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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies1181
  • 7D-12.9%
  • 3M-16.1%
  • 1Y63.4%
  • YTD-2.6%

Over the last 7 days, the Metals and Mining industry has dropped 9.4%, driven by Wheaton Precious Metals declining 13%. Meanwhile, ADF Group actually outperformed within the industry, gaining 16% in the last week. Over the past 12 months, the industry was up 64%. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026CA$872.0bCA$158.9bCA$35.5b14.3x24.5x5.5x
Fri, 08 May 2026CA$881.5bCA$143.4bCA$29.6b16.6x29.8x6.1x
Sun, 05 Apr 2026CA$955.9bCA$139.6bCA$27.5b17.2x34.8x6.8x
Tue, 03 Mar 2026CA$1.2tCA$135.2bCA$24.8b24.5x46.4x8.5x
Thu, 29 Jan 2026CA$1.1tCA$124.6bCA$17.3b28.9x63x8.8x
Sat, 27 Dec 2025CA$896.3bCA$125.0bCA$17.4b21.9x51.5x7.2x
Mon, 24 Nov 2025CA$729.0bCA$127.7bCA$18.7b18.4x39x5.7x
Wed, 22 Oct 2025CA$773.3bCA$117.8bCA$12.3b20.8x63.1x6.6x
Fri, 19 Sep 2025CA$662.0bCA$117.4bCA$11.9b18.8x55.4x5.6x
Sun, 17 Aug 2025CA$573.2bCA$118.0bCA$12.1b17.2x47.5x4.9x
Tue, 15 Jul 2025CA$530.0bCA$109.7bCA$8.2b16.8x64.7x4.8x
Thu, 12 Jun 2025CA$511.9bCA$110.4bCA$8.5b15.5x60.5x4.6x
Sat, 10 May 2025CA$476.1bCA$111.3bCA$8.5b14.2x55.9x4.3x
Mon, 07 Apr 2025CA$409.8bCA$106.9bCA$5.4b12.3x76.3x3.8x
Wed, 05 Mar 2025CA$421.9bCA$107.1bCA$3.4b11.1x122.4x3.9x
Fri, 31 Jan 2025CA$411.0bCA$112.6bCA$676.5m13.4x607.6x3.7x
Sun, 29 Dec 2024CA$394.1bCA$112.1bCA$514.3m12.8x766.3x3.5x
Tue, 26 Nov 2024CA$420.5bCA$109.3bCA$329.0m12.5x1278.4x3.8x
Thu, 24 Oct 2024CA$459.8bCA$106.1b-CA$663,247,632.5617.7x-693.3x4.3x
Sat, 21 Sep 2024CA$416.5bCA$105.6b-CA$627,952,331.1016.2x-663.3x3.9x
Mon, 19 Aug 2024CA$400.0bCA$106.3b-CA$628,140,927.3014.3x-636.8x3.8x
Wed, 17 Jul 2024CA$411.5bCA$104.2b-CA$116,922,279.2715.5x-3519.7x3.9x
Fri, 14 Jun 2024CA$370.4bCA$105.1b-CA$612,773,357.4616.2x-604.5x3.5x
Sun, 12 May 2024CA$391.8bCA$104.4b-CA$451,294,419.1616.9x-868.1x3.8x
Tue, 09 Apr 2024CA$367.9bCA$102.6bCA$1.4b17.9x259.9x3.6x
Thu, 07 Mar 2024CA$312.9bCA$102.6bCA$886.7m14.9x352.8x3.1x
Sat, 03 Feb 2024CA$329.8bCA$107.6bCA$1.7b12.9x189.3x3.1x
Mon, 01 Jan 2024CA$345.3bCA$106.3bCA$1.7b14x202.8x3.2x
Wed, 29 Nov 2023CA$332.1bCA$108.2bCA$1.7b12.2x194.9x3.1x
Fri, 27 Oct 2023CA$341.8bCA$106.7bCA$1.3b11.8x256.1x3.2x
Sun, 24 Sep 2023CA$351.1bCA$104.9bCA$1.6b10.7x221x3.3x
Tue, 22 Aug 2023CA$346.5bCA$104.3bCA$1.4b11.3x247.1x3.3x
Thu, 20 Jul 2023CA$378.4bCA$103.5bCA$2.4b12.7x155.4x3.7x
Sat, 17 Jun 2023CA$367.0bCA$103.7bCA$2.4b12.1x154.1x3.5x
Price to Earnings Ratio

