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 24.5x which is lower than its 3-year average PE of 267x. The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 5.9x.

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 139x. Analysts are expecting annual earnings growth of 9.6%, which is lower than the prior year's growth of 63.0% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 12 Sep 2026	CA$1.0t	CA$170.7b	CA$40.8b	16.9x	24.5x	5.9x
Mon, 10 Aug 2026	CA$963.4b	CA$166.0b	CA$39.5b	15.9x	24.4x	5.8x
Wed, 08 Jul 2026	CA$876.7b	CA$161.5b	CA$36.3b	14.4x	24.2x	5.4x
Fri, 05 Jun 2026	CA$946.8b	CA$158.4b	CA$35.4b	15.6x	26.7x	6x
Sun, 03 May 2026	CA$896.5b	CA$140.6b	CA$28.2b	16.4x	31.8x	6.4x
Tue, 31 Mar 2026	CA$873.5b	CA$139.5b	CA$26.7b	15.5x	32.7x	6.3x
Thu, 26 Feb 2026	CA$1.1t	CA$135.3b	CA$24.9b	22.5x	44.6x	8.2x
Sat, 24 Jan 2026	CA$1.0t	CA$125.2b	CA$17.4b	27.8x	59.9x	8.3x
Mon, 22 Dec 2025	CA$875.5b	CA$126.0b	CA$17.6b	21.4x	49.8x	6.9x
Wed, 19 Nov 2025	CA$745.0b	CA$126.8b	CA$18.6b	18.7x	40x	5.9x
Fri, 17 Oct 2025	CA$800.8b	CA$118.3b	CA$12.3b	23.8x	64.8x	6.8x
Sun, 14 Sep 2025	CA$674.8b	CA$118.4b	CA$11.9b	18.6x	56.8x	5.7x
Tue, 12 Aug 2025	CA$563.8b	CA$114.7b	CA$11.4b	16.9x	49.5x	4.9x
Thu, 10 Jul 2025	CA$517.4b	CA$109.6b	CA$8.2b	17.4x	63.2x	4.7x
Sat, 07 Jun 2025	CA$522.4b	CA$110.6b	CA$8.5b	15.5x	61.7x	4.7x
Mon, 05 May 2025	CA$461.2b	CA$106.6b	CA$6.4b	12.6x	71.7x	4.3x
Wed, 02 Apr 2025	CA$462.8b	CA$107.6b	CA$5.3b	13.9x	86.9x	4.3x
Fri, 28 Feb 2025	CA$434.8b	CA$106.9b	CA$3.4b	11.6x	126.2x	4.1x
Sun, 26 Jan 2025	CA$415.3b	CA$111.7b	CA$678.1m	14.7x	612.5x	3.7x
Tue, 24 Dec 2024	CA$391.0b	CA$111.8b	CA$507.2m	12.5x	771x	3.5x
Thu, 21 Nov 2024	CA$414.0b	CA$109.3b	CA$350.7m	13.5x	1180.7x	3.8x
Sat, 19 Oct 2024	CA$435.7b	CA$106.9b	-CA$299,486,421.02	18.2x	-1455x	4.1x
Mon, 16 Sep 2024	CA$413.5b	CA$105.8b	-CA$668,043,580.94	16x	-619x	3.9x
Wed, 14 Aug 2024	CA$385.2b	CA$106.2b	-CA$588,736,207.65	15.2x	-654.2x	3.6x
Fri, 12 Jul 2024	CA$401.1b	CA$104.5b	-CA$548,369,054.44	14.7x	-731.4x	3.8x
Sun, 09 Jun 2024	CA$377.3b	CA$105.2b	-CA$596,505,222.34	15.8x	-632.5x	3.6x
Tue, 07 May 2024	CA$381.9b	CA$103.6b	CA$30.0m	18.2x	12727.9x	3.7x
Thu, 04 Apr 2024	CA$355.2b	CA$102.4b	CA$1.4b	17.1x	252.1x	3.5x
Sat, 02 Mar 2024	CA$297.5b	CA$102.9b	CA$2.4b	14.2x	122.9x	2.9x
Mon, 29 Jan 2024	CA$331.3b	CA$107.5b	CA$1.7b	12.7x	193.2x	3.1x
Wed, 27 Dec 2023	CA$349.2b	CA$106.4b	CA$1.7b	13.8x	205.2x	3.3x
Fri, 24 Nov 2023	CA$331.3b	CA$108.9b	CA$1.7b	11.6x	192.1x	3x
Sun, 22 Oct 2023	CA$349.1b	CA$106.2b	CA$1.5b	11x	229.4x	3.3x
Tue, 19 Sep 2023	CA$365.2b	CA$104.1b	CA$1.7b	11.3x	218.9x	3.5x


