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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies1164
  • 7D-4.6%
  • 3M18.1%
  • 1Y123.5%
  • YTD16.1%

Over the last 7 days, the Metals and Mining industry has dropped 4.6%, driven by Barrick Mining declining 2.2%. This takes the industry's 12 month performance to a gain of 123%. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026CA$1.0tCA$136.3bCA$25.3b19.1x41.1x7.6x
Sun, 08 Feb 2026CA$975.8bCA$128.6bCA$19.3b24.9x50.4x7.6x
Tue, 06 Jan 2026CA$905.2bCA$125.7bCA$17.5b23.2x51.7x7.2x
Thu, 04 Dec 2025CA$816.5bCA$126.5bCA$18.2b21.2x44.8x6.5x
Sat, 01 Nov 2025CA$718.0bCA$119.4bCA$13.9b20.5x51.7x6x
Mon, 29 Sep 2025CA$728.8bCA$117.4bCA$12.2b21.6x59.8x6.2x
Wed, 27 Aug 2025CA$593.9bCA$118.2bCA$12.1b17.1x49x5x
Fri, 25 Jul 2025CA$538.8bCA$109.3bCA$8.1b17.2x66.4x4.9x
Sun, 22 Jun 2025CA$515.4bCA$110.1bCA$8.3b15.4x62.4x4.7x
Tue, 20 May 2025CA$417.7bCA$94.1bCA$5.6b12.8x74.8x4.4x
Thu, 17 Apr 2025CA$475.2bCA$104.5bCA$5.1b15.4x93.4x4.5x
Sat, 15 Mar 2025CA$452.3bCA$107.2bCA$5.1b12.5x88.7x4.2x
Mon, 10 Feb 2025CA$439.1bCA$111.3bCA$715.1m13.4x614x3.9x
Wed, 08 Jan 2025CA$399.6bCA$111.8bCA$510.6m13.5x782.5x3.6x
Fri, 06 Dec 2024CA$417.6bCA$109.7bCA$321.4m13.5x1299.3x3.8x
Sun, 03 Nov 2024CA$429.2bCA$105.2b-CA$738,905,752.2514.8x-580.9x4.1x
Tue, 01 Oct 2024CA$426.5bCA$105.0b-CA$393,736,407.6517.9x-1083.2x4.1x
Thu, 29 Aug 2024CA$408.5bCA$105.1b-CA$629,440,971.9416.3x-649x3.9x
Sat, 27 Jul 2024CA$389.2bCA$105.0b-CA$294,133,114.1414.7x-1323.4x3.7x
Mon, 24 Jun 2024CA$373.0bCA$104.9b-CA$564,078,017.6216.5x-661.2x3.6x
Wed, 22 May 2024CA$411.1bCA$104.5b-CA$923,046,919.6018.5x-445.4x3.9x
Fri, 19 Apr 2024CA$375.0bCA$103.8bCA$1.5b17.4x246.5x3.6x
Sun, 17 Mar 2024CA$334.0bCA$103.1bCA$1.4b13.4x244.9x3.2x
Tue, 13 Feb 2024CA$299.1bCA$100.0bCA$3.1b12.9x97.3x3x
Thu, 11 Jan 2024CA$336.5bCA$107.1bCA$1.7b12.7x194.4x3.1x
Sat, 09 Dec 2023CA$335.9bCA$108.3bCA$1.8b12.8x189.6x3.1x
Mon, 06 Nov 2023CA$335.3bCA$107.4bCA$1.7b14x198x3.1x
Wed, 04 Oct 2023CA$332.3bCA$106.0bCA$1.6b11.2x206.3x3.1x
Fri, 01 Sep 2023CA$364.3bCA$104.1bCA$1.7b11.3x216.7x3.5x
Sun, 30 Jul 2023CA$369.3bCA$101.5bCA$919.2m13.4x401.8x3.6x
Tue, 27 Jun 2023CA$356.3bCA$103.4bCA$2.3b12.9x152.9x3.4x
Thu, 25 May 2023CA$368.0bCA$106.0bCA$2.7b14.2x134.4x3.5x
Sat, 22 Apr 2023CA$395.2bCA$107.8bCA$5.2b13.7x75.7x3.7x
Mon, 20 Mar 2023CA$357.0bCA$108.9bCA$7.2b13x49.9x3.3x
Price to Earnings Ratio

