FMG shares reached an all-time high of A$13.94 intraday as the iron ore price reached a three-month high of US$93 per tonne.

Iron ore has been supported by strong Chinese demand and concerns about Brazil's COVID-19 cases, which are growing rapidly.

It's been a stunning turnaround for FMG, which traded as low as A$8.58 in early March.

Only Macquarie has a price target of more than $13 for FMG.

After its market capitalisation moved through $40 billion yesterday, the company is now worth $42.7 billion.

That values chairman Andrew Forrest's 36% stake at about $15.4 billion.

The stock closed 4.4% higher at $13.87.

Evolution shares reached a peak of $6.11, but closed 0.2% higher at $6.08.

The company broke through the $10 billion valuation mark yesterday and is now worth nearly $10.4 billion.

Evolution shares finished 2019 at $3.80 and dropped to as low as $3.36 in mid-March.

On Friday, Shaw and Partners' Peter O'Connor lifted his price target for Evolution to $6.50, the highest of any analyst.

Shares in Saracen reached $5.69 today and closed 0.2% higher at $5.63.

The stock has nearly doubled from its March 16 low of $2.91.

Canaccord Genuity analyst Tim McCormack has the highest price target for Saracen at $5.90.

The company's market cap went through $6 billion for the first time yesterday, and is now sitting at more than $6.2 billion.

Gold miners have benefited as the price of the yellow metal has risen to seven-year highs of more than US$1763 an ounce.

Spot gold last traded at $1728/oz or A$2637.70/oz.

Both Saracen and Evolution have recently made acquisitions, with Evolution paying Newmont US$375 million for the Red Lake mine in Ontario, and Saracen buying Barrick Gold's 50% share of Kalgoorlie's Super Pit for $700 million.

All three companies are among Macquarie's top picks in the ASX mining space.