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 21.4x which is lower than its 3-year average PE of 25.5x. The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.0x.

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

Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 30.0x. Analysts are expecting annual earnings growth of 12.6%, which is lower than the prior year's growth of 49.1% per year.

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 12 Sep 2026	UK£316.6b	UK£302.2b	UK£14.8b	14.4x	21.4x	1x
Mon, 10 Aug 2026	UK£313.8b	UK£302.0b	UK£14.5b	14.5x	21.6x	1x
Wed, 08 Jul 2026	UK£288.3b	UK£257.5b	UK£8.7b	16.3x	33.3x	1.1x
Fri, 05 Jun 2026	UK£331.5b	UK£256.3b	UK£8.6b	19x	38.4x	1.3x
Sun, 03 May 2026	UK£306.1b	UK£253.4b	UK£8.5b	18.5x	36.1x	1.2x
Tue, 31 Mar 2026	UK£283.3b	UK£260.8b	UK£8.8b	19.4x	32.3x	1.1x
Thu, 26 Feb 2026	UK£325.0b	UK£253.4b	UK£7.9b	22.3x	41x	1.3x
Sat, 24 Jan 2026	UK£290.1b	UK£242.7b	UK£5.9b	21.4x	49.2x	1.2x
Mon, 22 Dec 2025	UK£245.9b	UK£246.6b	UK£6.0b	17.1x	41x	1x
Wed, 19 Nov 2025	UK£216.6b	UK£250.9b	UK£6.1b	13.8x	35.3x	0.9x
Fri, 17 Oct 2025	UK£221.7b	UK£245.7b	UK£6.0b	15.9x	36.9x	0.9x
Sun, 14 Sep 2025	UK£192.1b	UK£243.3b	UK£5.9b	11.6x	32.5x	0.8x
Tue, 12 Aug 2025	UK£179.9b	UK£244.9b	UK£5.8b	10.9x	30.8x	0.7x
Thu, 10 Jul 2025	UK£170.4b	UK£241.7b	UK£5.9b	8.2x	29.1x	0.7x
Sat, 07 Jun 2025	UK£174.4b	UK£242.9b	UK£5.9b	9.6x	29.4x	0.7x
Mon, 05 May 2025	UK£167.9b	UK£247.5b	UK£6.1b	8.4x	27.6x	0.7x
Wed, 02 Apr 2025	UK£174.2b	UK£254.2b	UK£6.2b	8.5x	28x	0.7x
Fri, 28 Feb 2025	UK£181.1b	UK£259.4b	UK£6.4b	8.9x	28.5x	0.7x
Sun, 26 Jan 2025	UK£192.5b	UK£261.6b	UK£7.8b	9.4x	24.7x	0.7x
Tue, 24 Dec 2024	UK£181.2b	UK£260.7b	UK£7.8b	9.3x	23.3x	0.7x
Thu, 21 Nov 2024	UK£190.1b	UK£259.0b	UK£7.8b	10.2x	24.5x	0.7x
Sat, 19 Oct 2024	UK£197.7b	UK£251.2b	UK£7.5b	10.7x	26.3x	0.8x
Mon, 16 Sep 2024	UK£183.4b	UK£249.6b	UK£7.5b	10.6x	24.4x	0.7x
Wed, 14 Aug 2024	UK£191.8b	UK£254.5b	UK£7.6b	11.3x	25.2x	0.8x
Fri, 12 Jul 2024	UK£212.6b	UK£246.6b	UK£12.2b	13.2x	17.4x	0.9x
Sun, 09 Jun 2024	UK£212.4b	UK£250.4b	UK£12.4b	14.7x	17.2x	0.8x
Tue, 07 May 2024	UK£217.2b	UK£253.5b	UK£12.5b	14.5x	17.4x	0.9x
Thu, 04 Apr 2024	UK£201.7b	UK£252.1b	UK£12.6b	13x	16x	0.8x
Sat, 02 Mar 2024	UK£185.7b	UK£251.8b	UK£12.6b	10.9x	14.7x	0.7x
Mon, 29 Jan 2024	UK£209.5b	UK£304.5b	UK£27.6b	9.6x	7.6x	0.7x
Wed, 27 Dec 2023	UK£221.4b	UK£304.6b	UK£27.6b	10.4x	8x	0.7x
Fri, 24 Nov 2023	UK£213.5b	UK£307.9b	UK£27.8b	10.3x	7.7x	0.7x
Sun, 22 Oct 2023	UK£198.8b	UK£315.9b	UK£28.4b	9.9x	7x	0.6x
Tue, 19 Sep 2023	UK£212.0b	UK£311.0b	UK£28.1b	7.1x	7.6x	0.7x


