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 20.3x which is lower than its 3-year average PE of 25.2x. The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.0x.

Which industries have driven the changes within the U.K. Materials industry?

Investors are most optimistic about the Steel industry even though it's trading below its 3-year average PE ratio of 65.0x. Analysts are expecting annual earnings growth of 16.9%, which is higher than its past year's earnings decline of 10.9% per year.

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 19 Aug 2026	UK£299.3b	UK£301.2b	UK£14.9b	15x	20x	1x
Fri, 17 Jul 2026	UK£282.4b	UK£255.3b	UK£8.6b	15.2x	32.9x	1.1x
Sun, 14 Jun 2026	UK£323.3b	UK£256.5b	UK£8.6b	17.6x	37.4x	1.3x
Tue, 12 May 2026	UK£329.7b	UK£252.6b	UK£8.5b	20.5x	39x	1.3x
Thu, 09 Apr 2026	UK£309.5b	UK£256.5b	UK£8.6b	21.4x	36x	1.2x
Sat, 07 Mar 2026	UK£288.9b	UK£256.7b	UK£8.8b	21.9x	32.7x	1.1x
Mon, 02 Feb 2026	UK£289.9b	UK£241.0b	UK£5.9b	21x	49.5x	1.2x
Wed, 31 Dec 2025	UK£258.1b	UK£244.7b	UK£5.9b	19.3x	43.4x	1.1x
Fri, 28 Nov 2025	UK£222.9b	UK£249.1b	UK£6.1b	16.1x	36.6x	0.9x
Sun, 26 Oct 2025	UK£217.9b	UK£247.9b	UK£6.1b	14.4x	35.9x	0.9x
Tue, 23 Sep 2025	UK£198.5b	UK£244.2b	UK£5.9b	12.1x	33.4x	0.8x
Thu, 21 Aug 2025	UK£178.0b	UK£245.1b	UK£6.0b	10x	29.5x	0.7x
Sat, 19 Jul 2025	UK£175.8b	UK£245.0b	UK£5.9b	8.7x	29.6x	0.7x
Mon, 16 Jun 2025	UK£169.8b	UK£242.2b	UK£5.9b	8.2x	28.8x	0.7x
Wed, 14 May 2025	UK£176.3b	UK£246.9b	UK£6.1b	8.8x	29.1x	0.7x
Fri, 11 Apr 2025	UK£155.8b	UK£253.3b	UK£6.2b	7.7x	25.1x	0.6x
Sun, 09 Mar 2025	UK£182.5b	UK£253.9b	UK£6.2b	9.7x	29.5x	0.7x
Tue, 04 Feb 2025	UK£185.4b	UK£263.7b	UK£7.9b	9.2x	23.6x	0.7x
Thu, 02 Jan 2025	UK£181.5b	UK£260.8b	UK£7.8b	9.1x	23.3x	0.7x
Sat, 30 Nov 2024	UK£191.4b	UK£257.2b	UK£7.7b	9.5x	25x	0.7x
Mon, 28 Oct 2024	UK£198.2b	UK£252.8b	UK£7.6b	10.3x	26.2x	0.8x
Wed, 25 Sep 2024	UK£195.0b	UK£244.3b	UK£7.3b	11.1x	26.6x	0.8x
Fri, 23 Aug 2024	UK£189.6b	UK£250.3b	UK£7.4b	11.6x	25.6x	0.8x
Sun, 21 Jul 2024	UK£198.1b	UK£246.6b	UK£12.2b	14.2x	16.2x	0.8x
Tue, 18 Jun 2024	UK£204.8b	UK£250.8b	UK£12.4b	13.9x	16.5x	0.8x
Thu, 16 May 2024	UK£222.5b	UK£251.2b	UK£12.4b	17.5x	18x	0.9x
Sat, 13 Apr 2024	UK£214.5b	UK£256.1b	UK£12.8b	14.1x	16.7x	0.8x
Mon, 11 Mar 2024	UK£184.7b	UK£248.2b	UK£12.4b	12.4x	14.8x	0.7x
Wed, 07 Feb 2024	UK£194.0b	UK£262.1b	UK£18.0b	11.1x	10.8x	0.7x
Fri, 05 Jan 2024	UK£217.0b	UK£304.7b	UK£27.6b	10x	7.9x	0.7x
Sun, 03 Dec 2023	UK£217.7b	UK£304.3b	UK£27.6b	9.1x	7.9x	0.7x
Tue, 31 Oct 2023	UK£206.4b	UK£315.6b	UK£28.4b	10.1x	7.3x	0.7x
Thu, 28 Sep 2023	UK£205.5b	UK£316.5b	UK£28.4b	7.3x	7.2x	0.6x
Sat, 26 Aug 2023	UK£195.2b	UK£307.3b	UK£28.0b	6.9x	7x	0.6x


