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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies1164
  • 7D8.6%
  • 3M51.8%
  • 1Y160.0%
  • YTD26.5%

Over the last 7 days, the Metals and Mining industry has risen 5.8%, driven by gains from Wheaton Precious Metals of 11%. This means that the industry has gained 159% over the past year. Earnings are forecast to grow by 30% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026CA$1.1tCA$124.6bCA$17.3b28.9x63x8.8x
Sat, 27 Dec 2025CA$896.3bCA$125.0bCA$17.4b21.9x51.5x7.2x
Mon, 24 Nov 2025CA$729.0bCA$127.7bCA$18.7b18.4x39x5.7x
Wed, 22 Oct 2025CA$773.3bCA$117.8bCA$12.3b20.8x63.1x6.6x
Fri, 19 Sep 2025CA$662.0bCA$117.4bCA$11.9b18.8x55.4x5.6x
Sun, 17 Aug 2025CA$573.2bCA$118.0bCA$12.1b17.2x47.5x4.9x
Tue, 15 Jul 2025CA$530.0bCA$109.7bCA$8.2b16.8x64.7x4.8x
Thu, 12 Jun 2025CA$511.9bCA$110.4bCA$8.5b15.5x60.5x4.6x
Sat, 10 May 2025CA$476.1bCA$111.3bCA$8.5b14.2x55.9x4.3x
Mon, 07 Apr 2025CA$409.8bCA$106.9bCA$5.4b12.3x76.3x3.8x
Wed, 05 Mar 2025CA$421.9bCA$107.1bCA$3.4b11.1x122.4x3.9x
Fri, 31 Jan 2025CA$411.0bCA$112.6bCA$676.5m13.4x607.6x3.7x
Sun, 29 Dec 2024CA$394.1bCA$112.1bCA$514.3m12.8x766.3x3.5x
Tue, 26 Nov 2024CA$420.5bCA$109.3bCA$329.0m12.5x1278.4x3.8x
Thu, 24 Oct 2024CA$459.8bCA$106.1b-CA$663,247,632.5617.7x-693.3x4.3x
Sat, 21 Sep 2024CA$416.5bCA$105.6b-CA$627,952,331.1016.2x-663.3x3.9x
Mon, 19 Aug 2024CA$400.0bCA$106.3b-CA$628,140,927.3014.3x-636.8x3.8x
Wed, 17 Jul 2024CA$411.5bCA$104.2b-CA$116,922,279.2715.5x-3519.7x3.9x
Fri, 14 Jun 2024CA$370.4bCA$105.1b-CA$612,773,357.4616.2x-604.5x3.5x
Sun, 12 May 2024CA$391.8bCA$104.4b-CA$451,294,419.1616.9x-868.1x3.8x
Tue, 09 Apr 2024CA$367.9bCA$102.6bCA$1.4b17.9x259.9x3.6x
Thu, 07 Mar 2024CA$312.9bCA$102.6bCA$886.7m14.9x352.8x3.1x
Sat, 03 Feb 2024CA$329.8bCA$107.6bCA$1.7b12.9x189.3x3.1x
Mon, 01 Jan 2024CA$345.3bCA$106.3bCA$1.7b14x202.8x3.2x
Wed, 29 Nov 2023CA$332.1bCA$108.2bCA$1.7b12.2x194.9x3.1x
Fri, 27 Oct 2023CA$341.8bCA$106.7bCA$1.3b11.8x256.1x3.2x
Sun, 24 Sep 2023CA$351.1bCA$104.9bCA$1.6b10.7x221x3.3x
Tue, 22 Aug 2023CA$346.5bCA$104.3bCA$1.4b11.3x247.1x3.3x
Thu, 20 Jul 2023CA$378.4bCA$103.5bCA$2.4b12.7x155.4x3.7x
Sat, 17 Jun 2023CA$367.0bCA$103.7bCA$2.4b12.1x154.1x3.5x
Mon, 15 May 2023CA$394.0bCA$106.0bCA$3.0b15.5x130x3.7x
Wed, 12 Apr 2023CA$398.1bCA$107.4bCA$5.2b14.4x76.1x3.7x
Fri, 10 Mar 2023CA$338.9bCA$109.4bCA$8.1b13.7x42x3.1x
Sun, 05 Feb 2023CA$363.8bCA$113.3bCA$12.0b13.1x30.4x3.2x
Price to Earnings Ratio

