Has the U.K. Metals and Mining Industry valuation changed over the past few years?

Investors are optimistic on the British Metals and Mining industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 32.5x which is higher than its 3-year average PE of 24.7x. The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.1x.

Which industries have driven the changes within the U.K. Materials industry?

Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 28.9x. Analysts are expecting annual earnings growth of 14.6%, which is lower than the prior year's growth of 49.6% per year.

U.K. (FTSE) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 20 Jul 2026	UK£279.3b	UK£255.6b	UK£8.6b	15.1x	32.5x	1.1x
Wed, 17 Jun 2026	UK£331.0b	UK£256.3b	UK£8.6b	18.8x	38.3x	1.3x
Fri, 15 May 2026	UK£340.4b	UK£256.7b	UK£8.6b	20.2x	39.6x	1.3x
Sun, 12 Apr 2026	UK£310.0b	UK£255.3b	UK£8.6b	21.2x	36.2x	1.2x
Tue, 10 Mar 2026	UK£284.7b	UK£256.0b	UK£8.8b	20.6x	32.3x	1.1x
Thu, 05 Feb 2026	UK£298.1b	UK£241.5b	UK£5.9b	21x	50.8x	1.2x
Sat, 03 Jan 2026	UK£256.5b	UK£244.7b	UK£5.9b	19.5x	43.2x	1x
Mon, 01 Dec 2025	UK£226.1b	UK£249.2b	UK£6.1b	16.3x	37.1x	0.9x
Wed, 29 Oct 2025	UK£220.3b	UK£248.6b	UK£6.1b	13.8x	36.2x	0.9x
Fri, 26 Sep 2025	UK£206.8b	UK£247.5b	UK£6.0b	13.9x	34.3x	0.8x
Sun, 24 Aug 2025	UK£181.3b	UK£243.9b	UK£5.9b	10.5x	30.6x	0.7x
Tue, 22 Jul 2025	UK£176.1b	UK£243.7b	UK£5.9b	8.8x	29.8x	0.7x
Thu, 19 Jun 2025	UK£168.4b	UK£245.1b	UK£6.0b	7.7x	28.2x	0.7x
Sat, 17 May 2025	UK£172.9b	UK£247.5b	UK£6.1b	8.7x	28.4x	0.7x
Mon, 14 Apr 2025	UK£159.6b	UK£251.3b	UK£6.2b	8.2x	25.9x	0.6x
Wed, 12 Mar 2025	UK£179.5b	UK£253.3b	UK£6.2b	9.4x	29x	0.7x
Fri, 07 Feb 2025	UK£190.7b	UK£262.7b	UK£7.8b	9.7x	24.4x	0.7x
Sun, 05 Jan 2025	UK£182.5b	UK£262.8b	UK£7.8b	9.1x	23.3x	0.7x
Tue, 03 Dec 2024	UK£192.3b	UK£258.5b	UK£7.7b	9.6x	25x	0.7x
Thu, 31 Oct 2024	UK£198.5b	UK£252.6b	UK£7.6b	10.8x	26.2x	0.8x
Sat, 28 Sep 2024	UK£207.2b	UK£244.9b	UK£7.3b	11x	28.2x	0.8x
Mon, 26 Aug 2024	UK£190.5b	UK£247.9b	UK£7.3b	11.8x	26x	0.8x
Wed, 24 Jul 2024	UK£195.1b	UK£246.8b	UK£12.2b	13.7x	15.9x	0.8x
Fri, 21 Jun 2024	UK£210.9b	UK£251.6b	UK£12.4b	13x	16.9x	0.8x
Sun, 19 May 2024	UK£229.2b	UK£250.7b	UK£12.4b	16.2x	18.6x	0.9x
Tue, 16 Apr 2024	UK£214.7b	UK£256.0b	UK£12.8b	14x	16.7x	0.8x
Thu, 14 Mar 2024	UK£189.4b	UK£249.3b	UK£12.5b	12.6x	15.2x	0.8x
Sat, 10 Feb 2024	UK£187.4b	UK£261.4b	UK£17.9b	11.2x	10.5x	0.7x
Mon, 08 Jan 2024	UK£216.4b	UK£304.1b	UK£27.6b	9.9x	7.8x	0.7x
Wed, 06 Dec 2023	UK£210.0b	UK£306.8b	UK£27.8b	9.1x	7.6x	0.7x
Fri, 03 Nov 2023	UK£208.1b	UK£314.9b	UK£28.3b	10.1x	7.4x	0.7x
Sun, 01 Oct 2023	UK£210.7b	UK£315.1b	UK£28.3b	10x	7.4x	0.7x
Tue, 29 Aug 2023	UK£195.4b	UK£306.9b	UK£28.0b	6.9x	7x	0.6x
Thu, 27 Jul 2023	UK£217.8b	UK£325.2b	UK£38.2b	7.3x	5.7x	0.7x


