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 22.3x which is lower than its 3-year average PE of 25.5x. The 3-year average PS ratio of 0.85x 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 close to its 3-year average PE ratio of 30.0x. 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
Fri, 11 Sep 2026	UK£329.0b	UK£301.8b	UK£14.7b	14.9x	22.3x	1.1x
Sun, 09 Aug 2026	UK£313.8b	UK£302.0b	UK£14.5b	14.5x	21.6x	1x
Tue, 07 Jul 2026	UK£296.9b	UK£256.9b	UK£8.6b	16.8x	34.4x	1.2x
Thu, 04 Jun 2026	UK£336.5b	UK£256.4b	UK£8.6b	18.7x	38.9x	1.3x
Sat, 02 May 2026	UK£306.0b	UK£252.6b	UK£8.4b	18.5x	36.3x	1.2x
Mon, 30 Mar 2026	UK£277.9b	UK£259.1b	UK£8.7b	19.4x	31.9x	1.1x
Wed, 25 Feb 2026	UK£313.3b	UK£253.8b	UK£7.9b	21.9x	39.6x	1.2x
Fri, 23 Jan 2026	UK£286.1b	UK£244.5b	UK£5.9b	20.3x	48.2x	1.2x
Sun, 21 Dec 2025	UK£245.9b	UK£246.6b	UK£6.0b	17.1x	41x	1x
Tue, 18 Nov 2025	UK£222.1b	UK£250.4b	UK£6.1b	14.2x	36.3x	0.9x
Thu, 16 Oct 2025	UK£221.8b	UK£246.5b	UK£6.0b	15.7x	36.8x	0.9x
Sat, 13 Sep 2025	UK£192.0b	UK£243.3b	UK£5.9b	11.6x	32.5x	0.8x
Mon, 11 Aug 2025	UK£178.7b	UK£244.5b	UK£5.8b	10.7x	30.6x	0.7x
Wed, 09 Jul 2025	UK£173.2b	UK£241.8b	UK£5.9b	8.2x	29.6x	0.7x
Fri, 06 Jun 2025	UK£176.9b	UK£242.2b	UK£5.9b	9.9x	29.9x	0.7x
Sun, 04 May 2025	UK£167.9b	UK£247.5b	UK£6.1b	8.4x	27.6x	0.7x
Tue, 01 Apr 2025	UK£171.4b	UK£254.3b	UK£6.2b	8.3x	27.5x	0.7x
Thu, 27 Feb 2025	UK£183.2b	UK£258.1b	UK£6.3b	8.9x	29x	0.7x
Sat, 25 Jan 2025	UK£192.5b	UK£261.4b	UK£7.8b	9.4x	24.7x	0.7x
Mon, 23 Dec 2024	UK£180.5b	UK£259.7b	UK£7.7b	9.4x	23.3x	0.7x
Wed, 20 Nov 2024	UK£189.3b	UK£258.3b	UK£7.7b	10.5x	24.5x	0.7x
Fri, 18 Oct 2024	UK£195.6b	UK£251.7b	UK£7.5b	10.6x	25.9x	0.8x
Sun, 15 Sep 2024	UK£183.4b	UK£249.6b	UK£7.5b	10.6x	24.4x	0.7x
Tue, 13 Aug 2024	UK£192.9b	UK£256.4b	UK£7.7b	11.2x	25.2x	0.8x
Thu, 11 Jul 2024	UK£212.4b	UK£247.9b	UK£12.3b	13.1x	17.3x	0.9x
Sat, 08 Jun 2024	UK£212.4b	UK£250.4b	UK£12.4b	14.7x	17.2x	0.8x
Mon, 06 May 2024	UK£217.1b	UK£254.0b	UK£12.5b	14.4x	17.3x	0.9x
Wed, 03 Apr 2024	UK£200.2b	UK£253.5b	UK£12.7b	13.2x	15.8x	0.8x
Fri, 01 Mar 2024	UK£183.0b	UK£252.5b	UK£12.6b	10.8x	14.5x	0.7x
Sun, 28 Jan 2024	UK£209.5b	UK£304.5b	UK£27.6b	9.6x	7.6x	0.7x
Tue, 26 Dec 2023	UK£221.4b	UK£304.6b	UK£27.6b	10.4x	8x	0.7x
Thu, 23 Nov 2023	UK£213.8b	UK£309.3b	UK£27.9b	10.3x	7.7x	0.7x
Sat, 21 Oct 2023	UK£198.8b	UK£316.1b	UK£28.4b	9.9x	7x	0.6x
Mon, 18 Sep 2023	UK£213.1b	UK£310.9b	UK£28.1b	7x	7.6x	0.7x


GB Market	-0.70%
Materials	1.74%
Metals and Mining	1.78%
Copper	3.74%
Precious Metals and Minerals	2.59%
Diversified Metals and Mining	1.77%
Gold	0.55%
Aluminum	0%	0
Silver	0%	0
Steel	-0.14%

