Miners of metals linked to the decarbonisation trend are being “priced like internet companies” and the rally may be too good to be true, according to one of Australia’s top gold bosses.

Investors have rediscovered their love for commodities like lithium, rare earths, cobalt, nickel, copper and graphite over the past nine months as a global economic recovery combines with a slew of enhanced emissions reductions pledges by major economies like the United States, Japan, Korea and China.