CA Market	-1.85%
Materials	-1.95%
Metals and Mining	-2.08%
Aluminum	0%	0
Diversified Metals and Mining	-1.63%
Gold	-1.81%
Copper	-2.83%
Precious Metals and Minerals	-4.59%
Steel	-5.14%
Silver	-5.23%

Company	Last Price	7D	1Y	Valuation
IVN Ivanhoe Mines	CA$12.80	8.7% +CA$1.5b	0.8%	PE95.8x
CGG China Gold International Resources	CA$47.80	4.0% +CA$733.4m	93.1%	PE17.7x
TLO Talon Metals	CA$10.40	36.5% +CA$450.3m	173.7%	PE445.6x
ELD Eldorado Gold	CA$60.62	1.8% +CA$279.1m	55.8%	PE18.4x
MARI Marimaca Copper	CA$9.51	18.6% +CA$201.4m	-0.8%	PB3.6x

Announcement • Sep 10

First Majestic Silver Corp Reports High-Grade Drill Results And Expands Exploration Footprint At San Dimas

First Majestic Silver Corp. announced positive drill results from its ongoing 2026 exploration program at its San Dimas Silver/Gold Mine in Durango, Mexico. Recent resource-conversion and resource-addition drilling has returned multiple high-grade silver and gold intercepts across several areas of the San Dimas district, supporting near-mine Mineral Resource conversion and growth opportunities. Additionally, new drill results at Convenci n and El Cristo have expanded the district's exploration footprint and identified additional targets for follow-up drilling as part of the Company's 2026 exploration program, which includes approximately 117,000 metres of planned drilling. Exploration drilling at San Dimas has intersected significant silver and gold mineralization across multiple vein systems, supporting both near-mine Mineral Resource conversion and broader district exploration opportunities. A total of approximately 89,000 metres of exploration drilling has been completed year-to-date in 2026, of the planned approximately 117,000 metres program, with work focused on resource-conversion and resource-addition drilling in the West Block, Central Block and Graben block, together with follow-up drilling in the El Cristo mine area and continued target testing in the East/Arana Block. Recent results include high-grade intercepts from resource-conversion and resource-addition drilling within the Sinaloa-Elia vein complex, continued expansion of the mineralized footprint at the Coronado-Carmen Escobosa vein system in the West Block, confirmation of a new target north of the Jessica vein at Convenci n, and encouraging early results from the Luz and Patricia veins within the El Cristo mine area. Resource-addition and infill drilling at the historic Sinaloa-Elia vein complex has returned multiple high-grade silver and gold intercepts, further supporting the continuity and Mineral Resource growth potential of the system. New drill results extend the footprint of known mineralization beyond the current Mineral Resources to the east, west and locally down dip. Infill drilling has also returned thick, high-grade intercepts that support increased confidence in the mineralized system and the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources, providing additional support for future mine planning. Geological analysis and targeting around the Jessica vein identified several historic anomalous vein and breccia intercepts that were reinterpreted as evidence for the presence of a hanging wall structure. Initial drill testing of this target returned five significant intercepts in seven holes, supporting the exploration hypothesis. The structure, the Convenci n vein, was intersected approximately 100 metres north of Jessica and may represent a potential near-term mining opportunity. The target vein remains open in multiple directions, supporting additional follow-up drilling in the area. Drilling in the West Block has focused on the Coronado and Carmen Escobosa veins. Results from 2025 were incorporated into the Inferred Mineral Resources for San Dimas and provided the basis for follow-up drilling in 2026. Results received to date support the interpretation of Coronado and Carmen Escobosa as a two-vein mineralized system with continued potential for Mineral Resource addition. At Carmen Escobosa, five drill holes testing the western continuity of mineralization, together with a drill hole targeting the eastern extension, returned significant intercepts. The target remains open for approximately 400 metres to the west of these new intercepts, supporting additional follow-up drilling along strike. At Coronado, three drill holes testing the continuity of mineralization to the west also returned significant intercepts, further supporting the potential to expand the mineralized footprint in the West Block. Exploration activities have expanded to include the El Cristo mine area, the southernmost historically mined areas on the property. Results to date have returned high-grade silver and gold intercepts from the Luz and Patricia veins, supporting follow-up drilling to evaluate the continuity and extent of mineralization. The 2026 drill program at San Dimas is expected to continue advancing near-mine Mineral Resource conversion while testing additional targets across the district. Results received to date support the potential for Mineral Resource growth within established vein systems and highlight new opportunities at Convenci n and El Cristo for follow-up drilling. First Majestic's drill programs follow established Quality Assurance/Quality Control (QA/QC) protocols with standards, blanks, and duplicates inserted into the sample stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or future metallurgical testing. Core samples are submitted to First Majestic's Central Laboratory (Central Laboratory) (ISO 9001:2015). At the Central Laboratory, gold is analyzed by 30g fire assay atomic absorption finish (AU-AA13). Results above 10g/t gold are re-analyzed by 30g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100g/t silver are re-analyzed by 30g fire assay gravimetric finish (ASAG-14, ASAG-13).

