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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies1159
  • 7D-11.1%
  • 3M38.7%
  • 1Y118.8%
  • YTD9.7%

The Metals and Mining industry is down 11% over the last week with Barrick Mining the worst performer, down 9.9%. In the past year, the industry has gained 119%. As for the next few years, earnings are expected to grow by 30% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Feb 2026CA$959.8bCA$125.5bCA$17.4b24x55x7.6x
Thu, 01 Jan 2026CA$882.6bCA$125.4bCA$17.5b22.5x50.5x7x
Sat, 29 Nov 2025CA$804.4bCA$126.8bCA$18.5b20.6x43.5x6.3x
Mon, 27 Oct 2025CA$717.2bCA$118.2bCA$13.3b21.2x53.7x6.1x
Wed, 24 Sep 2025CA$713.8bCA$117.7bCA$12.0b21.3x59.6x6.1x
Fri, 22 Aug 2025CA$568.5bCA$118.7bCA$12.2b17.3x46.7x4.8x
Sun, 20 Jul 2025CA$518.2bCA$109.9bCA$8.2b16.2x63.1x4.7x
Tue, 17 Jun 2025CA$523.0bCA$109.8bCA$8.2b15.8x63.7x4.8x
Thu, 15 May 2025CA$423.1bCA$93.5bCA$5.5b13x77.4x4.5x
Sat, 12 Apr 2025CA$441.1bCA$104.7bCA$5.1b13.5x85.8x4.2x
Mon, 10 Mar 2025CA$436.4bCA$107.1bCA$3.5b11.7x125.7x4.1x
Wed, 05 Feb 2025CA$422.9bCA$111.6bCA$646.9m13x653.7x3.8x
Fri, 03 Jan 2025CA$390.4bCA$112.0bCA$506.0m13.4x771.6x3.5x
Sun, 01 Dec 2024CA$414.1bCA$109.5bCA$308.2m13.5x1343.6x3.8x
Tue, 29 Oct 2024CA$445.4bCA$107.4b-CA$842,385,563.4417.2x-528.8x4.1x
Thu, 26 Sep 2024CA$426.2bCA$104.8b-CA$438,089,705.4618x-972.8x4.1x
Sat, 24 Aug 2024CA$405.5bCA$105.3b-CA$624,553,421.1015.7x-649.2x3.9x
Mon, 22 Jul 2024CA$397.5bCA$104.6b-CA$25,399,352.5516.2x-15649.2x3.8x
Wed, 19 Jun 2024CA$369.0bCA$105.0b-CA$572,672,775.5615.6x-644.3x3.5x
Fri, 17 May 2024CA$396.9bCA$104.6b-CA$294,597,941.1518.1x-1347.3x3.8x
Sun, 14 Apr 2024CA$378.6bCA$103.9bCA$1.5b18.2x251.8x3.6x
Tue, 12 Mar 2024CA$322.5bCA$102.6bCA$1.3b14x252.5x3.1x
Thu, 08 Feb 2024CA$304.0bCA$100.1bCA$3.1b12.4x97.4x3x
Sat, 06 Jan 2024CA$340.3bCA$107.0bCA$1.7b13.3x197x3.2x
Mon, 04 Dec 2023CA$346.9bCA$107.7bCA$1.7b13.5x199.7x3.2x
Wed, 01 Nov 2023CA$326.5bCA$107.0bCA$1.4b12.8x238.3x3.1x
Fri, 29 Sep 2023CA$338.0bCA$105.0bCA$1.6b10.6x212.6x3.2x
Sun, 27 Aug 2023CA$354.5bCA$104.6bCA$1.4b11.1x246.8x3.4x
Tue, 25 Jul 2023CA$371.2bCA$103.5bCA$2.4b12.6x153x3.6x
Thu, 22 Jun 2023CA$357.3bCA$103.5bCA$2.4b12.7x150.6x3.5x
Sat, 20 May 2023CA$381.6bCA$105.5bCA$2.8b14.9x137.9x3.6x
Mon, 17 Apr 2023CA$405.3bCA$106.8bCA$5.1b14.3x78.7x3.8x
Wed, 15 Mar 2023CA$348.8bCA$108.5bCA$7.7b13.6x45.4x3.2x
Fri, 10 Feb 2023CA$357.0bCA$113.7bCA$12.0b13.5x29.8x3.1x
Price to Earnings Ratio

