October 2026
Largest Metals & Mining Public Companies in the UK
Benchmark revenue and EBITDA valuation multiples for public comps like
Rio Tinto UK, Anglo American, Antofagasta, Endeavour Mining and Greatland Resources.
 | Rio Tinto is a global diversified miner. Iron ore is its major commodity, with lesser contributions from copper and aluminum. Lithium, diamonds, gold, and industrial minerals are more minor contributors. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada. | $94 | +30% | $153B | $173B | 3.0x | 7.5x | ||
| Previously one of the more diversified major miners, in May 2024 Anglo American announced that it will restructure to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. It sold out of platinum group metals in September 2025, and will likely sell or demerge and spin off its majority-owned De Beers diamonds business, in most years the world's largest supplier and marketer of rough gem diamonds by value. It is again trying to sell its remaining metallurgical coal mines after Peabody pulled out of a deal to buy them. Anglo also plans to move back into the crop nutrients business via its Woodsmith polyhalite project in the UK. In September 2025, it also agreed to merge with Teck, with the deal likely to complete in late 2026 or early 2027. | $54 | +42% | $58B | $73B | 3.9x | 18.4x | ||
| Antofagasta PLC is a Chilean copper mining company. The company operates four copper mines in Chile, two of which produce volumes of by-products. The company also has a portfolio of growth opportunities located mainly in Chile. In addition to mining, the company has a transport division providing rail and road cargo services in northern Chile to mining customers. Geographically, the company's operations are located in the Antofagasta Region of northern Chile except for its flagship operation, Los Pelambres, which is in the Coquimbo Region of central Chile. The operating business segments are Los Pelambres, Centinela, Antucoya, Zaldivar, Exploration and evaluation, Corporate and other items, and Transport division. The Los Pelambres segment drives maximum revenue. | $50 | +36% | $49B | $57B | 6.6x | 11.2x | ||
| Endeavour Mining PLC is a gold producer in West Africa. The Group operates in four principal countries, Burkina Faso (Hounde, and Mana mines), Cote d’Ivoire (Ity mine, Lafigue project), Senegal (Sabodala-Massawa mine) and Mali (Kalana Project). It derives maximum revenue from Ity Mine. | $56 | +39% | $14B | $14B | 3.2x | 6.6x | ||
| Greatland Resources Ltd is a new Australian gold and copper producer, operating the Telfer gold mine, one of Australia’s gold-copper mining complexes. Greatland is concurrently developing the nearby world-class Havieron gold-copper project and exploring across a regional portfolio. | $7 | +53% | $4.8B | $3.9B | 2.5x | 4.2x | ||
| Critical Metals Corp operates as a mining exploration and development company focused on critical metals and minerals. Its key activities center on lithium and rare earth element deposits, with projects such as the Wolfsberg Lithium Project in Austria and the Tanbreez rare earth deposit in Greenland. Its operations are based prominently in Europe and Greenland, with an outlook on supplying strategic minerals to various countries. | $7 | -44% | $1.1B | $982M | - | (4.3x) | ||
| Tungsten West is a listed mining company restarting the Hemerdon tungsten and tin mine on the outskirts of Plymouth in Devon. The company has operated under the Tungsten West name since 2019 and re-registered as a public limited company before its 2021 AIM admission. Hemerdon contains one of the world's largest known tungsten deposits and includes mining and processing infrastructure from an earlier period of production. Tungsten West plans to sell tungsten and tin concentrates to industrial refiners and also processes secondary aggregates from mine waste. Tungsten is used in hard metals, defence equipment, aerospace, electronics and next-generation energy applications because of its density, hardness and high melting point. The company began producing concentrate during commissioning in 2026 and was preparing for production ramp-up. Its commercial plan therefore depends on completing the mine restart, achieving recoveries in the processing plant and securing long-term mineral offtake customers. | $1 | +351% | $971M | $940M | 1178.3x | (93.7x) | ||
