This paper presents a method, which simultaneously estimates the electrical conductivity and magnetic permeability of porous metals. Porous Cu and Fe manufactured by the lost carbonate sintering process have been tested. An air-cored solenoid coil was designed for the measurements of rod-shaped samples when inserted coaxially with the coil. It was theoretically found that the phase-frequency response of the normalised eddy current signal of the coil is virtually independent of the radius, electrical conductivity and magnetic permeability of the test samples. For non-magnetic, conductive porous Cu, the electrical conductivity was measured with a calibration curve of the coil relating the impedance change and the electrical conductivity of the sample. For magnetic porous Fe, the imaginary part of the signal at the lowest frequencies can be used to estimate the permeability. The measured conductivity values of the porous Cu are shown in the paper in comparison with that of bulk materials with known conductivity. The measured permeability values of the porous Fe are given and the sample-length effect on the measurements is also discussed.