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 37.4x which is higher than its 3-year average PE of 23.7x. The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.3x.

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 28.1x. Analysts are expecting annual earnings growth of 11.2%, 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
Mon, 15 Jun 2026	UK£323.3b	UK£256.5b	UK£8.6b	17.6x	37.4x	1.3x
Wed, 13 May 2026	UK£328.0b	UK£254.1b	UK£8.5b	19.9x	38.6x	1.3x
Fri, 10 Apr 2026	UK£305.9b	UK£256.0b	UK£8.6b	21.4x	35.7x	1.2x
Sun, 08 Mar 2026	UK£288.9b	UK£256.7b	UK£8.8b	21.9x	32.7x	1.1x
Tue, 03 Feb 2026	UK£290.4b	UK£241.5b	UK£5.9b	20.9x	49.5x	1.2x
Thu, 01 Jan 2026	UK£256.8b	UK£245.1b	UK£6.0b	19.4x	43.2x	1x
Sat, 29 Nov 2025	UK£226.1b	UK£249.3b	UK£6.1b	16.3x	37.1x	0.9x
Mon, 27 Oct 2025	UK£217.9b	UK£247.9b	UK£6.1b	14.4x	35.9x	0.9x
Wed, 24 Sep 2025	UK£199.3b	UK£244.0b	UK£5.9b	13.5x	33.6x	0.8x
Fri, 22 Aug 2025	UK£179.6b	UK£245.8b	UK£6.0b	10.2x	30x	0.7x
Sun, 20 Jul 2025	UK£175.8b	UK£245.0b	UK£5.9b	8.7x	29.7x	0.7x
Tue, 17 Jun 2025	UK£170.2b	UK£242.1b	UK£5.9b	8.2x	28.9x	0.7x
Thu, 15 May 2025	UK£176.2b	UK£247.8b	UK£6.1b	8.7x	29x	0.7x
Sat, 12 Apr 2025	UK£159.6b	UK£251.3b	UK£6.2b	8.2x	25.9x	0.6x
Mon, 10 Mar 2025	UK£182.5b	UK£253.9b	UK£6.2b	9.7x	29.5x	0.7x
Wed, 05 Feb 2025	UK£183.2b	UK£261.6b	UK£7.8b	9.3x	23.5x	0.7x
Fri, 03 Jan 2025	UK£184.3b	UK£263.9b	UK£7.9b	9.1x	23.4x	0.7x
Sun, 01 Dec 2024	UK£191.4b	UK£256.3b	UK£7.6b	9.5x	25.1x	0.7x
Tue, 29 Oct 2024	UK£199.4b	UK£252.5b	UK£7.6b	10.4x	26.3x	0.8x
Thu, 26 Sep 2024	UK£197.1b	UK£246.1b	UK£7.4b	11x	26.7x	0.8x
Sat, 24 Aug 2024	UK£190.5b	UK£247.9b	UK£7.3b	11.8x	26x	0.8x
Mon, 22 Jul 2024	UK£198.1b	UK£246.6b	UK£12.2b	14.2x	16.2x	0.8x
Wed, 19 Jun 2024	UK£206.5b	UK£250.7b	UK£12.4b	13.6x	16.7x	0.8x
Fri, 17 May 2024	UK£224.9b	UK£251.5b	UK£12.4b	17.5x	18.1x	0.9x
Sun, 14 Apr 2024	UK£214.5b	UK£256.1b	UK£12.8b	14.1x	16.7x	0.8x
Tue, 12 Mar 2024	UK£183.4b	UK£249.0b	UK£12.5b	12.9x	14.7x	0.7x
Thu, 08 Feb 2024	UK£191.5b	UK£261.5b	UK£17.9b	11.1x	10.7x	0.7x
Sat, 06 Jan 2024	UK£216.4b	UK£303.7b	UK£27.5b	9.9x	7.9x	0.7x
Mon, 04 Dec 2023	UK£217.7b	UK£304.3b	UK£27.6b	9.1x	7.9x	0.7x
Wed, 01 Nov 2023	UK£204.2b	UK£316.1b	UK£28.4b	10x	7.2x	0.6x
Fri, 29 Sep 2023	UK£209.3b	UK£314.5b	UK£28.3b	7.3x	7.4x	0.7x
Sun, 27 Aug 2023	UK£195.4b	UK£306.9b	UK£28.0b	6.9x	7x	0.6x
Tue, 25 Jul 2023	UK£216.0b	UK£327.4b	UK£38.4b	6.8x	5.6x	0.7x
Thu, 22 Jun 2023	UK£211.1b	UK£330.2b	UK£38.7b	7.5x	5.5x	0.6x


GB Market	0.98%
Materials	1.50%
Metals and Mining	1.46%
Diversified Metals and Mining	1.68%
Copper	1.63%
Steel	1.58%
Aluminum	0%	0
Silver	0%	0
Gold	-0.37%
Precious Metals and Minerals	-0.62%

Company	Last Price	7D	1Y	Valuation
RIO Rio Tinto Group	UK£78.14	2.7% +UK£3.4b	81.6%	PE17.1x
AAL Anglo American	UK£40.02	3.3% +UK£1.4b	88.0%	PS3.1x
ANTO Antofagasta	UK£40.44	1.6% +UK£621.1m	124.7%	PE40.2x
HILS Hill & Smith	UK£28.45	2.3% +UK£51.0m	68.9%	PE27x
ATYM Atalaya Mining Copper	UK£8.13	3.6% +UK£43.1m	76.1%	PE17.3x

Announcement • Jun 11

Empire Metals Limited Completes Integrated Metallurgical Processing Flowsheet for Pitfield Titanium Project

