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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies1183
  • 7D-7.1%
  • 3M-10.0%
  • 1Y59.6%
  • YTD-3.9%

Over the last 7 days, the Metals and Mining industry has dropped 7.1%, driven by pullbacks in Barrick Mining and Wheaton Precious Metals of 7.7% and 8.8%, respectively. On the other hand Benz Mining is actually up 24%. In the past year, the industry has gained 60%. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Jun 2026CA$847.7bCA$161.5bCA$36.3b14.2x23.3x5.2x
Thu, 28 May 2026CA$949.0bCA$157.6bCA$35.4b16x26.8x6x
Sat, 25 Apr 2026CA$958.0bCA$138.3bCA$27.3b18.6x35.1x6.9x
Mon, 23 Mar 2026CA$811.5bCA$137.3bCA$25.8b16.3x31.4x5.9x
Wed, 18 Feb 2026CA$1.0tCA$129.1bCA$19.3b23.1x53.1x7.9x
Fri, 16 Jan 2026CA$992.1bCA$126.8bCA$17.7b25x56.1x7.8x
Sun, 14 Dec 2025CA$850.2bCA$125.7bCA$17.5b21.5x48.5x6.8x
Tue, 11 Nov 2025CA$716.5bCA$124.2bCA$16.1b21.2x44.5x5.8x
Thu, 09 Oct 2025CA$754.3bCA$117.6bCA$12.2b23.6x61.7x6.4x
Sat, 06 Sep 2025CA$630.3bCA$118.4bCA$12.0b18x52.3x5.3x
Mon, 04 Aug 2025CA$517.7bCA$112.8bCA$10.0b18.9x51.8x4.6x
Wed, 02 Jul 2025CA$511.9bCA$109.2bCA$8.1b16.2x62.9x4.7x
Fri, 30 May 2025CA$492.3bCA$111.3bCA$8.7b14.8x56.9x4.4x
Sun, 27 Apr 2025CA$472.9bCA$105.6bCA$5.9b13.4x79.8x4.5x
Tue, 25 Mar 2025CA$466.9bCA$107.2bCA$5.4b14.2x86.5x4.4x
Thu, 20 Feb 2025CA$435.8bCA$111.8bCA$3.9b13x112.2x3.9x
Sat, 18 Jan 2025CA$403.2bCA$112.5bCA$713.7m13.6x565x3.6x
Mon, 16 Dec 2024CA$407.2bCA$111.0bCA$454.6m13.6x895.7x3.7x
Wed, 13 Nov 2024CA$405.3bCA$108.6bCA$410.9m11.9x986.3x3.7x
Fri, 11 Oct 2024CA$417.2bCA$106.4b-CA$403,068,870.7918x-1035.1x3.9x
Sun, 08 Sep 2024CA$372.5bCA$105.6b-CA$696,555,405.6615.2x-534.8x3.5x
Tue, 06 Aug 2024CA$385.2bCA$105.8b-CA$332,499,814.5514.6x-1158.6x3.6x
Thu, 04 Jul 2024CA$375.7bCA$104.4b-CA$557,281,724.3715.7x-674.1x3.6x
Sat, 01 Jun 2024CA$399.8bCA$104.4b-CA$874,057,933.8917.3x-457.4x3.8x
Mon, 29 Apr 2024CA$384.4bCA$102.8bCA$381.9m17x1006.5x3.7x
Wed, 27 Mar 2024CA$329.5bCA$103.4bCA$1.4b13.6x236.5x3.2x
Fri, 23 Feb 2024CA$294.4bCA$100.4bCA$2.3b14.3x128.3x2.9x
Sun, 21 Jan 2024CA$325.0bCA$107.6bCA$1.7b12.5x185.9x3x
Tue, 19 Dec 2023CA$342.0bCA$107.2bCA$1.7b13.3x196.9x3.2x
Thu, 16 Nov 2023CA$325.2bCA$109.0bCA$1.8b12.4x177.1x3x
Sat, 14 Oct 2023CA$344.8bCA$105.9bCA$1.6b11.6x219.4x3.3x
Mon, 11 Sep 2023CA$352.9bCA$104.8bCA$1.7b11x201.7x3.4x
Wed, 09 Aug 2023CA$364.6bCA$103.6bCA$1.1b11.9x338.9x3.5x
Fri, 07 Jul 2023CA$352.5bCA$104.6bCA$2.5b11.9x141.5x3.4x
Price to Earnings Ratio

