Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation

2026-08-17

The Australian market is the world's resources exchange. Australia does not make much - it digs it up and ships it: the iron ore that becomes Chinese steel, the lithium and rare earths that power electric vehicles, gold, copper, coal and the LNG that keeps Asia's lights on. Owning the ASX is a leveraged bet on global industrial demand and the energy transition - cyclical and cheap when commodities dip, and generous with dividends. This guide ranks the ASX names we cover by EV/EBITDA. The table updates daily from filings.

Why Australia means resources

Strip out the banks and the ASX is a basket of miners and energy producers, each a pure play on a commodity. That makes the index unusually easy to read - and unusually cyclical. Your return depends less on any one management team and more on the price of the rock or the barrel they sell, and on Chinese and Asian demand for it. Buy the ASX and you are really buying commodities with a dividend on top.

How to value a resources stock

EV/EBITDA over P/E. Miners carry debt and heavy depreciation; EV/EBITDA is neutral to both and is our default screen - but it swings with the commodity, so a low multiple at peak prices is the classic trap.
Cost curve and grade. The low-cost producer survives the downturn that shuts everyone else. In iron ore and lithium especially, position on the cost curve is the whole game.
The Aussie dollar. Costs are in AUD, revenue is in USD commodity prices - the currency is a second lever on margins that a foreign buyer is also taking on.

We compute EV/EBITDA, P/E, dividend yield and ROE for every issuer daily, from filings.

The cheapest Australian stocks right now

The ASX resources names we cover, ranked by lowest EV/EBITDA, dividend yield alongside. A research starting point, not a buy list; click any name for full financials and reserves.

EV/EBITDA, x

#	Company	Market	EV/EBITDA	P/E	Div yield	Mcap, $bn
1	Yancoal Australia YAL	AU	3.2x	17.7x	3.1%	5.5
2	Whitehaven Coal WHC	AU	4.4x	10.1x	1.3%	4.4
3	Fortescue FMG	AU	4.7x	10.4x	6.9%	38.9
4	Woodside Energy WDS	AU	5.2x	16.3x	5.0%	44.2
5	Regis Resources RRL	AU	5.2x	11.8x	2.6%	4.1
6	Santos STO	AU	7.7x	22.6x	4.3%	18.5
7	Northern Star Resources NST	AU	8.6x	21.2x	2.4%	23.3
8	Mineral Resources MIN	AU	8.7x	32.7x	—	9.3
9	New Hope NHC	AU	9.5x	30.8x	4.5%	3.3
10	Evolution Mining EVN	AU	10.2x	20.9x	2.4%	19.6
11	South32 S32	AU	10.6x	49.7x	1.9%	15.8
12	Genesis Minerals GMD	AU	11.5x	21.2x	—	6.0
13	Sandfire Resources SFR	AU	11.6x	49.9x	—	6.9
14	Pilbara Minerals PLS	AU	39.3x	—	—	11.1
15	Lynas Rare Earths LYC	AU	79.2x	188.7x	—	11.0

Reading the ASX by commodity

Iron ore is the giant - a direct bet on Chinese steel, high-margin and high-dividend at the majors. Lithium and rare earths are the transition trade: volatile, oversupplied at times, but structurally tied to EVs. Gold gives safe-haven exposure that also benefits when the Aussie dollar falls. Copper is the electrification metal. Coal is the cash cow the market loves to hate (see the coal guide). LNG sells Australian gas into Asian energy demand. Match the ticker to the commodity before you buy the multiple.

The risks

China. Iron ore and coal live and die on Chinese demand and policy; a construction slowdown hits hard. The commodity cycle. Prices you do not control drive earnings and the multiple. Concentration and currency. A single-commodity miner has nowhere to hide on a downturn, and the AUD adds a layer of volatility. The prize is a low-cost producer, bought cheap, when its commodity - not the company - is out of favour.

Screen the whole market

Build your own shortlist on our screeners and go deeper in the metals & mining, gold and coal guides. This guide is analysis, not investment advice.