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 24.1x 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 5.4x.

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 120x. Analysts are expecting annual earnings growth of 11.6%, which is lower than the prior year's growth of 75.9% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 12 Jun 2026	CA$854.9b	CA$158.9b	CA$35.5b	13.6x	24.1x	5.4x
Sun, 10 May 2026	CA$941.4b	CA$149.3b	CA$32.1b	16.7x	29.4x	6.3x
Tue, 07 Apr 2026	CA$955.8b	CA$139.4b	CA$27.4b	17.4x	34.9x	6.9x
Thu, 05 Mar 2026	CA$1.1t	CA$135.8b	CA$24.8b	19.7x	42.8x	7.8x
Sat, 31 Jan 2026	CA$1.1t	CA$125.0b	CA$17.4b	24.8x	61.9x	8.6x
Mon, 29 Dec 2025	CA$896.4b	CA$125.0b	CA$17.4b	21.9x	51.5x	7.2x
Wed, 26 Nov 2025	CA$772.8b	CA$127.7b	CA$18.7b	19.3x	41.3x	6x
Fri, 24 Oct 2025	CA$707.7b	CA$118.1b	CA$13.3b	21.2x	53.4x	6x
Sun, 21 Sep 2025	CA$691.6b	CA$117.3b	CA$11.9b	20.4x	58x	5.9x
Tue, 19 Aug 2025	CA$573.2b	CA$117.9b	CA$12.1b	17.2x	47.5x	4.9x
Thu, 17 Jul 2025	CA$526.6b	CA$109.6b	CA$8.2b	16.3x	64.3x	4.8x
Sat, 14 Jun 2025	CA$517.6b	CA$109.9b	CA$8.2b	16x	63x	4.7x
Mon, 12 May 2025	CA$489.9b	CA$111.2b	CA$8.5b	14.2x	57.5x	4.4x
Wed, 09 Apr 2025	CA$409.8b	CA$107.0b	CA$5.4b	12.3x	76.4x	3.8x
Fri, 07 Mar 2025	CA$439.8b	CA$106.6b	CA$4.4b	11.9x	100.4x	4.1x
Sun, 02 Feb 2025	CA$420.6b	CA$112.9b	CA$691.2m	13.1x	608.5x	3.7x
Tue, 31 Dec 2024	CA$394.1b	CA$111.7b	CA$503.5m	12.9x	782.7x	3.5x
Thu, 28 Nov 2024	CA$411.5b	CA$109.6b	CA$353.5m	12.8x	1164.2x	3.8x
Sat, 26 Oct 2024	CA$450.8b	CA$107.4b	-CA$879,305,331.37	17.4x	-512.7x	4.2x
Mon, 23 Sep 2024	CA$419.4b	CA$105.6b	-CA$629,794,981.25	16.2x	-666x	4x
Wed, 21 Aug 2024	CA$407.4b	CA$105.9b	-CA$630,983,000.68	15.1x	-645.7x	3.8x
Fri, 19 Jul 2024	CA$408.6b	CA$104.5b	-CA$92,644,138.05	15.5x	-4410.3x	3.9x
Sun, 16 Jun 2024	CA$370.9b	CA$105.1b	-CA$595,237,936.36	16.2x	-623.1x	3.5x
Tue, 14 May 2024	CA$388.8b	CA$104.5b	-CA$470,051,129.89	15.8x	-827.1x	3.7x
Thu, 11 Apr 2024	CA$376.1b	CA$103.2b	CA$1.4b	17.8x	262.7x	3.6x
Sat, 09 Mar 2024	CA$321.7b	CA$102.6b	CA$1.2b	15.5x	264.2x	3.1x
Mon, 05 Feb 2024	CA$329.9b	CA$107.6b	CA$1.7b	12.9x	189.4x	3.1x
Wed, 03 Jan 2024	CA$344.1b	CA$106.8b	CA$1.7b	13.4x	200.1x	3.2x
Fri, 01 Dec 2023	CA$339.8b	CA$108.1b	CA$1.8b	13.4x	193.9x	3.1x
Sun, 29 Oct 2023	CA$346.8b	CA$107.0b	CA$1.4b	11.6x	253.2x	3.2x
Tue, 26 Sep 2023	CA$347.7b	CA$104.8b	CA$1.6b	10.8x	219.1x	3.3x
Thu, 24 Aug 2023	CA$359.8b	CA$104.2b	CA$1.4b	11.6x	258.6x	3.5x
Sat, 22 Jul 2023	CA$372.4b	CA$103.8b	CA$2.4b	12.7x	152.8x	3.6x
Mon, 19 Jun 2023	CA$366.9b	CA$103.7b	CA$2.4b	12.1x	154x	3.5x


