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 35.8x which is higher than its 3-year average PE of 23.6x. The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.2x.

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 27.9x. Analysts are expecting annual earnings growth of 11.1%, 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
Thu, 11 Jun 2026	UK£307.8b	UK£257.3b	UK£8.7b	17x	35.5x	1.2x
Sat, 09 May 2026	UK£321.0b	UK£252.4b	UK£8.4b	19.8x	38x	1.3x
Mon, 06 Apr 2026	UK£297.0b	UK£260.6b	UK£8.7b	20.7x	34x	1.1x
Wed, 04 Mar 2026	UK£306.4b	UK£257.5b	UK£8.1b	20.6x	37.6x	1.2x
Fri, 30 Jan 2026	UK£297.7b	UK£239.1b	UK£5.8b	21.7x	51.3x	1.2x
Sun, 28 Dec 2025	UK£252.9b	UK£244.2b	UK£5.9b	18.5x	42.7x	1x
Tue, 25 Nov 2025	UK£217.7b	UK£252.0b	UK£6.2b	15.2x	35.4x	0.9x
Thu, 23 Oct 2025	UK£213.2b	UK£247.0b	UK£6.0b	13.8x	35.2x	0.9x
Sat, 20 Sep 2025	UK£194.7b	UK£245.0b	UK£6.0b	11.8x	32.7x	0.8x
Mon, 18 Aug 2025	UK£180.6b	UK£243.2b	UK£6.0b	10.1x	30.1x	0.7x
Wed, 16 Jul 2025	UK£174.0b	UK£245.5b	UK£5.9b	8.2x	29.3x	0.7x
Fri, 13 Jun 2025	UK£169.8b	UK£241.6b	UK£5.9b	8.2x	28.8x	0.7x
Sun, 11 May 2025	UK£167.9b	UK£246.8b	UK£6.1b	8.4x	27.7x	0.7x
Tue, 08 Apr 2025	UK£150.6b	UK£258.3b	UK£6.3b	7.6x	23.8x	0.6x
Thu, 06 Mar 2025	UK£184.2b	UK£255.1b	UK£6.2b	9.7x	29.6x	0.7x
Sat, 01 Feb 2025	UK£185.8b	UK£262.4b	UK£7.8b	9.4x	23.8x	0.7x
Mon, 30 Dec 2024	UK£181.2b	UK£259.6b	UK£7.7b	9x	23.4x	0.7x
Wed, 27 Nov 2024	UK£188.8b	UK£260.3b	UK£7.8b	9.3x	24.3x	0.7x
Fri, 25 Oct 2024	UK£195.5b	UK£252.5b	UK£7.6b	10.3x	25.8x	0.8x
Sun, 22 Sep 2024	UK£125.1b	UK£246.0b	UK£7.4b	11x	16.9x	0.5x
Tue, 20 Aug 2024	UK£191.5b	UK£252.0b	UK£7.5b	11.9x	25.5x	0.8x
Thu, 18 Jul 2024	UK£203.7b	UK£244.8b	UK£12.1b	13.6x	16.8x	0.8x
Sat, 15 Jun 2024	UK£206.7b	UK£251.0b	UK£12.4b	13.8x	16.7x	0.8x
Mon, 13 May 2024	UK£223.7b	UK£254.4b	UK£12.6b	15.9x	17.8x	0.9x
Wed, 10 Apr 2024	UK£210.4b	UK£251.5b	UK£12.6b	13.9x	16.7x	0.8x
Fri, 08 Mar 2024	UK£186.6b	UK£249.0b	UK£12.5b	11.8x	14.9x	0.7x
Sun, 04 Feb 2024	UK£206.7b	UK£305.8b	UK£27.7b	10.1x	7.5x	0.7x
Tue, 02 Jan 2024	UK£222.9b	UK£304.0b	UK£27.6b	9.8x	8.1x	0.7x
Thu, 30 Nov 2023	UK£210.5b	UK£304.8b	UK£27.6b	10.7x	7.6x	0.7x
Sat, 28 Oct 2023	UK£204.9b	UK£316.8b	UK£28.4b	10x	7.2x	0.6x
Mon, 25 Sep 2023	UK£209.4b	UK£314.1b	UK£28.3b	7.3x	7.4x	0.7x
Wed, 23 Aug 2023	UK£193.8b	UK£303.7b	UK£27.7b	6.9x	7x	0.6x
Fri, 21 Jul 2023	UK£215.3b	UK£327.0b	UK£38.3b	6.9x	5.6x	0.7x
Sun, 18 Jun 2023	UK£219.8b	UK£327.5b	UK£38.4b	7.8x	5.7x	0.7x


GB Market	-1.01%
Materials	-8.07%
Metals and Mining	-8.38%
Aluminum	0%	0
Silver	0%	0
Steel	-0.24%
Precious Metals and Minerals	-5.56%
Diversified Metals and Mining	-7.72%
Gold	-10.45%
Copper	-11.11%

