Here are 6 ASX mining services stocks to look at (other than Mineral Resources)

There are plenty of ASX mining services stocks doing well right now due to the booming gold and iron ore sectors in recent years. Even base and battery metals miners have kept spending in hope their commodities will see the tide turn (eventually). The poster child is Mineral Resources (ASX:MIN), which has not been the same since the allegations around Chris Ellison emerged. Some investors may want exposure to alternative companies in the mining services space, and this article lists 6 of them.

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6 ASX mining services stocks to look at (other than Mineral Resources)

MLG

MLG listed in May 2021, raising $70m at $1 per share. MLG started in 2002 (originally providing silica haulage services under contract to a major miner) and over time expanded into a broader mining services provider — offering bulk haulage, crushing and screening, site services, construction, materials supply, and integrated logistics. It services gold, iron ore and base metals miners.

2025 was a good year with $548.3m revenue and a $12m profit (up 16% and 10% respectively) and major contract wins including with Rio Tinto (ASX:RIO), Fortescue (ASX:FMG), New Murchison Gold (ASX:NMG) and Westgold Resources (ASX:WGX), with the latter deal potentially worth over $25m over the life of the contract. MLG management expects further revenue growth in 2026, driven by new contracts mobilised in 2025, plus continuing demand from gold and iron ore clients.

The company is also reportedly evaluating “profit-share project opportunities” (i.e. moving beyond fixed-fee contracts) which could enhance upside if commodity prices or production volumes rise.

Mader Group (ASX:MAD)

Mader began in 2005, initially specialising in mechanical maintenance but diversifying into providing off-site maintenance and equipment support. Mader operates with an “asset-light” model (i.e. services rather than owning large mining fleets in its own right) — focusing on skilled labour, maintenance services, and technical support. The company listed in 2019 at $1 per share and is now $7.73 per share, capitalising it at over $1.5bn.

In FY25, its free cash flow rose 52% to $42.6m and net debt was able to be reduced by 73% in 12 months. It also services clients in the industrial, energy and marine sectors, providing diversification for investors wanting to lessen the risk of downside in commodity prices, and consequently the mining sector.

Perenti (ASX:PRN)

Perenti is probably the most noteable mining services provider on this list. From humble beginnings in Kalgoorlie in the mid 1980s, it is a global group servicing a wide array of commodities, mines and geographies. Its 2023 acquisition of DDH1, barely 2 years after the latter company listed, was a major move.

2025 was a good year for the company with another record-breaking year of revenues ($3.49bn) and profitability ($178m on an underlying basis and $138m on a statutory basis). It guided to $3.45-3.65bn revenue for FY26. Contract wins included at Westgold’s Great Fingall project and with Nevada Gold Mines’ Goldrush project, with the latter being its first US underground mining contract.

Macmahon (ASX:MAH)

Macmahon is another provider benefiting from a (relatively) recent strategic move. In February 2024, it bought the underground business Pit N Portal from Emeco for $10m, which included contracts, assets and site infrastructure. And as part of that acquisition, Macmahon and Emeco entered a “strategic rental partnership”: Emeco became Macmahon’s preferred equipment rental provider for surface and underground activities. This gives Macmahon flexible access to equipment without needing to own all the equipment outright.

In early 2025, Macmahon won a contract topping any we listed so far in this article. An A$463m deal to provide open-cut mining services at the Awak Mas gold project in the Indonesian province of South Sulawesi, a deal with an initial 7-year term with an option for a further 5 years. Its most recent result was $2.4bn revenue (a record and up 20%) and a $73.9m statutory profit (up 39%).

NRW

NRW is an ASX veteran, having listed in 2007 as a $500m company and is now over $2.5bn. It has a broad geographic spread across Australia and completed a wide mix of surface mining, civil construction, and infrastructure work. But it is the mining segment that has delivered the goods in recent times with recent highlights including a $360m win at Evolution Mining’s Castle Hill project and a $1.6bn deal for the South Walker Creek coal project.

The company is expecting $4bn revenue in FY26, a target that was previously $3.4bn but upgraded due to a positive start to the year. There are nonetheless challenges. One is exposure to the Whyalla Steelworks. NRW flagged a potential impairment provision of AU$113.3 million because of concerns over recovering payments owed. Beyond this, the bottom line isn’t in the best shape with statutory EBIT down 63.8% to $58.3m and its statutory profit down 74% to $27.7m.

Granted, its underlying EBITA (EBITDA but without depreciation) was up 6% despite Queensland weather conditions impacting the result). It boasted a $6.1bn order book and a $17.3bn pipeline.

Emeco (ASX:EHL)

Emeco is Australia’s largest maintenance and component-rebuild services provider focused on heavy plant and mining equipment. Its mining services include maintenance, repair, rebuild and overhaul (ROH) of mining and earthmoving equipment and workshops located in key mining regions. We noted above the sale of its underground business Pit N Portal and it formed a rental partnership whereby Emeco would be Macmahon’s preferred rental provider.

This divestment appears to be part of a strategic shift: Emeco has moved away from being directly an underground contractor to more of a plant-hire/rental/ maintenance provider. The sale reduces Emeco’s direct exposure to mining-contracting liability while maintaining exposure via rental/maintenance services. Emeco’s pivot to rental and maintenance potentially makes its business less capital-intensive and more stable (versus the cyclical nature of full contract mining services). FY25 saw $785.4m revenue (up 7%) and its profit was $75.1m, up 43%).