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

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 24.4x which is lower than its 3-year average PE of 265x. The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 5.8x.

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

Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 140x. Analysts are expecting annual earnings growth of 8.7%, which is lower than the prior year's growth of 63.0% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 19 Sep 2026	CA$1.0t	CA$172.0b	CA$41.2b	17x	24.4x	5.8x
Mon, 17 Aug 2026	CA$952.9b	CA$170.2b	CA$40.7b	15.8x	23.4x	5.6x
Wed, 15 Jul 2026	CA$817.4b	CA$160.2b	CA$35.9b	14.5x	22.8x	5.1x
Fri, 12 Jun 2026	CA$820.1b	CA$159.1b	CA$35.6b	14.1x	23.1x	5.2x
Sun, 10 May 2026	CA$941.4b	CA$149.3b	CA$32.1b	16.7x	29.4x	6.3x
Tue, 07 Apr 2026	CA$955.8b	CA$139.4b	CA$27.4b	17.4x	34.9x	6.9x
Thu, 05 Mar 2026	CA$1.1t	CA$135.8b	CA$24.8b	19.7x	42.8x	7.8x
Sat, 31 Jan 2026	CA$1.1t	CA$125.0b	CA$17.4b	24.8x	61.9x	8.6x
Mon, 29 Dec 2025	CA$896.4b	CA$125.0b	CA$17.4b	21.9x	51.5x	7.2x
Wed, 26 Nov 2025	CA$772.8b	CA$127.7b	CA$18.7b	19.3x	41.3x	6x
Fri, 24 Oct 2025	CA$707.7b	CA$118.1b	CA$13.3b	21.2x	53.4x	6x
Sun, 21 Sep 2025	CA$691.6b	CA$117.3b	CA$11.9b	20.4x	58x	5.9x
Tue, 19 Aug 2025	CA$573.2b	CA$117.9b	CA$12.1b	17.2x	47.5x	4.9x
Thu, 17 Jul 2025	CA$526.6b	CA$109.6b	CA$8.2b	16.3x	64.3x	4.8x
Sat, 14 Jun 2025	CA$517.6b	CA$109.9b	CA$8.2b	16x	63x	4.7x
Mon, 12 May 2025	CA$489.9b	CA$111.2b	CA$8.5b	14.2x	57.5x	4.4x
Wed, 09 Apr 2025	CA$409.8b	CA$107.0b	CA$5.4b	12.3x	76.4x	3.8x
Fri, 07 Mar 2025	CA$439.8b	CA$106.6b	CA$4.4b	11.9x	100.4x	4.1x
Sun, 02 Feb 2025	CA$420.6b	CA$112.9b	CA$691.2m	13.1x	608.5x	3.7x
Tue, 31 Dec 2024	CA$394.1b	CA$111.7b	CA$503.5m	12.9x	782.7x	3.5x
Thu, 28 Nov 2024	CA$411.5b	CA$109.6b	CA$353.5m	12.8x	1164.2x	3.8x
Sat, 26 Oct 2024	CA$450.8b	CA$107.4b	-CA$879,305,331.37	17.4x	-512.7x	4.2x
Mon, 23 Sep 2024	CA$419.4b	CA$105.6b	-CA$629,794,981.25	16.2x	-666x	4x
Wed, 21 Aug 2024	CA$407.4b	CA$105.9b	-CA$630,983,000.68	15.1x	-645.7x	3.8x
Fri, 19 Jul 2024	CA$408.6b	CA$104.5b	-CA$92,644,138.05	15.5x	-4410.3x	3.9x
Sun, 16 Jun 2024	CA$370.9b	CA$105.1b	-CA$595,237,936.36	16.2x	-623.1x	3.5x
Tue, 14 May 2024	CA$388.8b	CA$104.5b	-CA$470,051,129.89	15.8x	-827.1x	3.7x
Thu, 11 Apr 2024	CA$376.1b	CA$103.2b	CA$1.4b	17.8x	262.7x	3.6x
Sat, 09 Mar 2024	CA$321.7b	CA$102.6b	CA$1.2b	15.5x	264.2x	3.1x
Mon, 05 Feb 2024	CA$329.9b	CA$107.6b	CA$1.7b	12.9x	189.4x	3.1x
Wed, 03 Jan 2024	CA$344.1b	CA$106.8b	CA$1.7b	13.4x	200.1x	3.2x
Fri, 01 Dec 2023	CA$339.8b	CA$108.1b	CA$1.8b	13.4x	193.9x	3.1x
Sun, 29 Oct 2023	CA$346.8b	CA$107.0b	CA$1.4b	11.6x	253.2x	3.2x
Tue, 26 Sep 2023	CA$347.7b	CA$104.8b	CA$1.6b	10.8x	219.1x	3.3x


