Top ASX Mining Stocks for 2025: Here Are Our 5 Picks!

Here Are Our 5 Top ASX Mining Stocks for 2025!

Capricorn Metals (ASX:CMM)

Capricorn Metals’ flagship project is the Karlawinda Gold Mine, near Newman in WA’s Pilbara. Karlawinda is an open pit mine that is anticipated to last another 10 years and possesses 1.25Moz Ore Reserves and 2.23Moz Mineral Resources.

Capricorn is not content with being single-asset miner. It is hoping to bring a new gold mine into production in 2025 in the Mt Gibson Mine in WA. The company has built up a 1.45Moz Ore Reserve Estimate, with an operation delivering A$1.2bn in free cash flow and with an NPV of A$828m. It anticipates an average of 152kozpa for the first 7.5 years and a full mine life of 10 years. Again, the company thinks it can extend this, given the average pit depth is only 140m.

Mineral Resources (ASX:MIN)

2024 was a difficult year, there’s no denying. A scandal with Chris Ellison has led to him committing to depart within 18 months, and it suffered from poor commodity prices (particularly with battery metals). But it is not all bad news. The company has sold a 49% stake in the Onslow Iron dedicated haul road to Morgan Stanley for $1.3b. There’s hope lithium prices have bottomed. And keep in mind that for all its own mining endeavours, it has a mining services division, making it a safer bet than companies that are pure-play miners or explorers.

Spartan Resources (ASX:SPR)

We’ve named Spartan as a pick to get acquired in CY25. This gold developer is capped at over $2bn and is 19.9% owned by Ramelius. An obvious sign if ever it was one – because RMS cannot buy more without making a formal takeover offer. The stock recently raised over $200m in a capital raising to fund development of its Dalgaranga gold project in WA’s Murchison region and RMS chipped in.

Dalgaranga has 15.9Mt @ 5.61 g/t for 2.87Moz of gold. In just two years, Spartan has increased the ounces by 680% and the grace by 86%. This ASX gold stock, the 15th largest right now according to ListCorp, is headed by Simon Lawson, a former senior geologist at Northern Star. The key focus of the company is completing a Feasibility Study, infrastructure early works at a service level and underground development.

Genesis Minerals (ASX:GMD)

Genesis is a gold miner worth $2.5bn, targeting 3Moz production over the next 10 years from its Leonora Mill and Gwaila mine – which is slightly north of Kalgoorlie in WA. 2025 is shaping up to be a year of investing in growth for Genesis, but it won’t need to raise capital any time soon with an A$172m cash balance.

It has told investors to expect 200koz at an AISC of A$2,300. The latter figure is expected to decrease as production increases. This could be just the tip of the iceberg as it seeks to build a resource at the neighbouring Tower Hill project and grows the resource at Gwaila.

BHP (ASX:BHP)

There’s lots of reasons to invest or not to invest in BHP. Investors will appreciate its commodity diversification and track record of dividends. Some may not like that is is heavily exposed to supply disruptions, both in the supply chain and weather incidents at its projects.

We are bullish on BHP because of its increasing focus on copper.BHP’s reputation has been made in iron ore, but copper will be its future. Iron ore is still a critical part of the business, generating 65% of the company’s underlying earnings and thus underpinning its enormous dividend. However, the iron ore market is not expected to reach the highs of previous years because China’s demand for iron ore is not returning to pre-pandemic levels.

Copper, meanwhile, is expected to be in hot demand in the years ahead, hence why BHP’s copper division received double the capex that iron ore did. Specifically, it is going towards its copper assets Olympic Dam and Oak Dam in South Australia, Escondida in Chile and a couple of new projects in Argentina.

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