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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies1171
  • 7D-6.6%
  • 3M-10.4%
  • 1Y97.3%
  • YTD10.1%

Over the last 7 days, the Metals and Mining industry has dropped 6.6%, driven by Wheaton Precious Metals declining 8.7%. Meanwhile, Rupert Resources actually outperformed within the industry, gaining 60% in the last week. In the past year, the industry has gained 97%. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Apr 2026CA$957.9bCA$138.3bCA$27.2b18.7x35.2x6.9x
Tue, 24 Mar 2026CA$811.6bCA$137.3bCA$25.9b16.3x31.4x5.9x
Thu, 19 Feb 2026CA$995.9bCA$130.7bCA$20.1b23.7x49.6x7.6x
Sat, 17 Jan 2026CA$988.9bCA$126.9bCA$17.7b24.6x55.8x7.8x
Mon, 15 Dec 2025CA$850.2bCA$125.7bCA$17.5b21.5x48.5x6.8x
Wed, 12 Nov 2025CA$744.9bCA$125.4bCA$17.2b21.1x43.3x5.9x
Fri, 10 Oct 2025CA$773.6bCA$118.1bCA$12.3b23.6x62.9x6.6x
Sun, 07 Sep 2025CA$630.3bCA$118.4bCA$12.0b18x52.3x5.3x
Tue, 05 Aug 2025CA$517.7bCA$112.8bCA$10.0b18.9x51.8x4.6x
Thu, 03 Jul 2025CA$520.7bCA$109.0bCA$8.1b16.7x64.3x4.8x
Sat, 31 May 2025CA$489.8bCA$110.7bCA$8.6b14.8x56.9x4.4x
Mon, 28 Apr 2025CA$472.9bCA$105.6bCA$5.9b13.4x79.8x4.5x
Wed, 26 Mar 2025CA$468.6bCA$106.9bCA$5.4b14.6x87.5x4.4x
Fri, 21 Feb 2025CA$436.2bCA$104.3bCA$2.8b12.2x154.5x4.2x
Sun, 19 Jan 2025CA$407.8bCA$112.5bCA$709.1m13.6x575.1x3.6x
Tue, 17 Dec 2024CA$406.8bCA$111.1bCA$459.0m13.2x886.3x3.7x
Thu, 14 Nov 2024CA$398.7bCA$109.0bCA$380.9m13x1046.7x3.7x
Sat, 12 Oct 2024CA$427.9bCA$106.5b-CA$400,466,555.6917.8x-1068.4x4x
Mon, 09 Sep 2024CA$372.6bCA$105.6b-CA$695,038,323.7514.9x-536.1x3.5x
Wed, 07 Aug 2024CA$384.0bCA$105.2b-CA$385,120,576.6413.7x-997.2x3.7x
Fri, 05 Jul 2024CA$389.4bCA$104.4b-CA$549,747,250.1915.5x-708.4x3.7x
Sun, 02 Jun 2024CA$396.2bCA$104.4b-CA$873,069,100.0717x-453.8x3.8x
Tue, 30 Apr 2024CA$384.4bCA$102.8bCA$381.1m17.2x1008.5x3.7x
Thu, 28 Mar 2024CA$338.3bCA$102.9bCA$2.0b14x172.2x3.3x
Sat, 24 Feb 2024CA$296.2bCA$101.7bCA$2.9b14.3x102x2.9x
Mon, 22 Jan 2024CA$325.3bCA$107.4bCA$1.7b12.5x186.8x3x
Wed, 20 Dec 2023CA$522.2tCA$106.8bCA$1.7b13.4x304547.2x4887.4x
Fri, 17 Nov 2023CA$327.8bCA$109.2bCA$1.7b12.4x191.8x3x
Sun, 15 Oct 2023CA$344.8bCA$105.9bCA$1.6b11.6x220x3.3x
Tue, 12 Sep 2023CA$357.7bCA$104.5bCA$1.7b11x206.4x3.4x
Thu, 10 Aug 2023CA$364.7bCA$103.6bCA$805.8m11.5x452.6x3.5x
Sat, 08 Jul 2023CA$356.2bCA$104.1bCA$2.5b12.2x144.2x3.4x
Mon, 05 Jun 2023CA$371.9bCA$104.8bCA$2.6b13.4x144.5x3.5x
Wed, 03 May 2023CA$404.2bCA$106.9bCA$4.5b15x90.1x3.8x
Price to Earnings Ratio

