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 38.0x which is higher than its 3-year average PE of 22.6x. 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 27.1x. 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
Sat, 09 May 2026	UK£321.0b	UK£252.4b	UK£8.4b	19.8x	38x	1.3x
Mon, 06 Apr 2026	UK£297.0b	UK£260.6b	UK£8.7b	20.7x	34x	1.1x
Wed, 04 Mar 2026	UK£306.4b	UK£257.5b	UK£8.1b	20.6x	37.6x	1.2x
Fri, 30 Jan 2026	UK£297.7b	UK£239.1b	UK£5.8b	21.7x	51.3x	1.2x
Sun, 28 Dec 2025	UK£252.9b	UK£244.2b	UK£5.9b	18.5x	42.7x	1x
Tue, 25 Nov 2025	UK£217.7b	UK£252.0b	UK£6.2b	15.2x	35.4x	0.9x
Thu, 23 Oct 2025	UK£213.2b	UK£247.0b	UK£6.0b	13.8x	35.2x	0.9x
Sat, 20 Sep 2025	UK£194.7b	UK£245.0b	UK£6.0b	11.8x	32.7x	0.8x
Mon, 18 Aug 2025	UK£180.6b	UK£243.2b	UK£6.0b	10.1x	30.1x	0.7x
Wed, 16 Jul 2025	UK£174.0b	UK£245.5b	UK£5.9b	8.2x	29.3x	0.7x
Fri, 13 Jun 2025	UK£169.8b	UK£241.6b	UK£5.9b	8.2x	28.8x	0.7x
Sun, 11 May 2025	UK£167.9b	UK£246.8b	UK£6.1b	8.4x	27.7x	0.7x
Tue, 08 Apr 2025	UK£150.6b	UK£258.3b	UK£6.3b	7.6x	23.8x	0.6x
Thu, 06 Mar 2025	UK£184.2b	UK£255.1b	UK£6.2b	9.7x	29.6x	0.7x
Sat, 01 Feb 2025	UK£185.8b	UK£262.4b	UK£7.8b	9.4x	23.8x	0.7x
Mon, 30 Dec 2024	UK£181.2b	UK£259.6b	UK£7.7b	9x	23.4x	0.7x
Wed, 27 Nov 2024	UK£188.8b	UK£260.3b	UK£7.8b	9.3x	24.3x	0.7x
Fri, 25 Oct 2024	UK£195.5b	UK£252.5b	UK£7.6b	10.3x	25.8x	0.8x
Sun, 22 Sep 2024	UK£125.1b	UK£246.0b	UK£7.4b	11x	16.9x	0.5x
Tue, 20 Aug 2024	UK£191.5b	UK£252.0b	UK£7.5b	11.9x	25.5x	0.8x
Thu, 18 Jul 2024	UK£203.7b	UK£244.8b	UK£12.1b	13.6x	16.8x	0.8x
Sat, 15 Jun 2024	UK£206.7b	UK£251.0b	UK£12.4b	13.8x	16.7x	0.8x
Mon, 13 May 2024	UK£223.7b	UK£254.4b	UK£12.6b	15.9x	17.8x	0.9x
Wed, 10 Apr 2024	UK£210.4b	UK£251.5b	UK£12.6b	13.9x	16.7x	0.8x
Fri, 08 Mar 2024	UK£186.6b	UK£249.0b	UK£12.5b	11.8x	14.9x	0.7x
Sun, 04 Feb 2024	UK£206.7b	UK£305.8b	UK£27.7b	10.1x	7.5x	0.7x
Tue, 02 Jan 2024	UK£222.9b	UK£304.0b	UK£27.6b	9.8x	8.1x	0.7x
Thu, 30 Nov 2023	UK£210.5b	UK£304.8b	UK£27.6b	10.7x	7.6x	0.7x
Sat, 28 Oct 2023	UK£204.9b	UK£316.8b	UK£28.4b	10x	7.2x	0.6x
Mon, 25 Sep 2023	UK£209.4b	UK£314.1b	UK£28.3b	7.3x	7.4x	0.7x
Wed, 23 Aug 2023	UK£193.8b	UK£303.7b	UK£27.7b	6.9x	7x	0.6x
Fri, 21 Jul 2023	UK£215.3b	UK£327.0b	UK£38.3b	6.9x	5.6x	0.7x
Sun, 18 Jun 2023	UK£219.8b	UK£327.5b	UK£38.4b	7.8x	5.7x	0.7x
Tue, 16 May 2023	UK£208.0b	UK£334.2b	UK£39.1b	8.1x	5.3x	0.6x


GB Market	-0.81%
Materials	4.51%
Metals and Mining	4.76%
Copper	9.69%
Precious Metals and Minerals	7.00%
Gold	5.18%
Diversified Metals and Mining	3.49%
Steel	3.45%
Aluminum	0%	0
Silver	0%	0

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£77.04	4.2% +UK£5.1b	71.3%	PE17.1x
ANTO Antofagasta	UK£38.98	9.8% +UK£3.4b	124.8%	PE39.3x
AAL Anglo American	UK£38.49	7.2% +UK£2.8b	65.5%	PS3x
FRES Fresnillo	UK£35.72	9.7% +UK£2.3b	236.7%	PE25.9x
PAF Pan African Resources	UK£1.51	8.2% +UK£232.3m	203.5%	PE17.3x

Announcement • May 08

Altona Rare Earths Plc Announces JORC-Compliant Mineral Resource Estimates For Fluorspar And Gallium At Monte Muambe Project