49.9x


Total Market Cap: CA$357.0bTotal Earnings: CA$7.2bTotal Revenue: CA$108.9bTotal 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 41.1x 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 52% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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-2.39%
Materials-3.95%
Metals and Mining-4.57%
Aluminum0%0
Steel-3.90%
Gold-3.95%
Diversified Metals and Mining-4.31%
Precious Metals and Minerals-5.70%
Silver-7.50%
Copper-8.42%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio.
    • Analysts expect its future annual earnings growth (34.4%) to be largely in line with prior year's earnings growth.
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 188% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 6.2% 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
FNV Franco-NevadaCA$358.812.9%
+CA$1.9b		65.6%PE45.7x
AII Almonty IndustriesCA$28.688.7%
+CA$648.5m		1,174.7%PS268.9x
ALS Altius MineralsCA$44.64-2.0%
CA$386.8m		78.1%PE8.4x
WDO Wesdome Gold MinesCA$24.896.4%
+CA$325.3m		59.6%PE11x
ELE Elemental RoyaltyCA$33.0111.1%
+CA$210.5m		170.6%PE303.3x

Latest News

ALS
CA$44.64
Altius Minerals
7D
-2.0%
1Y
78.1%
FDY
CA$5.08
Faraday Copper
7D
6.5%
1Y
497.6%
WDO
CA$24.89
Wesdome Gold Mines
7D
6.4%
1Y
59.6%
ABX
CA$60.64
Barrick Mining
7D
-2.2%
1Y
124.1%
AG
CA$33.61
First Majestic Silver
7D
-6.4%
1Y
248.3%
CGG
CA$29.23
China Gold International Resources
7D
-5.7%
1Y
212.0%
FNV
CA$358.81
Franco-Nevada
7D
2.9%
1Y
65.6%
NCX
CA$3.19
NorthIsle Copper and Gold
7D
7.0%
1Y
376.1%
HBM
CA$29.74
Hudbay Minerals
7D
-5.5%
1Y
179.0%

HBM: Copper Expansion Will Rely On Arizona Sonoran Acquisition Execution

Analysts have lifted their Hudbay Minerals fair value estimate from CA$37.95 to CA$40.67, as they refresh assumptions on margins, P/E and metal price forecasts, and factor in the Arizona Sonoran Copper acquisition alongside a range of recent target changes across the Street. Analyst Commentary Recent research on Hudbay Minerals clusters around two main themes: the Arizona Sonoran Copper acquisition and refreshed views on copper pricing, with both feeding directly into updated targets and ratings.
LUN
CA$35.83
Lundin Mining
7D
-2.4%
1Y
183.9%

LUN: Future Returns Will Reflect Copper Cycles And Wider Earnings Uncertainty

The Lundin Mining analyst price target has been revised higher to CA$37.25 from CA$36.05, reflecting updated analyst views that incorporate Street research indicating stronger revenue growth, wider profit margins and a modestly adjusted future P/E outlook. Analyst Commentary Recent Street research presents a mixed but generally constructive view on Lundin Mining, with several firms adjusting price targets and ratings in response to updated revenue, margin and P/E assumptions.
TECK.B
CA$70.72
Teck Resources
7D
-3.2%
1Y
21.0%
IVN
CA$12.95
Ivanhoe Mines
7D
-5.0%
1Y
-6.9%

IVN: Long Term Copper Projects Will Support Future Cash Flow Expansion

The updated analyst price target for Ivanhoe Mines now sits at about CA$23.91, reflecting a small reduction of roughly CA$0.08 as analysts factor in higher discount rates, more conservative profit margins, and revised long term P/E expectations, even as they incorporate higher projected revenue growth into their models. Analyst Commentary Recent Street research on Ivanhoe Mines shows a mix of caution and optimism, with some firms trimming price targets and others lifting theirs.
WPM
CA$198.85
Wheaton Precious Metals
7D
-1.6%
1Y
89.3%

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.
ELE
CA$33.01
Elemental Royalty
7D
11.1%
1Y
170.6%
AII
CA$28.68
Almonty Industries
7D
8.7%
1Y
1,174.7%
FMT
CA$11.67
Fuerte Metals
7D
10.1%
1Y
1,257.0%