90.1x


Total Market Cap: CA$404.2bTotal Earnings: CA$4.5bTotal Revenue: CA$106.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.6x202420252026
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 35.2x which is lower than its 3-year average PE of 288x.
  • 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 82% per year over the last three years.
  • Revenues for these companies have grown 8.9% 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-1.00%
Materials-5.99%
Metals and Mining-6.64%
Aluminum0%0
Steel-1.30%
Diversified Metals and Mining-2.51%
Precious Metals and Minerals-4.63%
Silver-7.19%
Gold-7.45%
Copper-8.02%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 103x.
    • Analysts are expecting annual earnings growth of 15.5%, 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 72% over the next 5 years.
  • However this is lower than its past earnings growth rate of 188% per year.
  • In contrast, the Diversified Metals and Mining industry is expected to see its earnings grow by 15% 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
RUP Rupert ResourcesCA$11.4559.7%
+CA$1.0b		150.0%PB9.8x
TECK.B Teck ResourcesCA$82.231.2%
+CA$473.0m		66.6%PE21.8x
CAMB Cambria Gold MinesCA$2.0037.9%
+CA$189.1m		-69.2%PB3.3x
VMET Versamet RoyaltiesCA$16.7911.2%
+CA$182.0m		n/aPE65.1x
ARA Aclara ResourcesCA$4.4318.8%
+CA$169.7m		490.7%PB5.1x

Latest News

TECK.B
CA$82.23
Teck Resources
7D
1.2%
1Y
66.6%
CAMB
CA$2.00
Cambria Gold Mines
7D
37.9%
1Y
-69.2%
LAR
CA$12.69
Lithium Argentina
7D
5.5%
1Y
328.7%
LUN
CA$37.20
Lundin Mining
7D
-7.7%
1Y
208.7%

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$331.11
Franco-Nevada
7D
-7.9%
1Y
40.5%
AU
CA$2.56
Aurion Resources
7D
43.8%
1Y
210.3%
RUP
CA$11.45
Rupert Resources
7D
59.7%
1Y
150.0%
AGI
CA$61.72
Alamos Gold
7D
-8.7%
1Y
59.2%

AGI: Higher 2026 Metal Price Forecasts Will Support Dividend And Reserve Upside

Analysts have increased their CA$ price target on Alamos Gold by CA$8, citing updated metal price assumptions for 2026 and incremental adjustments to fair value, discount rate, margin and P/E inputs in their models. Analyst Commentary Recent research activity around Alamos Gold has centered on updated metal price assumptions for 2026 and refreshed valuation models, with several firms revising their price targets in both US$ and CA$ terms.
ABX
CA$56.14
Barrick Mining
7D
-5.4%
1Y
112.6%

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.
WPM
CA$190.47
Wheaton Precious Metals
7D
-8.7%
1Y
68.3%
K
CA$44.79
Kinross Gold
7D
-6.5%
1Y
123.1%

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$4.43
Aclara Resources
7D
18.8%
1Y
490.7%
LUG
CA$101.60
Lundin Gold
7D
-13.5%
1Y
74.8%

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

Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
VMET
CA$16.79
Versamet Royalties
7D
11.2%
1Y
n/a
RDS
CA$1.15
Radisson Mining Resources
7D
27.8%
1Y
259.4%
FM
CA$35.85
First Quantum Minerals
7D
-9.7%
1Y
87.0%