GB Market	-1.83%
Materials	-2.75%
Metals and Mining	-2.78%
Aluminum	0%	0
Silver	0%	0
Precious Metals and Minerals	-1.16%
Steel	-2.05%
Diversified Metals and Mining	-2.42%
Copper	-3.35%
Gold	-7.32%

Company	Last Price	7D	1Y	Valuation
GLEN Glencore	UK£6.06	0.6% +UK£446.0m	99.5%	PE17.7x
TUN Tungsten West	UK£0.51	6.3% +UK£45.1m	442.6%	PS1275.7x
ARS Asiamet Resources	UK£0.021	27.9% +UK£15.6m	116.4%	PB34.1x
KP2 Kore Potash	UK£0.036	5.9% +UK£10.4m	9.1%	PB1.2x
EST East Star Resources	UK£0.091	24.7% +UK£9.9m	420.0%	PB20.6x

Announcement • Sep 10

East Star Resources Provides Update On Gold Exploration Joint Venture With Endeavour Exploration Limited

East Star Resources Plc (LSE: EST), the Kazakhstan-focused gold and copper exploration and development company, has provided an update on its gold exploration joint venture with Endeavour Exploration Limited, a subsidiary of Endeavour Mining plc (LSE: EDV, TSX: EDV). Under the strategic joint venture agreement announced on 13 November 2025, Endeavour has the right to earn a 51% interest in the joint venture by funding USD 5 million of qualifying exploration expenditure during the Stage 1 earn-in period of two years, which commenced on 15 May 2026. Since the establishment of the joint venture, East Star and Endeavour have made significant progress in establishing the technical and operational platform for systematic gold exploration across the two Areas of Interest located in the north of Kazakhstan on the highly prospective Kazakh orocline, totalling more than 300,000 km2. Key work completed to date includes: Completion of field visits and geological reconnaissance across 15 priority targets within the Areas of Interest. Submission of several new exploration licence applications, covering in excess of 930 km2 and focussed on Intrusion Related Gold systems within the northern Area of Interest. Establishment of the joint venture's in-country technical and operational team with staff now including two senior geologists and four junior geologists. Compilation and review of historical and modern geological and exploration datasets. Work has included collection of the 1:50k geological, mineralogical and geophysical maps as well as Soviet exploration reports across the licence areas with AI assisted translation and spatial searchability functions, developed with partners, used to quickly search at scale easily, in Russian or English, across historical data. Commencement of large-scale review of geotectonic setting of mineral provinces within the Areas of Interest using a hybrid traditional and AI assisted system for prospectivity mapping. This targeting framework will allow for better targeting of multiple ore systems including Intrusion Related Gold (IRG), porphyries, epithermal systems and skarns. With the operational framework now in place, the joint venture will progress into more systematic field exploration, including geological mapping, soil and geochemical sampling once licence applications are granted. Intrusion Related Gold (IRG) systems are a genetically distinct class of gold deposit in which a single fertile, reduced igneous intrusion acts simultaneously as both the source of the gold and the hydrothermal fluid. Mineralisation is spatially and temporally linked to I-type, ilmenite-series granitoids emplaced in post-collisional or extensional continental settings. The deposits display characteristic pathfinder zoning outward from the intrusive core with proximal tungsten and molybdenum, through gold and bismuth, to distal silver-lead-zinc expressions. This style of deposit includes some of the world's largest gold deposits including Vasilkovskoe, on the same belt in northern Kazakhstan, with total mineral resources of more than 15 million ounces (2011). Vasilkovskoe is a classical IRG deposit hosted within Palaeozoic rocks associated with the fertile magmatic suite the joint venture is targeting. IRG deposits are compelling exploration targets because the causative plutons are detectable at belt scale through regional geophysical and geochemical surveys, systematically narrowing the search space before field programmes begin. With Kazakhstan's Palaeozoic belts sharing the same post-collisional tectonic architecture and magmatic age window as established IRG provinces globally, the geological setting is demonstrably favourable for the discovery of further deposits.

