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

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 24.9x which is lower than its 3-year average PE of 282x. The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 5.6x.

Which industries have driven the changes within the Canadian Materials industry?

Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 125x. Analysts are expecting annual earnings growth of 16.4%, which is lower than the prior year's growth of 59.1% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 24 Jun 2026	CA$907.8b	CA$161.6b	CA$36.2b	14.3x	25.1x	5.6x
Fri, 22 May 2026	CA$916.0b	CA$156.5b	CA$35.2b	16x	26x	5.9x
Sun, 19 Apr 2026	CA$1.0t	CA$137.3b	CA$27.0b	19.8x	37.9x	7.5x
Tue, 17 Mar 2026	CA$958.6b	CA$138.6b	CA$26.1b	19.4x	36.7x	6.9x
Thu, 12 Feb 2026	CA$1.0t	CA$128.6b	CA$19.2b	24.9x	53.4x	8x
Sat, 10 Jan 2026	CA$931.0b	CA$126.9b	CA$17.7b	23.6x	52.5x	7.3x
Mon, 08 Dec 2025	CA$815.2b	CA$125.5b	CA$18.0b	21.2x	45.2x	6.5x
Wed, 05 Nov 2025	CA$713.6b	CA$120.6b	CA$14.4b	19.8x	49.7x	5.9x
Fri, 03 Oct 2025	CA$752.2b	CA$117.7b	CA$12.2b	23.1x	61.6x	6.4x
Sun, 31 Aug 2025	CA$615.1b	CA$117.5b	CA$11.9b	16.7x	51.5x	5.2x
Tue, 29 Jul 2025	CA$531.8b	CA$110.2b	CA$8.6b	18.5x	62x	4.8x
Thu, 26 Jun 2025	CA$513.9b	CA$109.9b	CA$8.2b	15.4x	62.4x	4.7x
Sat, 24 May 2025	CA$435.6b	CA$92.7b	CA$5.4b	13.9x	80.5x	4.7x
Mon, 21 Apr 2025	CA$476.2b	CA$104.5b	CA$5.1b	14.1x	94.1x	4.6x
Wed, 19 Mar 2025	CA$467.3b	CA$106.9b	CA$5.2b	12.6x	90.3x	4.4x
Fri, 14 Feb 2025	CA$447.1b	CA$112.1b	CA$3.9b	13.2x	113.5x	4x
Sun, 12 Jan 2025	CA$410.4b	CA$112.2b	CA$536.7m	13.5x	764.6x	3.7x
Tue, 10 Dec 2024	CA$411.6b	CA$110.6b	CA$356.0m	13.7x	1156.2x	3.7x
Thu, 07 Nov 2024	CA$429.1b	CA$105.8b	-CA$246,334,766.36	15x	-1742x	4.1x
Sat, 05 Oct 2024	CA$420.2b	CA$105.3b	-CA$375,199,690.91	17.8x	-1119.9x	4x
Mon, 02 Sep 2024	CA$401.9b	CA$105.1b	-CA$687,231,329.69	17.2x	-584.9x	3.8x
Wed, 31 Jul 2024	CA$395.3b	CA$105.1b	-CA$291,796,421.80	15.3x	-1354.8x	3.8x
Fri, 28 Jun 2024	CA$376.8b	CA$104.9b	-CA$563,909,095.72	15.6x	-668.3x	3.6x
Sun, 26 May 2024	CA$396.6b	CA$104.7b	-CA$945,430,238.16	18x	-419.5x	3.8x
Tue, 23 Apr 2024	CA$376.5b	CA$103.7b	CA$1.5b	17.5x	249.4x	3.6x
Thu, 21 Mar 2024	CA$325.9b	CA$102.8b	CA$1.3b	13.3x	250.5x	3.2x
Sat, 17 Feb 2024	CA$296.7b	CA$100.7b	CA$5.0b	12.7x	59.8x	2.9x
Mon, 15 Jan 2024	CA$340.9b	CA$107.3b	CA$1.7b	12.9x	195.1x	3.2x
Wed, 13 Dec 2023	CA$325.5b	CA$108.3b	CA$1.8b	12.4x	182.8x	3x
Fri, 10 Nov 2023	CA$319.8b	CA$109.5b	CA$2.1b	13.3x	151.4x	2.9x
Sun, 08 Oct 2023	CA$339.2b	CA$105.9b	CA$1.6b	11x	212.7x	3.2x
Tue, 05 Sep 2023	CA$366.5b	CA$104.6b	CA$1.7b	11.3x	211.8x	3.5x
Thu, 03 Aug 2023	CA$364.9b	CA$102.7b	CA$708.2m	11.9x	515.3x	3.6x
Sat, 01 Jul 2023	CA$360.7b	CA$104.0b	CA$2.5b	12x	146.6x	3.5x