CA Market	0.18%
Materials	0.048%
Metals and Mining	0.076%
Silver	1.99%
Precious Metals and Minerals	0.71%
Steel	0.26%
Gold	0.12%
Aluminum	0%	0
Copper	-0.015%
Diversified Metals and Mining	-0.63%

Company	Last Price	7D	1Y	Valuation
FNV Franco-Nevada	CA$373.80	1.3% +CA$923.9m	26.7%	PE34.9x
MAU Montage Gold	CA$21.12	10.3% +CA$796.4m	222.9%	PB14.5x
IMG IAMGOLD	CA$29.25	4.1% +CA$650.9m	86.7%	PE10.3x
EDV Endeavour Mining	CA$87.06	2.7% +CA$558.2m	62.1%	PE17.9x
AG First Majestic Silver	CA$28.19	4.0% +CA$532.3m	92.0%	PE28.6x

Announcement • Sep 17

Hemlo Mining Corp. Reports Underground Electrical Substation Outage; Mine-Wide Operations Continue

Hemlo Mining Corp. reported that an underground electrical substation (the "Substation") servicing a portion of underground mining operations at the Hemlo Gold Mine ("Hemlo Mine" or the "Mine") experienced a temporary electrical outage on September 4, 2026. The affected Substation supplies power to a portion of the Alimak production area on the 9765 level of the Mine, where the Company was advancing ongoing production and ramp-up activities. There were no injuries associated with the outage and all personnel underground at the time were safely brought to surface. Mining and processing in all other areas of the Mine, including the processing plant, are unaffected and continue to operate normally. In the days following the outage, the Company completed a comprehensive assessment of the affected infrastructure and potential operational impact. Technical and operating teams are actively advancing repair and expedited replacement plans for the Substation. A temporary electrical bypass system has been established, which has restored power to the affected area at reduced capacity. The bypass system allows certain mining activities to continue while development and exploration activities remain limited until full power is restored. As part of the Company's critical spare parts audit, a replacement Substation had previously been ordered, with delivery expected in December 2026 at an estimated cost of approximately USD 250,000. In the interim, the Company is pursuing several additional measures, including expedited equipment procurement, backup power options, and the potential relocation of electrical infrastructure from other areas of the Mine, with the objective of accelerating the restoration of full power to the affected area. The outage and resulting reduction in available power may result in the deferral of mining from certain planned stopes until full power is restored. The affected area remains accessible and production continues across the remainder of the Mine without interruption. To mitigate potential production impacts, the Company is evaluating alternative mine sequencing and accelerating development and mining activities in other areas of the operation.

Announcement • Sep 10

First Majestic Silver Corp Reports High-Grade Drill Results And Expands Exploration Footprint At San Dimas

