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 29.2x which is higher than its 3-year average PE of 25.0x. The 3-year average PS ratio of 0.84x 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 29.2x. Analysts are expecting annual earnings growth of 15.6%, 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
Sun, 02 Aug 2026	UK£295.3b	UK£259.1b	UK£10.1b	15.7x	29.2x	1.1x
Tue, 30 Jun 2026	UK£293.2b	UK£259.4b	UK£8.8b	16.7x	33.5x	1.1x
Thu, 28 May 2026	UK£326.6b	UK£256.2b	UK£8.6b	19.4x	37.8x	1.3x
Sat, 25 Apr 2026	UK£308.9b	UK£254.1b	UK£8.5b	18.6x	36.4x	1.2x
Mon, 23 Mar 2026	UK£267.1b	UK£257.9b	UK£8.8b	16.5x	30.2x	1x
Wed, 18 Feb 2026	UK£296.9b	UK£243.6b	UK£5.9b	21.6x	50.2x	1.2x
Fri, 16 Jan 2026	UK£284.4b	UK£246.4b	UK£6.0b	20.3x	47.5x	1.2x
Sun, 14 Dec 2025	UK£235.9b	UK£246.9b	UK£6.0b	17.4x	39.2x	1x
Tue, 11 Nov 2025	UK£220.3b	UK£250.8b	UK£6.1b	15x	35.9x	0.9x
Thu, 09 Oct 2025	UK£217.6b	UK£246.3b	UK£6.0b	14.2x	36.1x	0.9x
Sat, 06 Sep 2025	UK£186.9b	UK£244.3b	UK£5.9b	11.6x	31.7x	0.8x
Mon, 04 Aug 2025	UK£173.7b	UK£247.4b	UK£6.2b	9.4x	28.1x	0.7x
Wed, 02 Jul 2025	UK£166.9b	UK£239.5b	UK£5.8b	7.8x	28.6x	0.7x
Fri, 30 May 2025	UK£173.1b	UK£243.6b	UK£5.9b	9.7x	29.1x	0.7x
Sun, 27 Apr 2025	UK£170.2b	UK£246.7b	UK£6.0b	8.5x	28.1x	0.7x
Tue, 25 Mar 2025	UK£181.9b	UK£254.2b	UK£6.3b	8.8x	29x	0.7x
Thu, 20 Feb 2025	UK£192.1b	UK£258.9b	UK£7.7b	9.4x	25x	0.7x
Sat, 18 Jan 2025	UK£194.1b	UK£268.1b	UK£8.0b	9.3x	24.3x	0.7x
Mon, 16 Dec 2024	UK£189.5b	UK£258.8b	UK£7.7b	9.3x	24.6x	0.7x
Wed, 13 Nov 2024	UK£185.3b	UK£257.0b	UK£7.7b	9.6x	24.1x	0.7x
Fri, 11 Oct 2024	UK£199.6b	UK£250.9b	UK£7.5b	10.7x	26.6x	0.8x
Sun, 08 Sep 2024	UK£175.0b	UK£249.4b	UK£7.5b	9.9x	23.4x	0.7x
Tue, 06 Aug 2024	UK£190.0b	UK£248.9b	UK£11.4b	11x	16.6x	0.8x
Thu, 04 Jul 2024	UK£213.2b	UK£249.4b	UK£12.4b	13.2x	17.2x	0.9x
Sat, 01 Jun 2024	UK£219.0b	UK£250.0b	UK£12.3b	15.8x	17.8x	0.9x
Mon, 29 Apr 2024	UK£219.2b	UK£255.0b	UK£12.6b	14.4x	17.4x	0.9x
Wed, 27 Mar 2024	UK£191.7b	UK£252.6b	UK£12.6b	12.1x	15.2x	0.8x
Fri, 23 Feb 2024	UK£185.7b	UK£253.4b	UK£14.1b	10.6x	13.2x	0.7x
Sun, 21 Jan 2024	UK£202.4b	UK£304.5b	UK£27.6b	9.5x	7.3x	0.7x
Tue, 19 Dec 2023	UK£216.2b	UK£305.9b	UK£27.7b	10.2x	7.8x	0.7x
Thu, 16 Nov 2023	UK£213.6b	UK£310.1b	UK£28.0b	10.2x	7.6x	0.7x
Sat, 14 Oct 2023	UK£206.2b	UK£316.5b	UK£28.4b	9.8x	7.3x	0.7x
Mon, 11 Sep 2023	UK£197.7b	UK£309.6b	UK£28.0b	7.3x	7.1x	0.6x
Wed, 09 Aug 2023	UK£204.2b	UK£324.9b	UK£33.6b	7.4x	6.1x	0.6x