CA Market	-2.24%
Materials	-12.64%
Metals and Mining	-13.49%
Aluminum	0%	0
Steel	-3.59%
Gold	-12.97%
Diversified Metals and Mining	-14.07%
Copper	-14.25%
Precious Metals and Minerals	-14.61%
Silver	-17.72%

Company	Last Price	7D	1Y	Valuation
LUNR LunR Royalties	CA$23.19	11.8% +CA$171.7m	n/a	PB408.3x
DRX ADF Group	CA$14.65	29.1% +CA$94.2m	75.7%	PE14.1x
ARK Arras Minerals	CA$1.20	29.0% +CA$33.0m	27.7%	n/a
EOX Euromax Resources	CA$0.06	140.0% +CA$32.8m	n/a	PE-8.5x
MKA Mkango Resources	CA$0.87	10.1% +CA$31.0m	180.6%	PS4678.1x

Announcement • Jun 10

Arras Minerals Reports Drill Results from Berezski North Target, Elemes Project in Northeast Kazakhstan

Arras Minerals Corp. reported drill results from the Berezski North Target, Elemes Project, Northeast Kazakhstan. EL26032 returned 935.9m grading 0.71% Copper Equivalent (CuEq - 0.51 g/t Au and 0.19% Cu) from surface, including 214.9m grading 1.42% CuEq (1.01 g/t Au and 0.41% Cu) starting at 162.1m depth. Hole terminated in mineralization. High-grade breccia mineralization returned 4.41% CuEq (3.27 g/t Au and 1.22% Cu) over 55.0m from 216.0m depth. EL26033 returned 52m grading 1.75% CuEq (1.14 g/t Au and 0.64% Cu) from 259.0m depth, within a zone grading 181.0m at 0.66% CuEq (0.43 g/t Au and 0.24 % Cu) from 170.0m depth. Hole terminates in distal porphyry-style mineralization grading 0.15% CuEq (0.11 g/t Au and 0.04% Cu) over 127.2m from 503.0m depth. These holes were designed to explore the shallow breccias and determine the extents of the underlying porphyry mineralization discovered in drill-hole EL24005 and expanded by hole EL25027. To date, 8 holes have been completed at the Berezski North target since drilling recommenced in First Quarter, 2026, and the results from these two holes confirm the presence of a preserved, large, well-developed porphyry system that is open in multiple directions and to depths exceeding 900m. In addition, these holes have extended the strike length of the high-grade breccias to be in excess of 600m. The Berezski North target sits more than 5 km north of both the Berezski East target, where 115.7 m grading 1.44 g/t Au and 0.24% Cu was recently announced, and the Berezski Central Target, where 261 m grading 0.64% CuEq from surface was previously announced. At the K-Ozek target that runs along the eastern margin of the Berezski Trend, a series of quartz veins are exposed over a 2 km strike length by historic Soviet trenching. Previously reported sampling returned 27 grab samples grading greater than 5 g/t Au. Over the past month, drilling has tested portions of the K-Ozek area, with three holes completed and one underway with assays pending. The drilling has intersected a series of quartz-sulphide veins surrounded by a wide zone of stockwork sulphide veining. Arras currently has four diamond drill rigs on site focused on the Berezski Trend as part of its ongoing 20,000 m drill program this year. Berezski North consists of two interrelated mineralized zones, a near-surface, high-grade breccia zone, underlain by a large porphyry system. The breccia zone has been defined over more than a 600m strike length and remains open to the NW and SE. It consists of sulphide and quartz-tourmaline cemented andesite breccias with patchy and disseminated pyrite and chalcopyrite, tetrahedrite and minor enargite. The underlying porphyry occurs in potassic altered diorites and mineralization is found as zones of intense sheeted veining with localized brecciation, and disseminations. Primary copper minerals are chalcopyrite with minor bornite. Drilling has outlined porphyry mineralization to depths more than 900m and is open laterally and to depth. EL26032 was drilled to explore the near