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 32.9x 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 14.6%, 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
Fri, 17 Jul 2026	UK£282.4b	UK£255.3b	UK£8.6b	15.2x	32.9x	1.1x
Sun, 14 Jun 2026	UK£323.3b	UK£256.5b	UK£8.6b	17.6x	37.4x	1.3x
Tue, 12 May 2026	UK£329.7b	UK£252.6b	UK£8.5b	20.5x	39x	1.3x
Thu, 09 Apr 2026	UK£309.5b	UK£256.5b	UK£8.6b	21.4x	36x	1.2x
Sat, 07 Mar 2026	UK£288.9b	UK£256.7b	UK£8.8b	21.9x	32.7x	1.1x
Mon, 02 Feb 2026	UK£289.9b	UK£241.0b	UK£5.9b	21x	49.5x	1.2x
Wed, 31 Dec 2025	UK£258.1b	UK£244.7b	UK£5.9b	19.3x	43.4x	1.1x
Fri, 28 Nov 2025	UK£222.9b	UK£249.1b	UK£6.1b	16.1x	36.6x	0.9x
Sun, 26 Oct 2025	UK£217.9b	UK£247.9b	UK£6.1b	14.4x	35.9x	0.9x
Tue, 23 Sep 2025	UK£198.5b	UK£244.2b	UK£5.9b	12.1x	33.4x	0.8x
Thu, 21 Aug 2025	UK£178.0b	UK£245.1b	UK£6.0b	10x	29.5x	0.7x
Sat, 19 Jul 2025	UK£175.8b	UK£245.0b	UK£5.9b	8.7x	29.6x	0.7x
Mon, 16 Jun 2025	UK£169.8b	UK£242.2b	UK£5.9b	8.2x	28.8x	0.7x
Wed, 14 May 2025	UK£176.3b	UK£246.9b	UK£6.1b	8.8x	29.1x	0.7x
Fri, 11 Apr 2025	UK£155.8b	UK£253.3b	UK£6.2b	7.7x	25.1x	0.6x
Sun, 09 Mar 2025	UK£182.5b	UK£253.9b	UK£6.2b	9.7x	29.5x	0.7x
Tue, 04 Feb 2025	UK£185.4b	UK£263.7b	UK£7.9b	9.2x	23.6x	0.7x
Thu, 02 Jan 2025	UK£181.5b	UK£260.8b	UK£7.8b	9.1x	23.3x	0.7x
Sat, 30 Nov 2024	UK£191.4b	UK£257.2b	UK£7.7b	9.5x	25x	0.7x
Mon, 28 Oct 2024	UK£198.2b	UK£252.8b	UK£7.6b	10.3x	26.2x	0.8x
Wed, 25 Sep 2024	UK£195.0b	UK£244.3b	UK£7.3b	11.1x	26.6x	0.8x
Fri, 23 Aug 2024	UK£189.6b	UK£250.3b	UK£7.4b	11.6x	25.6x	0.8x
Sun, 21 Jul 2024	UK£198.1b	UK£246.6b	UK£12.2b	14.2x	16.2x	0.8x
Tue, 18 Jun 2024	UK£204.8b	UK£250.8b	UK£12.4b	13.9x	16.5x	0.8x
Thu, 16 May 2024	UK£222.5b	UK£251.2b	UK£12.4b	17.5x	18x	0.9x
Sat, 13 Apr 2024	UK£214.5b	UK£256.1b	UK£12.8b	14.1x	16.7x	0.8x
Mon, 11 Mar 2024	UK£184.7b	UK£248.2b	UK£12.4b	12.4x	14.8x	0.7x
Wed, 07 Feb 2024	UK£194.0b	UK£262.1b	UK£18.0b	11.1x	10.8x	0.7x
Fri, 05 Jan 2024	UK£217.0b	UK£304.7b	UK£27.6b	10x	7.9x	0.7x
Sun, 03 Dec 2023	UK£217.7b	UK£304.3b	UK£27.6b	9.1x	7.9x	0.7x
Tue, 31 Oct 2023	UK£206.4b	UK£315.6b	UK£28.4b	10.1x	7.3x	0.7x
Thu, 28 Sep 2023	UK£205.5b	UK£316.5b	UK£28.4b	7.3x	7.2x	0.6x
Sat, 26 Aug 2023	UK£195.2b	UK£307.3b	UK£28.0b	6.9x	7x	0.6x
Mon, 24 Jul 2023	UK£214.8b	UK£326.8b	UK£38.3b	6.9x	5.6x	0.7x


GB Market	1.12%
Materials	-0.43%
Metals and Mining	-0.72%
Precious Metals and Minerals	3.07%
Steel	2.29%
Diversified Metals and Mining	0.32%
Aluminum	0%	0
Silver	0%	0
Copper	-3.18%
Gold	-4.02%