GB Market	1.17%
Materials	2.14%
Metals and Mining	1.82%
Diversified Metals and Mining	2.63%
Copper	0.55%
Aluminum	0%	0
Silver	0%	0
Gold	-2.61%
Steel	-4.53%
Precious Metals and Minerals	-6.18%

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£71.74	4.4% +UK£5.0b	59.7%	PE13x
GLEN Glencore	UK£5.43	1.1% +UK£667.9m	80.8%	PE236.2x
ANTO Antofagasta	UK£36.55	0.7% +UK£236.6m	93.4%	PE36.5x
AAL Anglo American	UK£37.33	0.3% +UK£128.6m	80.5%	PS2.8x
ACG ACG Metals	UK£19.70	2.1% +UK£9.3m	203.1%	PS4.5x

Announcement • Jul 24

Empire Metals Limited Announces Management Changes

Empire Metals Limited announced the appointment of Mr. Chris Dodds as General Manager (Project Delivery), which is aligned with the Company's objective to build a highly capable and experienced in-house project team who can assess and optimise project development options and rapidly progress the Project through the feasibility study phases into commercial development. Mr. Dodds is a senior mining and resources executive with more than 20 years' experience across mining, mineral processing, critical minerals, refining, power generation, and major capital projects globally and in Australia. He has extensive experience leading multidisciplinary teams through feasibility, engineering, construction, commissioning, operations, and business improvement initiatives. Mr. Dodds has held senior leadership roles with organizations including Alcoa, Wood, Iluka Resources, UGL, and SIMPEC, delivering complex mining and infrastructure projects across critical minerals, copper, gold, battery metals, LNG, alumina, and power generation sectors. He has managed significant project portfolios with a strong focus on safety, commercial performance, stakeholder engagement, and operational excellence. Recognised for his practical leadership approach and strategic capability, Chris specialises in building high-performing teams, strengthening project delivery frameworks, and aligning technical, operational, and commercial objectives to deliver sustainable outcomes. Mr. Dodds holds a Master of Science in Petroleum Geoscience from the University of London, a Bachelor of Science (Honours) in Geological Science from Oxford Brookes University, and a Diploma in Project Management. Empire Metals Limited also announced the appointment of Ms. Emma Neale as Senior Advisor (Approvals) to manage the pathway to approvals across all levels of the Project's development. Ms. Neale is an accomplished environmental professional with more than 14 years' experience delivering environmental approvals, permitting, and impact assessment for mining and resource projects across Western Australia and internationally. She has held senior environmental advisory and consulting roles with Azure Minerals, the Department of Biodiversity, Conservation and Attractions, GHD, Greenland Minerals, and other leading organisations, successfully managing complex environmental approval processes, stakeholder engagement, regulatory compliance, and environmental impact assessments. Ms. Neale's experience spans projects from the Pilbara and Goldfields to Greenland, where she has played a key role in the development of environmental and social impact assessments for major mining developments. With a Bachelor of Environmental Science from Murdoch University, she is recognised for her collaborative approach, strong technical expertise, and ability to guide projects through complex regulatory frameworks while supporting sustainable project development. Ms. Neale will manage the approvals strategy and implementation for the Pitfield Project with the aim of ensuring the required approvals for the development of the Pitfield Project.

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.

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

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

RIO: Strong Copper And Dividend Momentum Will Mask Iron Ore Risk

Anglo American plc Announces Interim Dividend for the First Half 2026, Payable on 29 September 2026

Now 21% overvalued after recent price rise

Upcoming dividend of US$0.04 per share

GLEN: Copper Shift And Lithium Deal Will Shape Future Commodity Mix

Consensus EPS estimates fall by 10%

FRES: Higher Precious Metal Output And Execution Progress Will Support Re Rating Potential

PAF: Higher 2026 Gold Production Guidance Will Support Premium Re Rating Potential

Empire Metals Limited Announces Management Changes

Antofagasta plc Provides Los Pelambres Operational Update

ATYM: Future Dividend And Production Guidance Will Support Bullish Repricing

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

ACG Metals Limited Reiterates Production Guidance for the Fiscal 2026

ECOR: Critical Minerals Royalty Reconfiguration Will Support Future Cash Flow ReRating

SLP: Cash Generative Tailings Retreatment Business Will Drive Future Rerating Potential

Less than half of directors are independent