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 20.8x which is lower than its 3-year average PE of 25.6x. 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 30.1x. 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
Wed, 16 Sep 2026	UK£303.3b	UK£303.5b	UK£14.8b	13.3x	20.4x	1x
Fri, 14 Aug 2026	UK£305.1b	UK£301.7b	UK£14.7b	15.2x	20.7x	1x
Sun, 12 Jul 2026	UK£286.5b	UK£256.8b	UK£8.6b	15.9x	33.2x	1.1x
Tue, 09 Jun 2026	UK£319.8b	UK£257.9b	UK£8.7b	17.9x	36.7x	1.2x
Thu, 07 May 2026	UK£318.9b	UK£253.1b	UK£8.5b	19.6x	37.7x	1.3x
Sat, 04 Apr 2026	UK£297.0b	UK£260.6b	UK£8.7b	20.7x	34x	1.1x
Mon, 02 Mar 2026	UK£320.7b	UK£254.6b	UK£8.1b	21.6x	39.8x	1.3x
Wed, 28 Jan 2026	UK£295.5b	UK£239.3b	UK£5.8b	22.3x	50.9x	1.2x
Fri, 26 Dec 2025	UK£251.8b	UK£243.9b	UK£5.9b	18.5x	42.5x	1x
Sun, 23 Nov 2025	UK£213.6b	UK£251.8b	UK£6.2b	14.9x	34.7x	0.8x
Tue, 21 Oct 2025	UK£218.1b	UK£246.1b	UK£6.0b	15.3x	36.2x	0.9x
Thu, 18 Sep 2025	UK£192.7b	UK£242.0b	UK£5.9b	11.8x	32.7x	0.8x
Sat, 16 Aug 2025	UK£180.6b	UK£243.2b	UK£6.0b	10.1x	30.1x	0.7x
Mon, 14 Jul 2025	UK£177.2b	UK£243.5b	UK£5.9b	8.5x	30.1x	0.7x
Wed, 11 Jun 2025	UK£174.3b	UK£243.4b	UK£5.9b	9.8x	29.3x	0.7x
Fri, 09 May 2025	UK£166.9b	UK£248.1b	UK£6.1b	8.3x	27.4x	0.7x
Sun, 06 Apr 2025	UK£152.8b	UK£255.2b	UK£6.2b	7.7x	24.5x	0.6x
Tue, 04 Mar 2025	UK£182.5b	UK£257.7b	UK£6.3b	9x	28.9x	0.7x
Thu, 30 Jan 2025	UK£183.5b	UK£262.7b	UK£7.8b	9.3x	23.4x	0.7x
Sat, 28 Dec 2024	UK£181.2b	UK£259.8b	UK£7.7b	9x	23.4x	0.7x
Mon, 25 Nov 2024	UK£191.3b	UK£261.4b	UK£7.8b	10.3x	24.4x	0.7x
Wed, 23 Oct 2024	UK£198.2b	UK£252.3b	UK£7.6b	10.5x	26.2x	0.8x
Fri, 20 Sep 2024	UK£189.6b	UK£246.7b	UK£7.4b	11.1x	25.6x	0.8x
Sun, 18 Aug 2024	UK£188.2b	UK£252.9b	UK£7.5b	11.5x	24.9x	0.7x
Tue, 16 Jul 2024	UK£210.2b	UK£245.5b	UK£12.2b	13.6x	17.3x	0.9x
Thu, 13 Jun 2024	UK£209.0b	UK£249.0b	UK£12.3b	14.1x	17x	0.8x
Sat, 11 May 2024	UK£223.7b	UK£254.4b	UK£12.6b	15.9x	17.8x	0.9x
Mon, 08 Apr 2024	UK£201.5b	UK£252.4b	UK£12.6b	14.1x	16x	0.8x
Wed, 06 Mar 2024	UK£183.9b	UK£251.0b	UK£12.6b	11.2x	14.6x	0.7x
Fri, 02 Feb 2024	UK£209.6b	UK£303.5b	UK£27.5b	10.1x	7.6x	0.7x
Sun, 31 Dec 2023	UK£222.9b	UK£303.5b	UK£27.5b	9.8x	8.1x	0.7x
Tue, 28 Nov 2023	UK£212.0b	UK£306.3b	UK£27.7b	10.6x	7.6x	0.7x
Thu, 26 Oct 2023	UK£202.7b	UK£316.4b	UK£28.4b	10x	7.1x	0.6x
Sat, 23 Sep 2023	UK£209.5b	UK£313.8b	UK£28.3b	7.3x	7.4x	0.7x


