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 39.0x which is higher than its 3-year average PE of 22.7x. The 3-year average PS ratio of 0.79x is lower than the industry's current PS ratio of 1.3x.

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 27.2x. Analysts are expecting annual earnings growth of 10.9%, which is lower than the prior year's growth of 114.9% per year.

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
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
Wed, 21 Jun 2023	UK£212.7b	UK£328.8b	UK£38.5b	7.6x	5.5x	0.6x
Fri, 19 May 2023	UK£206.3b	UK£336.6b	UK£39.3b	7.9x	5.2x	0.6x


GB Market	-0.34%
Materials	7.43%
Metals and Mining	7.91%
Copper	13.80%
Gold	9.38%
Precious Metals and Minerals	9.08%
Diversified Metals and Mining	6.41%
Steel	3.73%
Aluminum	0%	0
Silver	0%	0

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£79.20	7.4% +UK£8.8b	68.5%	PE17.5x
ANTO Antofagasta	UK£39.54	11.0% +UK£3.9b	115.1%	PE39.7x
FRES Fresnillo	UK£36.40	16.9% +UK£3.9b	260.4%	PE26.2x
AAL Anglo American	UK£38.98	9.4% +UK£3.6b	53.4%	PS3x
GLEN Glencore	UK£5.73	2.4% +UK£1.6b	112.6%	PE250.6x

Announcement • May 06

Andrada Mining Limited Announces Second Batch of Lithium Ridge Drill Results

Andrada Mining Limited announced a second batch of diamond drilling results from Lithium Ridge which continue to confirm the presence of consistent high-grade lithium mineralisation from surface to depth. These results further strengthen confidence in the scale and continuity of the mineralised system, while also confirming the presence of associated tin and tantalum mineralisation. High-grade lithium mineralisation confirmed across multiple drill holes, including: Drill hole LRD031: 21.33m @ 1.24% Li2O from 146.18m to 167.51m. Including 7.20m @ 1.99% Li2O from 154.61m to 161.81m. Drill hole LRD025: 16.24m @ 1.04% Li2O from 0.87m to 17.11m. Including 8.86m @ 1.63% Li2O from 7.92m to 16.78m. Drill hole LRD022: 10.87m @ 1.38% Li2O from 25.68m to 36.55m. Including 7.35m @ 1.68% Li2O from 27.68m to 35.03m. Drill hole LRD017: 5.88m @ 1.50% Li2O from 76.50m to 82.38m. including 3.00m @ 1.94% Li2O from 76.50m to 79.50m. Tin and tantalum upside: associated credits in tin (Sn) and tantalum (Ta) mineralisation confirmed in all reported holes. The results refer to an additional seven drill holes and are reported as 'Whole intersections' in Table 1, representing pegmatite intersections from the top to the bottom contact. Where these intersections contain schistose xenoliths, the reported grades reflect the metal content of the pegmatite only, excluding the schistose intervals. Intersections reported as "Including" represent selected higher-grade zones within the total pegmatite intersection. Spodumene has been visually identified as the primary lithium-bearing mineral by the geological team on site. Tin and tantalum grades have also been highlighted, as these minerals confirm the fertility of lithium-bearing pegmatites at Lithium Ridge and may provide potential by-product value. All the holes were drilled at inclined angles to the horizontal and, accordingly, the reported intersections are considered to represent apparent widths rather than true thicknesses. Pegmatite intersections that do not meet at least one of the following metal content cut-off criteria (>0.25% Li2O, >0.1% Sn or >99ppm Ta) have not been reported as they are currently considered as having no economic significance. Two pegmatites were sampled from drill hole LRD033, however the grades reported did not meet the cut off criteria. Downhole orientation surveys were conducted at regular intervals for each hole while the hole was advancing and, further surveyed in totality after drilling was completed. The surveys were conducted using a magnetic deviation probe that collected readings at two metre intervals, and collar locations were surveyed using a handheld GPS. Each drill hole was geologically and structurally logged prior to being cut and sampled as quarter core. The sampling programme attempted to follow geological contacts while also maintaining consistency in data representativity. Sampling was undertaken with reference to geological contacts while maintaining consistency in sample representativity. Sample lengths ranged from a minimum of 25 cm to a maximum of 125 cm, where practicable. The samples were submitted to SA Labs Ithuba for pulverisation and homogenisation, and the pulps subsequently dispatched to UIS Analytical Services for chemical analysis. Both laboratories are independent and certified. Lithium and other major elements were analysed using sodium peroxide fusion with ICP-OES, while tin, tantalum and other trace elements were analysed using lithium borate fusion with ICP-MS. No top cut was applied in calculating the weighted average grades for mineralised intersections within the pegmatites. The Stage 1 drill programme has been expanded to approximately 16,500 metres of orientated diamond core drilling across the license area and extended by an additional three months to further define the depth and continuity extents of the mineralised pegmatites identified at surface. Table 1: Results of the intersected mineralised pegmatites with the intersection depths, lengths and grades reported. Intersections described as 'Including' refer to a portion of the whole pegmatite intersection with significant metal values. The reported intersections are indicative of apparent thickness, which is greater than true thickness.

