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 22.8x which is lower than its 3-year average PE of 282x. The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 5.1x.

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 126x. Analysts are expecting annual earnings growth of 16.8%, which is lower than the prior year's growth of 59.1% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 26 Jun 2026	CA$827.2b	CA$161.5b	CA$36.2b	13.7x	22.8x	5.1x
Sun, 24 May 2026	CA$914.1b	CA$157.1b	CA$35.3b	16x	25.9x	5.8x
Tue, 21 Apr 2026	CA$1.0t	CA$136.3b	CA$26.7b	19.6x	38.4x	7.5x
Thu, 19 Mar 2026	CA$957.0b	CA$138.6b	CA$26.1b	17.9x	36.7x	6.9x
Sat, 14 Feb 2026	CA$983.7b	CA$129.0b	CA$19.3b	25.3x	51x	7.6x
Mon, 12 Jan 2026	CA$946.0b	CA$126.9b	CA$17.7b	23.6x	53.4x	7.5x
Wed, 10 Dec 2025	CA$816.3b	CA$125.7b	CA$18.1b	21.2x	45.2x	6.5x
Fri, 07 Nov 2025	CA$703.4b	CA$124.0b	CA$16.0b	20.1x	43.9x	5.7x
Sun, 05 Oct 2025	CA$752.6b	CA$117.6b	CA$12.2b	24x	61.6x	6.4x
Tue, 02 Sep 2025	CA$615.1b	CA$117.6b	CA$11.9b	16.8x	51.6x	5.2x
Thu, 31 Jul 2025	CA$527.1b	CA$111.0b	CA$8.7b	18.3x	60.3x	4.7x
Sat, 28 Jun 2025	CA$526.4b	CA$109.7b	CA$8.2b	15.1x	64x	4.8x
Mon, 26 May 2025	CA$487.8b	CA$111.0b	CA$8.6b	14x	56.7x	4.4x
Wed, 23 Apr 2025	CA$478.4b	CA$104.4b	CA$5.1b	13.9x	94.4x	4.6x
Fri, 21 Mar 2025	CA$474.8b	CA$107.2b	CA$5.3b	13.5x	89.3x	4.4x
Sun, 16 Feb 2025	CA$435.8b	CA$111.7b	CA$3.9b	12.8x	112.3x	3.9x
Tue, 14 Jan 2025	CA$411.9b	CA$112.0b	CA$530.7m	13.2x	776.1x	3.7x
Thu, 12 Dec 2024	CA$418.9b	CA$110.5b	CA$353.8m	13.5x	1183.8x	3.8x
Sat, 09 Nov 2024	CA$433.0b	CA$108.4b	CA$574.7m	13.8x	753.5x	4x
Mon, 07 Oct 2024	CA$424.4b	CA$105.3b	-CA$374,677,881.91	17.8x	-1132.7x	4x
Wed, 04 Sep 2024	CA$401.8b	CA$105.6b	-CA$684,276,590.52	16.9x	-587.2x	3.8x
Fri, 02 Aug 2024	CA$405.3b	CA$106.1b	-CA$369,198,261.50	16x	-1097.9x	3.8x
Sun, 30 Jun 2024	CA$374.6b	CA$104.8b	-CA$564,363,432.32	15.1x	-663.7x	3.6x
Tue, 28 May 2024	CA$396.7b	CA$104.5b	-CA$936,788,649.46	18.1x	-423.5x	3.8x
Thu, 25 Apr 2024	CA$365.8b	CA$102.7b	CA$1.2b	16.7x	309.3x	3.6x
Sat, 23 Mar 2024	CA$330.4b	CA$103.5b	CA$1.3b	13.1x	251.2x	3.2x
Mon, 19 Feb 2024	CA$299.5b	CA$100.7b	CA$4.9b	12.9x	61x	3x
Wed, 17 Jan 2024	CA$341.0b	CA$107.8b	CA$1.8b	12.6x	194x	3.2x
Fri, 15 Dec 2023	CA$339.3b	CA$107.2b	CA$1.7b	13.1x	198.4x	3.2x
Sun, 12 Nov 2023	CA$319.9b	CA$109.4b	CA$2.2b	11.9x	146x	2.9x
Tue, 10 Oct 2023	CA$335.7b	CA$105.9b	CA$1.6b	11x	214x	3.2x
Thu, 07 Sep 2023	CA$357.0b	CA$104.8b	CA$1.7b	11.1x	205.1x	3.4x
Sat, 05 Aug 2023	CA$368.0b	CA$103.4b	CA$951.2m	11.9x	386.8x	3.6x
Mon, 03 Jul 2023	CA$360.7b	CA$104.0b	CA$2.5b	12x	146.4x	3.5x


CA Market	-0.90%
Materials	-7.85%
Metals and Mining	-8.55%
Aluminum	0%	0
Steel	-3.95%
Gold	-8.00%
Precious Metals and Minerals	-8.51%
Diversified Metals and Mining	-8.62%
Silver	-8.65%
Copper	-11.99%

