Has the U.K. Gold Industry valuation changed over the past few years?

Investors are pessimistic on the British Gold 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 14.8x which is lower than its 3-year average PE of 27.6x. The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 2.7x.

How does U.K. Gold compare with similar industries?

There are no additional sub-industries under this industry.

U.K. (FTSE) Gold Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 22 Jul 2026	UK£5.8b	UK£2.1b	UK£391.6m	10.9x	14.8x	2.7x
Fri, 19 Jun 2026	UK£6.8b	UK£2.1b	UK£400.6m	9.8x	17.1x	3.2x
Sun, 17 May 2026	UK£7.2b	UK£1.9b	UK£365.3m	8.7x	19.8x	3.7x
Tue, 14 Apr 2026	UK£7.8b	UK£1.9b	UK£376.2m	13.9x	20.7x	4.2x
Thu, 12 Mar 2026	UK£7.7b	UK£1.8b	UK£351.6m	21.5x	21.9x	4.3x
Sat, 07 Feb 2026	UK£7.4b	UK£1.5b	UK£273.6m	26.7x	27.2x	4.9x
Mon, 05 Jan 2026	UK£6.1b	UK£1.6b	UK£276.3m	21.4x	21.9x	3.9x
Wed, 03 Dec 2025	UK£5.2b	UK£1.6b	UK£285.5m	18.5x	18.3x	3.3x
Fri, 31 Oct 2025	UK£4.3b	UK£1.6b	UK£280.8m	15.2x	15.3x	2.7x
Sun, 28 Sep 2025	UK£4.4b	UK£1.6b	UK£277.4m	14.5x	16x	2.9x
Tue, 26 Aug 2025	UK£3.5b	UK£1.2b	UK£165.3m	9.6x	21.2x	2.8x
Thu, 24 Jul 2025	UK£3.3b	UK£1.2b	UK£175.6m	8.7x	18.6x	2.7x
Sat, 21 Jun 2025	UK£4.8b	UK£1.2b	UK£188.9m	7x	25.6x	4x
Mon, 19 May 2025	UK£4.2b	UK£1.2b	UK£183.5m	9.7x	22.9x	3.5x
Wed, 16 Apr 2025	UK£4.7b	UK£1.2b	UK£170.9m	12.1x	27.7x	3.9x
Fri, 14 Mar 2025	UK£3.5b	UK£1.2b	UK£173.6m	9.2x	20.4x	2.9x
Sun, 09 Feb 2025	UK£3.3b	UK£1.2b	UK£61.6m	6.2x	54.3x	2.7x
Tue, 07 Jan 2025	UK£3.0b	UK£1.2b	UK£59.7m	6x	49.5x	2.4x
Thu, 05 Dec 2024	UK£2.9b	UK£1.2b	UK£56.7m	6.2x	52x	2.5x
Sat, 02 Nov 2024	UK£4.7b	UK£1.9b	UK£115.6m	11.1x	40.6x	2.5x
Mon, 30 Sep 2024	UK£4.1b	UK£1.8b	UK£106.4m	9.2x	38.1x	2.2x
Wed, 28 Aug 2024	UK£3.7b	UK£1.8b	UK£52.6m	7.9x	71.3x	2.1x
Fri, 26 Jul 2024	UK£3.5b	UK£1.8b	UK£49.6m	8.2x	70.1x	1.9x
Sun, 23 Jun 2024	UK£3.5b	UK£1.8b	UK£50.6m	8.9x	69.9x	1.9x
Tue, 21 May 2024	UK£3.7b	UK£1.8b	UK£53.0m	8.7x	69.3x	2x
Thu, 18 Apr 2024	UK£3.5b	UK£2.0b	UK£56.4m	13.7x	62.1x	1.8x
Sat, 16 Mar 2024	UK£3.0b	UK£1.9b	UK£29.0m	12.6x	104.5x	1.6x
Mon, 12 Feb 2024	UK£2.7b	UK£1.9b	UK£23.8m	10.4x	112.6x	1.4x
Wed, 10 Jan 2024	UK£3.8b	UK£4.8b	-UK£195,293,653.00	8.5x	-19.6x	0.8x
Fri, 08 Dec 2023	UK£4.0b	UK£4.9b	-UK£194,153,371.00	7.6x	-20.4x	0.8x
Sun, 05 Nov 2023	UK£3.8b	UK£4.9b	-UK£194,927,670.00	10x	-19.4x	0.8x
Tue, 03 Oct 2023	UK£3.5b	UK£4.9b	-UK£193,962,500.00	9.5x	-17.9x	0.7x
Thu, 31 Aug 2023	UK£3.7b	UK£4.8b	-UK£164,189,054.00	7.3x	-22.2x	0.8x
Sat, 29 Jul 2023	UK£3.6b	UK£4.8b	-UK£160,726,542.00	7x	-22.3x	0.7x