Company	Last Price	7D	1Y	Valuation
TUN Tungsten West	UK£0.51	7.6% +UK£54.2m	436.8%	PS1275.7x
GFM Griffin Mining	UK£2.94	7.3% +UK£35.3m	48.5%	PE31.8x
KP2 Kore Potash	UK£0.036	8.7% +UK£15.0m	13.8%	PB1.2x
ARS Asiamet Resources	UK£0.021	25.4% +UK£14.4m	115.4%	PB33.9x
GMET Guardian Metal Resources	UK£1.73	3.0% +UK£9.7m	98.3%	PB13.1x

Announcement • Sep 04

Bezant Resources plc Provides Update on Hope and Gorob Copper-Gold Project and Tsoaxaub Metals Processing Plant

Bezant Resources Plc announced the following update on the development of the Hope & Gorob copper-gold project in Namibia and the associated Tsoaxaub Metals Processing Plant (formerly referred to as the NLZM Processing Plant). Development activities at both the Tsoaxaub Metals Processing Plant and the Hope & Gorob mine site continue to progress in line with the current project schedule. Subject to completion of the remaining commissioning activities, the Company expects first run-of-mine (ROM) ore to be processed through the repurposed Tsoaxaub Metals Processing Plant during September 2026 which will generate the first concentrate from the Hope and Gorob mine. In parallel, management is assessing a higher mass-pull operating strategy for the ore sorter, which has the potential to increase copper recoveries and reduce copper losses, albeit at a lower pre-concentrate grade. The review and associated technical assessments remain ongoing and there are technical, environmental and economic factors which will drive the final decision. On the basis of the current Mineral Inventory, together with the JORC (2012) Mineral Resource, the current planned capacity of the Tsoaxaub Metals flotation plant and the higher mass-pull scenario under consideration, management believe the project has the potential to support an estimated life of mine (LOM) of approximately 35 years. The Company is not, at this stage, publishing a revised economic model accommodating the anticipated expanded LOM. Any future updated financial model will be subject to various factors including final plant design, processing throughput, plant location, metallurgical performance, capital and operating cost inputs, and matters relating to royalties and other payments. The Company will provide further updates as commissioning, ore sorting and development optimisation work advances. Mine-site camp construction is approximately 75% complete, with 130 employees and contractors resident on site. ROM ore generated from the first two blasts has been stockpiled and is ready for transport to the Tsoaxaub Metals Processing Plant. ROM ore stockpiles from the first two blasts exceed the projected tonnage, reflecting additional ore recovery recorded in the Mineral Inventory but not included in the Mineral Resource. Approximately 75% of surface infrastructure has been delivered and is being installed at the mine site. The full Unitrans mining and haulage fleets have been delivered to site. The C1 Civils and Structural Completion Certificate evidencing completion of all major structural steelwork and civil works has been received for the Tsoaxaub plant upgrade. The C2 Mechanical Completion Certificate for Tsoaxaub evidencing completion of all mechanical equipment, pipework and platework installation is scheduled for completion during September 2026 which will confirm: Slurry sumps installed and pipes and pumps currently being installed; Tailings thickener water tested; Flotation cell mechanisms all refurbished and re-installed; Connection of new electrical drives and instrumentation 90% complete; New float feed surge tank installed and agitators and electrical connections completed; Cone crusher installed; Feed-belt weightometer installed and awaiting calibration; Tailings dam wall refurbished and being raised to increase freeboard; Tailings transfer tank installed; "First Fill" reagents have been delivered to the Tsoaxaub plant. Concentrate haulage trucks have also been delivered. The ore sorter is currently clearing customs and is expected to arrive on site shortly. Expansion of the ROM pad at Tsaoxaub Metal Processing Plant has been completed. Renovation of mine offices, medical centre, changing rooms and laboratory 90% completed. The Tsoaxaub assay laboratory is fully functional and is conducting continuous sample preparation and analytical testing ahead of production. As previously announced based on the current Mineral Inventory, management believes that the Hope deposit has the potential to support an estimated 35-year life of mine. Current copper, gold and silver prices support continued evaluation of a higher mass-pull scenario, which could allow lower-grade material to be mined and processed economically, thereby extending the life of mine and increasing total copper metal production.

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

Pan African Resources PLC Provides Earnings Guidance for the Year Ended 30 June 2026

Norin Mining (Hong Kong) Limited acquired Indokal Limited from Asiamet Resources Limited (AIM:ARS).

New minor risk - Share price stability

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

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

FRES: Higher Precious Metal Output And Dividend Support Will Drive Re Rating Potential

Bezant Resources plc Provides Update on Hope and Gorob Copper-Gold Project and Tsoaxaub Metals Processing Plant

Tungsten West PLC, Annual General Meeting, Sep 29, 2026

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

Upcoming dividend of €0.055 per share

Some Analysts Just Cut Their Griffin Mining Limited (LON:GFM) Estimates

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

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

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