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 23.8x 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 5.3x.

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 126x. Analysts are expecting annual earnings growth of 16.5%, 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
Thu, 25 Jun 2026	CA$864.5b	CA$161.9b	CA$36.3b	13.6x	23.8x	5.3x
Sat, 23 May 2026	CA$919.4b	CA$157.1b	CA$35.3b	16.2x	26x	5.9x
Mon, 20 Apr 2026	CA$1.0t	CA$136.7b	CA$26.8b	20.2x	38.2x	7.5x
Wed, 18 Mar 2026	CA$963.9b	CA$138.4b	CA$26.0b	19.4x	37x	7x
Fri, 13 Feb 2026	CA$1.0t	CA$128.9b	CA$19.3b	23.8x	54.3x	8.1x
Sun, 11 Jan 2026	CA$946.0b	CA$126.9b	CA$17.7b	23.6x	53.4x	7.5x
Tue, 09 Dec 2025	CA$815.0b	CA$125.7b	CA$18.1b	21.1x	45.1x	6.5x
Thu, 06 Nov 2025	CA$684.9b	CA$120.8b	CA$14.4b	20.4x	47.7x	5.7x
Sat, 04 Oct 2025	CA$747.4b	CA$117.6b	CA$12.2b	24x	61.3x	6.4x
Mon, 01 Sep 2025	CA$615.1b	CA$117.5b	CA$11.9b	16.8x	51.6x	5.2x
Wed, 30 Jul 2025	CA$524.2b	CA$110.6b	CA$8.7b	18.5x	60.6x	4.7x
Fri, 27 Jun 2025	CA$515.9b	CA$113.5b	CA$7.5b	15.8x	68.4x	4.5x
Sun, 25 May 2025	CA$487.8b	CA$110.9b	CA$8.6b	14x	56.6x	4.4x
Tue, 22 Apr 2025	CA$476.4b	CA$104.4b	CA$5.1b	14.3x	94.3x	4.6x
Thu, 20 Mar 2025	CA$470.2b	CA$107.2b	CA$5.3b	13.1x	89.3x	4.4x
Sat, 15 Feb 2025	CA$446.5b	CA$111.7b	CA$3.9b	12.9x	115.5x	4x
Mon, 13 Jan 2025	CA$410.4b	CA$112.2b	CA$536.7m	13.5x	764.6x	3.7x
Wed, 11 Dec 2024	CA$421.4b	CA$110.6b	CA$356.5m	13.9x	1181.9x	3.8x
Fri, 08 Nov 2024	CA$422.6b	CA$106.3b	-CA$655,650,422.34	14.5x	-644.5x	4x
Sun, 06 Oct 2024	CA$424.4b	CA$105.3b	-CA$374,677,881.91	17.8x	-1132.7x	4x
Tue, 03 Sep 2024	CA$401.9b	CA$105.2b	-CA$686,411,593.45	17.6x	-585.6x	3.8x
Thu, 01 Aug 2024	CA$405.3b	CA$105.6b	-CA$341,763,158.40	15.2x	-1186x	3.8x
Sat, 29 Jun 2024	CA$377.4b	CA$104.8b	-CA$564,245,802.52	15.6x	-668.9x	3.6x
Mon, 27 May 2024	CA$396.6b	CA$104.7b	-CA$945,430,238.16	18x	-419.5x	3.8x
Wed, 24 Apr 2024	CA$365.8b	CA$103.2b	CA$1.5b	15.6x	245.9x	3.5x
Fri, 22 Mar 2024	CA$334.0b	CA$103.0b	CA$1.3b	13.6x	257.7x	3.2x
Sun, 18 Feb 2024	CA$299.5b	CA$100.7b	CA$4.9b	12.9x	61x	3x
Tue, 16 Jan 2024	CA$341.0b	CA$107.4b	CA$1.7b	12.9x	195x	3.2x
Thu, 14 Dec 2023	CA$325.2b	CA$107.8b	CA$1.8b	12.8x	185.7x	3x
Sat, 11 Nov 2023	CA$321.4b	CA$109.4b	CA$2.2b	11.9x	145.9x	2.9x
Mon, 09 Oct 2023	CA$335.7b	CA$105.9b	CA$1.6b	11x	208.4x	3.2x
Wed, 06 Sep 2023	CA$359.3b	CA$104.8b	CA$1.7b	11.1x	205.7x	3.4x
Fri, 04 Aug 2023	CA$365.1b	CA$103.2b	CA$947.5m	11.9x	385.4x	3.5x
Sun, 02 Jul 2023	CA$360.7b	CA$104.0b	CA$2.5b	12x	146.4x	3.5x


