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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies1168
  • 7D-2.8%
  • 3M-5.9%
  • 1Y102.5%
  • YTD12.1%

Over the last 7 days, the Metals and Mining industry has dropped 2.8%, driven by a pullback from Barrick Mining of 6.0%. In contrast, Rupert Resources has gained 71%. In the past year, the industry has gained 102%. Earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026CA$956.1bCA$136.7bCA$26.9b18.6x35.6x7x
Sat, 21 Mar 2026CA$842.0bCA$137.3bCA$25.8b16.3x32.6x6.1x
Mon, 16 Feb 2026CA$1.0tCA$129.0bCA$19.3b25.3x53.2x8x
Wed, 14 Jan 2026CA$975.4bCA$126.7bCA$17.7b24.3x55.2x7.7x
Fri, 12 Dec 2025CA$830.6bCA$125.8bCA$17.5b21.7x47.4x6.6x
Sun, 09 Nov 2025CA$716.4bCA$124.4bCA$16.1b20.5x44.4x5.8x
Tue, 07 Oct 2025CA$752.6bCA$117.5bCA$12.2b23.1x61.6x6.4x
Thu, 04 Sep 2025CA$628.9bCA$118.0bCA$12.0b18x52.5x5.3x
Sat, 02 Aug 2025CA$517.2bCA$112.8bCA$10.0b18.9x51.9x4.6x
Mon, 30 Jun 2025CA$511.8bCA$109.7bCA$8.2b15.1x62.2x4.7x
Wed, 28 May 2025CA$489.9bCA$111.3bCA$8.7b13.8x56.6x4.4x
Fri, 25 Apr 2025CA$469.9bCA$104.6bCA$5.1b13.5x92.5x4.5x
Sun, 23 Mar 2025CA$466.9bCA$107.4bCA$5.4b14.2x86.3x4.3x
Tue, 18 Feb 2025CA$435.8bCA$111.7bCA$3.9b12.8x111.5x3.9x
Thu, 16 Jan 2025CA$406.6bCA$111.6bCA$558.5m13.6x728x3.6x
Sat, 14 Dec 2024CA$415.1bCA$111.0bCA$387.8m13.6x1070.5x3.7x
Mon, 11 Nov 2024CA$423.7bCA$108.4bCA$389.2m13.8x1088.8x3.9x
Wed, 09 Oct 2024CA$420.9bCA$105.8b-CA$375,663,748.2917.8x-1120.3x4x
Fri, 06 Sep 2024CA$380.2bCA$105.3b-CA$688,638,820.7415.8x-552.1x3.6x
Sun, 04 Aug 2024CA$385.3bCA$106.2b-CA$346,654,521.7014.6x-1111.5x3.6x
Tue, 02 Jul 2024CA$376.1bCA$105.2b-CA$552,643,691.4415.1x-680.6x3.6x
Thu, 30 May 2024CA$407.1bCA$104.9b-CA$870,489,485.6117.3x-467.7x3.9x
Sat, 27 Apr 2024CA$384.6bCA$102.8bCA$384.9m17x999.2x3.7x
Mon, 25 Mar 2024CA$330.0bCA$103.5bCA$1.3b13.6x249.3x3.2x
Wed, 21 Feb 2024CA$298.1bCA$100.9bCA$4.9b12.4x60.5x3x
Fri, 19 Jan 2024CA$325.3bCA$107.8bCA$1.8b12.4x185.1x3x
Sun, 17 Dec 2023CA$344.0bCA$107.1bCA$1.7b13.1x201.4x3.2x
Tue, 14 Nov 2023CA$318.5bCA$109.6bCA$1.9b12x171.1x2.9x
Thu, 12 Oct 2023CA$343.1bCA$105.5bCA$1.6b11.3x219.8x3.3x
Sat, 09 Sep 2023CA$354.7bCA$104.8bCA$1.7b11x202.7x3.4x
Mon, 07 Aug 2023CA$368.1bCA$103.5bCA$1.1b11.9x345.7x3.6x
Wed, 05 Jul 2023CA$364.7bCA$103.8bCA$2.5b12.2x148.3x3.5x
Fri, 02 Jun 2023CA$370.8bCA$105.4bCA$2.6b12.8x142.2x3.5x
Sun, 30 Apr 2023CA$396.5bCA$106.4bCA$4.5b14.2x88.1x3.7x
Price to Earnings Ratio

