Non-energy minerals are the top performers in 2025. These small-cap FTSE shares are leading the charge
FTSE shares have been making headlines lately after the UK’s main index hit record highs last week. However, not all industries are doing well in 2025. Due to a combination of trade tariffs and supply chain disruptions, transportation’s down 6.28% this year and the consumer durables sector’s off 1.5%.
Leading the positive pack however, is the non-energy minerals sector, up 14.4% — outpacing tech, manufacturing and health.
What are non-energy minerals?
Non-energy minerals include any precious metals and rare earth minerals that are mined for uses other than energy. Examples include gold, silver, copper, zinc — even sand or stone. This is in contrast to minerals such as coal, oil and gas.
Here in the UK, three small-cap non-energy shares are helping drive our local stock market to new highs.
A modern gold rush
With the price of gold up 37.3% over the 12 months, it’s clearly the core mineral responsible for the sector’s fortunes. Currently, the UK’s top-performing gold-related stocks include Metals Exploration, Sylvania Platinum and Serabi Gold (LSE: SRB).
Metals Exploration is a gold mining company that operates mainly in the Philippines. It’s up a massive 75% year-to-date (YTD) and 150% in the past 12 months. Yet the shares still look cheap, trading at only 9.4p with a below-average price-to-earnings (P/E) ratio of 12.8. However, earnings growth is down 84% year-on-year, with its latest earnings missing expectations by 78%.
Sylvania Platinum, with a market-cap of £182m and a 70p share price, is up 70% this year. Despite the name, it also deals in gold, as it’s part of the platinum group metals (PGM). However, its market-cap is down 13.48% over the past year and it appears slightly overvalued, with a P/E ratio of 21.3.
My top stock to consider
Serabi Gold’s share price has underperformed the other two but is still up 63% this year. However, its market-cap, at £161.3m, is the real winner, having soared 180% since June last year. Not only that, it has an ultra-low P/E ratio of 5.2 and a P/E growth (PEG) ratio of 0.02. That’s a strong indication that the shares are still trading well below their true value.
In Q1 2025, production hit over 10,000 oz of gold — an 11% year-on-year rise. Cash reserves meanwhile, increased 21% to $27m, adding a further $5m in free cash flow.
But it could face rising costs and logistical challenges from its new Palito and Coringa mines. These mines are in the Tapajós region of Pará State, Northern Brazil, a difficult and remote area to operate in. Not to mention any unforeseen regulatory, political or environmental risks of doing business in Brazil.
Still, with a healthy balance sheet and strong roadmap, I’m optimistic. Management aims to ramp up production from 44k to 60k oz by the end of 2026, and its debt-to-equity ratio remains low, at only 5%.
As global conflicts and trade tariffs continue to threaten market stability, I expect safe havens like gold to continue rising. For those reasons, I think Serabi Gold’s a compelling stock to consider in 2025.
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Mark Hartley has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