Company	Last Price	7D	1Y	Valuation
BZ Benz Mining	CA$2.35	25.0% +CA$156.9m	502.6%	PB26.7x
FF First Mining Gold	CA$0.59	5.4% +CA$41.5m	214.7%	PB3.7x
GLAD Gladiator Metals	CA$3.32	12.9% +CA$40.1m	427.0%	PB19.6x
AURO Auro Metals	CA$1.52	21.6% +CA$35.3m	913.3%	PB86.3x
TTS Tintina Mines	CA$2.63	9.1% +CA$32.8m	973.5%	PB195.1x

Announcement • Jun 25

Auro Metals Inc. Reports Assay Results of First Three Drill Holes At Santa Barbara Gold-Copper Project

Auro Metals Inc. announced the assay results of the first three drill holes from the 2026 Phase I Drill Program at its 100%-owned Santa Barbara Gold-Copper Project located in the Zamora-Chinchipe Province in southeastern Ecuador. The drill program commenced on April 14, 2026. To date, 12 holes have been completed and assay results for the first three have been received. All three holes were drilled at the southern part of the known mineralized porphyry system of the Project (Santa Barbara South) which is believed to be the core area of the known porphyry mineralization system. The purpose of drilling these holes was to test the continuity of mineralization between historical drill intercepts and the extension of mineralization in up-dip and down-dip directions. Drillhole DSB-54 intersected 705.7 metres grading 0.61 grams per tonne gold and 0.1% copper, from surface, including 235m grading 0.97 g/t gold and 0.11% copper from surface. This drillhole is fully mineralized and ended in mineralization. Drillhole DSB-55 intersected 246m grading 0.56 g/t gold and 0.09% copper, from surface, including 155.5m grading 0.73 g/t gold and 0.11% copper, from 31.5m. Drillhole DSB-56 intersected 134m grading 0.67 g/t gold and 0.09% copper from surface, and 24m grading 0.89 g/t gold and 0.07% copper from 164.5m. All three holes intersected wide mineralization starting from surface. The drill results indicate mineralization is open in both up-dip and down-dip directions, also demonstrating good consistency of gold-copper grades. Hole DSB-54 was drilled at the northern portion of Santa Barbara South to a depth of 705.7m, and intersected 705.7m (from 0.00m to 705.7m at the end of hole) grading 0.61 g/t gold and 0.10% copper, including 235m (from 0.00m to 235.0m) grading 0.97 g/t gold, 0.11% copper. Gold-copper mineralization starts from surface and continues until the end of the hole. The dominant lithology intersected in this hole is aphanitic basaltic andesite which is cut by intrusive diorite dykes with or without porphyritic texture. Both rock types are strongly altered with potassic alteration featured by secondary biotite in patches and along fractures, and alterations with sericite, chlorite and epidote. Quartz veining (A and B types) is common, cutting both basaltic andesite and intrusive diorite dykes. Mineralization is characterized by pyrite and chalcopyrite in forms of both dissemination and narrow veinlets and threads. Higher grade mineralization is mostly hosted in basaltic andesite associated with abundant quartz veining in the vicinity of intrusive diorite dykes. Hole DSB-55 was drilled 100m to the southeast of DSB-54, and about 150m in the up-dip direction of the historical hole DSB-18. The hole has a length of 285.5m and intersected an interval of 246m grading 0.56 g/t gold and 0.09% copper from surface to a depth of 246m, including a higher-grade interval of 155.5m from 31.5m to 187m. Drill results from this hole indicate gold-copper mineralization is open in the up-dip direction to surface. Lithology in the hole is mainly intrusive diorite which extends from surface to a depth of 243 m, and further downwards dominated by a jasperoid horizon which is the result of hydrothermal alteration. Gold-copper mineralization is concentrated in the upper diorite, but little in the lower jasperoid, characterized by disseminated pyrite and chalcopyrite plus minor small veinlets locally. Typical alteration includes secondary biotite and sericite, and quartz veining is common throughout the mineralized interval. Hole DSB-56 was drilled around 60m in the up-dip direction of historical hole DSB-05, on the same cross section of DSB-54. The hole has a length of 274.85m and intersected 134m grading 0.67 g/t gold and 0.09% copper from 0m to 134m, and 24m grading 0.89g/t gold and 0.09% copper from 164.5m to 188.5m. The drill results of this hole indicate mineralization is open in the up-dip direction to surface. The lithology intersected in DSB-56 is dominated by intrusive diorite, starting from surface to a depth of 198m, and further downwards to the end of the hole is a jasperoid horizon. Gold-copper mineralization is well developed in the diorite, but not in the jasperoid, characterized by disseminated pyrite and chalcopyrite plus minor small veinlets locally. Typical alteration includes secondary biotite and sericite, and quartz veining is common throughout the mineralized interval. All samples in respect of the exploration program at the Project discussed in this news release were shipped in securely-sealed bags by a chartered commercial truck, directly from the field to the sample preparation facilities of SGS in Guayaquil, Ecuador for preparation, and to SGS in Lima, Peru for geochemical analysis. SGS is a global leader in inspection, verification, testing, and certification. It is an ISO/IEC 17025 accredited laboratory independent from Auro. All samples go through fire assay (SGS code FAA313) for gold and multi-acid digestion ICP-AES multi-element assay (SGS code ICP40B) for other elements.

