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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies1165
  • 7D-8.0%
  • 3M11.1%
  • 1Y95.0%
  • YTD8.4%

Over the last 7 days, the Metals and Mining industry has dropped 8.0%, driven by pullbacks in Wheaton Precious Metals and Barrick Mining of 8.2% and 6.4%, respectively. In the past year, the industry has gained 95%. Looking forward, earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026CA$963.9bCA$138.4bCA$26.0b19.4x37x7x
Sat, 14 Feb 2026CA$983.7bCA$129.0bCA$19.3b25.3x51x7.6x
Mon, 12 Jan 2026CA$946.0bCA$126.9bCA$17.7b23.6x53.4x7.5x
Wed, 10 Dec 2025CA$816.3bCA$125.7bCA$18.1b21.2x45.2x6.5x
Fri, 07 Nov 2025CA$703.4bCA$124.0bCA$16.0b20.1x43.9x5.7x
Sun, 05 Oct 2025CA$752.6bCA$117.6bCA$12.2b24x61.6x6.4x
Tue, 02 Sep 2025CA$615.1bCA$117.6bCA$11.9b16.8x51.6x5.2x
Thu, 31 Jul 2025CA$527.1bCA$111.0bCA$8.7b18.3x60.3x4.7x
Sat, 28 Jun 2025CA$526.4bCA$109.7bCA$8.2b15.1x64x4.8x
Mon, 26 May 2025CA$487.8bCA$111.0bCA$8.6b14x56.7x4.4x
Wed, 23 Apr 2025CA$478.4bCA$104.4bCA$5.1b13.9x94.4x4.6x
Fri, 21 Mar 2025CA$474.8bCA$107.2bCA$5.3b13.5x89.3x4.4x
Sun, 16 Feb 2025CA$435.8bCA$111.7bCA$3.9b12.8x112.3x3.9x
Tue, 14 Jan 2025CA$411.9bCA$112.0bCA$530.7m13.2x776.1x3.7x
Thu, 12 Dec 2024CA$418.9bCA$110.5bCA$353.8m13.5x1183.8x3.8x
Sat, 09 Nov 2024CA$433.0bCA$108.4bCA$574.7m13.8x753.5x4x
Mon, 07 Oct 2024CA$424.4bCA$105.3b-CA$374,677,881.9117.8x-1132.7x4x
Wed, 04 Sep 2024CA$401.8bCA$105.6b-CA$684,276,590.5216.9x-587.2x3.8x
Fri, 02 Aug 2024CA$405.3bCA$106.1b-CA$369,198,261.5016x-1097.9x3.8x
Sun, 30 Jun 2024CA$374.6bCA$104.8b-CA$564,363,432.3215.1x-663.7x3.6x
Tue, 28 May 2024CA$396.7bCA$104.5b-CA$936,788,649.4618.1x-423.5x3.8x
Thu, 25 Apr 2024CA$365.8bCA$102.7bCA$1.2b16.7x309.3x3.6x
Sat, 23 Mar 2024CA$330.4bCA$103.5bCA$1.3b13.1x251.2x3.2x
Mon, 19 Feb 2024CA$299.5bCA$100.7bCA$4.9b12.9x61x3x
Wed, 17 Jan 2024CA$341.0bCA$107.8bCA$1.8b12.6x194x3.2x
Fri, 15 Dec 2023CA$339.3bCA$107.2bCA$1.7b13.1x198.4x3.2x
Sun, 12 Nov 2023CA$319.9bCA$109.4bCA$2.2b11.9x146x2.9x
Tue, 10 Oct 2023CA$335.7bCA$105.9bCA$1.6b11x214x3.2x
Thu, 07 Sep 2023CA$357.0bCA$104.8bCA$1.7b11.1x205.1x3.4x
Sat, 05 Aug 2023CA$368.0bCA$103.4bCA$951.2m11.9x386.8x3.6x
Mon, 03 Jul 2023CA$360.7bCA$104.0bCA$2.5b12x146.4x3.5x
Wed, 31 May 2023CA$361.9bCA$106.0bCA$2.7b13.9x132.7x3.4x
Fri, 28 Apr 2023CA$399.0bCA$106.5bCA$4.4b13.6x90.3x3.7x
Sun, 26 Mar 2023CA$365.6bCA$109.0bCA$6.9b13.7x52.9x3.4x
Price to Earnings Ratio

