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

UpdatedMay 20, 2026
DataAggregated Company Financials
Companies123
  • 7D-5.5%
  • 3M-0.8%
  • 1Y79.5%
  • YTD21.5%

Over the last 7 days, the Metals and Mining industry has dropped 5.5%, driven by Rio Tinto Group declining 5.2%. On the other hand Guardian Metal Resources is actually up 21%. This takes the industry's 12 month performance to a gain of 80%. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 20 May 2026UK£309.9bUK£256.7bUK£8.6b18.1x36x1.2x
Fri, 17 Apr 2026UK£310.7bUK£254.2bUK£8.5b19.7x36.6x1.2x
Sun, 15 Mar 2026UK£284.7bUK£259.9bUK£9.0b20.2x31.6x1.1x
Tue, 10 Feb 2026UK£301.0bUK£241.3bUK£5.9b22x51.4x1.2x
Thu, 08 Jan 2026UK£266.9bUK£244.8bUK£5.9b20.4x44.9x1.1x
Sat, 06 Dec 2025UK£235.4bUK£247.7bUK£6.1b17.2x38.9x1x
Mon, 03 Nov 2025UK£223.9bUK£251.2bUK£6.2b14.9x36.4x0.9x
Wed, 01 Oct 2025UK£211.2bUK£245.4bUK£6.0b14.8x35.2x0.9x
Fri, 29 Aug 2025UK£183.6bUK£244.1bUK£6.0b10.7x30.7x0.8x
Sun, 27 Jul 2025UK£183.2bUK£244.6bUK£5.9b8.8x30.9x0.7x
Tue, 24 Jun 2025UK£164.7bUK£243.0bUK£5.9b7.6x27.8x0.7x
Thu, 22 May 2025UK£173.8bUK£244.9bUK£6.0b8.8x28.8x0.7x
Sat, 19 Apr 2025UK£163.8bUK£247.2bUK£6.1b8.6x27x0.7x
Mon, 17 Mar 2025UK£183.4bUK£253.8bUK£6.2b8.8x29.4x0.7x
Wed, 12 Feb 2025UK£189.6bUK£262.9bUK£7.8b9.6x24.2x0.7x
Fri, 10 Jan 2025UK£186.8bUK£265.5bUK£7.9b9.1x23.6x0.7x
Sun, 08 Dec 2024UK£191.0bUK£256.4bUK£7.6b9.5x25x0.7x
Tue, 05 Nov 2024UK£197.5bUK£252.9bUK£7.6b10.6x26.1x0.8x
Thu, 03 Oct 2024UK£206.6bUK£246.7bUK£7.4b11x27.9x0.8x
Sat, 31 Aug 2024UK£188.7bUK£249.4bUK£7.4b11.6x25.3x0.8x
Mon, 29 Jul 2024UK£200.3bUK£246.4bUK£10.8b12.8x18.6x0.8x
Wed, 26 Jun 2024UK£209.8bUK£251.0bUK£12.4b12.7x16.9x0.8x
Fri, 24 May 2024UK£224.7bUK£251.0bUK£12.4b15.5x18.2x0.9x
Sun, 21 Apr 2024UK£212.6bUK£257.6bUK£12.7b13.9x16.7x0.8x
Tue, 19 Mar 2024UK£188.4bUK£250.6bUK£12.6b12.3x15x0.8x
Thu, 15 Feb 2024UK£188.2bUK£262.8bUK£18.0b11.5x10.5x0.7x
Sat, 13 Jan 2024UK£210.7bUK£303.6bUK£27.5b9.7x7.7x0.7x
Mon, 11 Dec 2023UK£211.8bUK£307.6bUK£27.8b9.1x7.6x0.7x
Wed, 08 Nov 2023UK£204.5bUK£313.0bUK£28.2b9.9x7.3x0.7x
Fri, 06 Oct 2023UK£200.8bUK£316.0bUK£28.4b9.6x7.1x0.6x
Sun, 03 Sep 2023UK£201.7bUK£307.0bUK£28.0b7.4x7.2x0.7x
Tue, 01 Aug 2023UK£216.6bUK£322.5bUK£33.5b8.1x6.5x0.7x
Thu, 29 Jun 2023UK£207.3bUK£331.7bUK£38.8b7.6x5.3x0.6x
Sat, 27 May 2023UK£202.9bUK£338.6bUK£39.5b7.8x5.1x0.6x
Price to Earnings Ratio