GB Market	0.97%
Materials	-1.75%
Metals and Mining	-2.00%
Steel	1.21%
Aluminum	0%	0
Silver	0%	0
Diversified Metals and Mining	-0.86%
Precious Metals and Minerals	-0.97%
Gold	-3.33%
Copper	-7.23%

Company	Last Price	7D	1Y	Valuation
HILS Hill & Smith	UK£29.55	1.9% +UK£43.0m	49.4%	PE28x
ATYM Atalaya Mining Copper	UK£8.18	2.8% +UK£34.6m	71.0%	PE17.7x
AAZ Anglo Asian Mining	UK£4.20	4.0% +UK£18.3m	137.3%	PE36.6x
ATM Andrada Mining	UK£0.043	16.2% +UK£13.2m	53.6%	PS3.8x
CAML Central Asia Metals	UK£1.41	2.6% +UK£6.1m	-5.8%	PS1.4x

Announcement • Jul 17

Kodal Minerals plc Provides Bougouni Lithium Project Quarterly Update for the Three Months Ended 30 June 2026

Kodal Minerals plc provided an update on mining, processing, export and development activities at the Bougouni Lithium Project for the three months ended 30 June 2026. Quarterly production was 26,174 dry metric tonnes of spodumene concentrate grading 5.34% Li2O, with year to date production of 53,195 dry metric tonnes of spodumene concentrate. The mining operator, Les Mines de Lithium de Bougouni SA, paid an initial USD 13 million to Kodal Mining UK Limited, representing the first repayment of loans advanced to finance capital expenditure. The third shipment of approximately 20,400 dry metric tonnes of spodumene concentrate arrived at Hainan port on 27 June 2026, bringing completed exports of spodumene concentrate to over 69,000 tonnes to date. The spodumene concentrate price calculated for the third shipment is equivalent to USD 2,304 per dry metric tonne concentrate based on the agreed averaging and weighting of the Shanghai Metal Market China CIF Index and African CIF Index for SC6 (6% Li2O spodumene concentrate). The actual price received will be adjusted to reflect the verified grade of concentrate and for the costs of insurance and freight; an interim payment of USD 34.4 million has already been received for 95% of the estimated final value. Bougouni operation continued open pit mining at the Ngoualana open pit, with additional equipment mobilised by the mining contractors leading to an improvement of mining activity. The stage 1 Dense Media Separation processing plant performed below budget in May due to maintenance and breakdown issues connected to the crushing circuit, lowering feed to the processing plant. Operations returned to normal throughput in June. Health, Safety and Environment assessment indicates one medically treated incident reported during the quarter. The operation continues to prioritise training and staff awareness of all HSE requirements. Post-quarter, a fourth shipment of approximately 24,200 dry metric tonnes of spodumene concentrate departed the port of San Pedro, Côte d'Ivoire on 11 July 2026 and is expected to arrive in Hainan in late August 2026. The Ngoualana open pit mining continued to operate during the quarter with additional mining equipment mobilised and work commenced in the pit. Operations at the Ngoualana open pit were behind plan for the quarter with mining initially impacted by the availability of machinery and the blasting efficiency. The open pit mining contractors have mobilised additional equipment to site and operations improved in May and June. The Company actively manages the supply of key input materials at its operations and has suffered no issues with respect to either fuel or explosives availability. Spodumene production was below management's budget for the quarter, mainly caused by maintenance and breakdown issues of the crushing circuit in May 2026. The site team completed repairs of the crushing circuit and significant improvement was noted in June 2026. The site team is continuing to monitor the processing plant and crushing circuit and is continuing a regular maintenance and repair programme to ensure consistent performance. The third export shipment arrived in Hainan on 27 June 2026, and final confirmation of the shipment is being completed prior to finalisation of the payment for the shipment. The calculated price of the shipment based on the off-take agreement utilising the market price published by Shanghai Metal Markets and a blend of the China SC6 CIF index and the African SC6 CIF index indicated a SC6 price of USD 2,304 per dry metric tonne. As usual, the final payment is pending confirmation of adjustment for grade, shipping and insurance costs; an interim payment of USD 34.4 million has already been received for 95% of the estimated final value. Post-quarter end, a fourth export shipment was loaded and departed the port of San Pedro on 11 July 2026 with a further approximately 24,200 tonnes of spodumene concentrate and is expected to arrive in Hainan in late August 2026. The operation is continuing to generate a strong margin from the production of spodumene concentrate and is benefiting from the strong lithium price environment and high demand for the spodumene concentrate. The operation is generating cashflow and expects to continue repayments to Kodal Mining UK Limited. The Bougouni operation reported zero lost time injury incidents and one medically treated incident during the quarter. The operation reported minor malaria cases, minor first aid treatment incidents and property and environmental incidents. The site continues to monitor the health and safety of the workforce closely, and all incidents are reviewed at the site safety meetings. The operation continues to prioritise staff training, the review of all HSE issues and notes that the site has continued to demonstrate improved safety performance during the quarter. The work programme for the proposed Phase Two Floatation Plant development continued during the quarter. The update for the Environmental and Social Impact Assessment is continuing with meetings and discussions with relevant communities progressing as well as assessment of potential compensation payments to the affected communities with the expanded footprint of the Boumou prospect. The development team are working with consultant engineers for the proposed floatation plant design. The team plan to ship an additional 20 tonnes of samples for metallurgical testing and optimisation of plant design. In addition, the testwork will also complete Bond Work Index studies required to finalise the mill selection for the floatation plant crushing circuit. The Phase Two development programme will continue during the year, and update announcements will be provided as necessary and in these quarterly reports.

