3 ASX mining companies this broker says could more than double in value

It's production reporting season, which gives analysts plenty to chew on as they look at how companies in the mining sector are progressing.

Canaccord Genuity has issued a bunch of reports this week. I've picked out four companies that they believe can deliver better than 100% returns.

Let's see who they like.

Deep Yellow Ltd (ASX: DYL)

This aspiring uranium producer is progressing its Tumas project in Namibia towards a final investment decision expected later this year.

CG said the company was continuing with its "disciplined execution" strategy, "conducting low-cost, long-duration work streams ahead of an anticipated Q4 CY26 final investment decision".

The broker said there were no major surprises in the quarter; however, the company's shares were sold off.

CG has a price target of $2.90 on Deep Yellow shares against $1.24 at the time of writing.

Meteoric Resources Ltd (ASX: MEI)

This company has recently signed a memorandum of understanding with the Korean giant POSCO, relating to the development of Meteoric's Caldeira rare earths project in Brazil.

CG said regarding the deal:

POSCO is one of the world's largest steel producers, having had long-standing and deep involvement in upstream mining and resource projects in Australia and Brazil. In addition to steel producing inputs, POSCO has a presence in critical minerals including lithium and rare earths.

CG said they expected Meteoric to release a definitive feasibility study into Caldeira during the September quarter.

They added:

In our view, the proposed partnership with POSCO is a major positive for MEI, through not only offtake (and favourable pricing mechanisms which could improve economics relative to China benchmarks), but perhaps just as importantly through its scale and access to capital and what this means for project financing.

CG has a price target of 40 cents on Meteoric shares compared to 18 cents at the time of writing.

Elevra Lithium Ltd (ASX: ELV)

CG said Elevra's concentrate production of 54,000 tonnes for the most recent quarter was ahead of consensus estimates, and the company's key operating metrics continue to improve.

The broker said the company was expected to release FY27 guidance in the coming weeks, with CG expecting that to come in at 199,000 tonnes.

They added:

As we noted … ELV is pursuing a staged expansion … which we expect will see production rates increase by ~50% to >330ktpa 2030. Based on our estimates, capital costs of US$270m over FY27-30 are fully funded, with the first stage of expansion to >220ktpa set for delivery in FY28e.

CG has a price target of $17.80 on Elevra shares compared to $7.38 at the time of writing.

The post 3 ASX mining companies this broker says could more than double in value 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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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