52.9x


Total Market Cap: CA$365.6bTotal Earnings: CA$6.9bTotal Revenue: CA$109.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.8x202420252026
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 37.0x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.8x 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 56% per year over the last three years.
  • Revenues for these companies have grown 8.3% 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-1.22%
Materials-7.18%
Metals and Mining-8.04%
Aluminum0%0
Copper-3.76%
Steel-5.01%
Diversified Metals and Mining-7.60%
Gold-8.13%
Precious Metals and Minerals-12.07%
Silver-15.18%
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 35.0%, 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 67% 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 8.0% 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$29.131.9%
+CA$38.0m		n/an/a
ATMY Antimony ResourcesCA$1.2317.1%
+CA$18.6m		1,018.2%n/a
MSR Minsud ResourcesCA$0.6520.4%
+CA$18.4m		-7.1%PB8x
S Sherritt InternationalCA$0.2318.4%
+CA$17.4m		50.0%PS0.6x
ARA Aclara ResourcesCA$3.222.2%
+CA$15.6m		550.5%PB3.4x

Latest News

S
CA$0.23
Sherritt International
7D
18.4%
1Y
50.0%
LUNR
CA$29.13
LunR Royalties
7D
1.9%
1Y
n/a
WPM
CA$176.73
Wheaton Precious Metals
7D
-12.5%
1Y
61.9%

WPM: Robust Opportunities Pipeline And Higher Metal Price Assumptions Will Drive Upside

Analysts have lifted the fair value estimate for Wheaton Precious Metals from CA$190.41 to CA$259.31, citing refreshed models that reflect a stronger revenue outlook, updated profit assumptions, and a higher future P/E multiple in line with a series of recent price target increases across the Street. Analyst Commentary Recent research on Wheaton Precious Metals has leaned toward higher valuation anchors, with several price targets in the US$160 to US$188 range and others in the C$230 area and above.
LUN
CA$32.42
Lundin Mining
7D
-11.8%
1Y
144.3%
AG
CA$27.88
First Majestic Silver
7D
-20.1%
1Y
168.9%

AG: Higher-Margin Production And Exploration Success Will Drive Stronger Outlook

Analysts have raised their price target on First Majestic Silver to CA$52 from CA$36, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 production of 7,845,686 silver equivalent ounces, 4,165,334 ounces of silver, 41,417 ounces of gold, 14,238,927 pounds of zinc, 8,108,949 pounds of lead, and 235,886 pounds of copper, with full year 2025 output of 31,060,764 silver equivalent ounces, 15,435,506 ounces of silver, 41,417 ounces of gold, 56,690,291 pounds of zinc, 32,264,292 pounds of lead, and 920,509 pounds of copper (Announcement of Operating Results).
ABX
CA$55.45
Barrick Mining
7D
-10.2%
1Y
99.4%
MSR
CA$0.65
Minsud Resources
7D
20.4%
1Y
-7.1%
FNV
CA$333.52
Franco-Nevada
7D
-7.5%
1Y
50.9%
NMI
CA$0.35
Namibia Critical Metals
7D
22.4%
1Y
610.0%
AGI
CA$57.44
Alamos Gold
7D
-14.4%
1Y
53.4%
PAAS
CA$71.02
Pan American Silver
7D
-14.1%
1Y
86.9%
ARA
CA$3.22
Aclara Resources
7D
2.2%
1Y
550.5%
K
CA$39.69
Kinross Gold
7D
-10.3%
1Y
127.1%

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).
NRED
CA$1.52
NovaRed Mining
7D
29.9%
1Y
1,926.7%
ATMY
CA$1.23
Antimony Resources
7D
17.1%
1Y
1,018.2%
LEO
CA$0.44
Lion Copper and Gold
7D
7.3%
1Y
282.6%