154.1x


Total Market Cap: CA$367.0bTotal Earnings: CA$2.4bTotal Revenue: CA$103.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 283.6x202420252026
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 24.5x which is lower than its 3-year average PE of 284x.
  • The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 5.5x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 146% per year over the last three years.
  • Revenues for these companies have grown 15% 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-2.46%
Materials-12.00%
Metals and Mining-12.92%
Aluminum0%0
Steel-6.06%
Gold-11.68%
Copper-14.38%
Diversified Metals and Mining-14.86%
Precious Metals and Minerals-15.88%
Silver-19.41%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 120x.
    • Analysts are expecting annual earnings growth of 12.0%, which is lower than the prior year's growth of 75.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 37% over the next 5 years.
  • However this is lower than its past earnings growth rate of 147% per year.
  • In contrast, the Diversified Metals and Mining industry is expected to see its earnings grow by 12% 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
DRX ADF GroupCA$13.3815.9%
+CA$52.5m		51.9%PE14.5x
EOX Euromax ResourcesCA$0.06140.0%
+CA$32.8m		300.0%PE-8.5x
ARK Arras MineralsCA$1.1928.0%
+CA$31.7m		26.6%n/a
FAN First Atlantic Nickel & CobaltCA$1.0511.7%
+CA$16.7m		425.0%PB14.2x
QIMC Quebec Innovative MaterialsCA$0.5912.4%
+CA$10.0m		306.9%PB227.9x

Latest News

ARK
CA$1.19
Arras Minerals
7D
28.0%
1Y
26.6%
LUN
CA$37.16
Lundin Mining
7D
-15.7%
1Y
161.5%
DRX
CA$13.38
ADF Group
7D
15.9%
1Y
51.9%
ABX
CA$54.53
Barrick Mining
7D
-8.7%
1Y
98.9%
FAN
CA$1.05
First Atlantic Nickel & Cobalt
7D
11.7%
1Y
425.0%
TECK.B
CA$86.45
Teck Resources
7D
-11.5%
1Y
62.0%
Narrative Update • Jun 09

TECK.B: Merger Approval Delays Will Pressure Elevated Earnings Expectations

Analysts have adjusted the fair value estimate for Teck Resources to CA$56.07 from CA$55.08, reflecting recent changes in Street price targets and updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research on Teck Resources presents a mixed picture, with several institutions adjusting ratings and targets while factoring in valuation, execution and regulatory risks.
PAAS
CA$64.22
Pan American Silver
7D
-15.9%
1Y
64.8%
QIMC
CA$0.59
Quebec Innovative Materials
7D
12.4%
1Y
306.9%
FNV
CA$295.61
Franco-Nevada
7D
-9.4%
1Y
31.3%
Narrative Update • Jun 06

FNV: Cobre Panama Restart And New Deals Will Drive Future Upside

Analysts have nudged their fair value estimate for Franco-Nevada slightly higher to CA$410.64, reflecting updated assumptions on revenue growth, margins and P/E, alongside recent price target increases and upgrades tied to expectations around Cobre Panama and a pipeline of potential new deals. Analyst Commentary Recent research around Franco-Nevada has leaned constructive, with several firms adjusting ratings and price targets as they revisit assumptions on Cobre Panama, transaction activity and commodity exposure.
K
CA$35.20
Kinross Gold
7D
-12.2%
1Y
73.6%
WPM
CA$156.89
Wheaton Precious Metals
7D
-13.0%
1Y
30.1%
Narrative Update • Jun 02

WPM: Robust Pipeline And Higher Dividend Will Support Future Upside Potential

Analysts have nudged their CA$ price targets for Wheaton Precious Metals slightly higher, reflecting updated models after recent quarterly results, modestly higher fair value estimates near CA$222, a small adjustment to discount rates, and refreshed assumptions for growth, margins, and future P/E multiples. Analyst Commentary Across recent research, price targets for Wheaton Precious Metals have been revised in both directions, with several increases clustered around quarterly updates and refreshed company guidance.
NRC
CA$0.96
Nations Royalty
7D
5.5%
1Y
60.0%
FM
CA$40.59
First Quantum Minerals
7D
-12.0%
1Y
89.7%
VMXX
CA$1.32
Valhalla Metals
7D
10.0%
1Y
877.8%
BMM
CA$3.60
Black Mammoth Metals
7D
5.9%
1Y
113.0%
EOX
CA$0.06
Euromax Resources
7D
140.0%
1Y
300.0%