First Majestic Silver Corp. announced positive drill results from its ongoing 2026 exploration program at its San Dimas Silver/Gold Mine in Durango, Mexico. Recent resource-conversion and resource-addition drilling has returned multiple high-grade silver and gold intercepts across several areas of the San Dimas district, supporting near-mine Mineral Resource conversion and growth opportunities. Additionally, new drill results at Convenci n and El Cristo have expanded the district's exploration footprint and identified additional targets for follow-up drilling as part of the Company's 2026 exploration program, which includes approximately 117,000 metres of planned drilling. Exploration drilling at San Dimas has intersected significant silver and gold mineralization across multiple vein systems, supporting both near-mine Mineral Resource conversion and broader district exploration opportunities. A total of approximately 89,000 metres of exploration drilling has been completed year-to-date in 2026, of the planned approximately 117,000 metres program, with work focused on resource-conversion and resource-addition drilling in the West Block, Central Block and Graben block, together with follow-up drilling in the El Cristo mine area and continued target testing in the East/Arana Block. Recent results include high-grade intercepts from resource-conversion and resource-addition drilling within the Sinaloa-Elia vein complex, continued expansion of the mineralized footprint at the Coronado-Carmen Escobosa vein system in the West Block, confirmation of a new target north of the Jessica vein at Convenci n, and encouraging early results from the Luz and Patricia veins within the El Cristo mine area. Resource-addition and infill drilling at the historic Sinaloa-Elia vein complex has returned multiple high-grade silver and gold intercepts, further supporting the continuity and Mineral Resource growth potential of the system. New drill results extend the footprint of known mineralization beyond the current Mineral Resources to the east, west and locally down dip. Infill drilling has also returned thick, high-grade intercepts that support increased confidence in the mineralized system and the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources, providing additional support for future mine planning. Geological analysis and targeting around the Jessica vein identified several historic anomalous vein and breccia intercepts that were reinterpreted as evidence for the presence of a hanging wall structure. Initial drill testing of this target returned five significant intercepts in seven holes, supporting the exploration hypothesis. The structure, the Convenci n vein, was intersected approximately 100 metres north of Jessica and may represent a potential near-term mining opportunity. The target vein remains open in multiple directions, supporting additional follow-up drilling in the area. Drilling in the West Block has focused on the Coronado and Carmen Escobosa veins. Results from 2025 were incorporated into the Inferred Mineral Resources for San Dimas and provided the basis for follow-up drilling in 2026. Results received to date support the interpretation of Coronado and Carmen Escobosa as a two-vein mineralized system with continued potential for Mineral Resource addition. At Carmen Escobosa, five drill holes testing the western continuity of mineralization, together with a drill hole targeting the eastern extension, returned significant intercepts. The target remains open for approximately 400 metres to the west of these new intercepts, supporting additional follow-up drilling along strike. At Coronado, three drill holes testing the continuity of mineralization to the west also returned significant intercepts, further supporting the potential to expand the mineralized footprint in the West Block. Exploration activities have expanded to include the El Cristo mine area, the southernmost historically mined areas on the property. Results to date have returned high-grade silver and gold intercepts from the Luz and Patricia veins, supporting follow-up drilling to evaluate the continuity and extent of mineralization. The 2026 drill program at San Dimas is expected to continue advancing near-mine Mineral Resource conversion while testing additional targets across the district. Results received to date support the potential for Mineral Resource growth within established vein systems and highlight new opportunities at Convenci n and El Cristo for follow-up drilling. First Majestic's drill programs follow established Quality Assurance/Quality Control (QA/QC) protocols with standards, blanks, and duplicates inserted into the sample stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or future metallurgical testing. Core samples are submitted to First Majestic's Central Laboratory (Central Laboratory) (ISO 9001:2015). At the Central Laboratory, gold is analyzed by 30g fire assay atomic absorption finish (AU-AA13). Results above 10g/t gold are re-analyzed by 30g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100g/t silver are re-analyzed by 30g fire assay gravimetric finish (ASAG-14, ASAG-13).

Canadian (TSX) Metals and Mining Industry Analysis

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Latest News

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Hemlo Mining Corp. Reports Underground Electrical Substation Outage; Mine-Wide Operations Continue

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Independent Chairman of the Board recently sold CA$1.3m worth of stock

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First Majestic Silver Corp Reports High-Grade Drill Results And Expands Exploration Footprint At San Dimas

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EQX: OLA Integration And South Railroad Decision Will Support Medium Term Re Rating

WPM: Record Output And Expanded Portfolio Are Expected To Drive Upside

IMG: Côté Ramp-Up And Buybacks Will Support A Fairly Valued Future

IVN: Copper And Zinc Delivery Should Support A Patiently Balanced Re Rating

Upcoming dividend of US$0.95 per share

HBM: Copper District Expansions And Higher Copper Assumptions Will Drive Future Upside

Now 20% undervalued