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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies1167
  • 7D0.2%
  • 3M-5.8%
  • 1Y73.8%
  • YTD-3.4%

In the last week, the Metals and Mining industry is flat overall, with Almonty Industries standing out by going down 14%. As for the the longer term, the industry is up 74% over the past 12 months. Earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026CA$882.3bCA$138.7bCA$26.2b15.3x33.6x6.4x
Sun, 22 Feb 2026CA$1.1tCA$135.3bCA$24.9b22.7x42.4x7.8x
Tue, 20 Jan 2026CA$987.4bCA$126.6bCA$17.7b25.3x55.9x7.8x
Thu, 18 Dec 2025CA$844.4bCA$125.9bCA$17.5b21x48.1x6.7x
Sat, 15 Nov 2025CA$758.2bCA$126.4bCA$18.9b19.5x40.2x6x
Mon, 13 Oct 2025CA$747.4bCA$117.9bCA$12.3b24x60.9x6.3x
Wed, 10 Sep 2025CA$660.8bCA$118.5bCA$12.0b18.6x54.9x5.6x
Fri, 08 Aug 2025CA$551.8bCA$112.7bCA$10.4b18.5x52.9x4.9x
Sun, 06 Jul 2025CA$529.8bCA$109.1bCA$8.1b16.8x65.4x4.9x
Tue, 03 Jun 2025CA$488.8bCA$110.6bCA$8.5b15.2x57.5x4.4x
Thu, 01 May 2025CA$469.8bCA$105.1bCA$5.8b13.4x80.5x4.5x
Sat, 29 Mar 2025CA$470.5bCA$107.7bCA$5.3b14.3x88.5x4.4x
Mon, 24 Feb 2025CA$428.1bCA$105.3bCA$3.1b12.2x139x4.1x
Wed, 22 Jan 2025CA$413.2bCA$111.7bCA$682.3m13.6x605.5x3.7x
Fri, 20 Dec 2024CA$387.2bCA$112.0bCA$488.3m12.8x793x3.5x
Sun, 17 Nov 2024CA$394.2bCA$110.1bCA$488.1m13x807.7x3.6x
Tue, 15 Oct 2024CA$430.7bCA$106.5b-CA$379,954,524.1617.8x-1133.6x4x
Thu, 12 Sep 2024CA$387.1bCA$105.7b-CA$694,109,589.8015.2x-557.7x3.7x
Sat, 10 Aug 2024CA$369.7bCA$105.7b-CA$684,380,505.4514.7x-540.2x3.5x
Mon, 08 Jul 2024CA$394.5bCA$104.5b-CA$548,601,998.1715.7x-719.2x3.8x
Wed, 05 Jun 2024CA$395.0bCA$104.7b-CA$588,859,774.7415.4x-670.8x3.8x
Fri, 03 May 2024CA$373.8bCA$103.3bCA$73.9m17x5058.5x3.6x
Sun, 31 Mar 2024CA$345.9bCA$102.5bCA$1.6b14.3x221.6x3.4x
Tue, 27 Feb 2024CA$291.7bCA$102.4bCA$2.8b13.8x103.5x2.8x
Thu, 25 Jan 2024CA$331.0bCA$108.0bCA$1.8b12.7x186.8x3.1x
Sat, 23 Dec 2023CA$349.1bCA$106.4bCA$1.7b13.8x205.8x3.3x
Mon, 20 Nov 2023CA$327.1bCA$109.0bCA$1.7b12.1x193.3x3x
Wed, 18 Oct 2023CA$352.1bCA$105.8bCA$1.5b11.6x227.7x3.3x
Fri, 15 Sep 2023CA$355.2bCA$104.1bCA$1.7b11.3x206.6x3.4x
Sun, 13 Aug 2023CA$366.8bCA$104.0bCA$1.4b11x257.7x3.5x
Tue, 11 Jul 2023CA$361.8bCA$104.1bCA$2.5b12.2x146.5x3.5x
Thu, 08 Jun 2023CA$371.3bCA$104.5bCA$2.6b13.2x144.7x3.6x
Sat, 06 May 2023CA$407.4bCA$104.6bCA$3.4b18.6x119.6x3.9x
Mon, 03 Apr 2023CA$376.0bCA$107.6bCA$5.1b13.9x73.1x3.5x
Price to Earnings Ratio