29.8x


Total Market Cap: CA$357.0bTotal Earnings: CA$12.0bTotal Revenue: CA$113.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.5x202420252026
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 55.0x which is lower than its 3-year average PE of 288x.
  • 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 13% per year over the last three years.
  • Revenues for these companies have grown 3.3% 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 Market-2.83%
Materials-10.31%
Metals and Mining-11.09%
Steel2.69%
Aluminum0%0
Copper-3.06%
Diversified Metals and Mining-6.51%
Precious Metals and Minerals-11.15%
Gold-12.58%
Silver-20.53%
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 58.5%, which is higher than its past year's earnings decline of 11.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 59% over the next 5 years.
  • However this is lower than its past earnings growth rate of 496% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 9.1% 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
LUC Lucara DiamondCA$0.24-2.0%
CA$250.4m		-30.0%PE4.6x
AOT.H Ascot ResourcesCA$1.58-9.7%
CA$205.2m		-82.9%PS552.5x
NGEX NGEx MineralsCA$28.542.8%
+CA$166.8m		120.9%PB47.1x
GSKR Goldsky ResourcesCA$3.8628.2%
+CA$154.3m		93.0%PB30.9x
ERO Ero CopperCA$46.741.9%
+CA$92.5m		140.8%PE25.8x

Latest News

AGI
CA$50.34
Alamos Gold
7D
-13.9%
1Y
61.7%
LUC
CA$0.24
Lucara Diamond
7D
-2.0%
1Y
-30.0%
AG
CA$27.89
First Majestic Silver
7D
-20.9%
1Y
234.4%
WPM
CA$180.59
Wheaton Precious Metals
7D
-10.9%
1Y
95.2%

WPM: New Gold Streams And Supportive Western Demand Will Drive Future Upside

Analysts have nudged their price targets for Wheaton Precious Metals higher, reflecting updated fair value estimates of about $260, small adjustments to the discount rate and long term margin and growth assumptions, as well as a series of recent target increases from major firms such as UBS, Scotiabank, Canaccord and BofA. Analyst Commentary Recent Street research has generally leaned constructive on Wheaton Precious Metals, with several firms updating their price targets and reaffirming positive views on the company despite a mixed macro backdrop for commodities.
LUG
CA$104.58
Lundin Gold
7D
-11.5%
1Y
184.6%

LUG: Future Upside Will Depend On Sustained Mine Performance And Exploration

Analysts have lifted their fair value estimate for Lundin Gold to $128 from $125, reflecting updated assumptions for revenue growth, profit margins and future P/E multiples in light of several recent price target increases across the Street. Analyst Commentary Recent Street research has clustered around higher price targets for Lundin Gold, with multiple firms raising their C$ views in close succession.
ERO
CA$46.74
Ero Copper
7D
1.9%
1Y
140.8%

Ramp Up At Tucumã And Mechanization At Xavantina Will Reshape Long Term Outlook

Catalysts About Ero Copper Ero Copper is a base and precious metals producer with copper operations at Caraíba and Tucumã and a gold operation at Xavantina, all in Brazil. What are the underlying business or industry changes driving this perspective?
TRX
CA$2.20
TRX Gold
7D
16.4%
1Y
353.6%
K
CA$43.16
Kinross Gold
7D
-16.9%
1Y
158.9%
AOT.H
CA$1.58
Ascot Resources
7D
-9.7%
1Y
-82.9%
GSKR
CA$3.86
Goldsky Resources
7D
28.2%
1Y
93.0%
CS
CA$15.68
Capstone Copper
7D
0.7%
1Y
94.8%
FNV
CA$317.82
Franco-Nevada
7D
-10.7%
1Y
59.2%

Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up

Jan 29
Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up
PAAS
CA$73.22
Pan American Silver
7D
-17.6%
1Y
110.6%

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.
TECT
CA$2.74
Tectonic Metals
7D
42.7%
1Y
448.0%
ABX
CA$63.37
Barrick Mining
7D
-9.9%
1Y
162.8%

ABX: Future Corporate Split Will Weigh On Shares Despite Stronger Outlook

Analysts have raised their price target on Barrick Mining from US$31.15 to US$42.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the revised outlook. What's in the News Barrick Mining plans a leadership change in the finance team, with board member Helen Cai set to become Chief Financial Officer on March 1, 2026, following the departure of current CFO Graham Shuttleworth after the 2025 year end results.
NGEX
CA$28.54
NGEx Minerals
7D
2.8%
1Y
120.9%