Altona Rare Earths Plc announced JORC-compliant Mineral Resource Estimates for fluorspar and gallium for the Monte Muambe project. JORC MRE: 3.48 million tons at 20.6% CaF2 for 716,000 tons of CaF2 contained. Initial base case mine life: 9.5 years at 50,000tpa acid-spar. Additional exploration target (Kudu - up to 3,200,000 tons of CaF2 contained) and additional exploration potential at Jambire and Jambire Mn targets (not drilled yet). Results justify initiating other fluorspar scoping study workflows. JORC MRE: 11.73 million tons at 54.7 g/t Ga2O3 for 641 tons of Ga2O3 contained. MRE tonnage significantly exceeds expectations, underpins potential for a large-scale gallium deposit. One of very few published gallium MRE worldwide and the first on a carbonatite deposit. Less than 20% of gallium soil anomaly drilled to date - strong tonnage upside potential (over 40 million tons). Commercial viability subject to on-going gallium extraction testing in Canada and Poland. No direct global peer comparison exists. Both MREs were prepared by Rock and Stock Investments (Pty) Ltd, a geological consultancy company based in Cape Town, South Africa, in accordance with the JORC code. Fluorspar and gallium MREs were prepared for the Fluorite Zone (including its Southern Extension), and for Python. A fluorspar exploration target estimate was prepared for the Kudu target. Zone Category Tonnage (Mt)Grade (CaF2 %) Contained CaF2 (t) Fluorite ZoneMeasured1.5220.7%314,000Fluorite ZoneInferred1.4820.2%299,000Fluorite ZoneTotal3.0020.5%613,000PythonInferred0.4921.2%103,000PythonTotal0.4921.2%103,000AllMeasured1.5220.7%314,000AllInferred1.9720.5%402,000AllTotal3.4820.6%716,000. Assuming a metallurgical recovery of 65% and a concentrate grade of 97.5% CaF2, the contained CaF2 tonnage is sufficient to produce 50,000 tons per year of acid-grade concentrate for a period of 9.5 years. These results therefore justify proceeding with the other workstreams of the fluorspar scoping study (metallurgy, mine plan, engineering studies and financial modelling). Significant potential remains to increase the fluorspar resource at Monte Muambe. Reconnaissance drilling fences at Kudu were sufficient to define an exploration target estimate, with up to 3.2 million tons of CaF2 contained. In addition, the Jambire and Jambire Mn targets, which display marked fluorine-in-soil anomalies and fluorspar outcrops, have not been drilled yet and are expected to provide additional tonnage. TargetCategoryTonnage (Mt)Grade (CaF2 %)Contained CaF2 (Mt)KuduExploration Target9.9-14.68%-22%0.8-3.2. Further drilling is expected to lead to a material increase in the MRE, potentially sustaining an up to 100,000 tons per year operation. Such drilling will not take place immediately, but rather as part of the project's definitive feasibility study, once project viability has been confirmed by the on-going scoping study. ZoneCategoryTonnage (Mt)Grade (g/t Ga2O3)Contained Ga2O3 (t)Fluorite ZoneInferred9.2953.3496PythonInferred2.4459.7146AllInferred11.7354.7641. The gallium MRE confirms that gallium mineralisation extends beyond the fluorspar ore envelope and into adjacent fenite zones, defining a broad mineralised zone around the perimeter of the carbonatite intrusion. As a result, the tonnage of the gallium resource is much higher than that of the fluorspar resource. The gallium MRE so far covers less than 20% of the total strike length of gallium-in-soil anomalies, indicating strong upside potential. The Board believes that the potential to increase the gallium MRE to a level of over 40 million tons is significant. The Monte Muambe gallium MRE is one of very few code-compliant gallium estimates ever published worldwide, and the first for a carbonatite-hosted occurrence. Gallium is usually reported as a potential by-product of bauxite, zinc ore, lithium, and in Western Australia as a co-product of rare earths in saprolite deposits. All these deposits have very different mineralogical and metallurgical characteristics and cannot be directly compared to Monte Muambe. The publication of the gallium MRE positions Altona to the forefront of gallium exploration and development in a rare-earths and fluorspar carbonatite context. The progress achieved by the Company underpins the importance of carrying out specific gallium metallurgical testing to test the possibility of (1) producing a concentrate enriched in gallium and (2) extracting gallium from this concentrate. This metallurgical testing is currently on-going in Canada and Poland respectively, using cutting edge technology, and will inform the next steps of the gallium exploration program. Fluorspar metallurgical testing is currently progressing in South Africa. This workstream is an essential component of the fluorspar scoping study, as it will determine process parameters, process flowsheet (hence plant capex), and plant operating costs. Additional scoping study workstreams including engineering and mine planning and design are now being initiated. The fluorspar metallurgy and scoping study are expected to be completed in the third quarter of 2026. On-going gallium metallurgy test work will confirm whether a potentially viable pathway to gallium recovery exists. Heavy rare earths workstreams announced on 14 April 2026 (mineralogy, drilling sample assays, metallurgy) are progressing. The Board expects that an updated MRE for heavy rare earths associated to fluorspar mineralisation will be published later this year. Gallium and heavy rare earths' behaviour is already being monitored as part of the fluorspar metallurgical studies. Results from the above workstreams will be integrated, if necessary, in the fluorspar scoping study. The Company will continue updating investors on the progress of these activities.

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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