Announcement • Sep 09

Marimaca Copper Reports Assay Results from Ongoing Drilling Program At Pampa Medina Deposit

Marimaca Copper Corp. reported further assay results from its ongoing drilling program at the Pampa Medina deposit, located approximately 28km east of the Marimaca Oxide Deposit in Chile’s Antofagasta Region. Drilling within the central high-grade sulphide zone continues to deliver consistent, high-grade results within the defined 3km x 1.5km area of interest. The mineralization across the target lithological horizons continues to show continuity both horizontally and vertically. Drilling on 150m centers returned 216m of 0.96% Cu and 7.2g/t Ag from 466m, including 62m of 2.20% Cu and 21.5g/t Ag from 602m downhole from SPRD-15. Step-out drill holes outside of the central corridor extended the mineralized sediment horizon 300m to the south and west, with strong results from SPRD-12, SPD-13 and SPRD-17. Additional scouting RC holes were completed to the north and northwest of the defined area of interest to determine the depth of the start of the target sediments. Drilling on 150m spacing continues to validate the continuity of the thick, ultra high-grade, stacked-mantos across the core of Pampa Medina. SPRD-15 intersected thick, continuous, high-grade mineralization at the target manto horizon: 216m of 0.96% Cu and 7.2g/t Ag from 466m (sulphide), including 82m of 1.72% Cu and 16.3g/t Ag from 600m, including 62m of 2.20% Cu and 21.5g/t Ag from 602m, including 14m of 3.05% Cu and 26.7g/t Ag from 606m, and 12m of 3.25% Cu and 36.7g/t Ag from 632m, 6m of 2.00% Cu and 12.0g/t Ag from 506m. The manto demonstrates remarkable continuity of high-grade mineralization vertically across the horizon. SPD-13 drilled near the current south-east limit of the historical oxide and new sulphide zones provided meaningful extensions to both zones. Intersected multiple stacked high-grade mantos at depth across a broad interval of 222m of 0.50% Cu from 194m, including 18m of 1.01% Cu from 246m (oxide), 28m of 1.07% Cu from 322m (mixed), including 12m of 1.90% Cu from 338m, 48m of 1.05% Cu from 368m (sulphide), including 12m of 1.99% Cu from 404m. SPRD-12 significantly extended the stacked, high grade, sulphide manto. Intersection 300m to the west of previous drilling, with broad zones of high-grade mineralization, including 56m of 0.95% Cu and 4.2g/t Ag from 748m (sulphide), including 22m of 1.80% Cu and 9.7g/t Ag from 750m, including 8m of 2.42% Cu and 9.0g/t Ag from 750m, 8m of 1.20% Cu and 2.8g/t Ag from 796m. SPRD-17 drilled 150m east of previously released SMRD-16 intersected multiple stacked mantos across 104m of 0.65% Cu from 522m, including 30m of 0.96% Cu from 522m (sulphide), including 20m of 1.28% Cu and 2.3g/t Ag from 524m, 40m of 0.89% Cu from 586m (sulphide), including 14m of 1.36% Cu and 4.0g/t Ag from 586m. SPRD-10 drilled on the southern fence, west of SPD-13, intersected 28m of 0.88% Cu and 5.4g/t Ag from 594m (sulphide), including 16m of 1.37% Cu and 8.5g/t Ag (sulphide) from 594m, 14m of 0.96% Cu and 7.3g/t Ag from 704m (sulphide). SPRD-11 drilled 200m west of SPRD-10 intersected 10m of 1.02% Cu and 5.0g/t Ag from 552m and was impacted by late dykes. SPRD-14 and SPRD-16A were drilled within the high-grade central zone on 150m centers and intersected post-mineral faulting at depth. SPRD-14 intersected near-surface oxide mineralization: 30m of 0.61% Cu and 4.2g/t Ag from 238m. SPRD-16A also intersected near surface-oxide mineralization: 36m of 0.77% Cu from 184m, including 12m of 1.58% Cu and 3.2g/t Ag from 204m. SMRD-35 intersected near-surface oxide and mixed mineralization southwest of the historical oxide footprint: 26m of 0.45% Cu and 2.9g/t Ag from 88m (oxide), 32m of 0.74% Cu