CA Market	-1.81%
Materials	-11.01%
Metals and Mining	-11.81%
Aluminum	0%	0
Steel	-4.04%
Gold	-11.22%
Diversified Metals and Mining	-11.59%
Precious Metals and Minerals	-13.04%
Silver	-13.33%
Copper	-15.27%

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
BZ Benz Mining	CA$2.34	26.5% +CA$163.6m	515.8%	PB26.5x
ETG Entrée Resources	CA$2.67	11.3% +CA$56.3m	27.8%	PE-30.1x
ECU Element 29 Resources	CA$1.60	20.3% +CA$50.9m	220.0%	PB13.3x
CUU Copper Fox Metals	CA$0.66	11.9% +CA$41.0m	164.0%	PB4.5x

Announcement • 17h

First Atlantic Nickel & Cobalt Announces Preliminary Results from Its Proprietary Onshore Max Recovery and Concentration Process At Pipestone Xl Nickel-Cobalt Alloy Project

First Atlantic Nickel & Cobalt Corp. reported preliminary results from its proprietary ONSHORE MAX (Magnetic Alloy eXtraction) recovery and concentration process, which upgraded rock samples from the RPM Zone of its wholly owned Pipestone XL Nickel-Cobalt Alloy Project into a high grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt. The bench-scale test work was completed at SGS Canada Inc. and represents the Company’s first metallurgical recovery and concentration test work on awaruite. The test work used a simple, two-stage process consisting of low-intensity magnetic separation (LIMS) followed by flotation. The Company has initiated the permitting process for a large-scale bulk sample at the RPM Zone to optimize and advance the ONSHORE MAX process toward a pilot-scale plant. Awaruite (Ni3Fe) is a naturally occurring, magnetic, sulphur-free nickel-iron-cobalt alloy that already exists in a reduced metallic state. This allows awaruite to be concentrated by magnetic separation and flotation, bypassing the energy- and capital-intensive secondary midstream processes of smelting, roasting, or high-pressure acid leaching. The Company believes this gives awaruite a differentiated, smelter-free pathway, whereby a high-grade concentrate could move directly into downstream nickel and cobalt battery refining, stainless steel and specialty-alloy production. The four flotation tests averaged 67.4% nickel and reached up to 71.9% nickel, significantly higher than the 10% to 15% grade of a typical nickel concentrate, according to the Nickel Institute. Cobalt reported into the same concentrate at 1.76%, which the Company believes indicates that a separate cobalt circuit may not be required. Cobalt was assayed in the final test only, and all samples will be assayed for cobalt going forward. A low-intensity magnetic separator drum produced a magnetic concentrate grading approximately 1.6% nickel, which flotation then upgraded into the final high-grade concentrate using equipment and reagents common across the mining industry. The Company believes the concentrate could move from mine to refinery, feeding directly into downstream North American nickel and cobalt battery refining, stainless steel and specialty-alloy industries without smelting or offshore processing. The Company has initiated the permitting process for a large-scale bulk sample at the RPM Zone to advance the ONSHORE MAX process toward a pilot-scale plant. The program was performed on a 74.5-kilogram composite of 32 individual samples taken from 96 meters of continuous core from RPM Zone discovery hole AN-24-02. The composite returned an average head grade of approximately 0.12% magnetically