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 33.2x which is higher than its 3-year average PE of 24.8x. The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.1x.

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 29.0x. Analysts are expecting annual earnings growth of 15.5%, which is lower than the prior year's growth of 49.6% per year.

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 24 Jul 2026	UK£288.4b	UK£258.3b	UK£8.7b	15x	33.2x	1.1x
Sun, 21 Jun 2026	UK£310.6b	UK£260.0b	UK£8.8b	18x	35.4x	1.2x
Tue, 19 May 2026	UK£318.4b	UK£256.2b	UK£8.6b	18.9x	37.1x	1.2x
Thu, 16 Apr 2026	UK£310.0b	UK£253.4b	UK£8.5b	19.9x	36.7x	1.2x
Sat, 14 Mar 2026	UK£284.7b	UK£259.9b	UK£9.0b	20.2x	31.6x	1.1x
Mon, 09 Feb 2026	UK£289.5b	UK£242.2b	UK£5.9b	22.4x	49.2x	1.2x
Wed, 07 Jan 2026	UK£271.9b	UK£244.4b	UK£5.9b	20.8x	45.8x	1.1x
Fri, 05 Dec 2025	UK£235.5b	UK£247.1b	UK£6.0b	17.4x	39x	1x
Sun, 02 Nov 2025	UK£223.9b	UK£251.2b	UK£6.2b	14.9x	36.4x	0.9x
Tue, 30 Sep 2025	UK£211.3b	UK£245.7b	UK£6.0b	14.8x	35.3x	0.9x
Thu, 28 Aug 2025	UK£181.8b	UK£244.4b	UK£6.0b	10.3x	30.4x	0.7x
Sat, 26 Jul 2025	UK£183.2b	UK£244.6b	UK£5.9b	8.8x	30.9x	0.7x
Mon, 23 Jun 2025	UK£164.2b	UK£244.4b	UK£6.0b	7.6x	27.5x	0.7x
Wed, 21 May 2025	UK£173.5b	UK£245.4b	UK£6.0b	8.8x	28.7x	0.7x
Fri, 18 Apr 2025	UK£163.8b	UK£247.7b	UK£6.1b	8.6x	27x	0.7x
Sun, 16 Mar 2025	UK£183.4b	UK£253.8b	UK£6.2b	8.8x	29.4x	0.7x
Tue, 11 Feb 2025	UK£192.9b	UK£263.8b	UK£7.9b	9.6x	24.5x	0.7x
Thu, 09 Jan 2025	UK£183.7b	UK£264.1b	UK£7.9b	9x	23.3x	0.7x
Sat, 07 Dec 2024	UK£191.0b	UK£256.3b	UK£7.6b	9.5x	25x	0.7x
Mon, 04 Nov 2024	UK£197.9b	UK£253.5b	UK£7.6b	10.7x	26x	0.8x
Wed, 02 Oct 2024	UK£206.6b	UK£246.7b	UK£7.4b	11x	27.9x	0.8x
Fri, 30 Aug 2024	UK£188.9b	UK£248.8b	UK£7.4b	11.5x	25.5x	0.8x
Sun, 28 Jul 2024	UK£200.3b	UK£246.4b	UK£10.8b	12.8x	18.6x	0.8x
Tue, 25 Jun 2024	UK£209.7b	UK£251.2b	UK£12.4b	12.6x	16.9x	0.8x
Thu, 23 May 2024	UK£226.0b	UK£250.5b	UK£12.3b	16.3x	18.3x	0.9x
Sat, 20 Apr 2024	UK£213.0b	UK£256.3b	UK£12.6b	14x	16.9x	0.8x
Mon, 18 Mar 2024	UK£188.9b	UK£250.4b	UK£12.5b	12.6x	15.1x	0.8x
Wed, 14 Feb 2024	UK£188.1b	UK£262.3b	UK£18.0b	11.4x	10.5x	0.7x
Fri, 12 Jan 2024	UK£209.0b	UK£303.3b	UK£27.5b	9.5x	7.6x	0.7x
Sun, 10 Dec 2023	UK£211.8b	UK£307.6b	UK£27.8b	9.1x	7.6x	0.7x
Tue, 07 Nov 2023	UK£208.6b	UK£310.9b	UK£28.0b	10.1x	7.4x	0.7x
Thu, 05 Oct 2023	UK£208.4b	UK£316.3b	UK£28.4b	9.5x	7.3x	0.7x
Sat, 02 Sep 2023	UK£201.7b	UK£306.9b	UK£28.0b	7.4x	7.2x	0.7x
Mon, 31 Jul 2023	UK£214.5b	UK£322.5b	UK£33.5b	8.1x	6.4x	0.7x


GB Market	0.59%
Materials	2.19%
Metals and Mining	2.41%
Diversified Metals and Mining	2.74%
Steel	1.50%
Copper	1.30%
Gold	0.0025%
Aluminum	0%	0
Silver	0%	0
Precious Metals and Minerals	-4.50%