Company	Last Price	7D	1Y	Valuation
CGS Castings	UK£3.19	18.6% +UK£21.7m	17.7%	PE28.7x
HILS Hill & Smith	UK£27.60	0.7% +UK£15.7m	61.6%	PE26.2x
BZT Bezant Resources	UK£0.0013	22.5% +UK£5.0m	316.7%	PE7.5x
EGT European Green Transition	UK£0.11	12.8% +UK£3.4m	51.7%	PB7.1x
GSCU Great Southern Copper	UK£0.029	11.5% +UK£2.3m	-14.7%	PB9.8x

Announcement • May 23

Great Southern Copper plc Commences Geophysics Amt Survey At La Colorada

Great Southern Copper plc commenced an audio-frequency magneto-telluric (AMT) geophysics survey across the La Colorada lithocap prospect at its Especularita Project. Survey to cover an area of approximately 33 km2 comprising western half of the La Colorada lithocap. Targeting large-scale porphyry copper deposits at depth below the high sulphidation lithocap. Survey to be completed in two weeks with results expected within 4-6 weeks. Results to assist with target vectoring for first-pass scout drilling of the lithocap. GSC holds rights to own 100% of the Especularita Project. Project located at low elevation with excellent access to infrastructure and mining services, and is along trend of major copper deposits including Los Pelambres, Altar and El Pachon. The La Colorada lithocap comprises the cornerstone of the Company's flagship Especularita project located 100 km south of the port of Coquimbo. The Especularita project is situated at low altitude within the Cretaceous-age coastal metallogenic belt, within a northwest-southeast trending structural lineament that links the project with notable large-scale porphyry Cu-Au mines and projects, including Los Pelambres, Altar and El Pachon. GSC's Especularita project is located at low altitude within the coastal metallogenic belt of northern Chile and within 50km radius of over 50 million tonnes of contained copper metal defined in mines and advanced projects. The Company has contracted Chile-based Southernrock Geophysics S.A. to undertake an AMT survey covering an area of approximately 33 km2 and comprising the western half of the La Colorada lithocap. The survey is planned on 500 metres grid centres and is designed to identify potential large-scale porphyry copper centres hidden at depth beneath the high-sulphidation alteration blanket. The survey parameters allow for the depth of investigation to exceed 1,000m below surface, subject to the resistivity nature of the rock. Approximate AMT survey area for the La Colorada lithocap, Especularita. Field team measuring EM activity on site at La Colorada - note the highly oxidised and clay-rich lithocap rocks in the background. Audio-frequency magneto-tellurics (AMT) is a passive electromagnetic geophysical technique ideally suited for mapping deeply buried porphyry copper deposits as it effectively penetrates thick, conductive cover (such as volcanic lithocaps) to delineate the deep, localized resistive intrusions and conductive alteration halos characteristic of porphyry systems. The method measures natural electromagnetic (EM) fields on the Earth's surface generated from lighting (high frequency) and solar winds (low frequency) to map subsurface electrical resistivity. By analyzing how these waves interact with different rock types, geophysicists can interpret geological units, fault zones, and potential mineral deposits down to depths of up to a few kilometers. Porphyry copper deposits may have distinct three-dimensional electrical signatures. When integrated through 3D inversion modelling, AMT maps these contrasts at depths ranging from 100 meters to over 2 kilometers. The causative porphyry intrusions typically appear as highly resistive bodies whereas the highly mineralized potassic cores and surrounding phyllic (pyrite-rich) and argillic alteration zones form conductive anomalies due to interconnected sulfide minerals and clay alteration. Scout RC drilling is currently in progress at the Artemisa North target with 3 holes completed for 414m. The fourth hole ART26-RC008 is currently in progress at a depth of 220m. Samples for holes ART26-RC005 and RC006 have been delivered to ALS Laboratories in Santiago by GSC personnel. Once completed at Artemisa North, the scout RC drilling programme will progress to test the Artemisa South and Victoria targets. Exploration work, including mapping and sampling, is in progress at both the Cerro Negro and Viuda prospects in preparation for drilling. Metallurgical studies are also underway for Mostaza core samples from Phases I and II of the drilling at Cerro Negro.

