Here are 5 ASX Mining Stocks Commencing Production in 2026! Is it Time to Buy?

There are a handful of ASX Mining Stocks Commencing Production in 2026. This article recaps 5 such companies and looks at what their prospects are.

What are the Best ASX Stocks to invest in right now?

Check our buy/sell tips

5 ASX Mining Stocks Commencing Production in 2026

Lotus Resources (ASX:LOT)

Lotus has the Kayelekera Mine in the African country of Malawi. Although early-stage production has begun, steady state production will begin in Q1 of 2026. The company has had difficulties due to supply chain difficulties, specifically the availability of acid, although there have been no other operational issues at the processing plant.

With $73.9m in cash as at the close of November, the company is well positioned, although investor appetite for uranium companies can be volatile. Even though prices have never surpassed GFC highs and kept low even with high demand due to built up stockpiles, renewed interest in nuclear energy as part of energy security and decarbonisation strategies could help over the next few years.

Manuka Resources (ASX:MKR)

Manuka is a diversified ASX resources company. It is one of the few with exposure to New Zealand in having the Taranaki vanadium and mineral sands project which has a 3.2Bt VTM Resource and a US$1.2bn NPV. Project approval status is expected to occur in mid-March 2026. But the reason Manuka is in our list of stocks commencing production is that it has gold and silver assets in NSW’s Cobar Basin. Production is estimated to kickstart in the second quarter of this year, and the project could generate an average EBITDA of A$106m resulting in an NPV of A$668m.

It is easy to forget that as good as gold has been, silver had an even better year in 2025. Good times are expected to continue for silver prices in light of the supply deficit that has exceeded 100Moz for the last couple of years and it is only expected to get worse over the next few years. And Manuka’s project is the only primary silver project in Australia that is commencing production over the next 3-4 years.

Larvotto (ASX:LRV)

Larvotto is advancing the Hillgrove gold-antimony project in New South Wales toward a mid-2026 production start. This would mark initial antimony and associated gold output at a project with existing infrastructure. Speaking of under-rated commodities, antimony is one of them being essential in flame retardants and thus in many new technologies particularly battery technologies.

But supply constraints have been a problem (not just a lack of new mines but also Chinese export controls), thus sending antimony prices to historically record highs (i.e. nearly US$60,000/t in July). Even though prices have softened from all time highs, 2026 is expected to see strong demand fundamentals continuing.

Auric Mining (ASX:AWJ)

Auric has the Lindsay gold project in Western Australia. Linsday covers ~33sqkm across 8 tenements, including a gold deposit known as Parrot Feathers that was once a producing mine. Auric already has production at another project (the Munda Gold Mine) where the first gold was poured in October 2025. But Auric plans to re-start open-pit mining at Parrot Feathers in 2026. To support its projects, Auric has bought a gold facility at Burbanks capable of ~180,000tpa.

Pacgold (ASX:PGO)

Pacgold told investors last week that gold production from its White Dam Gold Project in far east South Australia (i.e. 80km west of Broken Hill) was imminent. 250,000t of original run of mine (ROM) ore on the first lift of the existing heap leach dump was turned over and would be irrigated by the middle of January. the initial leaching timeframe was expected to be 5-6 weeks with ore processed and sold ‘as soon as possible’ and the cash would help fund additional development and exploration activities.

Should you consider buying these stocks?

We won’t give a buy/sell call for any of these ASX mining stocks – yes, we know they are not miners right now but will be miners this year so we will still use that term. This being said, we will observe that these companies are less of a risk than explorers without a resource, or perhaps with a resource but little to no idea of how they will extract it; although these stocks are a greater risk than established miners (i.e. companies like Northern Star and Fortescue).

Obviously, a lot of the risk in terms of regulatory approvals and financing is gone. But investors need to consider the outlook for the projects’ commodities as well as the possibility of operational difficulties as production ramps up. First production does not equal steady-state production. Ore variability, grade reconciliation issues, recoveries and dilution can all impact early cash flow. Operations restarting brownfields projects usually carry lower risk than greenfields builds, but historic performance does not guarantee smooth restarts.

Management and contractor capability often determines success. Investors should look for teams that have taken similar projects into production before, ideally in the same jurisdiction and commodity. Inexperienced management, aggressive timelines or heavy reliance on new contractors increases execution risk during commissioning.

The bottom line here is that these companies have potential, but there is still a downside risk that investors need to consider. For ASX mining stocks that are starting mining at their projects, investors should treat companies commencing new mining projects as execution-driven investments rather than pure commodity bets.