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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies1169
  • 7D-11.9%
  • 3M22.7%
  • 1Y122.4%
  • YTD15.2%

Over the last 7 days, the Metals and Mining industry has dropped 12%, driven by Barrick Mining declining 11%. On the other hand LunR Royalties is actually up 10%. This takes the industry's 12 month performance to a gain of 122%. Looking forward, earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026CA$1.0tCA$135.9bCA$25.0b18.6x41x7.6x
Mon, 02 Feb 2026CA$959.5bCA$125.0bCA$17.4b24x55.3x7.7x
Wed, 31 Dec 2025CA$882.6bCA$125.2bCA$17.4b23.1x50.6x7x
Fri, 28 Nov 2025CA$803.8bCA$127.2bCA$18.6b19.3x43.3x6.3x
Sun, 26 Oct 2025CA$717.1bCA$118.2bCA$13.3b21.2x53.7x6.1x
Tue, 23 Sep 2025CA$691.7bCA$117.6bCA$12.0b21.8x57.8x5.9x
Thu, 21 Aug 2025CA$558.6bCA$118.5bCA$12.1b16.9x46x4.7x
Sat, 19 Jul 2025CA$521.2bCA$109.9bCA$8.2b16.2x63.4x4.7x
Mon, 16 Jun 2025CA$522.8bCA$109.9bCA$8.2b16x63.7x4.8x
Wed, 14 May 2025CA$422.8bCA$93.1bCA$5.4b13.1x78.1x4.5x
Fri, 11 Apr 2025CA$436.7bCA$105.3bCA$5.2b12.5x84.4x4.1x
Sun, 09 Mar 2025CA$436.4bCA$107.1bCA$3.5b11.7x125.8x4.1x
Tue, 04 Feb 2025CA$420.6bCA$113.1bCA$700.3m13.2x600.6x3.7x
Thu, 02 Jan 2025CA$390.5bCA$111.9bCA$493.6m13x791.1x3.5x
Sat, 30 Nov 2024CA$412.2bCA$109.5bCA$359.0m13.6x1148x3.8x
Mon, 28 Oct 2024CA$447.2bCA$107.4b-CA$846,804,717.4817.4x-528.2x4.2x
Wed, 25 Sep 2024CA$416.5bCA$104.9b-CA$426,476,901.0317.7x-976.7x4x
Fri, 23 Aug 2024CA$412.5bCA$105.9b-CA$634,671,456.7915.5x-649.9x3.9x
Sun, 21 Jul 2024CA$397.5bCA$104.6b-CA$26,646,676.5516.2x-14916.7x3.8x
Tue, 18 Jun 2024CA$370.9bCA$105.0b-CA$572,953,923.2316.2x-647.3x3.5x
Thu, 16 May 2024CA$396.9bCA$104.5b-CA$268,929,985.6016.9x-1475.8x3.8x
Sat, 13 Apr 2024CA$378.6bCA$103.9bCA$1.5b18.2x251.8x3.6x
Mon, 11 Mar 2024CA$321.7bCA$102.7bCA$1.2b14.8x259.7x3.1x
Wed, 07 Feb 2024CA$304.0bCA$100.2bCA$3.1b12.8x97.7x3x
Fri, 05 Jan 2024CA$340.3bCA$106.9bCA$1.7b13.2x197.4x3.2x
Sun, 03 Dec 2023CA$346.9bCA$107.7bCA$1.7b13.5x199.7x3.2x
Tue, 31 Oct 2023CA$335.3bCA$106.7bCA$1.4b11.8x247.5x3.1x
Thu, 28 Sep 2023CA$333.8bCA$105.1bCA$1.6b10.7x208.9x3.2x
Sat, 26 Aug 2023CA$354.5bCA$104.6bCA$1.4b11.3x250.1x3.4x
Mon, 24 Jul 2023CA$372.6bCA$103.8bCA$2.4b12.7x152.8x3.6x
Wed, 21 Jun 2023CA$358.4bCA$103.8bCA$2.4b12.9x150.2x3.5x
Fri, 19 May 2023CA$379.7bCA$105.4bCA$2.8b14.9x137.3x3.6x
Sun, 16 Apr 2023CA$405.2bCA$106.8bCA$5.1b14.3x78.7x3.8x
Tue, 14 Mar 2023CA$349.1bCA$108.8bCA$7.7b13.6x45.3x3.2x
Price to Earnings Ratio

