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 33.6x which is higher than its 3-year average PE of 24.6x. 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 28.8x. Analysts are expecting annual earnings growth of 14.7%, 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
Thu, 16 Jul 2026	UK£286.9b	UK£254.2b	UK£8.5b	15.4x	33.6x	1.1x
Sat, 13 Jun 2026	UK£323.3b	UK£256.5b	UK£8.6b	17.6x	37.4x	1.3x
Mon, 11 May 2026	UK£320.8b	UK£252.4b	UK£8.4b	19.8x	38x	1.3x
Wed, 08 Apr 2026	UK£296.4b	UK£258.8b	UK£8.7b	20.4x	34.2x	1.1x
Fri, 06 Mar 2026	UK£295.5b	UK£258.1b	UK£8.9b	21.5x	33.2x	1.1x
Sun, 01 Feb 2026	UK£289.9b	UK£241.0b	UK£5.9b	21x	49.5x	1.2x
Tue, 30 Dec 2025	UK£252.0b	UK£244.4b	UK£5.9b	19.4x	42.5x	1x
Thu, 27 Nov 2025	UK£224.4b	UK£249.5b	UK£6.1b	15.9x	36.8x	0.9x
Sat, 25 Oct 2025	UK£217.8b	UK£247.9b	UK£6.1b	14.4x	35.9x	0.9x
Mon, 22 Sep 2025	UK£194.7b	UK£245.0b	UK£6.0b	11.8x	32.7x	0.8x
Wed, 20 Aug 2025	UK£178.1b	UK£244.4b	UK£6.0b	10.1x	29.6x	0.7x
Fri, 18 Jul 2025	UK£173.8b	UK£244.9b	UK£5.9b	8.4x	29.3x	0.7x
Sun, 15 Jun 2025	UK£169.8b	UK£242.2b	UK£5.9b	8.2x	28.8x	0.7x
Tue, 13 May 2025	UK£173.9b	UK£249.3b	UK£6.1b	8.6x	28.4x	0.7x
Thu, 10 Apr 2025	UK£149.3b	UK£256.6b	UK£6.3b	7.4x	23.8x	0.6x
Sat, 08 Mar 2025	UK£182.5b	UK£254.1b	UK£6.2b	9.7x	29.5x	0.7x
Mon, 03 Feb 2025	UK£185.9b	UK£263.3b	UK£7.8b	9.4x	23.7x	0.7x
Wed, 01 Jan 2025	UK£181.6b	UK£260.5b	UK£7.8b	9.2x	23.4x	0.7x
Fri, 29 Nov 2024	UK£188.0b	UK£257.4b	UK£7.7b	9.4x	24.5x	0.7x
Sun, 27 Oct 2024	UK£198.2b	UK£252.8b	UK£7.6b	10.3x	26.2x	0.8x
Tue, 24 Sep 2024	UK£125.1b	UK£246.0b	UK£7.4b	11x	16.9x	0.5x
Thu, 22 Aug 2024	UK£192.1b	UK£250.2b	UK£7.4b	11.9x	26x	0.8x
Sat, 20 Jul 2024	UK£200.7b	UK£246.6b	UK£12.2b	14.2x	16.4x	0.8x
Mon, 17 Jun 2024	UK£206.7b	UK£251.0b	UK£12.4b	13.8x	16.7x	0.8x
Wed, 15 May 2024	UK£222.8b	UK£253.1b	UK£12.5b	17x	17.8x	0.9x
Fri, 12 Apr 2024	UK£207.9b	UK£253.8b	UK£12.7b	13.9x	16.4x	0.8x
Sun, 10 Mar 2024	UK£184.7b	UK£248.2b	UK£12.4b	12.4x	14.8x	0.7x
Tue, 06 Feb 2024	UK£193.0b	UK£263.3b	UK£18.0b	11x	10.7x	0.7x
Thu, 04 Jan 2024	UK£217.4b	UK£305.7b	UK£27.7b	9.8x	7.9x	0.7x
Sat, 02 Dec 2023	UK£217.7b	UK£304.9b	UK£27.6b	9.1x	7.9x	0.7x
Mon, 30 Oct 2023	UK£204.9b	UK£316.8b	UK£28.4b	10x	7.2x	0.6x
Wed, 27 Sep 2023	UK£205.4b	UK£315.7b	UK£28.4b	7.3x	7.2x	0.7x
Fri, 25 Aug 2023	UK£196.0b	UK£306.0b	UK£27.9b	6.9x	7x	0.6x
Sun, 23 Jul 2023	UK£214.8b	UK£326.8b	UK£38.3b	6.9x	5.6x	0.7x


