant. This approach significantly reduces upfront capital expenditure and accelerates the timeline to cashflow compared with traditional greenfields builds. Regulatory approvals, including mining approval from the Government of Western Australia, have been received, which clears key hurdles prior to mining commencement.

Under the recently updated production target, the project is forecast to process between ~167,000 t at 2.43 g/t Au, yielding ~11,800oz of gold and ~255,000 t at 2.16 g/t Au, yielding ~15,900 oz over its early phase. At current gold prices well above the conservative pricing used in the study, this translates into an undiscounted cash surplus in the order of A$9.4m to A$19.6m before taking into account working capital and pre-mining capital costs (which are modest due to the toll-milling arrangement).

Capex requirements for Tumblegum South are relatively low because the project relies on third-party toll milling rather than building its own processing plant, and the mine funding structure includes a partnership with MEGA Resources and Bain Global Resources that provides mining and processing services that defer much of the upfront build cost. The company closed February confirming the terms of its toll milling deal with its partner Catalyst Metals (which has received Star options as part of that) and the conditions for a right to mine agreement were just fulfilled. The company said mining would commence immanently.