Metal

There are five metals and five alloys in ATT. With regards to the picture, the top row contains the basic metals: Copper, Iron, Gold, Silver and Mythril. Then, the bottom row has the five alloys: Pallidium, Red Iron, Electrum, Viridium and Valayan.

are metallic mixtures that allows a seasoned Blacksmith to make better use of the five basic metals that are found in the Mines. Typically, the durability, damage and heat retention (How hard it is to smith) of an alloy is related to one of the ingredient metals. For example, Red Iron combines the damage and heat retention of iron with the durability of copper for an overall improvement. For this reason, most veteran players prefer using alloys over basic metals.

Relative values
Through experimentation, it is suspected that all alloys do more damage than either of its ingredients. Furthermore, as of 0.0.22.1, it is suspected that relative damage ranking of the alloys and metals are as follows:

Gold (16.4%) < Copper(19.7%) < Iron(20.8%) < Pallidium(32.9%) < Red Iron(38.4%) < Electrum(43.9%) < Silver(43.9%) < Viridium (54.9%) < Mythril(87.9%) < Valayan(100%)

These values are from player testing and should not be taken as exactly true. However, Effort was put in to try and obtain the best data. The percentiles following the name of the alloy or metal is the strength of the metal relative to Valayan. Above all, the major qualifier is that this data is for slashing damage, and could potentially be wrong for other Damage types.

As a result, the strongest tools and weapons (damage wise, not durability) are made from Valayan.

Then, Durability is potentially ranked as:

Electrum < Viridium < Valayan < Red Iron < Palladium

However, the heat retention of each alloy does not follow this trend. More testing must be done for the true relative rankings, but the heat retention generally opposes damage. This means that tools made out of Valayan are the hardest to forge at the Smithy. The rankings are:

Valayan < Electrum < Viridium < Palladium < Red Iron