GB Market	0.70%
Materials	4.82%
Metals and Mining	4.93%
Copper	6.30%
Diversified Metals and Mining	5.43%
Precious Metals and Minerals	4.68%
Steel	3.75%
Gold	1.64%
Aluminum	0%	0
Silver	0%	0

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£68.67	5.8% +UK£6.1b	56.1%	PE15.2x
GLEN Glencore	UK£5.18	5.5% +UK£3.1b	68.7%	PE226.1x
ANTO Antofagasta	UK£37.42	6.1% +UK£2.1b	103.8%	PE37.6x
AAL Anglo American	UK£35.47	4.9% +UK£1.8b	59.4%	PS2.8x
ATYM Atalaya Mining Copper	UK£8.36	12.9% +UK£146.8m	75.7%	PE18.1x

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.

Announcement • Jul 03

Strategic Minerals Provides Update on Redmoor Drilling Programme and Reports Drilling Results

Strategic Minerals provided an update on the ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project, located in Cornwall, UK, following the receipt of planning permission to expand the programme. Cornwall Council's Mineral Planning Officer, via delegated authority, has approved the planning permission for Cornwall Resources Limited's proposed expanded drilling programme. This allows the mobilisation of a further two drill rigs to Redmoor, with site setup expected to commence following the submission and approval of certain pre-commencement documentation by the Local Planning Authority. Up to three years of continuous operations are permitted, although the expanded drilling programme is currently planned to be completed in the Second Quarter 2027. The option to add a further drill rig to the programme later in the year is included, to further accelerate the programme. This programme is believed by the company to be the largest, continuous, diamond drilling programme to be undertaken in Cornwall. The company believes the expanded drilling programme will represent the largest, single, drilling programme undertaken in Great Britain this century. The company continues to add additional team members to enable effective programme delivery and to ensure that the high-quality of data collection is maintained. The current total planned drilling programme covers 22,500 m of drilling, across at least 44 drillholes, including infill drilling of the existing Resource, and designed to test the Exploration Target with the objective of potentially converting parts of the Exploration Target into Mineral Resources. Drilling will also integrate earlier sample and data collection for the bulk of the requirements for geotechnical, metallurgical and hydrogeological studies of the pre-feasibility/feasibility programme with the intention of accelerating data collection for full feasibility and to limit the need and size of further programmes in the future. Drillhole CRD044 was completed on 25 June at a depth of 526.10 m, having intersected the full thickness of the Redmoor Sheeted Vein System, and having intersected the Kit Hill granite at depth, with the intersection of a mineralised granite roof zone. This includes chalcopyrite and cassiterite mineralised vein structures within aplitic sheets in the upper 30 m of the granite body. Drillhole CRD044_D1 is underway and advancing. This hole is a daughter hole of CRD044, with a starting point from CRD044 at 195 m downhole. This hole is the first of a series of planned daughter holes, designed to collect metallurgical samples for the pre-feasibility/feasibility study stage of metallurgical testwork. CRL has initiated the drilling of CRD044_D1, which is planned as a daughter hole branching off the recently completed CRD044. This hole is designed to intersect the full extent of the SVS, from which representative samples will be selected and be used for metallurgical testwork, geotechnical testing, along with adding additional geochemical results for use in a future resource model. Currently, CRL has 248 samples from drillhole CRD042 awaiting finalisation at ALS Loughrea and a batch of 291 samples from CRD043 undergoing analysis. Furthermore, CRL has submitted an additional 59 samples from CRD001, sent on 1 June 2026, for analysis. CRL geologists are currently re-logging drillhole CRD016, drilled during the 2017-18 drilling campaign, with additional intervals already identified and selected for sampling and analysis at ALS Laboratories. The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 26 March 2026: Resource category Domain Tonnage (Mt) NSR (USD/t) WO3 Eq grade (%) WO3 grade (%) Sn grade (%) Cu grade (%) Ag grade (g/t) Inferred Tungsten HGDs 7.304 990 0.98 0.83 0.12 0.53 7.0 Tin HGDs 1.95 2080 0.44 0.14 0.50 0.50 7.6 Cu Domain SVS 8.02 1960 0.40 0.28 0.13 0.34 4.3 Low Grade SVS 0.12 1250 0.25 0.17 0.10 0.16 2.7 Total Inferred 17.40 3240 0.65 0.49 0.17 0.44 5.8 Total Mineral Resources 17.40 3240 0.65 0.49 0.17 0.44 5.8. The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

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

Industry Valuation and Performance

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