| Honbridge Holdings Ltd is a Hong Kong-based company mainly involved in mineral resources exploration and lithium battery production. The company reports in three segments that are Mineral resources exploration and trading, which includes research and exploration of mineral resources and trading of copper and steel; Lithium battery production, which is into production and sale of lithium battery; and Online car-hailing and related services segment. The vast majority of the revenue is generated from the Lithium battery production segment. The company operates in China, Belgium, and Sweden, out of which China accounts for the majority of the revenue. | $0 | +5% | $942M | $888M | 30.2x | (136.1x) | ||
| Meridian Mining PLC is engaged in the exploration and development of mineral deposits in Brazil. The Company is currently focused on resource development of the Cabacal Project, the regional scale exploration of the Cabacal VMS belt and the exploration in the Santa Helena, Espigao, Ariquemes, and Mirante De Serra. | $2 | -- | $799M | $703M | - | (40.4x) | ||
| Metals Exploration PLC is a natural resource exploration and development company. The company identifies, acquires, and develops mining and processing projects, mining companies, and businesses with a focus on base and precious metals mining opportunities. The main asset of the company is the Runruno gold-molybdenum project in Northern Philippines. The company operates in geographic areas of the UK, Philippines, and Singapore. | $0 | +29% | $674M | $633M | 3.0x | 6.1x | ||
| ACG Metals Ltd operates in the metals industry, with the copper sector. The company intends to become a supplier of copper and other critical metals with ESG and carbon footprint characteristics. | $26 | +88% | $594M | $770M | 5.7x | (40.8x) | ||
| Ferrexpo PLC is engaged in the mining, processing, and selling of iron ore pellets to the steel industry. It produces blast furnace pellets with iron grade. The company exports all its production to countries in Europe and Asia including Austria, Japan, Germany, South Korea, Slovakia, Turkey, and China, as well as other European and Asian countries. It generates the maximum revenue from the Central Europe region. | $0 | -45% | $429M | $410M | 0.5x | (2.9x) | ||
| Empire Metals Ltd is an exploration and resource development company with a project portfolio comprising gold interests in Australia and Austria. The company develops a pipeline of projects with its main focus on the high-grade Eclipse and Gindalbie Gold Projects in Western Australia. The company's project portfolio includes the Pitfield Copper-Gold Project and the Walton Copper-Gold Project in Western Australia and the Stavely Copper-Gold Project in the Stavely Arc region of Victoria. | $1 | -7% | $369M | $353M | - | (76.1x) | ||
| Guardian Metal Resources PLC focuses on metals exploration and development, with a focus on precious metals exploration in North America. The Company has one business segment, which is the exploration and evaluation of mineral resources in Nevada, USA. Its exploration projects comprise the Pilot Mountain Project, Tempiute Project, Golconda Summit Project, Stonewall Project, and Garfield Project, and the Group is the operator of the Golconda Summit Project. | $2 | +39% | $368M | $315M | - | (30.1x) | ||
| AltynGold PLC is engaged in the exploration and development of mineral resources. It focuses on the development of the underground mine and the processing of high-grade ore. The production of gold ore is carried out from the Sekisovskoye gold and silver deposits, and the mining activities and mining assets are in Kazakhstan. The Teren-Sai Project is an exploration and development project of AltynGold Plc. It is located in the East of Kazakhstan and is adjacent to Altyn's operating Sekisovskoye Mine. The majority of revenue is generated from the sale of gold and silver. | $13 | +8% | $363M | $382M | 2.2x | 3.7x | ||
| Central Asia Metals PLC is a base metals producer with copper operations in Kazakhstan and a zinc and lead mine in North Macedonia. The company's operating segments include Kounrad, sells and distributes its copper cathode product through an off-take arrangement with Traxys, and Sasa, which sells zinc and lead concentrate products to two European smelters through an off-take arrangement with Traxys and CAML X (exploration activities) in Kazakhstan. The company generates the majority of its revenue from the Kounrad segment. The company generates the majority of its revenue Geographically from the Kazakhstan region. | $2 | 0% | $356M | $260M | ||||
| Kore Potash PLC is an exploration and development company operating in a single segment which is mineral exploration in Central Africa. The principal activity of the Company is exploration for potash minerals prospects and project development at the Group’s Kola Mining and Dougou Mining Permit in the RoC. The primary asset of the company is the Sintoukola Potash SA (SPSA) project in the Republic of Congo. This project comprises of the Kola sylvinite and carnallite deposits, the Dougou Extension sylvinite deposit, and the Dougou carnallite deposit. | $0 | +30% | $261M | $253M | ||||