30.4x


Total Market Cap: CA$363.8bTotal Earnings: CA$12.0bTotal Revenue: CA$113.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.4x202420252026
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 62.3x which is lower than its 3-year average PE of 288x.
  • The industry is trading close to its 3-year average PS ratio of 8.6x.
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 3.2% 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 Market1.72%
Materials5.42%
Metals and Mining5.77%
Precious Metals and Minerals12.71%
Silver9.61%
Diversified Metals and Mining9.46%
Gold4.89%
Copper3.87%
Aluminum0%0
Steel-1.32%
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 60.3%, 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 64% 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 7.5% 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$211.6011.2%
+CA$9.7b		142.7%PE70.7x
ABX Barrick MiningCA$71.865.9%
+CA$6.8b		212.2%PE25x
PAAS Pan American SilverCA$89.3113.0%
+CA$4.3b		174.0%PE43.8x
IVN Ivanhoe MinesCA$18.8114.7%
+CA$3.4b		18.6%PE64.6x
K Kinross GoldCA$51.565.6%
+CA$3.3b		221.2%PE26.1x

Latest News

FNV
CA$363.32
Franco-Nevada
7D
4.1%
1Y
92.1%
CGG
CA$43.09
China Gold International Resources
7D
19.5%
1Y
420.4%
SHL
CA$0.39
Homeland Nickel
7D
-44.3%
1Y
1,200.0%
PAAS
CA$89.31
Pan American Silver
7D
13.0%
1Y
174.0%
APXC
CA$2.60
Apex Critical Metals
7D
-21.2%
1Y
221.0%
AG
CA$35.55
First Majestic Silver
7D
15.8%
1Y
343.3%
LUN
CA$36.18
Lundin Mining
7D
-1.3%
1Y
206.6%

LUN: Future Returns Will Hinge On Metals Cycles Versus Legal And Macro Risks

The updated analyst price target for Lundin Mining has shifted higher to reflect a fair value move from $28.28 to $32.34, as analysts factor in refreshed commodity price forecasts, a slightly lower discount rate of 7.21% and higher expected future P/E multiples, even as they incorporate more cautious assumptions on revenue growth and profit margins. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets in different currencies and maintaining a range of ratings from Buy and Outperform to Neutral and Equal Weight.
K
CA$51.56
Kinross Gold
7D
5.6%
1Y
221.2%
IVN
CA$18.81
Ivanhoe Mines
7D
14.7%
1Y
18.6%

IVN: Higher Metals Price Assumptions Will Support Major Copper Production Ramp

Analysts have lifted their price targets on Ivanhoe Mines by roughly C$3 to reflect updated fair value estimates of about $22.86 versus $20.66 previously, citing refreshed metals price forecasts and a mixed macro backdrop, with softer Chinese demand but potential offset from recovering demand in the U.S. and Europe. Analyst Commentary Bullish analysts are framing the recent price target moves as a reset of fair value that better reflects updated metals price assumptions and Ivanhoe Mines' project portfolio.
ABX
CA$71.86
Barrick Mining
7D
5.9%
1Y
212.2%

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.
NCX
CA$2.82
NorthIsle Copper and Gold
7D
-8.7%
1Y
519.8%
BRC
CA$1.52
Blackrock Silver
7D
-7.3%
1Y
360.6%
WPM
CA$211.60
Wheaton Precious Metals
7D
11.2%
1Y
142.7%

WPM: Precious Metals Streams And Geopolitical Tensions Will Support Future Upside

Analysts have lifted their price targets on Wheaton Precious Metals into the low US$130s, with the updated fair value estimate of about US$259. This change is supported by expectations for stronger revenue growth, higher profit margins, a slightly higher discount rate, and a lower future P/E assumption.
ETG
CA$2.78
Entrée Resources
7D
-14.7%
1Y
12.6%
CNC
CA$2.13
Canada Nickel
7D
-8.2%
1Y
156.6%
LAR
CA$10.86
Lithium Argentina
7D
-3.4%
1Y
185.8%