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 20.0x which is lower than its 3-year average PE of 25.2x. The industry is trading close to its 3-year average PS ratio of 0.84x.

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

Investors are most optimistic about the Steel industry even though it's trading below its 3-year average PE ratio of 64.9x. Analysts are expecting annual earnings growth of 16.6%, which is higher than its past year's earnings decline of 10.9% per year.

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 17 Aug 2026	UK£299.0b	UK£301.1b	UK£14.9b	15.2x	20x	1x
Wed, 15 Jul 2026	UK£292.3b	UK£257.0b	UK£8.6b	15.5x	33.8x	1.1x
Fri, 12 Jun 2026	UK£312.4b	UK£256.4b	UK£8.6b	17.1x	36.1x	1.2x
Sun, 10 May 2026	UK£321.0b	UK£252.4b	UK£8.4b	19.8x	38x	1.3x
Tue, 07 Apr 2026	UK£297.0b	UK£260.6b	UK£8.7b	20.7x	34x	1.1x
Thu, 05 Mar 2026	UK£308.9b	UK£256.7b	UK£8.1b	21.5x	38.1x	1.2x
Sat, 31 Jan 2026	UK£289.7b	UK£240.8b	UK£5.8b	21x	49.7x	1.2x
Mon, 29 Dec 2025	UK£252.9b	UK£244.2b	UK£5.9b	18.5x	42.7x	1x
Wed, 26 Nov 2025	UK£220.1b	UK£250.5b	UK£6.1b	15.3x	36x	0.9x
Fri, 24 Oct 2025	UK£216.7b	UK£247.6b	UK£6.1b	14.6x	35.7x	0.9x
Sun, 21 Sep 2025	UK£194.7b	UK£245.0b	UK£6.0b	11.8x	32.7x	0.8x
Tue, 19 Aug 2025	UK£177.3b	UK£244.1b	UK£6.0b	10x	29.4x	0.7x
Thu, 17 Jul 2025	UK£174.4b	UK£244.9b	UK£5.9b	8.3x	29.4x	0.7x
Sat, 14 Jun 2025	UK£169.9b	UK£242.2b	UK£5.9b	8.2x	28.8x	0.7x
Mon, 12 May 2025	UK£167.9b	UK£246.8b	UK£6.1b	8.4x	27.7x	0.7x
Wed, 09 Apr 2025	UK£152.8b	UK£257.1b	UK£6.3b	7.6x	24.3x	0.6x
Fri, 07 Mar 2025	UK£184.6b	UK£254.5b	UK£6.2b	9.5x	29.7x	0.7x
Sun, 02 Feb 2025	UK£185.9b	UK£263.3b	UK£7.8b	9.4x	23.7x	0.7x
Tue, 31 Dec 2024	UK£180.3b	UK£260.9b	UK£7.8b	9.7x	23.2x	0.7x
Thu, 28 Nov 2024	UK£188.3b	UK£257.6b	UK£7.7b	9.4x	24.5x	0.7x
Sat, 26 Oct 2024	UK£198.2b	UK£252.4b	UK£7.6b	10.4x	26.2x	0.8x
Mon, 23 Sep 2024	UK£125.1b	UK£246.0b	UK£7.4b	11x	16.9x	0.5x
Wed, 21 Aug 2024	UK£190.6b	UK£251.2b	UK£7.5b	11.6x	25.4x	0.8x
Fri, 19 Jul 2024	UK£201.1b	UK£246.0b	UK£12.2b	14x	16.5x	0.8x
Sun, 16 Jun 2024	UK£206.7b	UK£251.0b	UK£12.4b	13.8x	16.7x	0.8x
Tue, 14 May 2024	UK£222.0b	UK£253.9b	UK£12.5b	15.7x	17.7x	0.9x
Thu, 11 Apr 2024	UK£209.1b	UK£254.1b	UK£12.7b	14.1x	16.4x	0.8x
Sat, 09 Mar 2024	UK£184.7b	UK£248.2b	UK£12.4b	12.4x	14.8x	0.7x
Mon, 05 Feb 2024	UK£206.7b	UK£305.8b	UK£27.7b	10.1x	7.5x	0.7x
Wed, 03 Jan 2024	UK£222.7b	UK£306.0b	UK£27.7b	10.1x	8x	0.7x
Fri, 01 Dec 2023	UK£210.1b	UK£305.8b	UK£27.7b	10.7x	7.6x	0.7x
Sun, 29 Oct 2023	UK£204.9b	UK£316.8b	UK£28.4b	10x	7.2x	0.6x
Tue, 26 Sep 2023	UK£206.8b	UK£314.6b	UK£28.3b	7.3x	7.3x	0.7x
Thu, 24 Aug 2023	UK£197.2b	UK£304.4b	UK£27.8b	7.1x	7.1x	0.6x


