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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies1169
  • 7D-9.1%
  • 3M-16.5%
  • 1Y84.1%
  • YTD1.7%

Over the last 7 days, the Metals and Mining industry has dropped 4.9%, driven by Wheaton Precious Metals declining 8.7%. Over the past 12 months, the industry was up 89%. 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, 30 Apr 2026CA$911.3bCA$138.5bCA$27.2b16.9x33.5x6.6x
Sat, 28 Mar 2026CA$845.1bCA$139.0bCA$26.5b15.7x31.9x6.1x
Mon, 23 Feb 2026CA$1.1tCA$135.3bCA$24.9b22.7x42.4x7.8x
Wed, 21 Jan 2026CA$1.0tCA$126.3bCA$17.6b25.5x57.3x8x
Fri, 19 Dec 2025CA$849.2bCA$125.9bCA$17.5b20.9x48.4x6.7x
Sun, 16 Nov 2025CA$755.2bCA$126.9bCA$18.5b19.6x40.8x5.9x
Tue, 14 Oct 2025CA$747.5bCA$117.9bCA$12.3b24x60.9x6.3x
Thu, 11 Sep 2025CA$657.4bCA$118.6bCA$11.9b18.6x55.2x5.5x
Sat, 09 Aug 2025CA$559.1bCA$110.3bCA$10.9b17.3x51.3x5.1x
Mon, 07 Jul 2025CA$529.8bCA$109.1bCA$8.1b16.8x65.4x4.9x
Wed, 04 Jun 2025CA$511.4bCA$110.8bCA$8.5b15.3x60.3x4.6x
Fri, 02 May 2025CA$470.2bCA$105.5bCA$5.9b13.2x79.3x4.5x
Sun, 30 Mar 2025CA$461.8bCA$107.7bCA$5.3b13.6x87.1x4.3x
Tue, 25 Feb 2025CA$428.1bCA$105.6bCA$3.3b12.4x129.7x4.1x
Thu, 23 Jan 2025CA$411.7bCA$112.0bCA$691.9m13.9x595x3.7x
Sat, 21 Dec 2024CA$385.2bCA$111.8bCA$482.8m12.6x797.9x3.4x
Mon, 18 Nov 2024CA$394.2bCA$110.1bCA$488.1m13x807.7x3.6x
Wed, 16 Oct 2024CA$430.0bCA$106.6b-CA$377,454,523.6117.5x-1139.1x4x
Fri, 13 Sep 2024CA$387.3bCA$105.7b-CA$689,320,664.1916.1x-561.9x3.7x
Sun, 11 Aug 2024CA$371.6bCA$105.7b-CA$695,615,553.0114.7x-534.2x3.5x
Tue, 09 Jul 2024CA$394.6bCA$104.5b-CA$547,917,118.4215.4x-720.1x3.8x
Thu, 06 Jun 2024CA$377.7bCA$104.8b-CA$612,948,432.2317.1x-616.2x3.6x
Sat, 04 May 2024CA$371.8bCA$103.7bCA$37.8m17.1x9835.7x3.6x
Mon, 01 Apr 2024CA$345.9bCA$102.4bCA$1.5b14.9x232x3.4x
Wed, 28 Feb 2024CA$291.7bCA$102.6bCA$2.8b13.9x103.5x2.8x
Fri, 26 Jan 2024CA$330.1bCA$107.7bCA$1.8b12.8x188.4x3.1x
Sun, 24 Dec 2023CA$349.2bCA$106.4bCA$1.7b13.8x205x3.3x
Tue, 21 Nov 2023CA$327.1bCA$109.0bCA$1.7b12.1x193.3x3x
Thu, 19 Oct 2023CA$351.1bCA$106.2bCA$1.6b11.1x224.6x3.3x
Sat, 16 Sep 2023CA$355.2bCA$104.1bCA$1.7b11.3x206.6x3.4x
Mon, 14 Aug 2023CA$366.8bCA$104.0bCA$1.4b10.9x255.5x3.5x
Wed, 12 Jul 2023CA$361.9bCA$103.9bCA$2.5b12x147.2x3.5x
Fri, 09 Jun 2023CA$369.2bCA$104.4bCA$2.5b13x146.7x3.5x
Sun, 07 May 2023CA$407.4bCA$104.6bCA$3.4b17.8x118.7x3.9x
Price to Earnings Ratio