CA Market	-1.50%
Materials	-9.33%
Metals and Mining	-9.98%
Aluminum	0%	0
Steel	-5.87%
Diversified Metals and Mining	-8.91%
Gold	-9.51%
Precious Metals and Minerals	-10.93%
Copper	-13.30%
Silver	-13.34%

Company	Last Price	7D	1Y	Valuation
PHD Providence Gold Mines	CA$4.00	7,900.0% +CA$279.7m	15,900.0%	PE-1107.2x
AFM Alphamin Resources	CA$1.49	5.7% +CA$102.8m	79.5%	PE7.1x
BZ Benz Mining	CA$2.06	13.8% +CA$83.5m	442.1%	PB23.4x
MACK Mackay Gold & Silver	CA$2.89	28.4% +CA$54.8m	n/a	n/a
CUU Copper Fox Metals	CA$0.68	15.3% +CA$52.8m	172.0%	PB4.6x

Announcement • Jun 22

Alamos Gold Reports New Results from Underground and Surface Exploration Drilling At the Island Gold Mine

Alamos Gold Inc. reported new results from underground and surface exploration drilling at the Island Gold Mine. Exploration drilling has defined high-grade mineralization across multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded Magino mill. This includes defining a new zone of high-grade mineralization 250 metres west of underground Mineral Reserves and Mineral Resources (Island Gold West Extension), and continuing to extend mineralization within the Island West up-plunge area. The regional exploration program continues to intersect high-grade gold mineralization at the past-producing Cline-Pick, and Edwards mines, located seven kilometres from the Magino Mill. Island Gold West Extension Zone: high-grade mineralization has been intersected within a newly defined zone measuring approximately 200 by 300 metres based on drilling to date. This new zone is located approximately 250 metres to as much as 500 metres along strike to the west of the existing Mineral Reserves and Resources of the Island Gold Deposit, and south of the Magino deposit. The zone remains open down-plunge and to the west, with drilling continuing to target extensions of the mineralization. New highlights include: Island West Extension Zone: 12.05 g/t Au over 5.20 metres (MX26-031) including 36.67 g/t Au over 1.50 metres; 8.07 g/t Au over 5.60 metres (MX26-035W) including 45.90 g/t Au over 0.60 metres and 30.20 g/t Au over 0.45 metres. Island West up-plunge: drilling continues to expand high-grade gold mineralization across multiple zones (C, D1, DN2, G1, G10). Given its proximity to surface, and the ability to be mined via the ramp system, the Island West up-plunge area represents significant opportunity to increase combined underground mining rates beyond the 3,000 tonnes per day that is expected to be mined and skipped to surface via the shaft. This would support further production growth by increasing the proportion of higher-grade ore to be processed within the expanded Magino mill. New highlights include: 14.51 g/t Au (4.60 g/t cut) over 5.21 metres (850-482-05); 4.55 g/t Au (3.95 g/t cut) over 16.05 metres (850-472-41); 12.56 g/t Au (7.76 g/t cut) over 4.73 metres (850-482-08); 27.11 g/t Au (8.15 g/t cut) over 1.65 metres (790-446-05); 18.66 g/t Au over 2.30 metres (MX26-036); 8.53 g/t Au over 4.32 metres (790-460-31); and 3.30 g/t Au over 9.71 metres (790-460-32). Island West up-plunge unknown zones: high-grade mineralization intersected across multiple yet to be defined zones in both the hanging wall and footwall. Additional drilling will be focused on defining these new zones through further assessing the geometry and continuity of these zones. New highlights include: 20.94 g/t Au over 5.30 metres (850-482-07); 30.47 g/t Au over 2.65 metres (790-460-41); 16.28 g/t Au over 4.60 metres (850-482-08); 6.66 g/t Au over 7.70 metres (850-472-61); 17.24 g/t Au over 2.30 metres (850-472-76); and 7.64 g/t Au over 5.15 metres (850-482-07). Island Gold NS1 and NS4 Zone: high-grade gold mineralization intersected within new and recently defined hanging wall zones, NS1 and NS4. These zones are low-cost to develop, given their proximity to existing infrastructure. The NS1 Zone extends into the Island West up-plunge target area representing an additional opportunity to access high-grade ore from the existing ramp system. As exploration on the NS4 zone advances up-plunge, there is also the potential for this zone to extend into the Island West up plunge area. New highlights include: NS1 Zone: 19.48 g/t Au (7.17 g/t cut) over 11.63 metres (850-472-61); and 7.70 g/t Au over 5.02 metres (1025-492-29). NS4 Zone: growing parallel structure 180 metres west of NS1 Zone: 132.90 g/t Au (11.51 g/t cut) over 2.21 metres (850-472-76); 23.56 g/t Au (12.27 g/t cut) over 3.26 metres (850-470-30); 19.43 g/t Au (5.13 g/t cut) over 2.97 metres (850-470-26); 10.18 g/t Au over 3.50 metres (850-470-21); and 12.71 g/t Au over 2.64 metres (850-470-31). Cline-Pick Mine regional drilling: continues to extend high-grade gold mineralization beyond the extent of previous mining and following up on the best hole drilled to date announced earlier this year which intersected 178.07 g/t Au over 3.54 metres (25IGX128). The targets remain open in multiple directions, including at depth, with the deepest holes drilled to date down to a vertical depth of only 540 metres. The Cline-Pick, and adjacent past producing Edwards Mine are located within 7 kilometres of the Magino mill and are being targeted as potential sources of additional higher-grade mill feed within the expanded mill. New highlights include: Cline-Pick Mines: 67.93 g/t Au over 3.05 metres (26IGX143) including 127.72 g/t Au over 1.35 metres; 5.63 g/t Au over 10.77 metres (26IGX136) including 24.70 g/t Au over 2.12 metres; 62.20 g/t Au over 0.98 metres (25IGX128EXT) including 114.00 g/t Au over 0.38 metres; 9.18 g/t Au over 3.55 metres including 72.30 g/t Au over 0.43 metres; 4.70 g/t Au over 11.85 metres (26IGX137) including 9.28 g/t Au over 5.65 metres; 8.28 g/t Au over 5.05 metres including 15.71 g/t Au over 2.60 metres and 36.80 g/t Au over 0.79 metres; 2.93 g/t Au over 14.41 metres (26IGX138) including 13.48 g/t Au over 2.07 metres; and 11.89 g/t Au over 2.45 metres (26IGX140) including 50.20 g/t Au over 0.52 metres. Edwards Mine: 5.06 g/t Au over 13.60 metres (25IGX133) including 35.40 g/t Au over 0.80 metres; and 5.96 g/t Au over 2.25 metres including 10.30 g/t Au over 1.10 metres. 88-60 Zone: 24.12 g/t Au over 3.88 metres (26IGX136) including 63.50 g/t Au over 1.42 metres.

