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

Investors are pessimistic on the British Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 21.6x which is lower than its 3-year average PE of 25.1x. The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.0x.

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 29.4x. Analysts are expecting annual earnings growth of 15.6%, 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, 10 Aug 2026	UK£313.8b	UK£302.0b	UK£14.5b	14.5x	21.6x	1x
Wed, 08 Jul 2026	UK£288.3b	UK£257.5b	UK£8.7b	16.3x	33.3x	1.1x
Fri, 05 Jun 2026	UK£331.5b	UK£256.3b	UK£8.6b	19x	38.4x	1.3x
Sun, 03 May 2026	UK£306.1b	UK£253.4b	UK£8.5b	18.5x	36.1x	1.2x
Tue, 31 Mar 2026	UK£283.3b	UK£260.8b	UK£8.8b	19.4x	32.3x	1.1x
Thu, 26 Feb 2026	UK£325.0b	UK£253.4b	UK£7.9b	22.3x	41x	1.3x
Sat, 24 Jan 2026	UK£290.1b	UK£242.7b	UK£5.9b	21.4x	49.2x	1.2x
Mon, 22 Dec 2025	UK£245.9b	UK£246.6b	UK£6.0b	17.1x	41x	1x
Wed, 19 Nov 2025	UK£216.6b	UK£250.9b	UK£6.1b	13.8x	35.3x	0.9x
Fri, 17 Oct 2025	UK£221.7b	UK£245.7b	UK£6.0b	15.9x	36.9x	0.9x
Sun, 14 Sep 2025	UK£192.1b	UK£243.3b	UK£5.9b	11.6x	32.5x	0.8x
Tue, 12 Aug 2025	UK£179.9b	UK£244.9b	UK£5.8b	10.9x	30.8x	0.7x
Thu, 10 Jul 2025	UK£170.4b	UK£241.7b	UK£5.9b	8.2x	29.1x	0.7x
Sat, 07 Jun 2025	UK£174.4b	UK£242.9b	UK£5.9b	9.6x	29.4x	0.7x
Mon, 05 May 2025	UK£167.9b	UK£247.5b	UK£6.1b	8.4x	27.6x	0.7x
Wed, 02 Apr 2025	UK£174.2b	UK£254.2b	UK£6.2b	8.5x	28x	0.7x
Fri, 28 Feb 2025	UK£181.1b	UK£259.4b	UK£6.4b	8.9x	28.5x	0.7x
Sun, 26 Jan 2025	UK£192.5b	UK£261.6b	UK£7.8b	9.4x	24.7x	0.7x
Tue, 24 Dec 2024	UK£181.2b	UK£260.7b	UK£7.8b	9.3x	23.3x	0.7x
Thu, 21 Nov 2024	UK£190.1b	UK£259.0b	UK£7.8b	10.2x	24.5x	0.7x
Sat, 19 Oct 2024	UK£197.7b	UK£251.2b	UK£7.5b	10.7x	26.3x	0.8x
Mon, 16 Sep 2024	UK£183.4b	UK£249.6b	UK£7.5b	10.6x	24.4x	0.7x
Wed, 14 Aug 2024	UK£191.8b	UK£254.5b	UK£7.6b	11.3x	25.2x	0.8x
Fri, 12 Jul 2024	UK£212.6b	UK£246.6b	UK£12.2b	13.2x	17.4x	0.9x
Sun, 09 Jun 2024	UK£212.4b	UK£250.4b	UK£12.4b	14.7x	17.2x	0.8x
Tue, 07 May 2024	UK£217.2b	UK£253.5b	UK£12.5b	14.5x	17.4x	0.9x
Thu, 04 Apr 2024	UK£201.7b	UK£252.1b	UK£12.6b	13x	16x	0.8x
Sat, 02 Mar 2024	UK£185.7b	UK£251.8b	UK£12.6b	10.9x	14.7x	0.7x
Mon, 29 Jan 2024	UK£209.5b	UK£304.5b	UK£27.6b	9.6x	7.6x	0.7x
Wed, 27 Dec 2023	UK£221.4b	UK£304.6b	UK£27.6b	10.4x	8x	0.7x
Fri, 24 Nov 2023	UK£213.5b	UK£307.9b	UK£27.8b	10.3x	7.7x	0.7x
Sun, 22 Oct 2023	UK£198.8b	UK£315.9b	UK£28.4b	9.9x	7x	0.6x
Tue, 19 Sep 2023	UK£212.0b	UK£311.0b	UK£28.1b	7.1x	7.6x	0.7x
Thu, 17 Aug 2023	UK£191.3b	UK£303.4b	UK£27.7b	6.9x	6.9x	0.6x


GB Market	0.96%
Materials	6.40%
Metals and Mining	6.51%
Gold	14.30%
Copper	8.94%
Steel	5.88%
Diversified Metals and Mining	5.19%
Precious Metals and Minerals	5.09%
Aluminum	0%	0
Silver	0%	0