118.7x


Total Market Cap: CA$407.4bTotal Earnings: CA$3.4bTotal Revenue: CA$104.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.4x202420252026
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 34.9x which is lower than its 3-year average PE of 287x.
  • The 3-year average PS ratio of 8.9x is higher than the industry's current PS ratio of 6.9x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 100% per year over the last three years.
  • Revenues for these companies have grown 9.8% 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 Market-1.68%
Materials-8.23%
Metals and Mining-9.15%
Aluminum0%0
Steel-1.24%
Diversified Metals and Mining-7.01%
Gold-9.28%
Precious Metals and Minerals-9.47%
Silver-10.14%
Copper-11.75%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 104x.
    • Analysts are expecting annual earnings growth of 15.7%, which is lower than the prior year's growth of 30.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 73% 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 16% 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
ARA Aclara ResourcesCA$4.8011.6%
+CA$121.2m		500.0%PB5.5x
LA Los Andes CopperCA$16.5022.8%
+CA$92.4m		184.0%PB6x
LAR Lithium ArgentinaCA$13.204.4%
+CA$91.7m		364.8%PB2.1x
FAN First Atlantic Nickel & CobaltCA$0.7692.4%
+CA$55.5m		261.9%PB14.6x
CAMB Cambria Gold MinesCA$1.908.6%
+CA$51.6m		-69.6%PB3.1x

Latest News

LUG
CA$90.05
Lundin Gold
7D
-15.1%
1Y
60.1%
PMET
CA$5.69
PMET Resources
7D
4.4%
1Y
140.1%
WPM
CA$170.84
Wheaton Precious Metals
7D
-13.7%
1Y
48.4%

WPM: Robust Streaming Pipeline And New Leadership Will Drive Future Upside

Analysts have lifted their fair value estimate for Wheaton Precious Metals from CA$259.57 to CA$355.72, citing updated assumptions for revenue growth, margins, and future P/E multiples following a series of recent price target revisions across the Street. Analyst Commentary Recent Street research on Wheaton Precious Metals has leaned positive overall, with several bullish analysts revising price targets higher and highlighting potential growth levers around the company’s asset base and development pipeline.
ROCK
CA$3.65
Trident Resources
7D
35.2%
1Y
518.6%
CAMB
CA$1.90
Cambria Gold Mines
7D
8.6%
1Y
-69.6%
PAAS
CA$70.19
Pan American Silver
7D
-9.1%
1Y
102.2%
LAR
CA$13.20
Lithium Argentina
7D
4.4%
1Y
364.8%
LUN
CA$33.87
Lundin Mining
7D
-10.4%
1Y
200.3%

LUN: Future Returns Will Balance Caserones Expansion With Copper Price Uncertainty

Analysts have modestly adjusted the Lundin Mining fair value estimate to CA$38.90 from CA$39.14. This reflects updated assumptions for revenue growth, profit margins and a slightly higher discount rate in light of mixed but generally higher recent Street price targets.
FNV
CA$312.76
Franco-Nevada
7D
-7.5%
1Y
32.0%
ABX
CA$52.58
Barrick Mining
7D
-5.6%
1Y
100.0%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
K
CA$40.86
Kinross Gold
7D
-8.4%
1Y
100.8%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
ARA
CA$4.80
Aclara Resources
7D
11.6%
1Y
500.0%
FT
CA$0.18
Fortune Minerals
7D
71.4%
1Y
176.9%
FAN
CA$0.76
First Atlantic Nickel & Cobalt
7D
92.4%
1Y
261.9%
FM
CA$32.46
First Quantum Minerals
7D
-15.2%
1Y
75.4%
LA
CA$16.50
Los Andes Copper
7D
22.8%
1Y
184.0%

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Jan 30
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