45.3x


Total Market Cap: CA$349.1bTotal Earnings: CA$7.7bTotal Revenue: CA$108.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.9x202420252026
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 41.0x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.7x 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 48% per year over the last three years.
  • Revenues for these companies have grown 7.7% 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-3.83%
Materials-11.05%
Metals and Mining-11.94%
Aluminum0%0
Steel-4.01%
Gold-10.73%
Precious Metals and Minerals-11.27%
Diversified Metals and Mining-12.21%
Silver-17.20%
Copper-18.33%
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 38.0%, which is higher than its past year's earnings growth of 31.3% 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 6.4% 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
LUNR LunR RoyaltiesCA$29.0210.0%
+CA$186.5m		n/an/a
RECE Resource Centrix HoldingsIncCA$4.9565.0%
+CA$183.7m		n/an/a
AII Almonty IndustriesCA$25.441.1%
+CA$149.1m		816.8%PS238.5x
MOON Blue Moon MetalsCA$8.0116.1%
+CA$147.4m		n/aPB4.7x
AUXX Gold X2 MiningCA$1.7815.6%
+CA$143.6m		535.7%PB8.5x

Latest News

RM
CA$3.95
Roxmore Resources
7D
20.8%
1Y
139.4%
LUN
CA$34.73
Lundin Mining
7D
-20.1%
1Y
174.8%
PAAS
CA$80.94
Pan American Silver
7D
-13.5%
1Y
129.3%
ABX
CA$61.73
Barrick Mining
7D
-10.8%
1Y
130.9%

ABX: Planned Business Split Will Pressure Shares Despite Higher P/E Multiple

Analysts have adjusted their fair value estimate for Barrick Mining to CA$50.72 from CA$47.98, reflecting updated assumptions on revenue growth, profit margins, discount rates, and future P/E expectations. What's in the News Barrick Mining reported fourth quarter 2025 production of 871,000 ounces of gold and 62,000 tonnes of copper, and full year 2025 production of 3,255,000 ounces of gold and 220,000 tonnes of copper, compared with 3,911,000 ounces of gold and 195,000 tonnes of copper a year earlier (company announcement of operating results).
FNV
CA$352.86
Franco-Nevada
7D
-7.4%
1Y
71.5%

FNV: Metal Price Revisions And Dividend Progress Will Shape Future Cash Flows

The analyst price target for Franco-Nevada has inched up to CA$280 as analysts incorporate updated 2026 metal price forecasts along with revised assumptions for discount rates, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research on Franco-Nevada points to a mix of optimism around valuation support from updated metal price forecasts and caution around execution risk and stock positioning.
CVW
CA$1.01
CVW Sustainable Royalties
7D
2.0%
1Y
23.2%
K
CA$44.24
Kinross Gold
7D
-12.3%
1Y
175.5%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
MOON
CA$8.01
Blue Moon Metals
7D
16.1%
1Y
n/a
WPM
CA$199.72
Wheaton Precious Metals
7D
-10.1%
1Y
97.1%

WPM: Long Term Metal Price Assumptions Will Restrain Upside Potential

The analyst price target for Wheaton Precious Metals has been revised slightly higher to CA$188. Analysts linked their updated views to refreshed 2026 metal price forecasts and company guidance that was broadly in line with expectations.
TECK.B
CA$68.65
Teck Resources
7D
-14.3%
1Y
20.0%

TECK.B: Elevated Expectations Will Depend On Merger Execution Risk

The analyst price target for Teck Resources in our model has been raised from CA$45.79 to CA$57.90, as analysts factor in updated assumptions around potential merger synergies, revised operating numbers, and a slightly higher future P/E multiple. Analyst Commentary Recent Street research on Teck Resources has featured a series of price target revisions and rating changes that give you a mixed picture.
AUXX
CA$1.78
Gold X2 Mining
7D
15.6%
1Y
535.7%
RECE
CA$4.95
Resource Centrix HoldingsInc
7D
65.0%
1Y
n/a
LUNR
CA$29.02
LunR Royalties
7D
10.0%
1Y
n/a
FM
CA$32.91
First Quantum Minerals
7D
-19.4%
1Y
84.3%
VMET
CA$14.48
Versamet Royalties
7D
5.5%
1Y
n/a
AII
CA$25.44
Almonty Industries
7D
1.1%
1Y
816.8%