88.1x


Total Market Cap: CA$396.5bTotal Earnings: CA$4.5bTotal Revenue: CA$106.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.7x202420252026
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 35.6x which is lower than its 3-year average PE of 288x.
  • The 3-year average PS ratio of 8.9x is higher than the industry's current PS ratio of 7.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 81% per year over the last three years.
  • Revenues for these companies have grown 8.7% 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-0.38%
Materials-2.73%
Metals and Mining-2.82%
Precious Metals and Minerals1.46%
Diversified Metals and Mining1.22%
Aluminum0%0
Silver-1.38%
Gold-3.67%
Copper-4.46%
Steel-4.59%
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 38.7%, which is lower than the prior year's growth of 1,436.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 71% over the next 5 years.
  • However this is lower than its past earnings growth rate of 188% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 16% 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
RUP Rupert ResourcesCA$11.4471.3%
+CA$1.1b		147.1%PB9.8x
AII Almonty IndustriesCA$31.9410.7%
+CA$880.3m		762.1%PS279x
TECK.B Teck ResourcesCA$81.051.2%
+CA$469.9m		67.6%PE28.3x
OGC OceanaGoldCA$46.382.0%
+CA$208.6m		209.8%PE12.1x
LAR Lithium ArgentinaCA$12.6411.2%
+CA$208.0m		353.0%PB2x

Latest News

FNV
CA$337.95
Franco-Nevada
7D
-4.2%
1Y
43.1%
IMG
CA$23.65
IAMGOLD
7D
-11.7%
1Y
135.3%
RUP
CA$11.44
Rupert Resources
7D
71.3%
1Y
147.1%
AGI
CA$61.73
Alamos Gold
7D
-6.1%
1Y
59.8%

AGI: Higher 2026 Metal Price Forecasts Will Support Dividend And Reserve Upside

Analysts have increased their CA$ price target on Alamos Gold by CA$8, citing updated metal price assumptions for 2026 and incremental adjustments to fair value, discount rate, margin and P/E inputs in their models. Analyst Commentary Recent research activity around Alamos Gold has centered on updated metal price assumptions for 2026 and refreshed valuation models, with several firms revising their price targets in both US$ and CA$ terms.
ABX
CA$55.67
Barrick Mining
7D
-6.0%
1Y
110.3%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
KNT
CA$26.78
K92 Mining
7D
2.7%
1Y
110.2%

KNT: High Grade Production And Drilling Progress Will Support Future Repricing

The analyst price target for K92 Mining has been raised from CA$39.00 to about CA$45.41, with analysts pointing to updated assumptions for revenue growth, profit margins and future P/E multiples as key drivers of the change. Analyst Commentary Recent Street research has centered on higher price targets for K92 Mining, with several bullish analysts revisiting their models and adjusting fair value estimates.
WPM
CA$198.03
Wheaton Precious Metals
7D
-2.5%
1Y
75.0%
OGC
CA$46.38
OceanaGold
7D
2.0%
1Y
209.8%
K
CA$44.60
Kinross Gold
7D
-2.8%
1Y
124.1%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
LAC
CA$6.82
Lithium Americas
7D
8.4%
1Y
78.1%
TECK.B
CA$81.05
Teck Resources
7D
1.2%
1Y
67.6%
LUN
CA$37.79
Lundin Mining
7D
-7.7%
1Y
221.3%
ABRA
CA$17.10
AbraSilver Resource
7D
6.6%
1Y
481.6%
LUG
CA$106.06
Lundin Gold
7D
-5.0%
1Y
86.6%

LUG: Future Upside Will Depend On Higher Margins And Share Repurchases

Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
LAR
CA$12.64
Lithium Argentina
7D
11.2%
1Y
353.0%
AII
CA$31.94
Almonty Industries
7D
10.7%
1Y
762.1%