UK Metals & Mining – Advancing the Energy Transition Through Critical Minerals.

This report is an updated version of the report published on 22 October 2025 at 09:02 AM GMT+ 1

Section 1.0. UK Financial Services Sector Landscape, Trends & SWOT Analysis

The metals and mining sector—encompassing exploration, extraction, processing, and recycling—will form a foundational pillar of economic stability during an expected recession. The sector will provide essential support through the consistent supply of raw materials for critical infrastructure and durable goods, while its long-term development projects will create the capital investment and high-skilled employment necessary to underpin a future economic recovery.

Kalkine’s Sector Report covers the Sector Landscape, Trends & SWOT Analysis, Risks, Recent Business Updates along with the Valuation, Target Price, and Recommendation on the stock.

Section 2.0. Sector Risks & Opportunities

The metals and mining sector is strengthening its foundational role by prioritizing capital discipline and operational efficiency. Strategic investments in technology and ESG compliance are enhancing resilience. This focus is building a more structured and sustainable industry, positioning it to meet evolving demand driven by the global energy transition and supply security.

Section1: Company Overview

Ferrexpo PLC

Ferrexpo PLC (LSE: FXPO) is a constituent of FTSE All Share & an iron ore pellet producer. The Company produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The Company's operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. 

This Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

Section2:  Financial Highlights – H1 FY25

Section 3:  Stock Recommendation Summary

Valuation Methodology: Price to Earnings Multiple Relative Valuation (Illustrative):

The stock has witnessed an upside of ~9.14% and of ~17.30% over the 1 week and 3 months respectively. It is trading below the average of 52-week high price of GBX 123.00 and 52-week low price of GBX 41.30, providing an opportunity to accumulate the stock.

One-Year Technical Price Chart (as of October 22, 2025). Source: REFINITIV, Analysis: Kalkine Group

Section4: Company Overview

Eurasia Mining PLC

Eurasia Mining PLC (LSE: EUA) is an LSE listed company & United Kingdom-based iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company. The Company's projects include Kola Battery Metals and platinum group metals (PGM), West Kytlim, and Nittis-Kumuzhya-Travyanaya (NKT).

This Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

Section5:  Financial Highlights – H1 FY25

Section 6:  Stock Recommendation Summary

Valuation Methodology: P/E Multiple Based Relative Valuation (Illustrative):

The stock has witnessed an upside of ~10.44% and a downside of ~11.90% over the 1 week and 3 months respectively. It is trading below the average of 52-week high price of GBX 7.69 and 52-week low price of GBX 1.85, providing an opportunity to accumulate the stock.

One-Year Technical Price Chart (as of October 22, 2025). Source: TradingView, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 22 October 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/ or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.