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	9.9% +UK£43.7m	766.7%	PE-10.1x
ZNWD Zinnwald Lithium	UK£0.085	39.3% +UK£13.0m	40.5%	PB1.3x
KP2 Kore Potash	UK£0.033	8.2% +UK£12.9m	1.5%	PB1.1x
ACG ACG Metals	UK£16.50	3.1% +UK£11.6m	275.0%	PS3.7x

Announcement • May 15

Guardian Metal Resources PLC Provides Tempiute Tungsten Project Historical Mine Tailings Update

Guardian Metal Resources PLC announced an update relating to historical mine tailings present at the Company's Tempiute Tungsten Project located in south-central Nevada less than 250 miles (402 km) southeast of the Company's Pilot Mountain Tungsten Project. Tempiute, formerly known as the Emerson Tungsten Mine, is a significant past producing tungsten mine, which was originally discovered in 1916 and most recently operated during the 1980s. The Company is evaluating near-term resource and tungsten production opportunities across the extensive former producing mine, with the identification of tailings from decades of historical production adding a compelling new dimension to the Project. As a critical defense metal, tungsten has been designated as a strategic priority by the U.S. government. Guardian Metal's mission is to establish its co-flagship tungsten projects as the cornerstone of U.S. mined tungsten supply, directly supporting national efforts to re-establish domestic production. This is intended to help the U.S. reduce reliance on foreign supply chains, strengthen economic and defense security, and deliver long-term value for shareholders. Guardian Metal is evaluating the potential of recovering tungsten and other metals from the historic tailings at Tempiute, with a view to provide an opportunity for near-term, domestically sourced tungsten in the U.S. Through detailed mapping and sampling, the surface area footprint of historical tungsten-enriched mine tailings at Tempiute has been determined to cover approximately 550 acres (2.23 km²). An auger drilling program is planned to commence in June 2026, subject to receipt of required permits, and will enable characterization of the tailings material and surrounding soils for environmental evaluation and assessment of the tungsten resource potential. The combination of modern recovery methods and elevated tungsten prices makes this an increasingly compelling near-term domestic tungsten supply opportunity, while also offering a meaningful reclamation outcome. Previously milled material sitting at surface, combined with existing on-site infrastructure, means the cost and development timeline of a reprocessing operation could compare favourably to a conventional tungsten mining project, subject to confirmation of sufficient tailings tonnage and grade. To determine the economic and environmental remediation potential of historical mine tailings at Tempiute, the Company undertook a detailed mapping and sampling program across the entire historical mine tailings area. Evaluation of publicly available production records, dating back to the 1930s, was correlated with satellite imagery, spectral analysis, and ground mapping to identify the tailings footprint extending down slope from the Tempiute mine. Follow up ground investigation and surface sampling delineated a large tungsten-enriched zone and confirmed the extent of the historical mine tailings area to cover a surface footprint of approximately 550 acres (2.23 km²). Sampling also provided an initial characterisation of the material, verifying the presence of tungsten and other metals. Subject to receipt of the required permits, an auger drilling program is planned to commence in June 2026 to characterise the tailings material and surrounding soils for environmental evaluation and resource potential. This work will advance the Company's environmental inquiry and enable determination of the potential for a tungsten resource. The Company has submitted a Notice to the Bureau of Land Management and the Nevada Division of Environmental Protection for the proposed auger drilling program. Subject to approval, the auger drilling program is targeted to commence in June 2026 and is expected to take approximately three months to complete. The program is designed to allow the Company to make all appropriate inquiries regarding current environmental conditions on site, while estimating the total volume and grade of tungsten and base/precious-metal bearing material present. In parallel, an independent metallurgical study will be completed to determine the most effective method of recovering tungsten and other metals from the tailings, with results expected in the coming months. This study will also characterize the geochemistry of the tailings post tungsten recovery to inform the final reclamation design of the site.

Announcement • Apr 10

Tungsten West plc Announces Executive Appointments

Tungsten West PLC has appointed Mr. Ron Day as Chief Operating Officer. Ron brings over 35 years of global mining experience, with specialist expertise in taking projects from start-up to world class steady-state operation. Ron's recent roles include General Manager for Operations at Perenti Ltd.'s African Mining Services division, covering several operating sites, including project start-up across Africa, and Project Director for Thiess in Botswana, as well as numerous project manager and operational leadership roles internationally. Additionally, key senior leaders across the business were also appointed during First Quarter 2026, helping to further strengthen the Hemerdon team. These roles include: Director of Processing: Stephen Taylor, a qualified metallurgist who has 18 years of international mineral processing experience, including most recently 13 years working at Masan High-Tech Minerals Nui Phao's world scale tungsten operation in Vietnam, where his last role was Processing Manager. Stephen will join Tungsten West in May 2026 following completion of his current employment notice period and is subject to the approval of a UK work visa. Director of Maintenance: John Roberts who has 27 years of mining maintenance experience internationally and in the UK, most recently at Barrick's North Mara mine in Tanzania, and former roles as Asset Management Specialist for Perenti in Africa and Maintenance Manager for Capital Ptd. John has directly managed multiple mining project start-ups across Africa from major project start-up and commissioning to maintenance leadership. Director of Mining: Henry Chalcraft, a qualified mining engineer with 22 years of international and UK mining experience, including several years working previously at Hemerdon as the Senior Mining Engineer and range of international technical postings. Manager Environment, Social Governance (ESG): Barnaby Hudson, over 23 years in ESG with most recent roles with Imerys British Lithium as Head of Environment and Permitting, and prior experience working at Hemerdon as the Sustainability Manager and range of international and UK positions.

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

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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