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 37.2x which is higher than its 3-year average PE of 22.9x. The 3-year average PS ratio of 0.80x is lower than the industry's current PS ratio of 1.2x.

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 27.3x. 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
Mon, 18 May 2026	UK£321.4b	UK£258.3b	UK£8.7b	18.9x	37.2x	1.2x
Wed, 15 Apr 2026	UK£312.5b	UK£253.6b	UK£8.5b	21.9x	36.8x	1.2x
Fri, 13 Mar 2026	UK£293.4b	UK£257.6b	UK£8.9b	21x	32.9x	1.1x
Sun, 08 Feb 2026	UK£289.5b	UK£242.2b	UK£5.9b	22.4x	49.2x	1.2x
Tue, 06 Jan 2026	UK£264.0b	UK£243.8b	UK£5.9b	20.5x	44.6x	1.1x
Thu, 04 Dec 2025	UK£233.5b	UK£247.5b	UK£6.1b	17.3x	38.6x	0.9x
Sat, 01 Nov 2025	UK£223.9b	UK£251.2b	UK£6.2b	14.9x	36.4x	0.9x
Mon, 29 Sep 2025	UK£207.6b	UK£246.2b	UK£6.0b	13.7x	34.6x	0.8x
Wed, 27 Aug 2025	UK£182.1b	UK£244.6b	UK£5.9b	10.4x	30.6x	0.7x
Fri, 25 Jul 2025	UK£184.9b	UK£243.3b	UK£5.9b	9x	31.4x	0.8x
Sun, 22 Jun 2025	UK£164.2b	UK£244.4b	UK£6.0b	7.6x	27.5x	0.7x
Tue, 20 May 2025	UK£172.1b	UK£245.9b	UK£6.1b	8.7x	28.4x	0.7x
Thu, 17 Apr 2025	UK£163.8b	UK£248.2b	UK£6.1b	9x	26.9x	0.7x
Sat, 15 Mar 2025	UK£183.4b	UK£253.8b	UK£6.2b	8.8x	29.4x	0.7x
Mon, 10 Feb 2025	UK£191.9b	UK£263.2b	UK£7.8b	9.6x	24.5x	0.7x
Wed, 08 Jan 2025	UK£182.1b	UK£261.3b	UK£7.8b	9.1x	23.4x	0.7x
Fri, 06 Dec 2024	UK£191.3b	UK£256.1b	UK£7.6b	9.6x	25x	0.7x
Sun, 03 Nov 2024	UK£197.9b	UK£253.5b	UK£7.6b	10.7x	26x	0.8x
Tue, 01 Oct 2024	UK£206.9b	UK£245.1b	UK£7.4b	10.8x	28.1x	0.8x
Thu, 29 Aug 2024	UK£188.5b	UK£248.4b	UK£7.3b	11.4x	25.7x	0.8x
Sat, 27 Jul 2024	UK£200.3b	UK£246.4b	UK£10.8b	12.8x	18.6x	0.8x
Mon, 24 Jun 2024	UK£208.5b	UK£251.9b	UK£12.4b	12.8x	16.7x	0.8x
Wed, 22 May 2024	UK£231.1b	UK£250.6b	UK£12.3b	16.4x	18.7x	0.9x
Fri, 19 Apr 2024	UK£213.0b	UK£256.3b	UK£12.6b	14x	16.9x	0.8x
Sun, 17 Mar 2024	UK£188.9b	UK£250.4b	UK£12.5b	12.6x	15.1x	0.8x
Tue, 13 Feb 2024	UK£189.7b	UK£261.5b	UK£17.9b	11.2x	10.6x	0.7x
Thu, 11 Jan 2024	UK£210.1b	UK£303.8b	UK£27.5b	9.9x	7.6x	0.7x
Sat, 09 Dec 2023	UK£211.8b	UK£307.9b	UK£27.8b	9.1x	7.6x	0.7x
Mon, 06 Nov 2023	UK£208.5b	UK£311.3b	UK£28.0b	10.2x	7.4x	0.7x
Wed, 04 Oct 2023	UK£208.4b	UK£317.4b	UK£28.5b	9.6x	7.3x	0.7x
Fri, 01 Sep 2023	UK£198.9b	UK£305.4b	UK£27.9b	7.1x	7.1x	0.7x
Sun, 30 Jul 2023	UK£214.5b	UK£322.5b	UK£33.5b	8.1x	6.4x	0.7x
Tue, 27 Jun 2023	UK£206.1b	UK£330.0b	UK£38.6b	7.3x	5.3x	0.6x
Thu, 25 May 2023	UK£199.9b	UK£338.0b	UK£39.4b	7.6x	5.1x	0.6x


GB Market	-1.07%
Materials	-3.04%
Metals and Mining	-3.11%
Aluminum	0%	0
Silver	0%	0
Steel	-1.80%
Diversified Metals and Mining	-1.84%
Precious Metals and Minerals	-2.49%
Copper	-5.55%
Gold	-8.41%

Company	Last Price	7D	1Y	Valuation
GMET Guardian Metal Resources	UK£2.36	24.2% +UK£89.4m	479.9%	PB17.6x
TUN Tungsten West	UK£0.39	18.2% +UK£74.9m	766.7%	PE-10.1x
KEN Kendrick Resources	UK£0.076	103.3% +UK£14.5m	4,257.1%	PS24885.7x
ZNWD Zinnwald Lithium	UK£0.085	45.3% +UK£14.4m	40.5%	PB1.3x
KP2 Kore Potash	UK£0.033	8.2% +UK£12.9m	1.2%	PB1.1x

