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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies1166
  • 7D-0.8%
  • 3M-1.6%
  • 1Y83.8%
  • YTD1.0%

Over the last 7 days, the Metals and Mining industry has dropped 9.7%, driven by a pullback from Wheaton Precious Metals of 4.1%. In the past year, the industry has gained 74%. 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
Thu, 26 Mar 2026CA$855.1bCA$138.1bCA$26.0b16.4x32.9x6.2x
Sat, 21 Feb 2026CA$1.0tCA$134.3bCA$23.2b22.7x44.7x7.7x
Mon, 19 Jan 2026CA$987.5bCA$126.9bCA$17.7b24.6x55.7x7.8x
Wed, 17 Dec 2025CA$847.7bCA$125.7bCA$17.5b21.2x48.5x6.7x
Fri, 14 Nov 2025CA$774.0bCA$125.8bCA$18.2b20.5x42.5x6.2x
Sun, 12 Oct 2025CA$747.4bCA$117.9bCA$12.3b24x60.9x6.3x
Tue, 09 Sep 2025CA$648.8bCA$118.1bCA$12.0b20x54.1x5.5x
Thu, 07 Aug 2025CA$546.1bCA$112.5bCA$10.1b18.8x54.1x4.9x
Sat, 05 Jul 2025CA$528.6bCA$109.1bCA$8.1b16.8x65.3x4.8x
Mon, 02 Jun 2025CA$488.9bCA$110.8bCA$8.6b14.8x56.7x4.4x
Wed, 30 Apr 2025CA$473.0bCA$105.4bCA$5.9b13.3x80.6x4.5x
Fri, 28 Mar 2025CA$464.2bCA$107.2bCA$5.1b14.6x90.8x4.3x
Sun, 23 Feb 2025CA$426.8bCA$105.3bCA$3.1b12.2x138.6x4.1x
Tue, 21 Jan 2025CA$407.8bCA$111.5bCA$676.3m13.6x603x3.7x
Thu, 19 Dec 2024CA$401.0bCA$112.2bCA$489.5m13.1x819.2x3.6x
Sat, 16 Nov 2024CA$396.3bCA$109.7bCA$404.5m13x979.6x3.6x
Mon, 14 Oct 2024CA$430.7bCA$106.5b-CA$379,954,524.1617.8x-1133.6x4x
Wed, 11 Sep 2024CA$377.1bCA$105.9b-CA$691,127,774.8615.2x-545.6x3.6x
Fri, 09 Aug 2024CA$359.1bCA$105.3b-CA$189,382,488.3814.3x-1896.4x3.4x
Sun, 07 Jul 2024CA$394.0bCA$104.5b-CA$548,683,440.1715.7x-718x3.8x
Tue, 04 Jun 2024CA$396.2bCA$104.5b-CA$855,183,192.1617x-463.3x3.8x
Thu, 02 May 2024CA$373.1bCA$103.4b-CA$70,872,264.3517x-5264.4x3.6x
Sat, 30 Mar 2024CA$345.9bCA$102.4bCA$1.8b13.9x188x3.4x
Mon, 26 Feb 2024CA$296.2bCA$102.1bCA$3.0b13.9x99.3x2.9x
Wed, 24 Jan 2024CA$324.1bCA$107.6bCA$1.8b13.3x185x3x
Fri, 22 Dec 2023CA$343.1bCA$106.5bCA$1.7b13.7x201.3x3.2x
Sun, 19 Nov 2023CA$327.8bCA$109.0bCA$1.7b12.3x192.5x3x
Tue, 17 Oct 2023CA$346.8bCA$105.6bCA$1.5b11.4x223.8x3.3x
Thu, 14 Sep 2023CA$355.2bCA$104.3bCA$1.7b11.2x205.5x3.4x
Sat, 12 Aug 2023CA$366.8bCA$104.0bCA$1.4b11x257.6x3.5x
Mon, 10 Jul 2023CA$356.2bCA$104.1bCA$2.5b12.2x144.2x3.4x
Wed, 07 Jun 2023CA$371.9bCA$104.7bCA$2.6b13.2x144.7x3.6x
Fri, 05 May 2023CA$406.3bCA$106.0bCA$4.0b16.9x101.1x3.8x
Sun, 02 Apr 2023CA$376.0bCA$107.6bCA$5.1b13.9x73.2x3.5x
Price to Earnings Ratio