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£75.10	5.9% +UK£6.8b	63.7%	PE13.6x
AAL Anglo American	UK£40.42	9.1% +UK£3.6b	87.2%	PS3x
GLEN Glencore	UK£5.69	5.5% +UK£3.6b	94.0%	PE16.6x
FRES Fresnillo	UK£29.63	18.6% +UK£3.4b	70.0%	PE12.9x
ANTO Antofagasta	UK£40.16	9.2% +UK£3.3b	97.2%	PE40.2x

Announcement • Jul 16

Cornish Metals Reports Positive Assay Results from First Drillhole of Roskear Drilling Programme

Cornish Metals plc announced positive assay results from the first drillhole of the ongoing surface drilling programme in the Roskear area of the South Crofty mine. The programme comprises approximately 2,400 metres of diamond drilling designed to test extensions to known mineralisation and evaluate several priority exploration targets identified through historic drilling and recent geological interpretation. Drillhole SDD26_001A, the first of two planned holes, has been completed to a final depth of 1,199.1 metres. Assay results have now been received and returned tin mineralisation across multiple intercepts, consistent with the Company’s geological interpretation, and including mineralised structures that lie outside the current Mineral Resource Estimate. Assay results received for drillhole SDD26_001A, the first hole of the two-hole Roskear programme, returning tin mineralisation across multiple intercepts. High-grade tin intersections returned, including 0.79 metres at 4.18% Sn (Roskear 1 South) and 0.30 metres at 2.20% Sn (Roskear 3 North). Broad 12.41 metre zone grading 0.43% Sn intersected in the Roskear Numbered Zone, including 1.90 metres at 1.32% Sn. The observed grades and structural positions are consistent with the Company’s geological interpretation and provide additional confidence in the continuity of mineralised structures. Several intercepts, including two previously unmodelled lodes and the Roskear Numbered Zone structures, lie outside the current Mineral Resource Estimate, highlighting potential for Mineral Resource growth to the west subject to further drilling. Second drillhole, SDD26_002, currently being drilled approximately 100 metres west of SDD26_001A and approximately halfway to its planned final depth. Table 1: Significant assay intercepts, drillhole SDD26_001A: SDD26_001234.30 to 235.08, sample length 0.78 metres, Sn grade 0.55%, 0.21% Cu and 3.52% Zn; SDD26_001A635.86 to 636.32, sample length 0.46 metres, Sn grade 1.49%; SDD26_001A655.60 to 656.60, sample length 1.00 metre, Sn grade 0.45%; SDD26_001A691.93 to 692.72, sample length 0.79 metres, Sn grade 4.18%; SDD26_001A732.32 to 735.73, sample length 3.41 metres, Sn grade 0.49%; including 732.32 to 733.41, sample length 1.09 metres, Sn grade 0.74%; and 734.38 to 734.86, sample length 0.48 metres, Sn grade 0.29%, 2.75% Cu; SDD26_001A803.10 to 804.28, sample length 1.18 metres, Sn grade 0.35%; including 803.93 to 804.28, sample length 0.35 metres, Sn grade 1.16%; SDD26_001A824.34 to 825.16, sample length 0.82 metres, Sn grade 0.83%; including 824.34 to 824.64, sample length 0.30 metres, Sn grade 2.20%; SDD26_001A849.81 to 850.47, sample length 0.66 metres, Sn grade 0.22%, 2.01% W; SDD26_001A905.42 to 917.83, sample length 12.41 metres, Sn grade 0.43%; including 906.64 to 907.04, sample length 1.43 metres, Sn grade 0.81%; and 916.87 to 917.83, sample length 1.90 metres, Sn grade 1.32%; SDD26_001A1028.10 to 1028.82, sample length 0.72 metres, Sn grade 1.12%. Composited values use a downhole length weighted average of grade. True intersection widths have not yet been calculated. The drillhole successfully intersected the interpreted along-strike projections of the Roskear 1 South, Roskear South and Roskear Numbered Zone structures at, or close to, their predicted positions. The results provide additional confidence in the Company's geological and structural interpretation and the continuity of mineralisation in this western part of the deposit. Mineralisation was intersected throughout the granite section of the drillhole and remains open to the west, consistent with the Company’s interpretation that the Roskear structures continue beyond the current resource limits. The results confirm the Roskear area as a high-priority exploration target with clear potential to expand mineral resources through the ongoing and future planned drilling programmes. Drillhole SDD26_002, located approximately 100 metres west of SDD26_001A, is currently being drilled and is approximately halfway to its planned final depth. It is designed to test the same mineralised structures further to the west, with assay results to be reported once received from ALS Laboratories in Loughrea, Ireland. QAQCNQ sized diamond core samples have been halved by using a diamond blade core saw, then bagged and secured before transportation to ALS Laboratory in Loughrea, Ireland. For quality assurance, coarse blanks, certified reference materials and field duplicates were inserted into the sample sequence, amounting to approximately 15% of the total sample quantity. Samples were assayed using ALS method ME-XRF15b, where samples are analysed by XRF following a lithium borate fusion. ALS Laboratories quality management system includes inter-laboratory test programmes and regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015.