Company	Last Price	7D	1Y	Valuation
GLEN Glencore	UK£5.38	4.1% +UK£2.5b	66.6%	PE231.2x
RIO Rio Tinto Group	UK£68.56	1.7% +UK£1.9b	45.3%	PE14.9x
AAL Anglo American	UK£36.30	4.2% +UK£1.6b	56.1%	PS2.8x
ANTO Antofagasta	UK£36.21	0.9% +UK£325.3m	79.7%	PE35.8x
FRES Fresnillo	UK£24.97	1.7% +UK£309.5m	74.2%	PE17.7x

Announcement • Jul 14

Guardian Metal Resources PLC Announces Exploration Results For Non-Core Portfolio Including White Elephant, Pilot North, Cinch, And Garfield Projects

Guardian Metal Resources PLC announced updates across its non-core Nevada-based project portfolio. The Company's non-core project portfolio now comprises seven exploration-stage projects highly prospective for tungsten (W), gold (Au), silver (Ag), copper (Cu) and lithium (Li), which includes the following: White Elephant (W): Newly acquired by claim staking; strong tungsten channel sampling results achieved. Pilot North (W-Cu-Ag): Strategic location near to the Company's Pilot Mountain tungsten project now further enlarged by claim staking; strong tungsten, copper and silver channel and grab sample results achieved. Cinch (W-Ag): Newly acquired by claim staking; strong tungsten and silver grab sample results achieved. Garfield (Au-Ag-Cu): Enlarged by claim staking; strong gold, copper, silver results achieved. Golconda (Au). Stonewall (Ag-Au). Kibby Basin (Li). The Company has acquired the White Elephant tungsten project in Elko County, Nevada, through the direct staking of 57 new BLM lode mining claims. Assay results have been received for initial rock chip samples and chip channel sampling across outcropping scheelite-mineralised skarns, returning significant tungsten grades including 95 ft (29.0 m) @ 0.31% WO3. At the Pilot North tungsten-copper-silver project, which is located less than 20 miles away from Guardian Metal's Pilot Mountain tungsten project, the Company has received results for rock chip samples and 210 ft (64 m) of both machine-cut and chip channel samples across various outcropping tungsten skarns. The Company also directly staked an additional 8 new BLM lode mining claims to further expand the project. Channel sampling returned significant tungsten assays, including 95 ft (29.0 m) @ 0.18% WO3, complemented by several high-grade W-Cu-Ag grab sample results. The Company has also acquired the new Cinch tungsten-silver project, North Lincoln County, Nevada, through direct claim staking of 20 new BLM lode mining claims. The Company has received the assay results for rock chip samples from initial reconnaissance field work. Significant tungsten and silver assay results were obtained including 0.22% WO3 and 1,950 g/t Ag. At the Garfield gold-silver-copper project, following a geological mapping campaign the Company has directly staked an additional 56 BLM lode mining claims to cover the new "Freeze South" and "Mother" zones and has received the assay results for rock chip samples from these new zones, including 180 ft (55 m) of chip channel samples. Significant gold, copper and silver assay results were obtained including 11.2 g/t Au; 8.55 g/t Au & 7.1% Cu; 7.2 g/t Au, 114 g/t Ag & 2.3% Cu; 4.2 g/t Au & 5.1% Cu; 4.1 g/t Au & 310 g/t Ag. 57 BLM lode mining claims directly staked, forming the newly named White Elephant tungsten project. Initial field work has mapped multiple areas of skarn mineralisation at granite-limestone contacts, historical exploration activity and mines, including a historical mill site. During the Company's field assessment, rock chip samples from across the project and 184 ft (56 m) of chip channels were collected (from 5 channels at the "Pyramid Zone"), where skarn mineralisation was mapped over a strike length of 1000 ft, or 305 m. Highlight individual rock chip samples from outcropping skarn include: 0.96% WO3; 0.26% WO3; and 0.23% WO3. Highlight chip channel samples include: 40 ft (12.2 m) @ 0.17% WO3; 95 ft (29.0 m) @ 0.31% WO3 (which includes: 20 ft (6.1 m) @ 0.44% WO3 and 15 ft (4.6 m) @ 0.47% WO3; and 10 ft (3.0 m) @ 0.50% WO3 with >0.7% Mo (includes overlimit). True thicknesses are unknown at this time. Recent detailed geological mapping has outlined over 4,000 ft (1.2 km) strike length of outcropping skarn mineralisation across the "Negroni", "Muller Mountain", and "Western Metal" zones. This includes identification of new zones of skarn mineralisation previously unknown to the Company. Highlight rock chip samples from newly identified zones include: 0.15% WO3 & >1% Cu (overlimit); 0.11% WO3 & >1% Cu (overlimit); 425 g/t Ag & >1% Cu (overlimit); 213 g/t Ag & >1% Cu (overlimit). A total of 210 ft (64 m) of machine-cut and chip channel samples were collected across 5 different channels in the "Negroni", "Muller Mountain" and "Western Metal" zones. Highlight intervals include: 95 ft (29.0 m) @ 0.18% WO3; 45 ft (13.7 m) @ 0.10% WO3, 5.7 g/t Ag and 0.14% Cu; 5 ft (1.5 m) @ 100 g/t Ag and >1% Cu; 25 ft (7.6 m) @ 0.11% WO3, 14 g/t Ag and >0.69% Cu (includes overlimit). True thicknesses are unknown at this time. Project enlarged with an additional 8 new BLM lode Mining Claims covering areas of identified skarn mineralisation. 20 BLM lode mining claims directly staked across the Cinch tungsten-silver project area. Highlight grab samples from reconnaissance fieldwork include 0.22% WO3 from a brecciated fault zone, and 1,950 g/t Ag and 0.7 g/t Au from quartz vein material in mine dumps. Geological mapping has identified further epithermal precious metal mineralised structures and broad alteration footprint in the "Freeze South" and "High grade" zones, as well as an area of broader epithermal stockwork veining and mineralisation in highly silicified rhyolites in the "Mother" zone. The Company immediately acted to stake 56 new BLM lode mining claims to acquire the new "Freeze South" and "Mother" zones. Highlight rock chip assay results from the field mapping campaign include: 11.2 g/t Au; 8.55 g/t Au & 7.1% Cu; 7.2 g/t Au, 114 g/t Ag & 2.3% Cu; 4.2 g/t Au & 5.1% Cu; 4.1 g/t Au & 310 g/t Ag. A 180 ft (54.9 m) chip channel sample of oxidised rhyolites from the "Freeze North" zone returned an average of 0.064 g/t Au, including 80 ft (24.4 m) @ 0.1 g/t Au, highlighting broader scale bulk minable-heap leach potential.