GB Market	-1.35%
Materials	-4.54%
Metals and Mining	-4.72%
Precious Metals and Minerals	4.22%
Aluminum	0%	0
Silver	0%	0
Gold	-0.42%
Steel	-2.10%
Diversified Metals and Mining	-4.50%
Copper	-9.74%

Company	Last Price	7D	1Y	Valuation
HOC Hochschild Mining	UK£5.26	2.3% +UK£61.7m	76.4%	PE18.2x
PAF Pan African Resources	UK£1.12	2.2% +UK£51.1m	83.8%	PE13.4x
TUN Tungsten West	UK£0.42	6.3% +UK£31.2m	372.2%	PE-11x
SML Strategic Minerals	UK£0.049	19.5% +UK£22.6m	1,561.0%	PE4566.8x
ATM Andrada Mining	UK£0.049	21.3% +UK£18.9m	63.3%	PS4.3x

Announcement • Jul 28

Andrada Mining Limited Reports Final Grab Sample Results from Lithium Ridge Project

Andrada Mining Limited announced the final grab sample results from the Lithium Ridge Project. The sampling programme has been undertaken in accordance with Stage 1 of an earn-in agreement in partnership with Sociedad Química y Minera de Chile SA through its subsidiary SQM Australia (Pty) Ltd. The results have extended the surface mineralisation of lithium ridge by 50% to a total of nine kilometres. The results also identified high grade lithium, tin and tantalum anomalies within multiple new pegmatites across the licence area. This builds on the initial results which confirmed the presence of mineralisation along the primary Lithium Ridge trendline as disclosed in January 2026. Significant surface lithium grades: multiple grab samples returned grades exceeding 3.5% Li2O with associated tin and tantalum anomalies indicated. Expanded mineralised system: high-grade lithium samples extended the mineralised strike of the main Lithium Ridge trend from six to nine kilometres. Additional targets identified: The results identified multiple mineralised new pegmatites beyond the primary mineralised trend, containing high grades of lithium and associated minerals. Polymetallic upside: Grab samples consistently returned high-grade tin (Sn) and tantalum (Ta) with grades up to 7.38% Sn and 3,192 ppm Ta. In the third quarter of the 2025 calendar year, Andrada commenced a licence-wide geological mapping and grab sampling programme as part of the Stage 1 earn-in agreement with SQM to identify additional mineralised pegmatites within the Lithium Ridge mining licence. The Programme identified approximately 1,500 outcropping pegmatites through satellite and aerial imagery from which a total of 1,230 grab samples were collected. The initial results for 496 samples were reported on 26 January 2026, and the results for the remaining 734 samples are disclosed in this announcement. The samples were selected for analysis based on field identification of visible spodumene or other indicator minerals. Additional samples where no visible lithium minerals were identified, were systematically selected to investigate mineralisation that may not have been apparent during mapping and sampling. These samples will build a geochemical database of the pegmatites across the project area. These new results contained 60 samples that recorded lithium grades above 1% Li2O, including 48 with values above 2% Li2O. These high-grade samples originated from multiple pegmatites across the license area, demonstrating the potential scale of the mineralised system and potential for additional mineral discoveries as the project advances. All the analysed samples were exclusively collected from pegmatites, and no samples of the surrounding host rock were selected for analysis. While visual identification, supported by Raman Spectroscopy, indicated spodumene as the primary lithium mineral, two samples from a single pegmatite returned grades with Li2O values exceeding 8% and also contained elevated phosphorous levels. The samples that returned significant lithium grades during field identification were used to select the pegmatites for diamond drilling, which took place at the same time as the surface sampling. In addition to the significant lithium grades recorded, numerous samples contained significant tin and tantalum mineralisation, with 160 samples reporting grades above 0.1% Sn and 163 samples reporting grades above 75 ppm Ta. Most of these high-grade tin and tantalum samples were obtained from pegmatites which also contained significant lithium grades, further underscoring the polymetallic potential of Lithium Ridge. The grab samples were collected by qualified mapping teams with the location of each sample recorded using handheld GPS devices. The samples were submitted in their entirety to SA Labs Ithuba for pulverisation and homogenisation, with the pulps subsequently dispatched to UIS Analytical Services for geochemical analysis which are independently certified laboratories. A sodium peroxide fusion coupled with ICP-OES analysis were used to determine Li and other major element abundances, while lithium borate fusion and ICP-MS analysis were performed to obtain Sn, Ta and other minor or trace element abundances.

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

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