Announcement • May 08

Altona Rare Earths Plc Announces JORC-Compliant Mineral Resource Estimates For Fluorspar And Gallium At Monte Muambe Project

Altona Rare Earths Plc announced JORC-compliant Mineral Resource Estimates for fluorspar and gallium for the Monte Muambe project. JORC MRE: 3.48 million tons at 20.6% CaF2 for 716,000 tons of CaF2 contained. Initial base case mine life: 9.5 years at 50,000tpa acid-spar. Additional exploration target (Kudu - up to 3,200,000 tons of CaF2 contained) and additional exploration potential at Jambire and Jambire Mn targets (not drilled yet). Results justify initiating other fluorspar scoping study workflows. JORC MRE: 11.73 million tons at 54.7 g/t Ga2O3 for 641 tons of Ga2O3 contained. MRE tonnage significantly exceeds expectations, underpins potential for a large-scale gallium deposit. One of very few published gallium MRE worldwide and the first on a carbonatite deposit. Less than 20% of gallium soil anomaly drilled to date - strong tonnage upside potential (over 40 million tons). Commercial viability subject to on-going gallium extraction testing in Canada and Poland. No direct global peer comparison exists. Both MREs were prepared by Rock and Stock Investments (Pty) Ltd, a geological consultancy company based in Cape Town, South Africa, in accordance with the JORC code. Fluorspar and gallium MREs were prepared for the Fluorite Zone (including its Southern Extension), and for Python. A fluorspar exploration target estimate was prepared for the Kudu target. Zone Category Tonnage (Mt)Grade (CaF2 %) Contained CaF2 (t) Fluorite ZoneMeasured1.5220.7%314,000Fluorite ZoneInferred1.4820.2%299,000Fluorite ZoneTotal3.0020.5%613,000PythonInferred0.4921.2%103,000PythonTotal0.4921.2%103,000AllMeasured1.5220.7%314,000AllInferred1.9720.5%402,000AllTotal3.4820.6%716,000. Assuming a metallurgical recovery of 65% and a concentrate grade of 97.5% CaF2, the contained CaF2 tonnage is sufficient to produce 50,000 tons per year of acid-grade concentrate for a period of 9.5 years. These results therefore justify proceeding with the other workstreams of the fluorspar scoping study (metallurgy, mine plan, engineering studies and financial modelling). Significant potential remains to increase the fluorspar resource at Monte Muambe. Reconnaissance drilling fences at Kudu were sufficient to define an exploration target estimate, with up to 3.2 million tons of CaF2 contained. In addition, the Jambire and Jambire Mn targets, which display marked fluorine-in-soil anomalies and fluorspar outcrops, have not been drilled yet and are expected to provide additional tonnage. TargetCategoryTonnage (Mt)Grade (CaF2 %)Contained CaF2 (Mt)KuduExploration Target9.9-14.68%-22%0.8-3.2. Further drilling is expected to lead to a material increase in the MRE, potentially sustaining an up to 100,000 tons per year operation. Such drilling will not take place immediately, but rather as part of the project's definitive feasibility study, once project viability has been confirmed by the on-going scoping study. ZoneCategoryTonnage (Mt)Grade (g/t Ga2O3)Contained Ga2O3 (t)Fluorite ZoneInferred9.2953.3496PythonInferred2.4459.7146AllInferred11.7354.7641. The gallium MRE confirms that gallium mineralisation extends beyond the fluorspar ore envelope and into adjacent fenite zones, defining a broad mineralised zone around the perimeter of the carbonatite intrusion. As a result, the tonnage of the gallium resource is much higher than that of the fluorspar resource. The gallium MRE so far covers less than 20% of the total strike length of gallium-in-soil anomalies, indicating strong upside potential. The Board believes that the potential to increase the gallium MRE to a level of over 40 million tons is significant. The Monte Muambe gallium MRE is one of very few code-compliant gallium estimates ever published worldwide, and the first for a carbonatite-hosted occurrence. Gallium is usually reported as a potential by-product of bauxite, zinc ore, lithium, and in Western Australia as a co-product of rare earths in saprolite deposits. All these deposits have very different mineralogical and metallurgical characteristics and cannot be directly compared to Monte Muambe. The publication of the gallium MRE positions Altona to the forefront of gallium exploration and development in a rare-earths and fluorspar carbonatite context. The progress achieved by the Company underpins the importance of carrying out specific gallium metallurgical testing to test the possibility of (1) producing a concentrate enriched in gallium and (2) extracting gallium from this concentrate. This metallurgical testing is currently on-going in Canada and Poland respectively, using cutting edge technology, and will inform the next steps of the gallium exploration program. Fluorspar metallurgical testing is currently progressing in South Africa. This workstream is an essential component of the fluorspar scoping study, as it will determine process parameters, process flowsheet (hence plant capex), and plant operating costs. Additional scoping study workstreams including engineering and mine planning and design are now being initiated. The fluorspar metallurgy and scoping study are expected to be completed in the third quarter of 2026. On-going gallium metallurgy test work will confirm whether a potentially viable pathway to gallium recovery exists. Heavy rare earths workstreams announced on 14 April 2026 (mineralogy, drilling sample assays, metallurgy) are progressing. The Board expects that an updated MRE for heavy rare earths associated to fluorspar mineralisation will be published later this year. Gallium and heavy rare earths' behaviour is already being monitored as part of the fluorspar metallurgical studies. Results from the above workstreams will be integrated, if necessary, in the fluorspar scoping study. The Company will continue updating investors on the progress of these activities.

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

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New minor risk - Financial data availability

New minor risk - Financial data availability