Announcement • Jun 09

Jubilee Metals Group Provides Operational Update on Molefe Mine and Reports Progress on Mine-To-Metals Copper Strategy

Jubilee Metals Group provided an operational update on the Molefe Mine in Zambia as part of its integrated mine-to-metals copper strategy. Run-of-mine (ROM) deliveries to Sable refinery and refining activities recommenced following the successful expansion of Pit 2 as part of the pre-stripping under the updated mine plan to combine Pits 2 and 3. The delivery of high-grade ROM to the Sable refinery increases to a targeted 6,000tpm for June, stepping up to 8,500tpm by August to reach 10,000tpm by October 2026, which equates to more than a 100% increase in ROM deliveries to Sable. Combined mined copper reef is set to reach 60,000t per quarter post completion of the combination of Pits 2 and 3 at an average stripping ratio of 6:1. The next development phase will focus on on-site ore sorting and processing to support better segregation of high-grade ore with improved copper recovery and overall project economics, and resource definition drilling activities expanding across the greater Molefe district and additional exploration properties. A JORC-compliant resource is expected following completion of the Phase 2 drilling programme, currently targeted for Fourth Quarter calendar year 2026, subject to the timely receipt of assay results. The Molefe Mine represents the first implementation of Jubilee's scalable mine-to-processing strategy in Zambia. The Company's Pillar 2 model (integrated mine-to-metals business: Sable refinery and mining operations) is based on mining while simultaneously exploring and expanding the resource base, creating a repeatable hub-and-spoke development model designed for replication across additional copper opportunities in the region. Following the commencement of initial stripping activities under the updated mine plan, ROM deliveries from Molefe to the Sable refinery have recommenced. The first ROM has now been delivered to the Sable refinery and refining activities have resumed. The accelerated pre-strip programme, which commenced in April 2026, remains on track for completion during July 2026 and is aimed at supporting increased sustained production and improved feed supply to the Sable refinery. Development work to integrate Pits 2 and 3 into a single enlarged open-pit operation continues to progress well. The updated mine plan has been optimised to target a broader reef package, enabling the extraction of increased copper volumes across both high and medium-grade material. Upon completion of the pit integration and development programme, Molefe is expected to ramp-up from approximately 12,000t per quarter of high-grade ROM to in excess of 30,000t per quarter of high-grade copper reef ore delivered to Sable. Molefe remains on track to increase ROM deliveries to approximately 6,000t for June 2026, increasing to approximately 8,500t by August 2026, targeting steady-state of 10,000tpm delivered to Sable by October 2026. The production ramp-up profile includes both newly mined ROM and strategic stockpiled material as Molefe transitions toward integrated on-site ore sorting and processing capabilities of both the high-grade and lower-grade ROM. The next phase of development at Molefe is focused on advancing on-site ore processing capabilities. This strategy is expected to be implemented in two stages, beginning with on-site ore sorting to better distinguish between high-grade and lower-grade material, followed by targeted on-site processing of lower-grade material aimed at maximising copper recovery and enhancing project economics. In parallel, Jubilee is expanding the scope of resource definition activities across the greater Molefe district targeting the additional exploration properties secured within the district area. Ongoing drilling and exploration activities are intended to support future mine expansion and establish a larger resource-backed copper platform. The independent third-party is expected to compile a JORC-compliant resource following completion of the Phase 2 drilling programme, with the competent person's report currently targeted for Fourth Quarter calendar year 2026, subject to the timely receipt of assay results.

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

Industry Valuation and Performance

Industry Trends

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