recoverable nickel, as measured by Davis Tube Recovery (DTR) at SGS. A low-intensity magnetic separator drum operating at approximately 1,000 Gauss produced a magnetic concentrate grading approximately 1.6% nickel. Flotation, using a xanthate-based collector, then upgraded that concentrate to a final awaruite concentrate averaging 67.4% nickel and grading from 63.7% to 71.9% nickel across four tests. All test work was conducted at SGS. The Company believes the program confirms a simple, clean, low-energy and effective process for recovering and concentrating awaruite. Both stages performed as intended, with magnetic separation delivering stable and repeatable performance. The Company believes there is clear potential to improve recovery and grade as grind size, reagents, and flotation conditions are optimized. Because awaruite is sulphur-free and the process uses only magnetic separation and flotation, without midstream smelting, roasting, or high-pressure acid leaching, the process avoids the SO2 emissions, high electricity demand, and acid mine drainage risks commonly associated with conventional nickel processing. The 71.9% nickel grade of the concentrate approaches the grade of pure awaruite. By comparison, the Nickel Institute reports that a typical nickel concentrate grades 10% to 15% nickel. The Company believes awaruite’s high nickel and cobalt content, natural magnetism and metallic form allow it to be concentrated to grades well above those achievable from conventional nickel sulphide and laterite minerals. The Company has initiated the permitting process for a large-scale bulk sample at the RPM Zone, which is intended to provide the volume of material required to advance the ONSHORE MAX process from bench scale toward a pilot-scale plant. In parallel, the Company intends to advance an expanded metallurgical program to optimize the magnetic separation and flotation circuit, evaluate the addition of gravity separation, assess chromium as a potential secondary credit, and evaluate downstream refining toward battery-grade nickel sulphate (NiSO4). The Company believes battery-grade nickel sulphate produced from the concentrate could qualify as nickel under Section 45X(c)(6) of the U.S. Advanced Manufacturing Production Credit, if refined in the US. Awaruite already exists in metallic form. As a result, the ONSHORE MAX process can concentrate awaruite by magnetic separation and flotation without the smelting, roasting, or high-pressure acid leaching that nickel sulphide and laterite ores require. The Company believes bypassing the midstream smelting step offers several advantages, including the avoidance of smelter or refinery treatment and refining charges (TCs/RCs) deducted from the concentrate payables, lower energy consumption, lower emissions and pollution, and, because awaruite is sulphur-free, no acid mine drainage risk. The high grade of the concentrate also reduces the tonnage and freight required to deliver a given quantity of nickel and cobalt to a downstream customer. The Company believes awaruite and the ONSHORE MAX process avoid many of these constraints by producing a high-grade nickel-cobalt concentrate without the need for a smelter. The RPM Zone is the most advanced, where drilling has outlined magnetically recoverable awaruite over a strike length of more than 1.2 kilometres and a width of more than 800 metres.