73.2x


Total Market Cap: CA$376.0bTotal Earnings: CA$5.1bTotal Revenue: CA$107.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.7x202420252026
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 32.5x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.8x is higher than the industry's current PS ratio of 6.1x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 72% per year over the last three years.
  • Revenues for these companies have grown 8.5% 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 Market0.31%
Materials-0.73%
Metals and Mining-0.85%
Steel3.25%
Copper2.54%
Silver1.82%
Diversified Metals and Mining0.93%
Aluminum0%0
Precious Metals and Minerals-0.025%
Gold-1.85%
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 39.5%, 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 76% over the next 5 years.
  • However this is lower than its past earnings growth rate of 188% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 19% 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
TECK.B Teck ResourcesCA$69.673.8%
+CA$1.3b		21.5%PE24.3x
FM First Quantum MineralsCA$32.534.6%
+CA$1.2b		52.4%PS3.7x
LUN Lundin MiningCA$33.272.6%
+CA$728.0m		164.7%PE19.7x
IVN Ivanhoe MinesCA$11.763.0%
+CA$484.9m		-18.4%PE46.4x
K Kinross GoldCA$40.141.1%
+CA$449.3m		130.4%PE14.6x

Latest News

K
CA$40.14
Kinross Gold
7D
1.1%
1Y
130.4%
IVN
CA$11.76
Ivanhoe Mines
7D
3.0%
1Y
-18.4%
OR
CA$48.01
OR Royalties
7D
-5.0%
1Y
61.8%
AG
CA$28.77
First Majestic Silver
7D
3.2%
1Y
196.9%
LUN
CA$33.27
Lundin Mining
7D
2.6%
1Y
164.7%

LUN: Future Returns Will Reflect Copper Exposure And Caserones Expansion

The analyst price target for Lundin Mining is now CA$38.54, up from CA$37.25. This change reflects a series of recent target revisions as analysts factor in updated growth, margin and P/E assumptions.
NGEX
CA$25.23
NGEx Minerals
7D
7.0%
1Y
83.5%
BTO
CA$5.81
B2Gold
7D
-7.8%
1Y
31.7%

BTO: Future Production Outlook And Leadership Transition Are Expected To Support Shares

Analysts have revised their fair value estimate for B2Gold to CA$7.00 from CA$6.19. This reflects updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions.
ABX
CA$53.92
Barrick Mining
7D
-2.8%
1Y
95.4%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.
FNV
CA$323.25
Franco-Nevada
7D
-3.1%
1Y
47.7%

FNV: Cobre Panama Progress And Higher Dividend Will Shape Future Cash Flows

Analysts have raised Franco-Nevada's fair value estimate to CA$393.11 from CA$369.94, reflecting updated views on Cobre Panama progress, transaction opportunities, and leverage to commodity prices that also underpin higher Street price targets. Analyst Commentary Recent research updates on Franco-Nevada point to a mix of optimism and caution as analysts refine their targets around the updated fair value estimate and the latest company developments.
ARTG
CA$33.47
Artemis Gold
7D
-5.9%
1Y
100.5%
WPM
CA$169.53
Wheaton Precious Metals
7D
-4.1%
1Y
57.7%
AII
CA$22.58
Almonty Industries
7D
-7.3%
1Y
610.1%
DSV
CA$8.35
Discovery Silver
7D
6.0%
1Y
323.9%
TECK.B
CA$69.67
Teck Resources
7D
3.8%
1Y
21.5%

TECK.B: Anglo Merger Synergies And Buybacks Will Shape Copper Future

The analyst price target for Teck Resources has moved higher to CA$80.82 from CA$75.62, reflecting analysts factoring in revised merger related assumptions, updated Q4 operating numbers, and potential revenue and cost synergies highlighted in recent research. Analyst Commentary Recent research around Teck Resources highlights a mix of optimism and caution, with price targets generally reset higher around the proposed merger with Anglo American and updated Q4 figures.
LUG
CA$99.92
Lundin Gold
7D
-3.3%
1Y
133.3%

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

Lundin Gold’s updated fair value estimate moves to about CA$141 from CA$128 as analysts adjust price targets in a tight CA$115 to CA$125 range and point to expectations of a higher profit margin profile and a lower future P/E multiple, even with slightly softer revenue growth assumptions and a modestly higher discount rate. Analyst Commentary Recent research points to a cluster of price targets in the CA$115 to CA$125 band, which aligns with the updated fair value estimate of about CA$141.
FM
CA$32.53
First Quantum Minerals
7D
4.6%
1Y
52.4%