Announcement • Sep 07

Savannah Resources plc Announces Start of the Final Pre-Construction Drilling Programme on the Project

Savannah Resources Plc announced the start of the final pre-construction drilling programme on the Project, good progress with a number of other technical work fronts and the signing of a Memorandum of Understanding ('MoU') withFábrica da Igreja da Freguesia de Boticas,the entity responsible for the parish church of Boticas. This is the 7 partnership agreement with relevant local entities signed this year alone. These developments follow the important milestones achieved over the summer including: The publication of the Definitive Feasibility Study for Phase 1 of the Barroso Lithium Project and the accompanying initial 20Mt JORC Reserve Statement (See 15 July 2026 RNS); The signing of land access and benefit sharing agreements with two local communities ('baldios') that hold and manage lands covering some of the Project's concession, granting Savannah friendly access to a further 150 hectares(See 12 August 2026 RNS); An MoU with the regional body representing the Baldio communities of Trás-os-Montes and Alto Douro (See 12 August 2026 RNS); Progress with the acquisition of additional land plots. Drill programme: Two rigs are currently operating at site. A diamond drilling rig for geotechnical investigation, and a down hole hammer percussion drill rig for water piezometers installation; The drilling programme is expected to take approximately 4 weeks to complete; A third rig is expected to arrive shortly to increase the production rate for the final stage of the geotechnical programme, with a fourth Reverse Circulation drill rig expected to arrive later in the month; Data from the drilling will feed into the current geotechnical study which will, in turn, be used in final detailed engineering designs for key parts of the Project's infrastructure, including water reservoirs, the Tailings Storage Facility, waste dumps, roads and bulk earthworks; Additionally, the water monitoring bores which are being drilled will provide critical data to assess groundwater dynamics before, during, and after construction and operation of such infrastructure. Other technical activities: Technical and Environmental & Social due diligence processes, required for the Project Finance process, are well advanced after completion of the Definitive Feasibility Study with final reports expected to be available to shortlisted potential lenders in due course; Detailed engineering of water reservoirs is well advanced. This information will serve as basis for the Execution Project report required as part of the Project's remaining Licensing process (RECAPE); Team expansion to deliver the Project continues with the recruitment of key positions. Jose Almeida joined as FEED engineer in August, with Project Director and Contracts/Procurement Manager recruitment processes well underway. Ten additional roles are expected to be filled by end of 2026; The Process plant Front-End Engineering Design ('FEED') vendor has been selected. The start of the FEED workstream is expected later this week. Community and stakeholder engagement: An MoU has been signed with the Fábrica da Igreja da Freguesia de Boticas, the body responsible for the parish church of Boticas. The MoU formalises the Company's support for the parish's religious, cultural, recreational and social activities and for the preservation of local religious and cultural heritage; At the invitation of the Fábrica da Igreja de Boticas, the Company's CEO and members of the Savannah team joined the community in Boticas on 15 August for the festivities in honour of Nossa Senhora da Livração- the most significant date in the local calendar, and an occasion that draws many members of the emigrant community back to the region; As part of its wider stakeholder engagement efforts, Savannah was delighted to sponsor the 16th Quadrennial Symposium of the International Association on the Genesis of Ore Deposits ('IAGOD'), held in Porto from 30 August to 2 September 2026.

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

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