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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies1163
  • 7D-2.4%
  • 3M23.2%
  • 1Y128.0%
  • YTD17.7%

Over the last 7 days, the Metals and Mining industry has dropped 11%, driven by First Quantum Minerals declining 11%. Meanwhile, G Mining Ventures actually outperformed within the industry, gaining 12% in the last week. This takes the industry's 12 month performance to a gain of 132%. As for the next few years, earnings are expected to grow by 26% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026CA$1.0tCA$135.9bCA$25.0b19.1x40.8x7.5x
Fri, 06 Feb 2026CA$1.0tCA$125.7bCA$17.5b23.8x57.3x8x
Sun, 04 Jan 2026CA$874.0bCA$125.5bCA$17.5b22.6x50x7x
Tue, 02 Dec 2025CA$827.3bCA$127.0bCA$18.5b20.6x44.8x6.5x
Thu, 30 Oct 2025CA$703.7bCA$118.3bCA$13.6b21.2x51.7x5.9x
Sat, 27 Sep 2025CA$718.1bCA$118.4bCA$12.1b21.6x59.4x6.1x
Mon, 25 Aug 2025CA$592.5bCA$118.2bCA$12.1b17.2x48.9x5x
Wed, 23 Jul 2025CA$531.0bCA$109.0bCA$8.1b17.5x65.6x4.9x
Fri, 20 Jun 2025CA$519.2bCA$109.8bCA$8.2b15.5x63.1x4.7x
Sun, 18 May 2025CA$417.7bCA$94.1bCA$5.6b13x74.9x4.4x
Tue, 15 Apr 2025CA$463.3bCA$104.6bCA$5.1b14.6x90.5x4.4x
Thu, 13 Mar 2025CA$435.3bCA$107.1bCA$5.2b11.6x84.1x4.1x
Sat, 08 Feb 2025CA$437.4bCA$111.3bCA$714.0m13.4x612.6x3.9x
Mon, 06 Jan 2025CA$404.0bCA$112.3bCA$521.4m13.4x774.8x3.6x
Wed, 04 Dec 2024CA$409.0bCA$109.9bCA$325.4m13.2x1256.7x3.7x
Fri, 01 Nov 2024CA$452.2bCA$107.7b-CA$737,111,653.3017.7x-613.5x4.2x
Sun, 29 Sep 2024CA$426.5bCA$105.0b-CA$393,933,221.3718.3x-1082.7x4.1x
Tue, 27 Aug 2024CA$410.3bCA$105.2b-CA$608,380,367.0216.3x-674.4x3.9x
Thu, 25 Jul 2024CA$398.5bCA$105.0b-CA$29,314,899.8516.2x-13593x3.8x
Sat, 22 Jun 2024CA$379.3bCA$104.9b-CA$554,266,209.1516.5x-684.3x3.6x
Mon, 20 May 2024CA$411.1bCA$104.3b-CA$924,091,439.4618.1x-444.8x3.9x
Wed, 17 Apr 2024CA$371.6bCA$104.1bCA$1.5b18x244.8x3.6x
Fri, 15 Mar 2024CA$332.6bCA$102.9bCA$1.3b13.6x251.4x3.2x
Sun, 11 Feb 2024CA$297.7bCA$100.0bCA$3.1b12.7x96.8x3x
Tue, 09 Jan 2024CA$340.5bCA$106.9bCA$1.7b13x197.6x3.2x
Thu, 07 Dec 2023CA$335.9bCA$108.3bCA$1.8b12.9x189.6x3.1x
Sat, 04 Nov 2023CA$335.2bCA$107.4bCA$1.8b14x188.1x3.1x
Mon, 02 Oct 2023CA$341.5bCA$105.5bCA$1.6b11.2x216x3.2x
Wed, 30 Aug 2023CA$366.1bCA$104.3bCA$1.5b11.2x249.6x3.5x
Fri, 28 Jul 2023CA$375.3bCA$103.5bCA$2.1b12.8x179.1x3.6x
Sun, 25 Jun 2023CA$354.5bCA$103.6bCA$2.3b12.6x151.3x3.4x
Tue, 23 May 2023CA$381.8bCA$105.5bCA$2.7b14.9x139.8x3.6x
Thu, 20 Apr 2023CA$401.1bCA$107.3bCA$5.2b14.1x77x3.7x
Sat, 18 Mar 2023CA$357.2bCA$108.9bCA$7.2b13x49.5x3.3x
Price to Earnings Ratio

