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 27.8x which is lower than its 3-year average PE of 284x. The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 6.2x.

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 117x. Analysts are expecting annual earnings growth of 12.6%, which is lower than the prior year's growth of 69.8% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 02 Jun 2026	CA$974.1b	CA$157.2b	CA$35.1b	16.5x	27.8x	6.2x
Thu, 30 Apr 2026	CA$911.3b	CA$138.5b	CA$27.2b	16.9x	33.5x	6.6x
Sat, 28 Mar 2026	CA$845.1b	CA$139.0b	CA$26.5b	15.7x	31.9x	6.1x
Mon, 23 Feb 2026	CA$1.1t	CA$135.3b	CA$24.9b	22.7x	42.4x	7.8x
Wed, 21 Jan 2026	CA$1.0t	CA$126.3b	CA$17.6b	25.5x	57.3x	8x
Fri, 19 Dec 2025	CA$849.2b	CA$125.9b	CA$17.5b	20.9x	48.4x	6.7x
Sun, 16 Nov 2025	CA$755.2b	CA$126.9b	CA$18.5b	19.6x	40.8x	5.9x
Tue, 14 Oct 2025	CA$747.5b	CA$117.9b	CA$12.3b	24x	60.9x	6.3x
Thu, 11 Sep 2025	CA$657.4b	CA$118.6b	CA$11.9b	18.6x	55.2x	5.5x
Sat, 09 Aug 2025	CA$559.1b	CA$110.3b	CA$10.9b	17.3x	51.3x	5.1x
Mon, 07 Jul 2025	CA$529.8b	CA$109.1b	CA$8.1b	16.8x	65.4x	4.9x
Wed, 04 Jun 2025	CA$511.4b	CA$110.8b	CA$8.5b	15.3x	60.3x	4.6x
Fri, 02 May 2025	CA$470.2b	CA$105.5b	CA$5.9b	13.2x	79.3x	4.5x
Sun, 30 Mar 2025	CA$461.8b	CA$107.7b	CA$5.3b	13.6x	87.1x	4.3x
Tue, 25 Feb 2025	CA$428.1b	CA$105.6b	CA$3.3b	12.4x	129.7x	4.1x
Thu, 23 Jan 2025	CA$411.7b	CA$112.0b	CA$691.9m	13.9x	595x	3.7x
Sat, 21 Dec 2024	CA$385.2b	CA$111.8b	CA$482.8m	12.6x	797.9x	3.4x
Mon, 18 Nov 2024	CA$394.2b	CA$110.1b	CA$488.1m	13x	807.7x	3.6x
Wed, 16 Oct 2024	CA$430.0b	CA$106.6b	-CA$377,454,523.61	17.5x	-1139.1x	4x
Fri, 13 Sep 2024	CA$387.3b	CA$105.7b	-CA$689,320,664.19	16.1x	-561.9x	3.7x
Sun, 11 Aug 2024	CA$371.6b	CA$105.7b	-CA$695,615,553.01	14.7x	-534.2x	3.5x
Tue, 09 Jul 2024	CA$394.6b	CA$104.5b	-CA$547,917,118.42	15.4x	-720.1x	3.8x
Thu, 06 Jun 2024	CA$377.7b	CA$104.8b	-CA$612,948,432.23	17.1x	-616.2x	3.6x
Sat, 04 May 2024	CA$371.8b	CA$103.7b	CA$37.8m	17.1x	9835.7x	3.6x
Mon, 01 Apr 2024	CA$345.9b	CA$102.4b	CA$1.5b	14.9x	232x	3.4x
Wed, 28 Feb 2024	CA$291.7b	CA$102.6b	CA$2.8b	13.9x	103.5x	2.8x
Fri, 26 Jan 2024	CA$330.1b	CA$107.7b	CA$1.8b	12.8x	188.4x	3.1x
Sun, 24 Dec 2023	CA$349.2b	CA$106.4b	CA$1.7b	13.8x	205x	3.3x
Tue, 21 Nov 2023	CA$327.1b	CA$109.0b	CA$1.7b	12.1x	193.3x	3x
Thu, 19 Oct 2023	CA$351.1b	CA$106.2b	CA$1.6b	11.1x	224.6x	3.3x
Sat, 16 Sep 2023	CA$355.2b	CA$104.1b	CA$1.7b	11.3x	206.6x	3.4x
Mon, 14 Aug 2023	CA$366.8b	CA$104.0b	CA$1.4b	10.9x	255.5x	3.5x
Wed, 12 Jul 2023	CA$361.9b	CA$103.9b	CA$2.5b	12x	147.2x	3.5x
Fri, 09 Jun 2023	CA$369.2b	CA$104.4b	CA$2.5b	13x	146.7x	3.5x


CA Market	-0.35%
Materials	2.52%
Metals and Mining	2.85%
Copper	6.23%
Steel	4.07%
Silver	3.56%
Diversified Metals and Mining	3.54%
Precious Metals and Minerals	2.92%
Gold	2.11%
Aluminum	0%	0

Company	Last Price	7D	1Y	Valuation
FM First Quantum Minerals	CA$43.52	9.3% +CA$3.1b	108.5%	PS4.8x
HBM Hudbay Minerals	CA$42.37	15.5% +CA$2.3b	238.4%	PE18.5x
LUN Lundin Mining	CA$42.08	5.4% +CA$1.8b	215.7%	PE21.9x
TECK.B Teck Resources	CA$93.93	3.9% +CA$1.7b	85.6%	PE24.9x
CS Capstone Copper	CA$15.54	9.8% +CA$1.1b	109.7%	PE20.2x

