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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies1162
  • 7D1.5%
  • 3M29.0%
  • 1Y114.3%
  • YTD10.9%

In the last week, the Metals and Mining industry is up 1.5%, with Wheaton Precious Metals up 3.6%. During this same period, the Eldorado Gold underperformed, falling 8.8%. In the last 12 months, the industry was up 114%. As for the next few years, earnings are expected to grow by 29% per annum.

Industry Valuation and Performance

Has the Canadian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026CA$975.8bCA$128.6bCA$19.3b24.9x50.4x7.6x
Tue, 06 Jan 2026CA$905.2bCA$125.7bCA$17.5b23.2x51.7x7.2x
Thu, 04 Dec 2025CA$816.5bCA$126.5bCA$18.2b21.2x44.8x6.5x
Sat, 01 Nov 2025CA$718.0bCA$119.4bCA$13.9b20.5x51.7x6x
Mon, 29 Sep 2025CA$728.8bCA$117.4bCA$12.2b21.6x59.8x6.2x
Wed, 27 Aug 2025CA$593.9bCA$118.2bCA$12.1b17.1x49x5x
Fri, 25 Jul 2025CA$538.8bCA$109.3bCA$8.1b17.2x66.4x4.9x
Sun, 22 Jun 2025CA$515.4bCA$110.1bCA$8.3b15.4x62.4x4.7x
Tue, 20 May 2025CA$417.7bCA$94.1bCA$5.6b12.8x74.8x4.4x
Thu, 17 Apr 2025CA$475.2bCA$104.5bCA$5.1b15.4x93.4x4.5x
Sat, 15 Mar 2025CA$452.3bCA$107.2bCA$5.1b12.5x88.7x4.2x
Mon, 10 Feb 2025CA$439.1bCA$111.3bCA$715.1m13.4x614x3.9x
Wed, 08 Jan 2025CA$399.6bCA$111.8bCA$510.6m13.5x782.5x3.6x
Fri, 06 Dec 2024CA$417.6bCA$109.7bCA$321.4m13.5x1299.3x3.8x
Sun, 03 Nov 2024CA$429.2bCA$105.2b-CA$738,905,752.2514.8x-580.9x4.1x
Tue, 01 Oct 2024CA$426.5bCA$105.0b-CA$393,736,407.6517.9x-1083.2x4.1x
Thu, 29 Aug 2024CA$408.5bCA$105.1b-CA$629,440,971.9416.3x-649x3.9x
Sat, 27 Jul 2024CA$389.2bCA$105.0b-CA$294,133,114.1414.7x-1323.4x3.7x
Mon, 24 Jun 2024CA$373.0bCA$104.9b-CA$564,078,017.6216.5x-661.2x3.6x
Wed, 22 May 2024CA$411.1bCA$104.5b-CA$923,046,919.6018.5x-445.4x3.9x
Fri, 19 Apr 2024CA$375.0bCA$103.8bCA$1.5b17.4x246.5x3.6x
Sun, 17 Mar 2024CA$334.0bCA$103.1bCA$1.4b13.4x244.9x3.2x
Tue, 13 Feb 2024CA$299.1bCA$100.0bCA$3.1b12.9x97.3x3x
Thu, 11 Jan 2024CA$336.5bCA$107.1bCA$1.7b12.7x194.4x3.1x
Sat, 09 Dec 2023CA$335.9bCA$108.3bCA$1.8b12.8x189.6x3.1x
Mon, 06 Nov 2023CA$335.3bCA$107.4bCA$1.7b14x198x3.1x
Wed, 04 Oct 2023CA$332.3bCA$106.0bCA$1.6b11.2x206.3x3.1x
Fri, 01 Sep 2023CA$364.3bCA$104.1bCA$1.7b11.3x216.7x3.5x
Sun, 30 Jul 2023CA$369.3bCA$101.5bCA$919.2m13.4x401.8x3.6x
Tue, 27 Jun 2023CA$356.3bCA$103.4bCA$2.3b12.9x152.9x3.4x
Thu, 25 May 2023CA$368.0bCA$106.0bCA$2.7b14.2x134.4x3.5x
Sat, 22 Apr 2023CA$395.2bCA$107.8bCA$5.2b13.7x75.7x3.7x
Mon, 20 Mar 2023CA$357.0bCA$108.9bCA$7.2b13x49.9x3.3x
Wed, 15 Feb 2023CA$353.2bCA$113.0bCA$11.9b12.3x29.6x3.1x
Price to Earnings Ratio

29.6x


Total Market Cap: CA$353.2bTotal Earnings: CA$11.9bTotal Revenue: CA$113.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 50.4x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.6x is higher than the industry's current PS ratio of 7.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 18% per year over the last three years.
  • Revenues for these companies have grown 4.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Canadian Materials industry?