surface breccias and the underlying porphyry mineralization intersected by holes EL24005 and EL25027. The hole was collared in phyllic and propylitic altered and mineralized diorite breccias to 70m, where the hole intersected a fault zone and passed into weakly altered diorites. At 162.1m the hole intersected mineralized diorite breccias with patches of k-feldspar and tourmaline to a depth of 285.9m. At 380.8m it intersected strongly potassic altered diorites with pervasive silicification and with sheeted quartz-pyrite-chalcopyrite veins, with molybdenite and minor bornite, that continued to the end of the hole at 935.9m depth. EL26033 is located approximately 200m to the west of hole EL26032, it was designed to follow-up on the high-grade mineralization intersected in hole EL25014A. The hole drilled a sequence of generally fine- to medium-grained andesites, with propylitic alteration, that is progressively overprinted by potassic alteration at depth. At 259m depth the hole intersected a zone of brecciated andesites that were strongly mineralized and altered, before returning to andesites at 315m. At 505m depth the hole intersected mineralized diorites to the end of the hole at 630.2m depth. Mineralization starts at approximately 100m depth with disseminated pyrite and minor chalcopyrite in veinlets, and filling fractures. At 259m depth a zone of strongly mineralized tourmaline breccias was intersected at 259m depth and is characterized by K-feldspar-quartz-tourmaline alteration with blebs, clots, veinlets, and disseminated chalcopyrite and pyrite. From 505m depth to the end of the hole, it intersected distal porphyry style mineralization consisting of disseminated pyrite, with chalcopyrite and minor bornite found in quartz-sulphide B-type veins and sulphide veinlets hosted in diorites. For copper and gold equivalent calculations the following metal process were used: USD 3.75/lb. Copper, USD 3,000/oz Gold, USD 35/oz Silver, USD 30/lb Molybdenum, and metallurgical recoveries have been updated to Cu 90%, Au 85%, Ag 75%, Mo 80%. All intervals are presented as core lengths, as the true thicknesses of mineralization are currently unknown. Hole_ID Coordinates (UTM) Easting Northing RL Azimuth Dip Hole Depth (m) EL26032 508274 5717493 229 230 -80 935.9 EL26033 508063 5717512 229 050 -70 630.2. The Company believes that there is a large, preserved porphyry system at Berezski North. Work conducted to date has provided three distinct datasets that support this theory: The Induced polarization (IP) survey conducted in 2024 highlighted a prominent 2km x 2km chargeability high anomaly surrounding the current drilling area. The anomaly begins at surface and shows a strong increase in intensity at approximately 100m below surface, reaching values greater than 12 mV/V. The Company strongly believes that this broad chargeability high envelope represents a zone of disseminated sulphides related to zones of phyllic alteration surrounding a large, mineralized porphyry system, as supported by the drill results received to date. The ground magnetic data shows a strong, 2km x 2km doughnut-shaped magnetic-low response that almost perfectly coincides with the IP chargeability high envelope at Berezski North. The Company believes that these magnetic lows are mapping extensive areas of magnetite-destructive phyllic alteration surrounding a large potassic core that drilling demonstrates hosts porphyry copper and gold mineralization, and indicates the presence of a large porphyry deposit. The Company has collected over 35,000 soil samples from the Elemes property.

Canadian (TSX) Metals and Mining Industry Analysis

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