GB Market	0.56%
Materials	-2.31%
Metals and Mining	-2.55%
Gold	-2.42%
Steel	2.27%
Aluminum	0%	0
Silver	0%	0
Diversified Metals and Mining	-2.44%
Copper	-4.25%
Precious Metals and Minerals	-4.32%

Company	Last Price	7D	1Y	Valuation
ACG ACG Metals	UK£19.00	0.5% +UK£2.3m	181.5%	PS4.3x
FCM First Class Metals	UK£0.026	6.0% +UK£551.9k	23.3%	n/a
ECR ECR Minerals	UK£0.0021	5.1% +UK£354.4k	-4.7%	PB1x

Announcement • May 30

Ariana Resources Plc Updates Optimised Dokwe Gold Project Pre-Feasibility Study With Excellent Metrics

Ariana Resources plc reported the completion of a revised Pre-feasibility Study for the 100%-owned Dokwe Gold Project in Zimbabwe. Long-life, low capital cost, high margin gold production occurring in two phases: 12-year initial open-pit Life of Mine phase at approximately 80,000oz per annum and 8-year stockpile processing phase at approximately 20,000oz per annum for total Life of Project production of 1.06Moz and peak production of 100,000oz per annum. Ore Reserve increased by approximately 42% to 1.13Moz of gold at Dokwe North, comprising the following Proved and Probable categories, at a 0.2 g/t Au cut-off: High Grade: 11.0Mt at 1.91 g/t Au (for 674,300 oz Au); Medium Grade: 16.3 Mt at 0.57 g/t Au (for 297,700 oz Au); Low Grade: 18.6Mt at 0.27 g/t Au (for 163,200 oz Au). Mineral Resource Estimate increased by 13% to 1.6Moz of gold at Dokwe North and Dokwe Central, at a 0.2 g/t Au cut-off. Pre-tax Life of Project NPV10 of USD 1,056 million, post-tax NPV10 of USD 740 million, approximate 1-year payback period from commissioning and 92% IRR at a USD 4,250/oz gold price; total EBITDA of USD 1,993 million. Low average strip ratio of 3.7, Life of Mine C1 (operating) cost of USD 1,685/oz, and low total pre-production CAPEX of USD 164 million. Production schedule based on a maximum 2.5Mtpa plant throughput and high-grading production strategy, reflecting the Strategic Optimisation Study undertaken by Whittle Consulting in 2025. Production schedule includes 1.8Mt at 1.38 g/t Au of Indicated Mineral Resources from Dokwe Central, accessible via open-pit but not yet converted to Ore Reserve. Dokwe sits within granted mining claims which are wholly-owned by a subsidiary of Ariana, providing an uninhibited pathway to production. Ariana remains well-funded with pro-forma cash and investments of AUD 53 million and no debt. The completion of this revised Pre-feasibility Study, together with the advanced stage of the metallurgical and geotechnical drilling underway, are important pre-requisites for the work in progress for the Definitive Feasibility Study. The Dokwe Gold Project consists of the Dokwe North and Dokwe Central deposits and is located approximately 110km west-northwest of Bulawayo, Zimbabwe. The objective of this Pre-feasibility Study revision was to revise the Resources last announced in March 2025, review the 2022 Minxcon Pre-feasibility Study and update to a process feed rate of 2.5Mtpa (from 1.5Mtpa in the original Pre-feasibility Study), as recommended from a Strategic Optimisation Study carried out by Whittle Consulting in 2025. This revision to the Pre-feasibility Study also reports an updated Ore Reserve, key financial outputs and updated processing and operating costs estimated by Xinhai Mining Group. The Dokwe North and Central Resource models provided by Ariana, which were announced in accordance with JORC (2012) as a Mineral Resource Estimate on 4 March 2025 (and to the ASX on 8 September 2025), were updated to reflect the increase in the gold price. The updated 2026 Mineral Resource Estimate, reported at a cut-off grade of 0.2g/t Au within a pit shell generated using a USD 5,000/oz gold price to demonstrate Reasonable Prospects for Eventual Economic Extraction, is as follows: Dokwe North Measured: 21,055kt