Announcement • May 22

Dpm Metals Reports New High-Grade Intercepts from the Chelopech Wedge Zone Deep Prospect; Expects Mineral Resource Estimate by Year-End 2026

DPM Metals Inc. reported results from delineation drilling at the Wedge Zone Deep ("WZD") prospect, located within the Chelopech mine concession and 250 metres below existing mine infrastructure. · Results confirm and extend high-grade mineralization: The mineralized zone has now been defined over approximately 170 metres along strike, 130 metres in width, and 300 metres in vertical extent, with drilled gold grades well in excess of the existing Chelopech mine gold Reserve grade of 2.18 g/t.1 · Open in multiple directions: The WZD target remains open along strike and down-dip. · Initial mineral resource estimate targeted by year-end 2026: The Company is planning further drilling over the balance of 2026, with an initial mineral resource expected by year-end as part of the Chelopech Wedge Zone Deep Drilling Program Results Delineation drilling at the WZD prospect continued through late 2025 and the first quarter of 2026, following up on high-grade intercepts previously reported on November 19, 2025. The aim of this drill program was to extend the limits of the WZD prospect, which was open in several directions, and to improve DPM's understanding of the geometry and extent of mineralization in support of an initial mineral resource estimate and an evaluation of WZD's potential to augment the existing life of mine plan at Chelopech. The WZD prospect is located on the northern flank of the Chelopech mine concession and, based on the latest drilling, is situated approximately 250 metres below existing Mineral Reserves and current underground infrastructure. The target area comprises a broad corridor of prospective ground that lies below -100 metres elevation and is located on the hanging wall of the Petrovden Fault, which traverses the mine concession in an approximate east-west orientation. To date, approximately 11,800 metres have been completed in 17 drillholes within the WZD area, with two additional holes currently underway. The results continue to support the geological interpretation of the zone as a continuous body of high-sulphidation-type gold-copper-silver mineralization associated with advanced argillic alteration and hosted within diorite and phreato-magmatic breccias proximal to the Petrovden Fault. Mineralization encountered in the new drillholes is consistent with that observed in the initial discovery holes and occurs as wide, continuous zones of massive sulphides that gradually transition down-dip into hydrothermal breccias and sulphide stockworks containing disseminated and mottled pyrite and copper sulphosalts. A key result from the program was drillhole EX_WZD_165_03, which intersected a wide zone of massive sulphides and extended mineralization 100 metres up-dip toward existing infrastructure and the Petrovden Fault. Drillholes EX_WZD_165_05A and EX_WZD_210_04 further extended the mineralization down-dip to the south and southeast by 80 metres and 50 metres, respectively, while also confirming the higher grades previously reported in EX_WZD_210_01A. Elsewhere, drillhole EX_WZD_165_05 confirmed the continuity of mineralization between previously reported drillholes EX_WZD_210_01 and EX_WZD_165_01. At higher elevations, EX_WZD_210_05 and EX_WZD_165_04 returned relatively narrower intervals of mineralization, indicating that the alteration envelope pinches out and weakens toward the Petrovden Fault. West of the target, drillholes EX_WZD_210_02 and EX_WZD_210_03 intersected advanced argillic alteration but failed to return significant sulphide mineralization. The mineralized zone is currently defined over approximately 170 metres along strike, 130 metres in width, and 300 metres in vertical extent, and forms a steeply dipping body elongated parallel to the hanging wall of the Petrovden Fault. The target remains open along strike and down-dip, with strong potential for further expansion through additional drilling. Initial metallurgical testwork on material from WZD indicates that the mineralization is amenable to flotation processing and would produce both a gold-copper concentrate and a pyrite concentrate using the existing flowsheet at the Chelopech plant, supporting WZD's potential to augment the existing Chelopech mine plan. These conclusions are based on preliminary laboratory-scale testwork conducted at the Chelopech testwork facility. Next Steps Drilling at the WZD prospect is proceeding as planned and remains focused on expanding the mineralized footprint while refining the geometry and continuity of the system. DPM will continue to explore the broader Wedge Zone Deep corridor for additional mineralization, informed by the possibility of telescoping within the Chelopech hydrothermal system, whereby alteration and mineralization assemblages typically developed at higher structural levels may occur at greater depth than would normally be expected. Exploration will also test analogous structural settings along the Petrovden Fault. The Company is planning further drilling over the balance of 2026, with an initial mineral resource estimate expected by year-end as part of the Chelopech annual Mineral Resource and Mineral Reserve update. As part of ongoing exploration programs, the Company continues to test different targets within the Chelopech mine concession and Brevene exploration licence, with 15 drill rigs currently in operation. To support potential future engineering and investment decisions at the WZD prospect, the Company has initiated a series of technical studies, including an initial geotechnical assessment to inform conceptual mining approaches, an assessment of decline development strategies, and further metallurgical testwork to better evaluate metallurgical characteristics. Sampling, Analysis and QAQC of Exploration Drill Core Samples Most underground exploration diamond drill holes are collared with HQ size, continued and finished with NQ. N-BTK sized core is recovered over navigational drilling intervals. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw; one half is sampled for assaying, and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms, depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submissions. Drill core samples are shipped to the Company's own exploration laboratory in Bor, Serbia, which is managed by SGS Minerals ("SGS"). Quality control samples, comprising certified reference materials, blanks, and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified.

Canadian (TSX) Metals and Mining Industry Analysis

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