Announcement • May 16

Kendrick Resources plc Reports Teufelskuppe High-Grade Drill Results

Kendrick Resources Plc reported strong new drilling and pXRF sampling results from the Teufelskuppe rare earth project in Namibia, where the Company holds a 70% earn-in interest through its agreement with Bonya Exploration Pty Namibia. The latest results further strengthen TK's drive towards a potentially significant, high-grade rare earth development opportunity. New 112m diamond drill hole at TK2 returned a weighted mean 3.03 wt% TREO, including more than 17m above 4.0 wt% from pXRF analysis. Surface sampling across TK1 to TK7 confirms strong average TREO grade of 3.12 wt% from 295 samples. Peak surface TREO grade at TK1A reached 4.79 wt%, reinforcing exceptional near-surface mineralisation. High-value Nd and Pr make up around 25% of the TREO basket, supporting strategic product exposure. Combined drilling, sampling and mineralogy continue to support the case for a large-scale, high-grade rare earth project. Development work is accelerating as Kendrick advances TK toward resource definition. Recent work has outlined an in-house surface tonnage estimate of 14Mt at an average grade of 3.12 wt% TREO, with standout zones delivering bonanza surface grades of up to 4.79 wt%. These results, combined with favourable rare earth distribution and growing technical confidence, highlight the scale and quality emerging across the TK complex. The Company is now extending that momentum through drilling at TK2, targeting depth continuity beneath one of several prominent carbonatite bodies across the project area. The new borehole results add compelling evidence of mineralisation continuing at depth and support Kendrick's drive to advance Teufelskuppe toward a maiden JORC resource and development studies. The Company provides details of an ongoing channel sampling programme that, when completed, is expected to significantly expand the 2018 database inherited from Bonya. Continuous channel samples (ca.10 cm deep, ca. 5 cm wide) are being collected across all the outcropping carbonatite bodies that contribute to the recent tonnage estimate. Each will be field appraised by pXRF analysis before laboratory assay confirmation. Since the transaction with Bonya, high REE grades have been confirmed at depth with inherited borehole TWDD001 at TK1A ending in mineralisation at a grade of 6.1 wt% TREO. The Company now reports very significant REE grades from a second borehole located at TW2, 300m NW of TK1A. Data from the TK2 borehole using a 1% wt% cut-off grade are shown in Table 2 with a weighted mean TREO abundance of 3.03 wt%. This reflects the high-grade segments in the deeper sections of the core profile (42-112m). Mineralised interval 42 to 46m returned a bonanza grade of 10.47 wt% TREO. Even adopting a very high cut-off grade (over >1m) of 4%, 17m of the TK2 core classifies as carbonatite-bearing dyke of exceptional grade, with a peak 7.25m section at 5.1% wt%. Average Praseodymium (Pr) and Neodymium (Nd) grades of 0.16 wt% and 0.54 wt% respectively are also high and consistent with the ca.25% contribution to the total LREO pool reported previously. It is established that the dominant REE-rich minerals within the TK complex belong to the REE fluorcarbonate group. This mineralogy typifies major carbonatite deposits elsewhere and supports the contention that TK can be processed using conventional industry-proven methods. Assuming that the whole-rock REE concentrations are derived from carbonate plus REE-rich minerals, around 95% of the total REEs within the whole rock derive from this source. The Company reported on its strategic intent in an announcement dated 06 May 2026 and in line with these set goals is accelerating the TK project towards the completion of landmark events including maiden JORC (2012) Mineral Resource Estimates for both TK and KH, Preliminary Economic Assessments and ultimately a decision to mine. For these milestones to be supported by capital investment, the above-ground tonnage estimate must be converted to a JORC (2012) estimate. This process is ongoing in parallel with the drilling campaign that will complete an estimated 13,200m of drilling across TK to ascertain the depth, continuity and grade of carbonatite mineralisation below the surface profiles. A similar campaign (10,500m drilling) focussed on the carbonatite sheets is underway at Kieshöhe. Comprehensive laboratory testing and petrology studies have been initiated covering comminution, beneficiation, and metallurgy, including the separation of Nd-Pr oxide from mixed rare earth concentrates. Logistics consultants have been engaged to examine locations, transport routes, infrastructure and permissions that are required for a potential central processing facility to service TK and KH combined. The dominant rare earths in the TCC complex are light elements in the order Ce>La>Nd>Pr. Overall, the much higher economic value neodymium (Nd) and praseodymium (Pr) together comprise an average 25% (wt) of the ca. 3% wt% rare earth pool with supplementary values from a combination of mostly scarce HREO's averaging 0.15 wt%. These overall grades place the TK carbonatite complex in the upper quartile on a global scale if benchmarked against the major producers of rare earths in China, the USA and Australia. Rare earths are critical to specific modern technologies where no effective substitutes exist. Exponential growth in demand for use in permanent, high temperature-resistant super magnets, defence systems, medical imaging, telecommunications and advanced visual displays underpin the commercial potential of the TK project. In a market dominated by China, a prospective new supply of at least two key rare earth elements, neodymium (Nd) and praseodymium (Pr), is strategically significant. Diversification of market supply to meet increasing demand is a recognised planning priority for all industrialised nations as exemplified by the EU Critical Raw Materials Act (2023). Moreover, international partnerships are being formed to diversify and protect supply chains for key industrial sectors, and to safeguard value chains from supply disruptions. The European Commission's RESourceEU Action Plan (2026) and similar initiatives, such as those recently discussed under France's 2026 G7 Presidency, focus on collaboration between like-minded countries to reduce reliance on highly concentrated, existing sources. The EU initiatives provide financing and concrete tools to protect industry from geopolitical and price shocks, promote projects on critical raw materials in Europe and beyond, and partner with like-minded countries to diversify supply chains.

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

Industry Valuation and Performance

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