Could these ASX materials stocks really be set to triple? A fresh note out of Morgans has reinforced the upside in two ASX materials stocks. Here's what the broker had to say. VBX Ltd (ASX: VBX) is a responsible and near-term producer of high-quality, low-silica Australian bauxite. It is focused on the near-term development of high-grade, low-silica bauxite resources at its flagship project, Wuudagu, in Northern Western Australia. Its share price has fallen 20% in the last 6 months, however Morgans is optimistic on this ASX materials stock. The broker said the company is continuing to advance its 95.9Mt Wuudagu bauxite project. Recent drilling at Wuudagu D, E and F confirmed these areas as new discoveries that could significantly increase the project's size. With three additional discoveries confirmed, we see scope for an additional 35-55Mt in potential volume, before applying grade parameters. We are encouraged by average in-situ Al2O3 grades of ~40% across the reported drill datasets which may beneficiate in the same manner as the existing reserve. The broker also said the Definitive Feasibility Study (DFS) work is progressing well and is on track for a 2026 update, supporting future offtake agreements and financing. Based on this guidance, Morgans has reiterated its speculative buy recommendation and raised its price target to $2.10 (previously $1.60). This indicates an upside of 320% from yesterday's closing price of $0.50. Tesoro Resources Ltd (ASX: TSO) is a gold developer operating in the coastal Cordillera region of Chile. Its share price already rose more than 300% in the last year, however Morgans believes it can keep soaring. The broker said it has maintained its buy recommendation following the company's share consolidation. We update our TSO model, adjusting for the recently implemented 15:1 share consolidation. We maintain our SPECULATIVE BUY rating and price target of A$4.88ps. TSO remains inexpensive, trading at A$96/oz vs. a peer group average of A$220/oz, accompanied by quantum changing exploration potential. Based on the price target of $4.88, Morgans is expecting an increase of 275% from yesterday's closing price of $1.30. More on Materials Shares Materials Shares Why Lynas shares are soaring 10% today after a sharp rebound from January lows. January 7, 2026 | Aaron Teboneras. Materials Shares BlueScope Steel shares soar 23%: Buy, hold or sell for 2026? January 7, 2026 | Samantha Menzies. The Australian-based steel manufacturer's share price has had a great start to the year. Read more » Materials Shares This ASX rare earths stock is jumping on big news. January 7, 2026 | James Mickleboro. Big news is giving this stock a lift on Wednesday. Read more » Materials Shares Already up 15% in 2026, how high can this penny stock rise? January 6, 2026 | Aaron Bell. This nickel miner could be a buy thanks to a recent deal. Read more » Materials Shares Why Bell Potter thinks this materials stock can soar 37% higher. January 6, 2026 | Aaron Bell. This copper miner is set to keep rising on the back of a key approval. Read more » Materials Shares This ASX stock landed a major deal. Here's why its shares are down. January 5, 2026 | Aaron Teboneras. This ASX small cap secured a key supply deal, but investors sold off as the market digested the details. Read more » Materials Shares 3 reasons to buy BlueScope Steel shares now. January 5, 2026 | Marc Van Dinther. Brokers remain positive. Read more » Materials Shares Why this ASX small-cap stock is in a trading halt today. January 2, 2026 | Aaron Teboneras. Metallium shares are halted as investors wait for details on a material feedstock supply agreement. Read more » This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. The Motley Fool Australia operates under AFSL 400691. For more information please see our Financial Services Guide. Please remember that investments can go up and down. Past performance is not necessarily indicative of future returns. The Motley Fool Australia does not guarantee the performance of, or returns on any investment. We respectfully acknowledge the Traditional Custodians of the land where we live and work and pay our respects to all Elders, past and present, of all Aboriginal and Torres Strait Islander nations. © 2010 - 2026 The Motley Fool Australia Pty Ltd. All rights reserved. ACN: 146 988 052 Australian Financial Services Licence (AFSL): 400691 The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217 Contact Details: Phone: (03) 8592 4841 Email: [email protected]