Announcement • Mar 12

Rainbow Rare Earths Limited Announces Economic Assessment for Uberaba Project in Brazil

Rainbow Rare Earths Limited announced an Economic Assessment (EA) confirming Uberaba as a second major opportunity for Rainbow, with the project expected to be a long-life, high-margin and near-term producer of both light and heavy rare earth elements (REE). Using Rainbow's internal 10% discount rate and rare earth pricing reported by Argus Media Limited at March 2026, the Uberaba EA post-tax NPV10 is USD 916 million, with a post-tax IRR of 45%, average EBITDA of USD 217 million per annum over a 30 year life-of-mine, and a pay-back of 1.7 years. Using the 13.5% discount rate applied in the Economic Assessment and rare earth pricing reported by Argus at 5 March 2026, the Uberaba EA post-tax NPV13.5 is USD 609 million. The Uberaba project is similar to Rainbow's flagship Phalaborwa project in that it will entail the processing of phosphogypsum, a 'waste' product that is the residue from phosphoric acid production, and will use Rainbow's intellectual property to economically extract both light and heavy REE. By recovering critical REE from secondary sources, these projects eliminate many of the costs and risks associated with traditional REE mining projects, and as such are situated at the bottom of the industry cost curve. The Uberaba project is located in the Minas Gerais state of Brazil where Mosaic is currently mining phosphate rock and producing phosphoric acid for use in the fertiliser industry. The EA envisages building a processing plant on-site to process the phosphogypsum waste residue at an annual throughput of ca. 2,700,000 tonnes per annum over an initial project life of 30 years. There is excellent potential to extend this life due to the underlying long life of the phosphate feedstock at Uberaba. The flowsheet that has been defined for the EA uses Rainbow's background IP developed for the Phalaborwa project, further supported by collaborative test work between Rainbow and Mosaic. The phosphogypsum from the Uberaba phosphoric acid process facility is treated for REE extraction, with the aim of delivering separated neodymium and praseodymium (NdPr) oxide and a samarium, europium and gadolinium plus (SEG+) product that is rich in medium and heavy REE, each at +99.5% purity. The chemically processed and cleaned phosphogypsum stream is then returned to the Mosaic Uberaba process facility. Rainbow has presented the base case economics on the basis of spot rare earth prices published by Argus on 5 March 2026 assuming 100% payability for a combined NdPr product and 70% payability for the SEG+ product. The NPV is presented at a 10% discount rate, which matches the discount rate used for Rainbow's Phalaborwa project. Key findings of the EA at current rare earth pricing: Base case Basket price USD/kg 128, Post-tax NPV using a 10% discount rate USD 916 million, Post-tax NPV using a 13.5% discount rate USD 609 million, Post-tax IRR 45%, Capital Expenditure USD 279 million, Revenue USD 319 million per annum, Operating Cost USD/kg 38, EBITDA USD 217 million per annum, NdPr oxide Tonnes per annum 21,971, SEG+, including: Dysprosium (Dy) Tonnes per annum 265, Terbium (Tb) Tonnes per annum 96, Yttrium (Y) Tonnes per annum 1,418, Payback Years 1.7. Basket price and operating costs calculated on 100% payability basis for NdPr and SEG+ weighted in-line with the feedstock grade. Revenue and production statistics based on steady state throughput excluding ramp up during commissioning phase. The sensitivity to rare earth prices has been calculated by reference to a 10% increase or decrease to the base case forecast. The key financial metrics of the Uberaba Project under these different scenarios are set out below: Base case -10% +10% Basket price USD/kg 128 115 141, Post-tax NPV10 USD 916 million 757 million 1,075 million, Post-tax NPV13.5 USD 609 million 495 million 723 million, Post-tax IRR 45% 40% 50%, Revenue USD 319 million per annum 287 million per annum 351 million per annum, EBITDA USD 217 million per annum 185 million per annum 248 million per annum, Payback Years 1.7 1.9 1.6, Change in NPV10 USD million -159 159. Basket price calculated on 100% payability basis for NdPr and SEG+ weighted in-line with the feedstock grade. Revenue based on steady state throughput excluding ramp up during commissioning phase. The EA does not meet the standards for a scoping study under the JORC Code as it is not based on a formally designated resource. The EA is based on grade information relating to the phosphogypsum feedstock stream provided by Mosaic incorporating sampling data from the existing operations. A head grade of 0.51% TREO is used in the EA. The EA assumes recovery of 57% based on test work undertaken at Mosaic's laboratory facilities at the Uberaba site. The capital and operating costs for the EA have been developed in-line with the standards adopted for a scoping study under the JORC Code. Rainbow recognises that the assumptions upon which the EA is based and therefore the key findings of the EA may change as a result of the negotiation of the joint venture agreement and shareholders agreement for JVCo with Mosaic. The EA contains confidential information relating to both Rainbow and Mosaic and will not be published as a standalone study.

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

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