GB Market	-1.22%
Materials	-5.46%
Metals and Mining	-5.34%
Aluminum	0%	0
Silver	0%	0
Gold	-0.99%
Precious Metals and Minerals	-2.09%
Steel	-4.07%
Diversified Metals and Mining	-4.64%
Copper	-11.51%

Company	Last Price	7D	1Y	Valuation
RBW Rainbow Rare Earths	UK£0.24	9.6% +UK£13.5m	54.2%	PB27.7x
ATM Andrada Mining	UK£0.047	14.0% +UK£12.6m	61.2%	PS4.1x
CAPD Capital	UK£1.05	5.6% +UK£12.6m	14.4%	PE4.6x
SML Strategic Minerals	UK£0.048	7.0% +UK£8.7m	1,573.7%	PE4438x
KEN Kendrick Resources	UK£0.076	32.6% +UK£7.9m	2,623.2%	PE-12.4x

Announcement • Aug 11

Kendrick Resources plc Reports New Drill Results At Teufelskuppe Project

Kendrick Resources Plc has provided further portable X-ray fluorescence analytical results reporting high LREO grades over substantial mineralised package widths from diamond drill holes TKDD014 to TKDD018 at the Teufelskuppe Project. High-grade results derived from one hole (TKDD014) intersecting LREO mineralisation in the TK4 sill, two holes (TKDD015 & TKDD017) drilled into the TK1 dyke mineralised structure, one hole (TKDD016) intersecting mineralisation in the TK5 sill and one hole (TKDD018) targeting the TK7 sill. All mineralised bodies intersected significant mineralisation of continuous package widths ranging from 36.75m to 10.50m including 2.24 wt% LREO over 36.75m, 2.87 wt% LREO over 33.75m and 4.77 wt% LREO over 19.25m. TKDD014 drilled as part of a fence of holes into sill structure TK4 intersected LREO mineralisation over a continuous package width of 35.75m at 2.03 wt% LREO from 0.25m depth. TKDD015 intersected bands of high-grade mineralisation of 3.39 wt% over 2m and 4.19 wt% LREO over 2.50m at 24.25m and 29.75m respectively before intersecting a continuous mineralised package of 33.75m at 2.87 wt% LREO from 46.50m depth. The hole ended in mineralisation. TKDD016 intersected 36.75m of continuous LREO mineralisation at a grade of 2.24 wt% from a depth of 7.0m. The drill hole successfully intersected mineralisation in the TK5 sill. TKDD017 achieved impressive intercepts in the TK1 dyke structure with peak intercepts of 4.77 wt% LREO over 19.25m from 21.75m. The continuous mineralised package included an intercept of 5.80 wt% LREO from 29.0m. TKDD018 achieved two notable intercepts into the TK7 sill of 2.35 wt% over 15.25m from 3.25m and 2.45 wt% LREO over 10.5m from 21.75m depth. Borehole ID From(m) To(m) Width(m) LREO Grade(wt%) TKDD014 0.25 36.0 35.75 2.03 TKDD015 Including Including Including Including 24.25 29.75 38.25 46.5 46.5 46.55 55.75 62.25 73.75 77.5 26.25 32.25 41.5 80.25 70.0 53.75 61.25 70.0 80.25 80.25 2.00 2.50 3.25 33.75 23.50 7.25 5.50 7.75 6.50 2.75 3.39 4.19 2.33 2.87 2.71 3.75 3.26 2.16 4.60 8.18 TKDD016 Including 7.00 26.75 36.75 43.75 31.25 41.50 36.75 4.50 4.75 2.24 2.68 2.80 TKDD017 Including 14.75 21.75 21.75 29.00 17.00 41.00 25.50 41.00 2.25 19.25 3.75 12.00 4.04 4.77 3.43 5.80 TKDD018 3.25 21.75 18.53 2.25 15.25 10.50 2.35 2.45 The predominant rare earths of economic value in the TK complex are light elements in the order Ce>La>Nd>Pr, with neodymium (Nd) and praseodymium (Pr) together providing an average 25% (by wt) of the ca. 3% wt% rare earth pool. HREO's average 0.15 wt% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere. Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18.2 billion with a Compound Annual Growth Rate (CAGR) of 7.6%. The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of the TK project. Diversification of market supply to meet increasing manufacturing need is a recognised priority for most industrialised nations and international partnerships are being formed to diversify and protect supply chains for key industrial sectors, and to safeguard against supply disruptions. The Company is entirely focused on ways in which the development of TK can address the needs of free-market economies and to the benefit of all stakeholders including Namibia, the host nation. The Company is advancing JORC-2012 certification of the provisional and visible 14Mt surface mineral resource estimate for TK as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicated on 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of REE-rich resources at mineable depths well below the natural desert land surface. The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity thus offering a potentially significant resource upside. TK is developing into a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of 59 Pr and 60 Nd remains the economic cornerstone of the Project. Development through to production will enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies. The nearby presence of other intrusive carbonatites at Kieshohe, together with a defined in-house (non-JORC) Mineral Resource and established access and infrastructure, positions TK as a near-term development opportunity with exciting potential.