Announcement • Jul 14

Guardian Metal Resources PLC Announces Exploration Results For Non-Core Portfolio Including White Elephant, Pilot North, Cinch, And Garfield Projects

Guardian Metal Resources PLC announced updates across its non-core Nevada-based project portfolio. The Company's non-core project portfolio now comprises seven exploration-stage projects highly prospective for tungsten (W), gold (Au), silver (Ag), copper (Cu) and lithium (Li), which includes the following: White Elephant (W): Newly acquired by claim staking; strong tungsten channel sampling results achieved. Pilot North (W-Cu-Ag): Strategic location near to the Company's Pilot Mountain tungsten project now further enlarged by claim staking; strong tungsten, copper and silver channel and grab sample results achieved. Cinch (W-Ag): Newly acquired by claim staking; strong tungsten and silver grab sample results achieved. Garfield (Au-Ag-Cu): Enlarged by claim staking; strong gold, copper, silver results achieved. Golconda (Au). Stonewall (Ag-Au). Kibby Basin (Li). The Company has acquired the White Elephant tungsten project in Elko County, Nevada, through the direct staking of 57 new BLM lode mining claims. Assay results have been received for initial rock chip samples and chip channel sampling across outcropping scheelite-mineralised skarns, returning significant tungsten grades including 95 ft (29.0 m) @ 0.31% WO3. At the Pilot North tungsten-copper-silver project, which is located less than 20 miles away from Guardian Metal's Pilot Mountain tungsten project, the Company has received results for rock chip samples and 210 ft (64 m) of both machine-cut and chip channel samples across various outcropping tungsten skarns. The Company also directly staked an additional 8 new BLM lode mining claims to further expand the project. Channel sampling returned significant tungsten assays, including 95 ft (29.0 m) @ 0.18% WO3, complemented by several high-grade W-Cu-Ag grab sample results. The Company has also acquired the new Cinch tungsten-silver project, North Lincoln County, Nevada, through direct claim staking of 20 new BLM lode mining claims. The Company has received the assay results for rock chip samples from initial reconnaissance field work. Significant tungsten and silver assay results were obtained including 0.22% WO3 and 1,950 g/t Ag. At the Garfield gold-silver-copper project, following a geological mapping campaign the Company has directly staked an additional 56 BLM lode mining claims to cover the new "Freeze South" and "Mother" zones and has received the assay results for rock chip samples from these new zones, including 180 ft (55 m) of chip channel samples. Significant gold, copper and silver assay results were obtained including 11.2 g/t Au; 8.55 g/t Au & 7.1% Cu; 7.2 g/t Au, 114 g/t Ag & 2.3% Cu; 4.2 g/t Au & 5.1% Cu; 4.1 g/t Au & 310 g/t Ag. 57 BLM lode mining claims directly staked, forming the newly named White Elephant tungsten project. Initial field work has mapped multiple areas of skarn mineralisation at granite-limestone contacts, historical exploration activity and mines, including a historical mill site. During the Company's field