Announcement • Jun 09

Cora Gold Limited Provides Update On Sanankoro Resource Growth Drill Programme

Cora Gold Limited provided an update on its growth strategy at the Company’s flagship Sanankoro Gold Project in southern Mali, as the Project advances towards construction and first gold production. Following the successful financing activities in First Half 2026, which ensure Sanankoro is fully funded to production, Cora is now focused on unlocking the broader long-term potential of the Project through an extensive resource growth and exploration programme. This programme is designed to expand the current JORC compliant mineral resource estimate of 1,044 koz at 1.04 g/t Au, extend Reserve mine life beyond the current 10.2 years outlined in the 2025 definitive feasibility study and support future production growth. The 2026 drill programme will target both extensions to existing deposits and a number of highly prospective near-mine greenfield targets, offering the potential for rapid conversion into future mine plan feed. More than 12,000 metres of reverse circulation and diamond drilling is planned across four existing deposits and high priority greenfield targets. The drill metre allocation is 40% at Zone B (current JORC compliant MRE of 9 Mt at 0.85 g/t Au for 250 koz), 30% at Selin (12 Mt at 1.11 g/t Au for 430 koz), 25% at Zone A and C (7.8 Mt at 1.11 g/t Au for 275 koz), and 5% to greenfield targets. Updated MRE is planned following completion of the programme and receipt of assay results, while exploration will continue across the wider Sanankoro permit package hosting five major gold-bearing structures. Zone B is expected to be a major focus due to extensive strike length (>2 km, excluding the 1.7 km Zone B North trend), broad mineralised widths, extensive artisanal mining activity, limited deeper drilling and potential to improve continuity. Zone B comprises three deposits: Zone B South, Central and North, extending over 3.7 km of strike along the Sanankoro Structure within the hanging wall of the Sanankoro Main Shear Zone. No drilling is planned at Zone B North (2.6 Mt at 0.93 g/t Au for 78 koz), with focus on South and Central to expand and improve continuity. Drilling at Zone B aims to improve resource continuity at depth, reduce irregularities along lower MRE boundaries, extend shallow Inferred resources down dip beyond current pit shells, test additional mineralisation along strike where open, and assess continuity within transitional and fresh rock domains. The mineralised zone is approximately 80 m wide and remains open down dip, with oxide-hosted mineralisation located between reserve pits supporting growth potential. Selin is the largest resource at Sanankoro with 430 koz and remains a key focus. Mineralisation extends below the base of current MRE pit shells based on USD 2,400/oz gold price. Drilling will focus on the southern portion where historical drilling is shallow and spaced, limiting continuity interpretation, and also target a separate western mineralised zone outside reserve pits but within the broader pit shell. Drilling aims to improve continuity at depth, extend shallow Inferred resources down dip, test southern extent mineralisation, and define strike and depth of the western zone. Historical hole SC1032 intersected 18 m at 2.29 g/t Au and ended in mineralisation at 146 m, indicating the system remains open. Zone A, the southernmost deposit along the Sanankoro structural corridor (over 5 km strike from Zone A through Zone B to Dakounkoura), hosts 210 koz (6 Mt at 1.1 g/t Au). Drilling will improve continuity and confidence, particularly in the southern area where mineralisation is open and drilling density is limited. The programme focuses on extending higher-grade mineralisation down dip, improving geological modelling and continuity at the southern end of the ore reserve pit, and testing additional mineralisation at both northern and southern extents. The MRE pit shell extends to the base of drilling in several areas, indicating further growth potential at depth. Zone C is located in the footwall of the Sanankoro Main Shear Zone within the Bokoro structure and hosts an entirely Inferred MRE of 65 koz (1.8 Mt at 1.1 g/t Au) with no current ore reserves due to drill spacing. Drilling will focus on the central portion with infill drilling at approximately 50 m spacing to improve geological confidence, strengthen continuity and support classification upgrades. It will also test for additional mineralisation along strike and extend higher-grade zones down dip. The deposit shows higher-grade mineralisation and limited deeper drilling; both the USD 2,200/oz and USD 2,400/oz pit shells extend to the base of current drilling, indicating the MRE is constrained by lack of deeper drilling rather than economics. Greenfield drilling will test undrilled targets near existing and planned infrastructure, where success could enable rapid incorporation into mine plans. The programme is considered the first phase of a broader long-term resource growth strategy, with potential to materially extend mine life and increase production capacity beyond the levels in the 2025 definitive feasibility study.

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

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