73.1x


Total Market Cap: CA$376.0bTotal Earnings: CA$5.1bTotal Revenue: CA$107.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.7x202420252026
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 33.6x 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 6.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 72% per year over the last three years.
  • Revenues for these companies have grown 8.8% 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 Market0.27%
Materials0.14%
Metals and Mining0.23%
Steel2.77%
Copper1.40%
Silver1.13%
Gold0.12%
Aluminum0%0
Diversified Metals and Mining-0.099%
Precious Metals and Minerals-0.78%
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 514.6% 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 188% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 18% 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
K Kinross GoldCA$38.662.8%
+CA$1.3b		116.2%PE14x
TECK.B Teck ResourcesCA$67.253.4%
+CA$1.1b		19.5%PE23.5x
PAAS Pan American SilverCA$68.883.9%
+CA$1.1b		82.1%PE21.4x
FM First Quantum MineralsCA$30.863.6%
+CA$886.2m		47.3%PS3.5x
AGI Alamos GoldCA$55.852.8%
+CA$646.6m		46.1%PE19.1x

Latest News

FM
CA$30.86
First Quantum Minerals
7D
3.6%
1Y
47.3%
K
CA$38.66
Kinross Gold
7D
2.8%
1Y
116.2%
PAAS
CA$68.88
Pan American Silver
7D
3.9%
1Y
82.1%
ELD
CA$45.78
Eldorado Gold
7D
3.2%
1Y
92.0%
AG
CA$26.76
First Majestic Silver
7D
2.9%
1Y
168.4%
USA
CA$7.35
Americas Gold and Silver
7D
-9.1%
1Y
272.2%
AGI
CA$55.85
Alamos Gold
7D
2.8%
1Y
46.1%
LUN
CA$31.22
Lundin Mining
7D
1.2%
1Y
152.4%

LUN: Future Returns Will Reflect Copper Exposure And Caserones Expansion

The analyst price target for Lundin Mining is now CA$38.54, up from CA$37.25. This change reflects a series of recent target revisions as analysts factor in updated growth, margin and P/E assumptions.
ABX
CA$51.91
Barrick Mining
7D
-1.0%
1Y
85.3%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.
FNV
CA$315.40
Franco-Nevada
7D
-0.5%
1Y
40.2%

FNV: Cobre Panama Progress And Higher Dividend Will Shape Future Cash Flows

Analysts have raised Franco-Nevada's fair value estimate to CA$393.11 from CA$369.94, reflecting updated views on Cobre Panama progress, transaction opportunities, and leverage to commodity prices that also underpin higher Street price targets. Analyst Commentary Recent research updates on Franco-Nevada point to a mix of optimism and caution as analysts refine their targets around the updated fair value estimate and the latest company developments.
WPM
CA$164.95
Wheaton Precious Metals
7D
-0.9%
1Y
50.4%
OGC
CA$39.73
OceanaGold
7D
-4.8%
1Y
185.4%
AII
CA$20.28
Almonty Industries
7D
-13.7%
1Y
520.2%
CS
CA$9.49
Capstone Copper
7D
-3.8%
1Y
16.7%

CS: Later Mantoverde Inflection Will Support Future Margin Upside Potential

Capstone Copper's updated narrative reflects a modest reset in analyst expectations, with recent Street research trimming individual price targets into a CA$15.50 to CA$19.00 range as analysts factor in lower projected revenue growth, higher discount rates, and a later production and cost inflection tied to Mantoverde, while still assuming stronger profit margins and a lower future P/E multiple. Analyst Commentary Recent research on Capstone Copper reflects a more cautious tone, with several bearish analysts trimming price targets and rethinking how much execution risk and timing risk to build into their models.
TECK.B
CA$67.25
Teck Resources
7D
3.4%
1Y
19.5%

TECK.B: Anglo Merger Synergies And Buybacks Will Shape Copper Future

The analyst price target for Teck Resources has moved higher to CA$80.82 from CA$75.62, reflecting analysts factoring in revised merger related assumptions, updated Q4 operating numbers, and potential revenue and cost synergies highlighted in recent research. Analyst Commentary Recent research around Teck Resources highlights a mix of optimism and caution, with price targets generally reset higher around the proposed merger with Anglo American and updated Q4 figures.
LUG
CA$94.74
Lundin Gold
7D
-3.5%
1Y
117.7%

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

Lundin Gold’s updated fair value estimate moves to about CA$141 from CA$128 as analysts adjust price targets in a tight CA$115 to CA$125 range and point to expectations of a higher profit margin profile and a lower future P/E multiple, even with slightly softer revenue growth assumptions and a modestly higher discount rate. Analyst Commentary Recent research points to a cluster of price targets in the CA$115 to CA$125 band, which aligns with the updated fair value estimate of about CA$141.