Empire Metals Limited had announced the completion of an integrated metallurgical processing flowsheet for the Pitfield Titanium Project in Western Australia. The flowsheet is capable of producing a premium 99%+ TiO2 pigment, supported by bench-scale testwork now successfully completed across the key processing stages. Pitfield's use of conventional processing technology, combined with the orebody's mineralogical advantage and the Project's location near readily available infrastructure, underpins a highly competitive cost structure. The flowsheet also offers the optionality to produce titanium metal feedstock and a high-grade alumina co-product. Integrated flowsheet defined to produce high-purity (99%+) TiO2 pigment and titanium sponge metal feedstock, plus a high-grade alumina co-product, from one of the world's largest and highest-grade titanium deposits. Pitfield offers a cost advantage over the conventional ilmenite sulphate route, driven by mineralogical advantages of the Pitfield ore and flowsheet: rejection of a low-value gangue fraction at the front of the circuit, lower acid consumption and leach temperatures, recycling of acid through the alumina circuit, and a vastly smaller iron residue stream. Flowsheet built entirely on proven, conventional processing steps, materially de-risking scale-up and feasibility. Whole-of-ore flotation confirms selective recovery of titanium minerals with rejection of more than 90% of unwanted gangue, producing concentrate grades above 34% TiO2. Titanium extraction of up to 98% achieved via an acid bake-water leach process, after atmospheric-pressure pre-leaching to remove the majority of the residual aluminium and iron from the titanium stream. High-grade alumina (98.7% Al2O3) produced from the pre-leach solution, offering the potential for a highly marketable co-product that simultaneously lifts TiO2 recovery, lowers reagent costs and reduces waste. Positioned to provide a significant Western source of TiO2 rutile pigment and titanium sponge metal feedstock, distinct from the energy-intensive ilmenite supply source that currently dominates global production. Continuous metallurgical piloting to commence Third Quarter 2026 to validate design criteria ahead of feasibility studies and produce product samples for evaluation by potential customers and offtake partners. Empire has commissioned a research programme at Murdoch University's Extractive Metallurgy Hub to develop a process for producing titanium metal directly from Pitfield's TiO2 product via molten salt electrolysis, offering a potential low-cost, lower-emission route to titanium metal and a pathway to further downstream value. The development of a fully integrated processing flowsheet utilising conventional beneficiation, leaching and refining processes to produce a high-grade (99.25% TiO2) product represents a defining moment in the development of the Pitfield Titanium Project. This outcome not only demonstrates the potential to produce high-quality TiO2 products, positioning Pitfield to serve premium pigment and titanium metal markets, but also provides an option to produce high-grade alumina, a highly marketable co-product. The process flowsheet which has been developed by Empire is a novel combination of various industry-standard unit processes which are highly suited to Pitfield's ore types. The process flowsheet has been broken down into two distinct circuits: Ore Preparation and Mineral Separation; Titanium Recovery and TiO2 Production. The process flowsheet has been batch-scale tested up to the point of calciner discharge, for both the TiO2 and alumina (Al2O3) products. In the case of the TiO2 product, batch testwork to date has resulted in a high-purity (99.25% TiO2) product. Product development testwork is underway to produce a high-quality rutile pigment post calcination, with promising results seen to date. Subject to undergoing further milling, chemical coating and surface treatment, this rutile pigment may be suitable for the high-value end of the pigment market, such as architectural paints. The Company is also continuing its research into the production of Ti sponge metal and is currently testing the TiO2 products being generated from the Pitfield ore to determine their suitability as a feedstock for the Ti metal industry. In the process of developing and optimising the flowsheet it has become apparent that there is an economic case for production of Al2O3 as a highly marketable co-product. It is inevitable that there will be some minor recovery of aluminium gangue minerals along with the titanium during the flotation stage. Rather than simply reject these in the titanium purification stage the testwork conducted to date has shown that a high-purity, circa 99% Al2O3 product can be made. The recovery of the alumina before the titanium purification stage not only creates additional revenue, but it also reduces the cost of neutralisation and the size and cost of the residue storage. The option of producing some alumina requires further evaluation and will be included in ongoing Scoping Studies. The development of a novel metallurgical flowsheet for Pitfield, using conventional technologies and resulting in a fully integrated plant, processing ore into a high-value TiO2 product suite, has been Empire's goal since the early days of the discovery. The RPEEE cost estimates previously prepared for the MRE open pit optimisation inputs have since been refined through metallurgical testwork, process modelling and engineering option studies carried out under the supervision of Empire's technical team. On the basis of this work, the Company believes the Pitfield flowsheet offers a cost advantage relative to the conventional ilmenite sulphate route, driven by structural advantages of the Pitfield ore and flowsheet: rejection of a low-value gangue fraction at the front of the circuit, lower acid consumption and leach temperatures than the conventional sulphate route, recycling of acid through the alumina circuit, and a vastly smaller iron residue stream. Independent cost data published by TiPMC Consulting in 2026 indicates production costs for conventional rutile pigment routes in the range of approximately USD 1,300 to USD 3,300 per tonne, varying by production method and region, with European and North American chloride and sulphate routes at the higher end and leading Chinese sulphate producers at the lower end. The Company expects to release an updated MRE in July/August this year, based on the large-scale drilling programme completed in April 2026, which will incorporate updated open pit optimisation inputs. Ore characterisation research and testwork has resulted in a deeper understanding of how Pitfield's giant titanium-rich ore deposit was formed, allowing the advancement of metallurgical concepts aimed at physically separating the titanium-rich minerals from the low-value gangue minerals.

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) Metals and Mining Industry Analysis

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