GB Market	-1.76%
Materials	-8.72%
Metals and Mining	-9.00%
Aluminum	0%	0
Silver	0%	0
Precious Metals and Minerals	-1.54%
Steel	-3.15%
Diversified Metals and Mining	-8.29%
Gold	-11.82%
Copper	-14.18%

Company	Last Price	7D	1Y	Valuation
EST East Star Resources	UK£0.094	30.6% +UK£12.1m	422.2%	PB21.2x
KP2 Kore Potash	UK£0.036	5.9% +UK£10.4m	-2.7%	PB1.2x
CRTM Critical Metals	UK£0.14	80.6% +UK£6.4m	60.9%	PB3.7x
GEMD Gem Diamonds	UK£0.12	52.5% +UK£5.8m	258.2%	PS0.2x
AAU Ariana Resources	UK£0.016	12.4% +UK£5.6m	8.7%	PB1.1x

Announcement • 7h

Fresnillo plc Announces CFO Changes

Fresnillo plc announced that Mario Arreguín has informed the Board of his intention to retire following a distinguished 37-year career within the Group. Mr. Arreguín joined Fresnillo in 2008, serving as Chief Financial Officer leading up to the Company's initial public offering on the London Stock Exchange that same year. Before joining Fresnillo, he worked for parent company Industrias Peñoles, S.A.B. de C.V. ("Peñoles"), where he served as Chief Financial Officer. Following a structured and rigorous evaluation process conducted by the Nominations Committee, the Company announced the appointment of Rodrigo Sandoval (50) as Chief Financial Officer Designate, with effect from 21 September 2026. Mr. Sandoval will succeed Mr. Arreguín as Chief Financial Officer and be appointed to the Executive Committee on 1 November 2026 following a handover period. Mr. Sandoval brings extensive financial, operational, capital markets industry experience to Fresnillo. From 2018 to August 2026 he served as Chief Financial Officer of Grupo Gigante, S.A.B. de C.V, with oversight across corporate finance, capital markets, treasury, financial planning, tax, risk management, M&A, and investor relations. Mr. Sandoval served as an Independent Director, Chair of the Audit Committee, and member of the Corporate Governance and Nominating Committee of Toronto-listed Torex Gold Resources Inc. (TSX: TXG) from 2022 until recently, when, in light of his appointment, he stepped down from the Board with immediate effect. He previously served as Chief Financial Officer of the Mining Division at Grupo México, S.A.B. de C.V., gaining deep operational and strategic expertise within the Latin American mining sector. Mr. Sandoval holds an MBA from the Yale School of Management, a Post-Graduate Certificate in Corporate Finance from ITAM, Mexico, and a Bachelor of Economics from ITAM, Mexico. To ensure a seamless transition, the Board has executed its pre-established succession plan. Under this framework, Mr. Sandoval will join the Company as CFO Designate on 21 September 2026, undertaking a structured onboarding programme to build a detailed understanding of the Company's operations, organisation, and key stakeholders while working alongside Mr. Arreguín. On 1 November 2026, Mr. Sandoval will formally assume the role of Chief Financial Officer, at which point Mr. Arreguín will step down from his executive role and the Executive Committee. To maintain continuity through the year-end financial cycle, Mr. Arreguín will remain with the Group as a Senior Advisor from 1 November 2026 until the end of January 2027.

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.

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

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Fresnillo plc Announces CFO Changes

Ariana Resources PLC Announces Appointment of Michael Atkins as Executive Chairman, Effective September 14, 2026

Goldplat PLC Announces Special Dividend, Payable on 15 October 2026

Investor sentiment deteriorates as stock falls 15%

Kendrick Resources PLC Provides Further Certified Assay Results for an Additional 4 Diamond Drill Holes Completed on Three Sills At the Teufelskuppe Carbonatite Complex

Rio Tinto Finalizes Winu Project Agreement With Nyangumarta Warrarn Aboriginal Corporation

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

First half 2026 earnings released: EPS: US$0.005 (vs US$0.095 loss in 1H 2025)

Rio Tinto Group (LSE:RIO) agreed to acquire Aurukun Bauxite Project from Glencore plc (LSE:GLEN) and Mitsubishi Development Pty Ltd.

AAL: Copper Shift And Anglo Teck Deal Will Drive Future Rerating

HOC: Recent Buy Ratings Will Support Bullish Repricing After Dividend And Production Update

Upcoming dividend of €0.055 per share

New minor risk - Financial data availability

ANTO: Copper Output Resilience And 2028 Free Cash Flow Timing Will Shape Returns

Zanaga Iron Ore Company Limited Provides Update on Zanaga Project Bulk Sampling Process

Kore Potash plc, Annual General Meeting, Jun 30, 2026