| Serabi Gold PLC is a gold exploration and production company. It is involved in the evaluation and development of gold deposits in Brazil. The group has only one business activity, namely the conduct of gold mining and exploration in Brazil. The company has two geographical segments, namely Brazil and the UK. It generates maximum revenue from the Brazil region. The company projects include Palito, Sao Chico Gold Mines, Coringa, Jardim do Ouro, and Tapajos Regional Exploration. It derives its majority revenue from the sale of gold. | $3 | +5% | $250M | $187M | ||||
| Strategic Minerals PLC is a UK-based mineral production and development company. The principal business activity of the company is the exploration, development, and operation of mining projects. Its operating segments include Southern Minerals Group LLC (SMG), Head Office, Development Asset, and United Kingdom. It derives a majority of the revenue from the SMG segment that is involved in the sale of magnetite to both the USA domestic market and historically transported magnetite to port for onward export sale. | $0 | -- | $229M | $221M | ||||
| Savannah Resources PLC is a mineral resource development company. It owns Barroso Lithium Project in northern Portugal and is a battery-grade spodumene lithium resource outlined to date in Europe. Savannah is providing a long-term, locally sourced, lithium raw material supply for Europe's lithium battery value chain. The company is focused on the development and operation of the Barroso Lithium Project ensuring its impact on the environment is minimised. | $0 | -- | $224M | $208M | ||||
| Rainbow Rare Earths Ltd aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the magnet rare earth elements neodymium & praseodymium, dysprosium & terbium. It is focused on the development of the Phalaborwa Project and the earlier stage Uberaba Project. Both projects entail the recovery of rare earths from phosphogypsum stacks that occur as the by-product of phosphoric acid production, with the original source rock for both deposits being a hardrock carbonatite. | $0 | +13% | $219M | $218M | ||||
| Pensana is a critical-minerals development company focused on the Longonjo rare-earth project in Angola and a planned downstream separation capability. Its development plan is designed to produce mixed rare-earth material, including neodymium and praseodymium inputs used in permanent magnets. The organization serves counterparties and customers through the products, services, assets, or investment capabilities described in the cited materials. Its economics are principally driven by product sales, and its competitive position depends on sector expertise, operating execution, customer relationships, and disciplined capital allocation. The classification in Metals & Mining and Advanced Materials reflects the principal activity at the transaction date. This profile identifies the legal or operating entity involved in the transaction, including a historical company name where a later merger, reorganization, delisting, or branding change occurred. | $1 | -65% | $196M | $198M | ||||
| Cornish Metals PLC is a mineral exploration and development company. It is focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom. The Company also holds other mineral rights in Cornwall with potential for the discovery of tin, copper, lithium, tungsten, zinc and silver mineralisation. Its other projects include Carn Brea Exploration, United Downs Project, and Cornish Mining. | $1 | -- | $170M | $195M | ||||
| Cora Gold Ltd engages in the exploration and development of mineral projects in West Africa. It operates principally in the UK and West Africa, with operations managed on a project by project basis. The company is engaged in limited field activities relating to the exploration of gold. The company's flagship project is the Sanankoro Gold Project comprising five contiguous permits: Bokoro II, Bokoro Est, Dako II, Kodiou, and Sanankoro II located in southwest Mali. The company's other projects include the Yanfolila Gold Belt and the Diangounte and Madina Fulbe projects. | $0 | -- | $113M | $98M | ||||