5.1x


Total Market Cap: UK£202.9bTotal Earnings: UK£39.5bTotal Revenue: UK£338.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 23x202420252026
Current Industry PE
  • 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 36.0x which is higher than its 3-year average PE of 23.0x.
  • The 3-year average PS ratio of 0.80x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 40% per year over the last three years,
  • Revenues have also declined 8.8% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

GB Market0.16%
Materials-5.29%
Metals and Mining-5.53%
Steel0.28%
Aluminum0%0
Silver0%0
Diversified Metals and Mining-4.35%
Precious Metals and Minerals-7.02%
Copper-7.69%
Gold-11.15%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 22.4x.
    • Analysts are expecting annual earnings growth of 16.9%, which is lower than the prior year's growth of 214.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 45% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
HILS Hill & SmithUK£26.253.6%
+UK£70.7m		36.7%PE25x
MTL Metals ExplorationUK£0.1413.3%
+UK£50.7m		89.5%PS2.6x
ZNWD Zinnwald LithiumUK£0.08742.3%
+UK£14.1m		44.6%PB1.3x
SAV Savannah ResourcesUK£0.0727.5%
+UK£12.9m		65.9%PB3.6x
GMET Guardian Metal ResourcesUK£2.452.1%
+UK£9.7m		528.2%PB18.4x

Latest News

PAF
UK£1.40
Pan African Resources
7D
-6.6%
1Y
204.8%
SAV
UK£0.072
Savannah Resources
7D
7.5%
1Y
65.9%
RIO
UK£76.40
Rio Tinto Group
7D
-7.6%
1Y
64.2%
AAL
UK£37.67
Anglo American
7D
-7.6%
1Y
55.0%
HOC
UK£5.92
Hochschild Mining
7D
-13.4%
1Y
116.5%
Narrative Update • May 19

HOC: Structurally Bullish Gold View Will Support Repricing Potential

Analysts have trimmed the fair value estimate for Hochschild Mining slightly, with the updated price target now implying a value of about £8.04 per share compared with £8.07 previously. This reflects recent cuts to Street targets in £40 to £110 increments, alongside only marginal tweaks to growth, margin and P/E assumptions.
FRES
UK£33.23
Fresnillo
7D
-12.2%
1Y
206.3%
Narrative Update • May 18

FRES: Production Slippage And Diverging Street Views Will Pressure Future Returns

Fresnillo’s updated analyst price target has shifted to reflect mixed recent moves, including a £4.00 increase at Citi and several reductions of £1.00 to £4.00 at other firms, as analysts factor in revised assumptions for discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on Fresnillo shows a split view, with some higher price targets sitting alongside a series of reductions.
ZNWD
UK£0.087
Zinnwald Lithium
7D
42.3%
1Y
44.6%
ANTO
UK£38.22
Antofagasta
7D
-11.1%
1Y
114.6%
Narrative Update • May 15

ANTO: Geopolitical And Sector Risks Will Likely Pressure Copper Upside Potential

Analysts have nudged the fair value estimate for Antofagasta slightly lower to £23.50 from about £23.72, reflecting a modestly higher discount rate and mixed price target revisions, with several recent moves in the £100 to £600 range across the broker community. Analyst Commentary Recent Street research on Antofagasta shows a wide spread of views, with some firms lifting price targets while others turn more cautious.
GMET
UK£2.45
Guardian Metal Resources
7D
2.1%
1Y
528.2%
GLEN
UK£5.66
Glencore
7D
-4.4%
1Y
111.9%
ATYM
UK£7.83
Atalaya Mining Copper
7D
-11.5%
1Y
97.7%
HILS
UK£26.25
Hill & Smith
7D
3.6%
1Y
36.7%
Narrative Update • Apr 27

HILS: Updated Price Objective And Capital Deployment Will Shape Future Fair Value

Analysts have raised their price target on Hill & Smith to £29.30 from £26.25, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, which support a higher valuation range. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher price target of 2,930 GBp as support for a wider valuation range that still aligns with their updated fair value work.
MTL
UK£0.14
Metals Exploration
7D
13.3%
1Y
89.5%
MET1
UK£0.016
Metals One
7D
29.5%
1Y
-96.1%
KP2
UK£0.032
Kore Potash
7D
5.0%
1Y
-6.0%
CGS
UK£2.69
Castings
7D
3.5%
1Y
3.1%