assessment, rock chip samples from across the project and 184 ft (56 m) of chip channels were collected (from 5 channels at the "Pyramid Zone"), where skarn mineralisation was mapped over a strike length of 1000 ft, or 305 m. Highlight individual rock chip samples from outcropping skarn include: 0.96% WO3; 0.26% WO3; and 0.23% WO3. Highlight chip channel samples include: 40 ft (12.2 m) @ 0.17% WO3; 95 ft (29.0 m) @ 0.31% WO3 (which includes: 20 ft (6.1 m) @ 0.44% WO3 and 15 ft (4.6 m) @ 0.47% WO3; and 10 ft (3.0 m) @ 0.50% WO3 with >0.7% Mo (includes overlimit). True thicknesses are unknown at this time. Recent detailed geological mapping has outlined over 4,000 ft (1.2 km) strike length of outcropping skarn mineralisation across the "Negroni", "Muller Mountain", and "Western Metal" zones. This includes identification of new zones of skarn mineralisation previously unknown to the Company. Highlight rock chip samples from newly identified zones include: 0.15% WO3 & >1% Cu (overlimit); 0.11% WO3 & >1% Cu (overlimit); 425 g/t Ag & >1% Cu (overlimit); 213 g/t Ag & >1% Cu (overlimit). A total of 210 ft (64 m) of machine-cut and chip channel samples were collected across 5 different channels in the "Negroni", "Muller Mountain" and "Western Metal" zones. Highlight intervals include: 95 ft (29.0 m) @ 0.18% WO3; 45 ft (13.7 m) @ 0.10% WO3, 5.7 g/t Ag and 0.14% Cu; 5 ft (1.5 m) @ 100 g/t Ag and >1% Cu; 25 ft (7.6 m) @ 0.11% WO3, 14 g/t Ag and >0.69% Cu (includes overlimit). True thicknesses are unknown at this time. Project enlarged with an additional 8 new BLM lode Mining Claims covering areas of identified skarn mineralisation. 20 BLM lode mining claims directly staked across the Cinch tungsten-silver project area. Highlight grab samples from reconnaissance fieldwork include 0.22% WO3 from a brecciated fault zone, and 1,950 g/t Ag and 0.7 g/t Au from quartz vein material in mine dumps. Geological mapping has identified further epithermal precious metal mineralised structures and broad alteration footprint in the "Freeze South" and "High grade" zones, as well as an area of broader epithermal stockwork veining and mineralisation in highly silicified rhyolites in the "Mother" zone. The Company immediately acted to stake 56 new BLM lode mining claims to acquire the new "Freeze South" and "Mother" zones. Highlight rock chip assay results from the field mapping campaign include: 11.2 g/t Au; 8.55 g/t Au & 7.1% Cu; 7.2 g/t Au, 114 g/t Ag & 2.3% Cu; 4.2 g/t Au & 5.1% Cu; 4.1 g/t Au & 310 g/t Ag. A 180 ft (54.9 m) chip channel sample of oxidised rhyolites from the "Freeze North" zone returned an average of 0.064 g/t Au, including 80 ft (24.4 m) @ 0.1 g/t Au, highlighting broader scale bulk minable-heap leach potential.

U.K. (FTSE) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Kodal Minerals plc Provides Bougouni Lithium Project Quarterly Update for the Three Months Ended 30 June 2026

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Guardian Metal Resources PLC Announces Exploration Results For Non-Core Portfolio Including White Elephant, Pilot North, Cinch, And Garfield Projects

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