CA Market2.10%
Materials1.55%
Metals and Mining1.45%
Silver3.26%
Gold1.99%
Diversified Metals and Mining0.83%
Precious Metals and Minerals0.80%
Steel0.53%
Aluminum0%0
Copper-1.95%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 56.4%, which is higher than its past year's earnings decline of 11.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Silver industry, expecting annual earnings growth of 56% over the next 5 years.
  • This is better than its past earnings decline of 12% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 6.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WPM Wheaton Precious MetalsCA$185.903.6%
+CA$3.0b		96.6%PE61.7x
AGI Alamos GoldCA$54.888.8%
+CA$1.9b		73.1%PE31.3x
K Kinross GoldCA$43.812.2%
+CA$1.1b		158.2%PE22x
AII Almonty IndustriesCA$19.2825.2%
+CA$1.1b		572.9%PS178.6x
TECK.B Teck ResourcesCA$75.152.8%
+CA$1.0b		22.2%PE29.5x

Latest News

ABX
CA$61.75
Barrick Mining
7D
-0.8%
1Y
153.8%
ELD
CA$53.27
Eldorado Gold
7D
-8.8%
1Y
168.0%

ELD: Rising Reserves And Buybacks Will Conceal Mounting Overvaluation Risk

Analysts have lifted their price target on Eldorado Gold by about US$5.47, reflecting updated views on fair value, growth expectations, and profitability assumptions for the company. What's in the News Eldorado Gold has initiated a regular quarterly dividend program, with an initial dividend of US$0.075 per common share payable on March 13, 2026, to shareholders of record on February 27, 2026 (Dividend Initiation).
LUN
CA$33.45
Lundin Mining
7D
-2.6%
1Y
173.5%

LUN: Future Returns Will Reflect Metals Cycles Legal Overhang And Capital Deployment

The analyst price target for Lundin Mining has been lifted by about $1.93, reflecting updated assumptions around higher revenue growth expectations, a slightly increased discount rate, modestly lower profit margin forecasts, and a small upward adjustment to future P/E that align with recent target changes from several firms. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms revisiting their models and price targets across both North American dollar and Swedish krona listings.
WPM
CA$185.90
Wheaton Precious Metals
7D
3.6%
1Y
96.6%
ERO
CA$41.82
Ero Copper
7D
-8.5%
1Y
119.2%
IVN
CA$16.81
Ivanhoe Mines
7D
-2.4%
1Y
3.8%

IVN: Higher Metals Price Assumptions Will Support Multi Year Copper Production Ramp

Narrative Update The analyst price target for Ivanhoe Mines has been lifted by about $0.94, with analysts pointing to refreshed sector price forecasts, an updated fair value of $23.80, a slightly higher discount rate of 7.48% and a modestly higher future P/E of 35.06x as key drivers of the change. Analyst Commentary Recent Street research on Ivanhoe Mines has leaned positive, with several bullish analysts lifting their price targets and pointing to refreshed sector assumptions to support higher valuation levels.
EDV
CA$78.38
Endeavour Mining
7D
5.4%
1Y
155.5%
AGI
CA$54.88
Alamos Gold
7D
8.8%
1Y
73.1%

AGI: Buyback And Rising Earnings Confidence Will Drive Bullish Upside

Narrative Update on Alamos Gold Analysts have lifted their price targets on Alamos Gold, with recent C$6, $5 and $3 upward revisions contributing to a higher implied fair value of 70.95. This is supported by updated assumptions for revenue growth, profit margin and future P/E.
FNV
CA$317.34
Franco-Nevada
7D
-0.4%
1Y
57.2%

FNV: Future Royalty Cash Flows Will Support Rising Dividend And Metals Sentiment

Analysts have raised their price target for Franco-Nevada by about $13. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E, following recent target increases from several firms alongside a downgrade from one broker.
TECK.B
CA$75.15
Teck Resources
7D
2.8%
1Y
22.2%
K
CA$43.81
Kinross Gold
7D
2.2%
1Y
158.2%

K: Future Mine Expansions And Buybacks Will Support A Higher Share Price

The analyst price target for Kinross Gold has been revised higher from US$35.03 to US$59.97, with analysts tying this move to updated assumptions for revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News Completed share repurchase of 9,945,047 shares, representing 0.82% of the company, for US$258.5 million between October 1, 2025 and December 31, 2025 under the existing buyback program (Key Developments).
IMG
CA$26.14
IAMGOLD
7D
5.8%
1Y
185.7%

IMG: Higher Production And Richer P/E Multiple Will Support Future Upside Potential

Analysts have raised their price target for IAMGOLD from US$25.73 to US$32.54, citing updated views on fair value, revised profit margin assumptions, and expectations for a higher future P/E multiple. What's in the News IAMGOLD reported consolidated gold production of 242,400 ounces for the fourth quarter of 2025, compared with 176,700 ounces a year earlier (Key Developments).
FOM
CA$6.04
Foran Mining
7D
-8.3%
1Y
53.7%
AG
CA$30.06
First Majestic Silver
7D
6.0%
1Y
274.3%
FM
CA$37.36
First Quantum Minerals
7D
-2.9%
1Y
87.6%

Cobre Panamá Uncertainty And Rising Zambian Costs Will Pressure Margins And Future Cash Flows

Catalysts About First Quantum Minerals First Quantum Minerals is a global mining company focused on producing copper, nickel and gold from operations in Zambia, Panama, Turkey, Finland and other jurisdictions. What are the underlying business or industry changes driving this perspective?
AII
CA$19.28
Almonty Industries
7D
25.2%
1Y
572.9%