| Vast Resources PLC is focused on key mining opportunities in Romania, Zimbabwe and Tajikistan. The Group operates in one business segment, the development and mining of mineral assets. It is a resource development company producing copper concentrate, zinc concentrate and gold and silver concentrate from Manaila Polymetallic Mine based at Romania. It has interest in the underground mine, Baita Plai, which is a skarn deposit comprising veins in calcareous sediments in approximately eight distinct pipes. The geographical segments of the company includes Europe and Central Asia and Southern Africa. It has earned revenue from Europe and Central Asia. | $0 | -- | $93M | $104M | ||||
| Jubilee Metals Group PLC is a platinum-focused mining and exploration company. The company's operations include PGM and Chrome, engaged in the processing of PGM and chromium-containing materials; Copper and Cobalt are involved in the processing of materials containing copper and cobalt; Others include administrative and corporate expenses. It has operations in six countries namely South Africa, Australia, Madagascar, Mauritius, Zambia, and the United Kingdom. | $0 | -33% | $92M | $83M | ||||
| First Tin PLC is engaged in developing hard rock tin projects in Germany and Australia. The company aims to use this critical mineral in the electric vehicle, renewable energy, and semiconductor supply chain. The company's projects include the Tellerhauser Project, the Taronga Project, the Gottesberg Project, and others. | $0 | -- | $90M | $78M | ||||
| 80 Mile PLC is an exploration and development company focused on precious metals. Its project portfolio is located in Italy, Greenland and Finland, focused on base metals, precious metals, and industrial gas. | $0 | -- | $89M | $88M | ||||
| Panthera Resources PLC is engaged in the exploration and development of gold assets, with a focus on projects in West Africa, as well as the pursuit of value through international arbitration relating to its interest in the Bhukia project in India. Its segments are Corporate: Includes head office functions, corporate overheads, financing activities and administration costs incurred by Panthera Resources PLC; India: Represents activities related to the group's interest in the Bhukia Project and associated arbitration proceedings; Africa: Includes exploration and development activities across the group's West African gold portfolio, including projects located in Mali and Burkina Faso. Its projects are Bassala, Kalaka, Bido, and Cascades. | $0 | -- | $84M | $82M | ||||
| GCM Resources PLC is a resource exploration and development firm. The Company operates in one segment, the exploration and evaluation of energy-related projects. The operational activities of the company include the development of the Phulbari Coal and Power Project in Bangladesh which relates to thermal coal and semi-soft coking coal. | $0 | -- | $76M | $84M | ||||
| Kodal Minerals PLC is a mining and exploration company that acquires or discovers and develops mineral assets. Its operating segments include the West African Gold Projects, the West African Lithium Projects, and the UK administration operations. | $0 | -- | $75M | $55M | ||||
| Eurasia Mining PLC is a mineral exploration company. The principal activities of the company and its subsidiaries involve exploring and developing platinum group metals, gold, and other minerals. It is also engaged in developing platinum, palladium, and gold deposits. Its principal projects are the West Kytlim mine located in the Central Urals Mountains in Russia, and the Monchetundra project located on the Kola Peninsula in Russia. | $0 | -49% | $74M | $69M | ||||
| East Star Resources PLC is exploring gold, copper, and rare earths in Kazakhstan. The principal activity of the Company is identifying potential companies, businesses, or assets that have operations in the natural resources exploration, development, and production sector. The Group manages its operations in two segments, exploration activities in Kazakhstan and corporate functions in the United Kingdom. | $0 | -- | $65M | $62M | ||||
| Cobra Resources PLC is an investment company that operates in the extractive industry to explore, develop, and mine precious and base metal projects. The Group is engaged in a single segment of business, being the exploration of gold in Australia. The Group currently has two geographical reportable segments: the United Kingdom and Australia. | $0 | -- | $55M | $49M | ||||
| Ariana Resources PLC is is a technology metals explorer, developer and producer. The company, along with its subsidiaries, focuses on the Dowkegold Project located in western Turkey and has the Salinbas, Tavsan, Ivrindi, and other projects. The group currently identifies one division as an operating segment: mineral exploration. The activities for this operating segment are as follows: Mineral exploration that incorporates the acquisition, exploration, and development of mineral resources. | $0 | -- | $54M | $32M | ||||