49.5x


Total Market Cap: CA$357.2bTotal Earnings: CA$7.2bTotal Revenue: CA$108.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.9x202420252026
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 40.6x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.7x is higher than the industry's current PS ratio of 7.5x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 51% per year over the last three years.
  • Revenues for these companies have grown 7.7% 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-1.63%
Materials-2.15%
Metals and Mining-2.38%
Aluminum0%0
Precious Metals and Minerals-0.92%
Steel-1.50%
Gold-1.52%
Diversified Metals and Mining-3.07%
Silver-3.21%
Copper-7.84%
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 38.2%, which is higher than its past year's earnings growth of 31.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 65% over the next 5 years.
  • However this is lower than its past earnings growth rate of 496% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 6.3% 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
GMIN G Mining VenturesCA$58.0811.8%
+CA$1.4b		264.6%PE40x
LUG Lundin GoldCA$119.212.8%
+CA$778.4m		185.7%PE26.8x
AII Almonty IndustriesCA$28.909.3%
+CA$734.4m		1,074.8%PS269.6x
SSRM SSR MiningCA$42.026.3%
+CA$506.3m		194.7%PE15.9x
DSV Discovery SilverCA$10.355.5%
+CA$437.6m		439.1%PE57.8x

Latest News

ALS
CA$45.76
Altius Minerals
7D
-2.6%
1Y
85.6%
HBM
CA$31.26
Hudbay Minerals
7D
-8.3%
1Y
208.0%

HBM: Copper Expansion Will Rely On Arizona Sonoran Acquisition Execution

Analysts have lifted their Hudbay Minerals fair value estimate from CA$37.95 to CA$40.67, as they refresh assumptions on margins, P/E and metal price forecasts, and factor in the Arizona Sonoran Copper acquisition alongside a range of recent target changes across the Street. Analyst Commentary Recent research on Hudbay Minerals clusters around two main themes: the Arizona Sonoran Copper acquisition and refreshed views on copper pricing, with both feeding directly into updated targets and ratings.
LUN
CA$36.35
Lundin Mining
7D
-6.1%
1Y
189.4%

LUN: Future Returns Will Reflect Copper Cycles And Wider Earnings Uncertainty

The Lundin Mining analyst price target has been revised higher to CA$37.25 from CA$36.05, reflecting updated analyst views that incorporate Street research indicating stronger revenue growth, wider profit margins and a modestly adjusted future P/E outlook. Analyst Commentary Recent Street research presents a mixed but generally constructive view on Lundin Mining, with several firms adjusting price targets and ratings in response to updated revenue, margin and P/E assumptions.
SSRM
CA$42.02
SSR Mining
7D
6.3%
1Y
194.7%

SSRM: Copler Sale And Americas Focus Will Reduce Execution Risks

Analysts have lifted their implied fair value estimate for SSR Mining from roughly CA$30.51 to about CA$50.01, citing higher price targets clustered around CA$50 to CA$58 after the announced CA$1.5b sale of the Copler mine and a sharper focus on Americas based assets. Analyst Commentary Recent Street research around SSR Mining is clustered around one core development: the planned CA$1.5b cash sale of the Copler mine and an increased emphasis on Americas focused assets.
AGI
CA$68.69
Alamos Gold
7D
-3.8%
1Y
98.8%
TECK.B
CA$71.20
Teck Resources
7D
-6.0%
1Y
28.2%
DSV
CA$10.35
Discovery Silver
7D
5.5%
1Y
439.1%
EDV
CA$86.90
Endeavour Mining
7D
1.9%
1Y
181.7%
ABX
CA$62.65
Barrick Mining
7D
-1.0%
1Y
135.3%

ABX: Planned Business Split Will Pressure Shares Despite Higher P/E Multiple

Analysts have adjusted their fair value estimate for Barrick Mining to CA$50.72 from CA$47.98, reflecting updated assumptions on revenue growth, profit margins, discount rates, and future P/E expectations. What's in the News Barrick Mining reported fourth quarter 2025 production of 871,000 ounces of gold and 62,000 tonnes of copper, and full year 2025 production of 3,255,000 ounces of gold and 220,000 tonnes of copper, compared with 3,911,000 ounces of gold and 195,000 tonnes of copper a year earlier (company announcement of operating results).
AG
CA$36.27
First Majestic Silver
7D
-6.4%
1Y
310.3%
K
CA$44.56
Kinross Gold
7D
-3.5%
1Y
176.9%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
LUG
CA$119.21
Lundin Gold
7D
2.8%
1Y
185.7%

LUG: Higher Discount Rate Will Cap Upside Despite Strong Mine Performance

The analyst price target for Lundin Gold has been reduced by CA$2 to reflect updated assumptions about slightly higher discount rates and lower profit margins. Analysts are also incorporating new Street research that has recently adjusted targets in both directions.
FM
CA$32.49
First Quantum Minerals
7D
-11.4%
1Y
88.3%
GMIN
CA$58.08
G Mining Ventures
7D
11.8%
1Y
264.6%
SGD
CA$18.81
Snowline Gold
7D
8.4%
1Y
146.9%
AII
CA$28.90
Almonty Industries
7D
9.3%
1Y
1,074.8%