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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies1184
  • 7D-1.9%
  • 3M-12.4%
  • 1Y60.8%
  • YTD-3.4%

Over the last 7 days, the Metals and Mining industry has dropped 1.9%, driven by a pullback from Barrick Mining of 3.8%. Meanwhile, G Mining Ventures actually outperformed within the industry, gaining 8.6% in the last week. In the past year, the industry has gained 61%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026CA$842.0bCA$161.3bCA$36.3b14.2x23.2x5.2x
Sat, 30 May 2026CA$949.3bCA$157.2bCA$35.2b16.6x27x6x
Mon, 27 Apr 2026CA$960.5bCA$138.3bCA$27.2b18.7x35.3x6.9x
Wed, 25 Mar 2026CA$844.6bCA$137.6bCA$26.0b16.4x32.5x6.1x
Fri, 20 Feb 2026CA$1.0tCA$131.9bCA$21.2b23x48.3x7.7x
Sun, 18 Jan 2026CA$987.5bCA$126.9bCA$17.7b24.6x55.7x7.8x
Tue, 16 Dec 2025CA$850.3bCA$125.8bCA$17.5b21.4x48.5x6.8x
Thu, 13 Nov 2025CA$747.5bCA$125.5bCA$17.3b22.7x43.1x6x
Sat, 11 Oct 2025CA$752.5bCA$117.9bCA$12.3b24x61.3x6.4x
Mon, 08 Sep 2025CA$644.0bCA$118.4bCA$12.0b18x53.4x5.4x
Wed, 06 Aug 2025CA$517.3bCA$112.3bCA$9.9b19.3x52.2x4.6x
Fri, 04 Jul 2025CA$526.7bCA$108.9bCA$8.1b16.7x65.2x4.8x
Sun, 01 Jun 2025CA$488.9bCA$110.7bCA$8.6b14.8x56.8x4.4x
Tue, 29 Apr 2025CA$472.9bCA$105.3bCA$5.9b13.5x80.6x4.5x
Thu, 27 Mar 2025CA$473.4bCA$107.0bCA$5.3b14.7x89.1x4.4x
Sat, 22 Feb 2025CA$426.8bCA$105.3bCA$3.1b12.2x138.6x4.1x
Mon, 20 Jan 2025CA$407.8bCA$112.5bCA$708.7m13.6x575.4x3.6x
Wed, 18 Dec 2024CA$402.2bCA$111.5bCA$449.5m13.1x894.8x3.6x
Fri, 15 Nov 2024CA$392.5bCA$109.4bCA$315.1m12.8x1245.5x3.6x
Sun, 13 Oct 2024CA$430.7bCA$106.5b-CA$380,011,853.1617.8x-1133.4x4x
Tue, 10 Sep 2024CA$377.1bCA$105.6b-CA$694,917,021.0315.2x-542.6x3.6x
Thu, 08 Aug 2024CA$370.4bCA$105.0b-CA$422,699,404.3513.7x-876.3x3.5x
Sat, 06 Jul 2024CA$390.1bCA$104.5b-CA$547,478,544.9015.7x-712.5x3.7x
Mon, 03 Jun 2024CA$396.2bCA$104.4b-CA$873,069,100.0717x-453.8x3.8x
Wed, 01 May 2024CA$372.9bCA$103.4bCA$379.0m17x983.8x3.6x
Fri, 29 Mar 2024CA$340.8bCA$102.5bCA$1.9b13.9x183.2x3.3x
Sun, 25 Feb 2024CA$296.2bCA$101.7bCA$2.9b14.3x101.8x2.9x
Tue, 23 Jan 2024CA$324.1bCA$107.7bCA$1.8b12.3x184.6x3x
Thu, 21 Dec 2023CA$349.6bCA$107.0bCA$1.7b13.5x203.5x3.3x
Sat, 18 Nov 2023CA$327.9bCA$109.0bCA$1.7b12.4x194.1x3x
Mon, 16 Oct 2023CA$344.8bCA$105.9bCA$1.6b11.6x220.9x3.3x
Wed, 13 Sep 2023CA$357.7bCA$104.3bCA$1.7b11.1x206.8x3.4x
Fri, 11 Aug 2023CA$363.4bCA$104.1bCA$493.7m11.1x736x3.5x
Sun, 09 Jul 2023CA$356.2bCA$104.1bCA$2.5b12.2x144.2x3.4x
Price to Earnings Ratio

144.2x


Total Market Cap: CA$356.2bTotal Earnings: CA$2.5bTotal Revenue: CA$104.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 281.1x202420252026
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 23.2x which is lower than its 3-year average PE of 281x.
  • The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 145% per year over the last three years.
  • Revenues for these companies have grown 16% 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-0.59%
Materials-1.58%
Metals and Mining-1.88%
Precious Metals and Minerals3.13%
Silver2.78%
Steel2.35%
Aluminum0%0
Copper-1.03%
Diversified Metals and Mining-1.25%
Gold-2.56%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 128x.
    • Analysts are expecting annual earnings growth of 17.2%, which is lower than the prior year's growth of 59.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 38% over the next 5 years.
  • In contrast, the Gold industry is expected to see its earnings grow by 14% 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
FM First Quantum MineralsCA$38.743.5%
+CA$1.1b		54.2%PS4.1x
IVN Ivanhoe MinesCA$11.116.1%
+CA$912.8m		5.0%PE84.6x
GMIN G Mining VenturesCA$41.539.7%
+CA$872.5m		139.0%PE20.2x
LUN Lundin MiningCA$34.563.0%
+CA$864.3m		131.9%PE17.5x
DSV Discovery MiningCA$8.489.8%
+CA$616.4m		184.6%PE24.8x