| Amigo Resources PLC focuses on gold and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania. | $0 | -- | $49M | $49M | ||||
| Zanaga Iron Ore Co Ltd is an iron ore exploration and development company. The company holds an interest in the Zanaga Iron Ore Project located in the Republic of Congo which is also known as Congo-Brazzaville. Its long-term objective is to maximize the value of its sole asset and the Project is currently focused on managing, developing, and constructing a world-class iron ore asset capable of mining, processing, transporting, and exporting iron ore at full production. The Group has one operating segment, being its investment in the Project, held through Jumelles. | $0 | -- | $47M | $42M | ||||
| Goldplat PLC is a gold and precious metals, producer. The company's businesses are based in Africa and comprise the production of gold and other precious metals, by processing by-products of the mining industry. The Company sources material to process not only in the African continent but also from gold-producing countries outside Africa. The company's reportable segment includes South African Recovery operations, West African Recovery Operations and Administration. | $0 | -- | $47M | $43M | ||||
| Bezant Resources PLC is a United Kingdom-based exploration company that is engaged in the exploration, evaluation, beneficiation and development of mineral resources. The company's exploration projects include the Kalengwa copper-silver project in Zambia; Hope Copper-Gold Project; Kanye Manganese Project in Botswana; Mankayan Project in the Philippines and the Eureka Project in northern Argentina. The operations of the Group are focused in geographical segments, namely the UK, Argentina, Namibia, and Botswana, and comprise one class of business: the exploration, evaluation and development of mineral resources. The UK is used for the administration of the Group and includes equity investments in non-group companies . | $0 | -- | $45M | $46M | ||||
| Blencowe Resources PLC is a United Kingdom-based mineral exploration and development company. The Company is focused on the exploration of the Orom-Cross Graphite Project located in Northern Uganda. The project tenements encompass an area of approximately 520,000 hectares. The Company operates Orom-Cross Graphite Project, through its subsidiary, Consolidated African Resources Limited. | $0 | -- | $41M | $39M | ||||
| Kendrick Resources PLC is a mineral exploration and development company with projects based across Scandinavia. The principal of its business is to explore the opportunities within the natural resources sector with a focus on battery, base, and precious metals including but not limited to vanadium and nickel. The company has several projects in different stages such as the Airijoki and Koitelainen vanadium projects in Sweden and Finland respectively and the Espedalen nickel-copper project in Norway. The other projects include the Njuggtraskliden and Mjovattnet exploration projects and the Kullberget, Simesvallen, and Sumassjon exploration projects. | $0 | -- | $34M | $32M | ||||
| Kropz PLC is a United Kingdom-based plant nutrient company. It is an explorer, mine developer and miner of fertilizer feed minerals. Its operating segment includes phosphate mining and exploration. The company's flagship operation is the Elandsfontein project, a near-term producing asset in South Africa's Western Cape Province, and Hinda Project, which is a sedimentary-hosted phosphate reserve. The company operates in two principal geographical areas South Africa and RoC. | $0 | -- | $9M | $66M | ||||
| Beowulf Mining PLC is a UK-based multi-commodity, exploration and development company. The company's principal activities are the exploration and development of iron ore, graphite, and other prospective minerals in the Nordic Region. Its key project is the Kallak Iron Ore Project, which is in Jokkmokk Municipality in Norrbotten County, Sweden. The company's exploration and development activities are focused on three countries: Sweden, Finland, and Kosovo. | $0 | -48% | $5M | $5M | ||||
| Premier African Minerals Ltd is a mining company that explores, evaluates, and develops mineral properties focused mainly on tungsten, lithium and tantalum elements in Africa. The company operates in three segments: RHA and RHA Mauritius, which is engaged in the development and mining of Wolframite; Zulu and Zulu Mauritius, which is engaged in the development of Lithium and Tantalite; and the Head office. | $0 | -- | $4M | - | ||||
| Median | $0 | +11% | $183M | $195M | 3.6x | (9.5x) |
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