Announcement • Jun 24

Benz Mining Corp Defines Maiden Gold Exploration Target At Glenburgh

Benz Mining Corp. has reported a maiden Exploration Target, as defined under the JORC Code (2012) and contemplated in Section 2.3(2) of National Instrument 43-101 Standards of Disclosure for Mineral Projects, for its 100%-owned Glenburgh Gold Project in the Gascoyne region of Western Australia. The Exploration Target is informed and supported by substantial drilling, with approximately 80% of the Exploration Target being drill-defined, assay-supported and wireframed. The balance reflects a more conceptual geological projection of the system beyond the current drill footprint. Aggressive infill, extensional and down-plunge drilling, metallurgical testwork and updated geological modelling are planned over the next 12 months, with the objective of converting a substantial portion of the Exploration Target into a Mineral Resource in calendar year 2027. Ongoing tungsten assaying is expected to support the incorporation of tungsten into potential future Exploration Targets and Mineral Resource models. The entire Exploration Target sits within Benz's wholly owned, granted and fully permitted Mining Lease. The Glenburgh Exploration Target is reported as a single Exploration Target. To assist interpretation, it has been separated in two complementary ways: by grade domain (a higher-grade core and a mineralised halo, reflecting the known grade distribution of the mineralised system) and by basis of estimation (within each grade domain: a drill-defined component, derived from existing drillhole data and interpreted mineralised wireframes; and a conceptual geological projection component, derived by extrapolation of those wireframes down-plunge and/or down-dip beyond the current limit of drilling). Table 1: Glenburgh Exploration Target. Higher-grade core: 110 - 125 Mt, 1.7 - 1.8 g/t Au, 6.1 - 7.3 Moz Au. Mineralised halo: 375 - 415 Mt, 0.33 - 0.35 g/t Au, 4.0 - 4.6 Moz Au. Glenburgh Exploration Target Total: 485 - 540 Mt, 0.6 - 0.7 g/t Au, 10.1 - 12.0 Moz Au. The potential quantity and grade of the Exploration Target, and of each of its components, is conceptual in nature and uncertain. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the Exploration Target being delineated as a Mineral Resource. The Exploration Target is not, and does not carry the classification of, a Mineral Resource or Ore (Mineral) Reserve. It has been determined from exploration results already obtained and not from any proposed exploration programme. The combined Exploration Target grade reflects the inclusion of the broader lower-grade mineralised halo in full and does not represent an optimised mining inventory. Future studies would assess which portions of the halo may be selectively included based on pit geometry, cut-off grade, mining selectivity, metallurgical performance and economics. Previously announced initial metallurgical testwork at Icon returned gold recoveries of up to 93.3% from tested lower-grade halo material, supporting its potential to provide significant incremental feed where captured within future mining shapes. The Glenburgh Exploration Target is based on exploration results from 1,100 drillholes (diamond and reverse-circulation), totalling approximately 200,022 metres completed by Benz and prior explorers, together with the associated logging, sampling and assay data as previously reported to the ASX. Three-dimensional wireframe interpretations of the mineralised domains were constructed in Leapfrog Geo from logged lithology and downhole gold assay composites and structural measurements. The lower bound of each grade range was derived from top-cut and spatially declustered assay composites, while the upper bound was derived from the equivalent raw, uncut and undeclustered composites. Higher-grade and lower-grade domains were separated using nominal camp-specific grade thresholds, reflecting differences in grade distribution and mineralisation style across the Glenburgh system. At Icon and Thunderbolt, higher-grade and lower-grade domains were separated using nominal thresholds of approximately 0.5 g/t Au and 0.3 g/t Au respectively. At Hurricane, higher-grade and lower-grade domains were separated using nominal thresholds of approximately 0.7 g/t Au and 0.3 g/t Au respectively. Tonnage ranges were derived by applying an approximate ±10% range to the modelled mineralised wireframe volumes to reflect the conceptual nature of the Exploration Target. Bulk densities of 2.75 t/m³ for Hurricane and 2.68 t/m³ for Icon and Thunderbolt were applied, based on available density measurements collected from drill core and/or representative geological domains within the Glenburgh drilling database. The drill-constrained components comprise modelled volumes constrained by existing drillhole intersections, at a current drill spacing of approximately 40m × 40m. The conceptual geological projection components were derived by projecting the modelled wireframes down-plunge and/or down-dip beyond the limit of current drilling, applying conversion factors of approximately 20% (Hurricane and Icon) and 80% (Torino) to the respective projection volumes. The projection components are extrapolations of results already obtained and are not based on any proposed exploration programme. Infill and extensional drilling will be required to establish whether any part of the Exploration Target can be reported as a Mineral Resource.

Canadian (TSX) Metals and Mining Industry Analysis

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