Announcement • Jun 17

Benz Mining Corp Reports Highly Encouraging Initial Cyanidation Testwork Results from the Icon Camp At the Glenburgh Gold Project in Western Australia

Benz Mining Corp. reported highly encouraging initial cyanidation testwork results from the Icon camp at the Glenburgh Gold Project in Western Australia. Benz's initial test results confirm that the gold at Icon is free milling with high recovery rates and low reagent consumption across all grade profiles tested. Metallurgical testwork discussion The preliminary Icon cyanidation program was designed to assess the recovery response of different material categories across the Icon system, including higher-grade core material, mid-grade mineralisation and the broader mineralised halo. Samples were ground to a nominal P80 of 75 µm and tested using a conventional gravity-concentration and cyanide-leach flowsheet. Gold extraction was measured at 2, 4, 8, 24 and 48 hours to assess leach kinetics and final extraction performance. Across the Icon samples tested, gold extraction was generally complete within 8 to 24 hours, with 24-hour extraction results generally comparable to 48-hour extraction results. This indicates rapid leach kinetics and supports a conventional cyanide-leach processing pathway. Average calculated head grades and gold extraction values are derived from the laboratory calculated-head basis. Gold extraction is calculated using the calculated head grade for each sample. Results are preliminary laboratory-scale results and do not represent plant-scale recovery. Next steps Benz will undertake further metallurgical testwork to confirm and extend the initial Icon results. Planned work includes: repeat and confirmatory cyanidation testwork on selected samples; additional testwork across the broader Icon mineralised halo and higher-grade core; assessment of grind sensitivity and leach kinetics; evaluation of gravity recovery and cyanidation response by material type; further work to support future resource, mining and processing studies; and integration of metallurgical results with geological modelling, geotechnical work and future open-pit study work. Glenburgh Drilling Ramp-Up Underway. Benz is currently ramping up drilling activities across the Glenburgh Gold System to 12 operational RC drill shifts across the Hurricane, Icon and Thunderbolt Camps, representing one of the largest active gold exploration drilling programs currently underway in Australia. The scale-up in drilling activity reflects increasing management confidence that Glenburgh is emerging as a large-scale multi-million-ounce gold system with substantial long-term growth potential across multiple mineralised camps. A diamond drill rig has now mobilised to support metallurgical, geotechnical and broader orebody knowledge programs as Benz advances multiple pre-development workstreams in parallel with ongoing exploration drilling. Glenburgh A New Frontier Gold District The 100%-owned Glenburgh Gold Project is rapidly emerging as a new frontier gold district with multi-million-ounce potential. Located in Western Australia's Gascoyne region, Glenburgh hosts an 18-20 kilometre mineralised corridor anchored by the large-scale Icon-Apollo trend and the high-grade Zone 126 system. Glenburgh's unique combination of thick, bulk-style gold mineralisation (Icon-Apollo) and multiple high-grade underground lenses (Zone 126) positions it as a rare opportunity in the Australian gold sector. With gold prices at record levels, the ability to develop both large-scale open pit and underground operations offers exceptional leverage and growth potential.

Canadian (TSX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

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