Announcement • Aug 11

Cadence Minerals Refurbishment Progresses At Azteca Processing Plant

Cadence Minerals plc announced that refurbishment of the Azteca processing plant at the Amapá Iron Ore Project has progressed from 77% to 87% weighted physical completion since the Company's announcement of 27 July 2026. The programme continues to target operational readiness by the end of August 2026. Commercial operations and shipments remain subject to successful commissioning and receipt of the Operating Licence. Weighted physical completion has increased from 77% to 87%, matching planned progress. The 31 August 2026 completion target is unchanged. The hopper/feed system, transfer conveyor, screen and process tank are complete. The spiral concentrator is approximately 64% complete against 50% planned. Electrical installation has increased from approximately 43% to 69% completion and is now in line with plan, materially advancing the principal execution focus identified in the previous update. Magnetic separation has reached approximately 75% completion and is the principal processing workstream to close out. The refurbishment programme is 87% complete against 87% planned, compared with 77% completion at the previous reporting date. Forty-nine of the 64 identified activities are now complete. The hopper/feed system, transfer conveyor, screen and process tank are complete. The spiral concentrator is approximately 64% complete against 50% planned, while piping is approximately 88% complete against 85% planned. Electrical installation has advanced from approximately 43% to 69% completion and is now in line with plan. Electrical works were the principal remaining execution focus in the Company's previous announcement. Magnetic separation has reached approximately 75% completion and is now the principal processing workstream to close out. Two related activities, including technical handover, remain outstanding. Management's immediate priority is completion of magnetic separation and the remaining piping, concentrator and electrical activities, together with preparation for integrated plant commissioning. The Company recorded no lost time injuries or reportable safety incidents during the reporting period. The previously granted installation licence (Licença de Instalação) (the "Installation Licence") authorises the approved refurbishment and installation works at Azteca. Commercial operations and shipments remain subject to receipt of the operating licence (Licença de Operação) (the "Operating Licence"). The Operating Licence process continues alongside completion of the refurbishment programme. DEV Mineração S.A. continues to engage with the State of Amapá Environmental Authority (SEMA/AP) and, as at the date of this announcement, the associated Operating Licence workstreams are progressing as expected. Management's immediate focus is completion of the remaining plant close-out activities, including magnetic separation technical handover, outstanding water piping works, tank measurement and handover, completion and delivery of the spiral concentrator workstream, and final equipment connection and electrical completion. The current programme continues to target 31 August 2026 for completion of the refurbishment works. Following completion of the refurbishment programme, the plant is intended to progress into integrated commissioning. Commercial operations and shipments remain subject to successful commissioning, completion of the related regulatory workstreams and receipt of the Operating Licence. The Pedra Branca do Amapári bridge, associated road works and additional Tailings Storage Facility works described in the Company's announcements of 27 July 2026 and 5 August 2026 do not form part of the Azteca refurbishment programme, and there has been no change to the position set out in those announcements. As at the end of 31 May 2026, Cadence's total investment in the Amapá Project is approximately USD 16.1 million, representing a 36.2% equity stake. The Amapá DR Iron Ore Project is a fully integrated iron ore operation in Brazil with established mine, rail, port and beneficiation infrastructure. The Project hosts a JORC-compliant Mineral Resource of 276 million tonnes at 38% Fe and a Proven and Probable Ore Reserve of 195.8 million tonnes at 39.34% Fe. An updated Pre-Feasibility Study published on 3 December 2024 confirmed the potential to produce 67.5% Fe direct reduction ("DR") grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of USD 1,970 million over a 15-year mine life. As part of a staged redevelopment strategy, Azteca is intended to be recommissioned as the initial production facility, targeting approximately 380,000 tonnes per annum of approximately 65% Fe concentrate from existing tailings. This initial production is intended to generate early cash flow to support ongoing operations and the broader development of the Project, subject to successful commissioning, completion of related regulatory workstreams and receipt of the LO.

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

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