Announcement • 23h

Benz Mining Corp Defines Maiden Gold Exploration Target At Glenburgh

Benz Mining Corp. has reported a maiden Exploration Target, as defined under the JORC Code (2012) and contemplated in Section 2.3(2) of National Instrument 43-101 Standards of Disclosure for Mineral Projects, for its 100%-owned Glenburgh Gold Project in the Gascoyne region of Western Australia. The Exploration Target is informed and supported by substantial drilling, with approximately 80% of the Exploration Target being drill-defined, assay-supported and wireframed. The balance reflects a more conceptual geological projection of the system beyond the current drill footprint. Aggressive infill, extensional and down-plunge drilling, metallurgical testwork and updated geological modelling are planned over the next 12 months, with the objective of converting a substantial portion of the Exploration Target into a Mineral Resource in calendar year 2027. Ongoing tungsten assaying is expected to support the incorporation of tungsten into potential future Exploration Targets and Mineral Resource models. The entire Exploration Target sits within Benz's wholly owned, granted and fully permitted Mining Lease. The Glenburgh Exploration Target is reported as a single Exploration Target. To assist interpretation, it has been separated in two complementary ways: by grade domain (a higher-grade core and a mineralised halo, reflecting the known grade distribution of the mineralised system) and by basis of estimation (within each grade domain: a drill-defined component, derived from existing drillhole data and interpreted mineralised wireframes; and a conceptual geological projection component, derived by extrapolation of those wireframes down-plunge and/or down-dip beyond the current limit of drilling). Table 1: Glenburgh Exploration Target. Higher-grade core: 110 - 125 Mt, 1.7 - 1.8 g/t Au, 6.1 - 7.3 Moz Au. Mineralised halo: 375 - 415 Mt, 0.33 - 0.35 g/t Au, 4.0 - 4.6 Moz Au. Glenburgh Exploration Target Total: 485 - 540 Mt, 0.6 - 0.7 g/t Au, 10.1 - 12.0 Moz Au. The potential quantity and grade of the Exploration Target, and of each of its components, is conceptual in nature and uncertain. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the Exploration Target being delineated as a Mineral Resource. The Exploration Target is not, and does not carry the classification of, a Mineral Resource or Ore (Mineral) Reserve. It has been determined from exploration results already obtained and not from any proposed exploration programme. The combined Exploration Target grade reflects the inclusion of the broader lower-grade mineralised halo in full and does not represent an optimised mining inventory. Future studies would assess which portions of the halo may be selectively included based on pit geometry, cut-off grade, mining selectivity, metallurgical performance and economics. Previously announced initial metallurgical testwork at Icon returned gold recoveries of up to 93.3% from tested lower-grade halo material, supporting its potential to provide significant incremental feed where captured within future mining shapes. The Glenburgh Exploration Target is based on exploration results from 1,100 drillholes (diamond and reverse-circulation), totalling approximately 200,022 metres completed by Benz and prior explorers, together with the associated logging, sampling and assay data as previously reported to the ASX. Three-dimensional wireframe interpretations of the mineralised domains were constructed in Leapfrog Geo from logged lithology and downhole gold assay composites and structural measurements. The lower bound of each grade range was derived from top-cut and spatially declustered assay composites, while the upper bound was derived from the equivalent raw, uncut and undeclustered composites. Higher-grade and lower-grade domains were separated using nominal camp-specific grade thresholds, reflecting differences in grade distribution and mineralisation style across the Glenburgh system. At Icon and Thunderbolt, higher-grade and lower-grade domains were separated using nominal thresholds of approximately 0.5 g/t Au and 0.3 g/t Au respectively. At Hurricane, higher-grade and lower-grade domains were separated using nominal thresholds of approximately 0.7 g/t Au and 0.3 g/t Au respectively. Tonnage ranges were derived by applying an approximate ±10% range to the modelled mineralised wireframe volumes to reflect the conceptual nature of the Exploration Target. Bulk densities of 2.75 t/m³ for Hurricane and 2.68 t/m³ for Icon and Thunderbolt were applied, based on available density measurements collected from drill core and/or representative geological domains within the Glenburgh drilling database. The drill-constrained components comprise modelled volumes constrained by existing drillhole intersections, at a current drill spacing of approximately 40m × 40m. The conceptual geological projection components were derived by projecting the modelled wireframes down-plunge and/or down-dip beyond the limit of current drilling, applying conversion factors of approximately 20% (Hurricane and Icon) and 80% (Torino) to the respective projection volumes. The projection components are extrapolations of results already obtained and are not based on any proposed exploration programme. Infill and extensional drilling will be required to establish whether any part of the Exploration Target can be reported as a Mineral Resource.

Canadian (TSX) Metals and Mining Industry Analysis

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