3 ASX mining shares forecast to soar 50% to 150%

I've come across three research reports on companies mining three different minerals – copper, iron ore and gold – which the experts say are deeply undervalued at current prices.

Let's have a look at which companies are tipped to do well.

Capstone Copper Ltd (ASX: CSC)

On 30 October, Capstone Copper released its quarterly operating results, stating that it had produced 45,218 tonnes of copper, well down from the 55,280 tonnes produced in the same period last year.

Revenue was up, however, coming in at US$712 million compared with US$598.4 million, driven by a strong copper price.

The company also flagged that its full-year production was likely to come in at the lower end of previous guidance of 200,000 to 230,000 tonnes, while costs would be at the high end of the range.

Broker UBS said the company's future growth was the real point of interest, with production expected to increase to more than 350,000 tonnes per year when the Santo Domingo project comes online.

A final investment decision on this project is expected in the first quarter of CY27, the broker said.

UBS has a price target of $18 on Capstone shares compared with $11.27 at the time of writing.

If achieved, this would represent a 59.7% return.

Emerald Resources Ltd (ASX: EMR)

Emerald Resources shares are up about 28% over the past 12 months, but UBS believes they can go much higher yet.

This gold mining company also has a growth story, with production in Cambodia augmented by two development projects – one in Cambodia and one in Western Australia.

Both projects have been bolstered by significant pre-development spending, and are expected to release maiden ore reserves at some stage soon.

Emerald's gold production for the September quarter fell from 27,100 ounces the previous quarter to 20,300 ounces, but UBS said the production figures were well-flagged.

The broker noted that, with no firm timelines for the prefeasibility studies for the two development projects, it made it challenging for analysts to assess their delivery.

But UBS added that the company's management had a good track record of project delivery.

UBS has a price target of $9.25 for Emerald shares, compared with $6.10 at the time of writing.

If achieved, this would be a 51.6% return.

Champion Iron Ltd (ASX: CIA)

Macquarie has stopped covering Champion Iron but issued one last report on the way out with a very bullish share price target.

In its 29 October quarterly report, Champion Iron said it had produced 3.9 million tonnes of iron ore, sold a record 4.5 million tonnes, and generated revenues of C$404 million and adjusted EBITDA of C$23 million.

Champion Chief Executive Officer David Cataford said the company sold its first batch of direct-reduction pellet feed during the quarter, an important milestone.

Mr Cataford added that "additional commercial shipments scheduled for the coming quarter reflecting growing market interest in this product and the potential to expand our reach to customers across shorter freight routes".

The company increased its cash holdings by C$15.7 million over the quarter to C$214.4 million.

Macquarie has a price target of $4.80 on Champion Iron shares compared with $1.85 at the time of writing.

If achieved, this would be a 159% return.

Bell Potter is much less bullish, however, with a target price of $2.20 on the company.

The broker said there were "balance sheet concerns", with Champion Iron sitting on more than C$1 billion in debt.

The post 3 ASX mining shares forecast to soar 50% to 150% appeared first on The Motley Fool Australia.

Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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