and 4.6g/t Ag from 302m (oxide). Deeper drilling impacted by a zone of post-mineralization WNW faults and dykes. SMRD-04 and SMRD-05, the diamond-tailed extensions of the historical SMR-04 and SMR-05 RC holes, intersected moderate mineralization at depth into the basement units. Scout RC holes were collared to the north and northwest of the currently defined area of interest to test the depth and extent of the sedimentary horizons. SWR-10, SWR-11, SWR-13 and SMR-36 did not intersect the target sedimentary horizon at downhole depths ranging from 540m to 700m and will be extended through diamond drilling. SWR-13 ended in mineralization at the limits of RC capability – intersected 8m at 1.47% Cu and 7.5 g/t Ag from 580m in volcanics, interpreted to be above the contact of the upper sedimentary sequence which was not intersected. SWR-12A intersected the sedimentary horizon at greater depth, including 8m grading 1.17% Cu and 11.8 g/t Ag from 578m, before drilling was halted due to the technical limitations of RC drilling at depth. Diamond drilling to extend these holes is now underway. Pampa Medina is a manto-style copper deposit dominantly hosted in Jurassic-Triassic sedimentary units (sandstones, conglomerates, tuffs and black shales) overlain by andesitic volcanics and underlain by an Upper Paleozoic complex of metamorphosed sediments, volcanics and intrusions. Key lithological units are intruded by a dyke swarm and affected by post-mineral normal faulting. Copper was originally identified in near-surface oxide mineralization dominated by atacamite, chrysocolla and chalcocite, and has now been identified in high-grade zones of bornite, chalcopyrite, covellite and chalcocite which extend at depth beyond the oxide-primary transition. Elevated silver grades are present in both oxide and sulphide copper-mineralized zones and are generally correlated with copper grade. Following Marimaca’s consolidation of the project area and surrounding land packages in 2024, the company reinterpreted all available geological information and developed an updated geological model for Pampa Medina, which identified the lower sedimentary units of interbedded sandstones, shales, tuffs and conglomerates as the priority target horizons for future drilling. Marimaca’s 2026 drilling campaign is focused on three priority goals: definition of the high-grade central area of interest, delineating the identified oxide extensions, and further step-out drilling to test potential extensions of the broader system identified in geophysical work completed to date.

Canadian (TSX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Price target increased by 16% to CA$9.08

First Majestic Silver Corp Reports High-Grade Drill Results And Expands Exploration Footprint At San Dimas

Lundin Gold Faces $154 Million Tax Claim in Ecuador While Operations Continue

EQX: OLA Integration And South Railroad Decision Will Support Medium Term Re Rating

Marimaca Copper Reports Assay Results from Ongoing Drilling Program At Pampa Medina Deposit

Eldorado Gold Corporation Produces First Copper-Gold Concentrate At Skouries Project

IVN: Copper And Zinc Delivery Should Support A Patiently Balanced Re Rating

Upcoming dividend of CA$0.13 per share

G Mining Ventures Reports Strong Cash Flow and On-Track Oko West Project Progress

Upcoming dividend of US$0.95 per share

LUN: Future Returns Will Reflect Caserones Recovery And Vicuña Project Progress

ABX: Capital-Intensive Spinoff Plans Will Pressure Future Share Returns

Upcoming dividend of US$0.44 per share

Lithium And Renewable Royalties Will Drive Powerful Long Term Earnings Potential

Insufficient new directors

K: Cash Returns And Investment Grade Rating Will Support Future Upside Potential