at 0.92g/t Au for 621,500oz; Indicated: 27,224kt at 0.71g/t Au for 617,400oz; Inferred: 11,963kt at 0.67g/t Au for 258,500oz; Total: 60,242kt at 0.77g/t Au for 1,497,400oz. Dokwe Central Indicated: 2,107kt at 1.39g/t Au for 94,300oz; Inferred: 117kt at 1.66g/t Au for 6,200oz; Total: 2,225kt at 1.41g/t Au for 100,600oz. Total Measured: 21,055kt at 0.92g/t Au for 621,500oz; Indicated: 29,331kt at 0.75g/t Au for 711,700oz; Inferred: 12,080kt at 0.68g/t Au for 264,700oz; Total: 62,467kt at 0.80g/t Au for 1,598,000oz. Processing capital and operating costs have been re-estimated by the Xinhai Mining Group using the 2022 Pre-feasibility Study design criteria, with modifications for an increase in throughput from 1.5Mtpa to 2.5Mtpa, the exclusion of a heap leach process and the use of traditional wet disposal of process tailings. Updated mining costs were obtained through a request for quotation process carried out by Auralia in 2025 whereby mining contractors operating in southern Africa were approached to provide full costs for a contract mine operation. The mining and energy cost assumptions are based on indicative commercial terms to a Pre-feasibility Study level of accuracy, which involved a scaling of mining fleet requirements from the 1.5Mtpa case to the 2.5Mtpa case. Whittle Consulting carried out a Strategic Option Study in 2025 for the Dokwe Project. The objective was to generate a view of the scale and economic potential of the project based on the most significant strategic optimisation mechanisms to the 2025 Mineral Resource Estimate. The conclusion of the Strategic Option Study was to set a processing limit of 2.5Mtpa and a mining capacity of 30-35Mt/y. By providing sufficient mining capacity and utilising long-term stockpiling, it is possible to raise the cut-off grade in early years and retime lower grade ore to later in the plant life. The industry benchmark Geovia Whittle open pit optimisation software was used to run base case optimisations for Dokwe North and Central using a gold price of USD 4,000/oz and inputs generated through work for this Pre-feasibility Study, or using the 2022 Pre-feasibility Study inputs where still relevant. The 2025 Strategic Option Study indicated that 2.5Mtpa was an optimal target and that using elevated cut-offs for process feed material would significantly shorten mining life, but at significant NPV upside. The results of the optimisations indicate that operating with an elevated cut-off would not only increase the head grade, but in doing so improve the discounted cashflow. A range of cut-offs were tested and a 0.6 g/t Au cut-off run returned the highest discounted cashflow. Given the 0.6 g/t Au cut-off total pit size was close to the base case pit shell, it was determined that the base case optimisation shell would form the basis of the pit design with elevated cut-offs applied in the scheduling process. To allow faster access to ore and defer waste stripping to later in the mine life, it is necessary to mine Dokwe North in four stages. Dokwe Central is to be mined as a single-stage pit. The nameplate capacity of the processing plant is 2.5Mtpa (625kt per quarter) with the mining rate varying from 36Mtpa for the first three quarters, 30Mtpa for a further nine quarters, reducing to 18Mtpa. The Dokwe production schedule includes 1.8Mt at 1.38g/t Au of mineralised material from Dokwe Central, accessible via open-pit mining, which has not been converted to Ore Reserve. It is expected that conversion to Ore Reserve is possible once sufficient geotechnical and metallurgical data is obtained. Mined material was separated into different categories based on grade, weathering and resource classification.

U.K. (FTSE) Gold Industry Analysis

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