Latest News

AGI
CA$43.00
Alamos Gold
7D
-2.5%
1Y
17.2%
FM
CA$38.74
First Quantum Minerals
7D
3.5%
1Y
54.2%
SVM
CA$14.36
Silvercorp Metals
7D
-4.6%
1Y
127.2%
K
CA$33.58
Kinross Gold
7D
-1.4%
1Y
55.8%
Narrative Update • Jun 30

K: Cash Generation And Capital Returns Will Support A Higher Future Share Price

Analysts now cite updated fair value and earnings assumptions in raising their Kinross Gold price target from about CA$65.31 to roughly CA$67.96. What’s in the News for Kinross Gold Kinross Gold is being compared with Newmont in recent coverage that highlights project execution, cash flow trends, and earnings estimates for both companies, with analysts discussing how Kinross stacks up against a larger peer.
NG
CA$8.48
NovaGold Resources
7D
-2.9%
1Y
37.2%
GMIN
CA$41.53
G Mining Ventures
7D
9.7%
1Y
139.0%
IVN
CA$11.11
Ivanhoe Mines
7D
6.1%
1Y
5.0%
Narrative Update • Jun 26

IVN: Kipushi Output And Project Milestones Will Drive Rerated Upside

Analysts have trimmed the fair value estimate for Ivanhoe Mines from CA$15.22 to CA$12.46, reflecting a mix of recent price target cuts across several firms, offset by a fresh CA$0.50 increase to CA$13.50 from Scotiabank, along with updated assumptions for growth, profitability, and risk. Analyst Commentary Recent research updates on Ivanhoe Mines point to a more cautious tone, with several bearish analysts revisiting their assumptions on valuation, execution risk, and growth potential.
TFPM
CA$42.49
Triple Flag Precious Metals
7D
6.1%
1Y
30.3%
PAAS
CA$63.58
Pan American Silver
7D
-0.4%
1Y
61.2%
Narrative Update • Jun 26

PAAS: Timmins Expansion And La Colorada Plan Will Drive Future Upside Potential

The analyst price target for Pan American Silver has been raised to CA$76.01 from CA$63.05, with analysts citing updated assumptions on discount rates, revenue growth, profit margins, and future P/E expectations to support the higher valuation. Analyst Commentary Alongside the higher price target, recent commentary around Pan American Silver points to a mix of optimism and caution.
MAU
CA$16.13
Montage Gold
7D
9.0%
1Y
259.2%
Narrative Update • Jun 25

Valuation Update (June 2026)

FCF Multiple Model at US$6,000/oz and US$7,000/oz Gold This is a simplified upside model. It is not company guidance.
LUN
CA$34.56
Lundin Mining
7D
3.0%
1Y
131.9%
Narrative Update • Jun 25

LUN: Future Returns Will Reflect Chile Copper Expansion And Vicuña Project Progress

The analyst price target for Lundin Mining has been raised from CA$40.80 to CA$42.43, with analysts pointing to updated assumptions for revenue growth, profit margin, and a slightly lower discount rate as key factors behind the change. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms updating their price targets and ratings as they refine assumptions around growth, execution, and risk.
DSV
CA$8.48
Discovery Mining
7D
9.8%
1Y
184.6%
FNV
CA$295.93
Franco-Nevada
7D
-0.8%
1Y
31.4%
Narrative Update • Jun 23

FNV: Cobre Panama Restart Will Underpin Future Cash Flow Upside

Franco-Nevada's analyst price target has been nudged higher to CA$417.41 from CA$410.64. Analysts point to upgraded ratings, modest tweaks to growth and discount rate assumptions, and expectations around the Cobre Panama restart as key supports for the revised outlook.
EDV
CA$71.11
Endeavour Mining
7D
2.3%
1Y
70.1%
Narrative Update • Jun 23

EDV: Assafou Project Will Drive Future Upside Despite Mixed Street Views

Endeavour Mining's analyst price target has edged lower by about CA$0.30 as analysts slightly trim fair value, revenue growth, and profit margin assumptions while keeping a relatively similar future P/E outlook. Analyst Commentary Recent research on Endeavour Mining shows a mix of optimism and caution, with several firms adjusting price targets in both directions and refining their underlying assumptions on growth, margins, and execution risk.
BTO
CA$5.32
B2Gold
7D
-6.0%
1Y
7.3%
WPM
CA$159.54
Wheaton Precious Metals
7D
-0.5%
1Y
29.4%
Narrative Update • Jun 17

WPM: Streaming Pipeline And Dividend Policy Will Support Future Upside

Analysts have revised their fair value estimate for Wheaton Precious Metals stock, lowering it from about CA$356 to roughly CA$318, reflecting updated models around revenue growth, margins and future P/E assumptions following recent research updates on the shares. Analyst Commentary Recent research on Wheaton Precious Metals highlights a mix of updated models and refreshed views on the stock, with some bullish analysts taking a more constructive stance following the company's Q1 results and subsequent review cycles.