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£67.41	1.0% +UK£1.1b	52.2%	PE14.8x
GLEN Glencore	UK£5.17	1.0% +UK£620.9m	70.4%	PE224.7x
HILS Hill & Smith	UK£29.90	3.6% +UK£82.3m	54.1%	PE28.4x
ATYM Atalaya Mining Copper	UK£8.07	4.4% +UK£52.3m	73.2%	PE17.5x
EEE Empire Metals	UK£0.40	9.3% +UK£24.2m	36.1%	PB16.6x

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 • Jun 22

Empire Metals Limited Reports Drilling Results From Thomas Prospect at Pitfield Project

Empire Metals Limited announced the drilling results from the Thomas Prospect at the Pitfield Project in Western Australia. These results reflect the February to April 2026 drilling campaign, the most extensive programme undertaken by the Company to date. The campaign focussed on the high-grade titanium mineralisation within the in-situ weathered cap to increase the size and confidence of the existing Mineral Resource Estimate. Exceptional drilling results confirm the scale and continuity of the high-grade weathered central core at Thomas, which extends over an area of approximately 6.25km2 (625 hectares) and to an average depth of 47m in the in-situ weathered zone. 178 drill holes were completed for 9,816m across the Thomas Prospect, comprising 148 Air Core drill holes for a total of 6,828 metres and 30 Reverse Circulation drill holes for a total of 2,988 metres. Highest TiO2 grades reported to date, with multiple drillholes averaging close to or greater than 8% TiO2 and with a peak intercept sample of 2m @ 21.44% TiO2. Thomas drill hole highlights include 51m at 8.79% TiO2 from 0m (AC26TOM250), 50m at 8.29% TiO2 from 0m (AC26TOM278), 48m at 7.90% TiO2 from 0m (AC26TOM246), 47m at 7.87% TiO2 from 0m (AC26TOM279), 47m at 7.77% TiO2 from 0m (AC26TOM245), and 53m at 7.74% TiO2 from 0m (AC26TOM280). Results reported cover the Thomas Prospect only; final assays for Cosgrove Prospect and Exploration/Sterilisation remain pending, with further results expected late June and July 2026. These drill results will support a significant Mineral Resource Estimate upgrade which is targeted in Third Quarter 2026 and provide the basis for future mine planning and engineering design studies. The completion of the Thomas drilling and the return of all geochemical assay results is a significant event for Empire. These results will inform an updated Mineral Resource Estimate, increasing the scale and confidence level, and provide further logging and geochemical data to support the geological interpretation of the Thomas deposit. A total of 5,039 samples were analysed at Intertek Laboratory in Perth including blanks, standards and duplicates as part of the Thomas Mineral Resource Estimate drilling programme. The samples were analysed using a four acid digest with ICP-OES finish and samples that returned >2% Ti was re-analysed with a borate fusion method to provide greater accuracy for the over range Ti values. Air Core drilling at Thomas was conducted on a systematic 100m by 100m grid covering over 495 hectares predominantly across the high-grade central core previously identified by diamond drilling and was designed to increase the confidence level of the existing Mineral Resource Estimate and provide key data for economic evaluation studies. Reverse Circulation drilling was designed to complement the Air Core drilling and extend the boundaries of the known mineralisation. All Air Core and Reverse Circulation drill holes returned mineralisation open at depth, including several holes drilled south of the current resource boundary, which could therefore expand the known resource. The geological and geochemical data generated as part of this drill programme shows that the previously reported central high-grade core of in situ weathered material is now more clearly defined with the central high-grade zone trending approximately NW-SE over 5km and a width of 1.25km. Within the high-grade core there are 120 drillholes containing >6% TiO2 across their total drilled width, the highest grade is 8.79% TiO2. The highest-grade sample intercepted at Pitfield was drilled at Thomas during this programme with a 2m interval returning 21.44% TiO2. This high-grade central core is found where the original geology consisted of thicker sandstones with fewer interbedded siltstones. These original sandstones have been subjected to intense weathering and now consist of a saprolitic upper zone, weathered sandstone central zone and fresh sandstone bedrock below. The drilling also denotes the grade of the resource decreasing to the east which is connected to an increased number of siltstone beds which are not mineralised and therefore dilute the overall grade of the resource. The exploration drilling carried out alongside the resource drilling has shown that there is a significant increase in siltstone further to the east. The geochemical results from this drilling is still being received and will be reported separately. The confirmation of the extent and continuity of the high-grade central core at the Thomas Prospect, and the exceptional TiO2 grades achieved during this drill campaign, provides the Company with an excellent base from which to commence mine planning and engineering design work.

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

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