141.5x


Total Market Cap: CA$352.5bTotal Earnings: CA$2.5bTotal Revenue: CA$104.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 281.3x202420252026
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 23.3x which is lower than its 3-year average PE of 281x.
  • The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 144% per year over the last three years.
  • Revenues for these companies have grown 16% 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-1.02%
Materials-6.52%
Metals and Mining-7.07%
Aluminum0%0
Steel-0.98%
Precious Metals and Minerals-2.69%
Silver-3.13%
Gold-6.89%
Diversified Metals and Mining-7.15%
Copper-10.25%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 127x.
    • Analysts are expecting annual earnings growth of 16.9%, which is lower than the prior year's growth of 59.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 38% over the next 5 years.
  • In contrast, the Gold industry is expected to see its earnings grow by 14% 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
BZ Benz MiningCA$2.4324.0%
+CA$156.9m		523.1%PB27.6x
TTS Tintina MinesCA$3.3037.5%
+CA$134.2m		1,246.9%PB244.8x
TFPM Triple Flag Precious MetalsCA$42.741.2%
+CA$105.4m		32.4%PE20x
VMET Versamet RoyaltiesCA$17.505.2%
+CA$94.5m		236.5%PE41.4x
ALS Altius MineralsCA$63.262.6%
+CA$89.7m		131.0%PE12x

Latest News

MACK
CA$3.57
Mackay Gold & Silver
7D
24.8%
1Y
n/a
FF
CA$0.66
First Mining Gold
7D
10.0%
1Y
256.8%
TFPM
CA$42.74
Triple Flag Precious Metals
7D
1.2%
1Y
32.4%
TECK.B
CA$82.64
Teck Resources
7D
-8.2%
1Y
50.1%
Narrative Update • Jun 26

TECK.B: Anglo Merger And Copper Portfolio Moves Will Shape Balanced Risk Reward

The analyst price target for Teck Resources has been revised to CA$85.00 from CA$83.06, with analysts pointing to updated assumptions for revenue growth, profit margins, discount rate, and future P/E as key drivers of the change. Analyst Commentary Recent research on Teck Resources shows a mix of optimism and caution, with several firms adjusting price targets in both Canadian dollars and US dollars.
ALS
CA$63.26
Altius Minerals
7D
2.6%
1Y
131.0%
Narrative Update • Jun 26

ALS: Coles Wind Royalty And Index Inclusion Will Shape Balanced Outlook

Analysts have moved their fair value estimate for Altius Minerals from CA$41.71 to CA$59.07, citing updated assumptions around growth, margins and future P/E. These changes are reflected in a series of recent price target revisions from CA$49 to CA$58.
PAAS
CA$63.37
Pan American Silver
7D
-8.5%
1Y
64.0%
Narrative Update • Jun 26

PAAS: Timmins Expansion And La Colorada Plan Will Drive Future Upside Potential

The analyst price target for Pan American Silver has been raised to CA$76.01 from CA$63.05, with analysts citing updated assumptions on discount rates, revenue growth, profit margins, and future P/E expectations to support the higher valuation. Analyst Commentary Alongside the higher price target, recent commentary around Pan American Silver points to a mix of optimism and caution.
FM
CA$37.13
First Quantum Minerals
7D
-11.5%
1Y
53.5%
Narrative Update • Jun 26

FM: Cobre Panama Restart Progress Will Drive Future Upside Potential

The updated analyst price target for First Quantum Minerals has increased from CA$34.96 to CA$47.06. Analysts attribute this change to recent target increases and rating upgrades that reflect potential benefits from progress around Cobre Panama and a reassessment of the overall risk/reward profile.
LUN
CA$33.92
Lundin Mining
7D
-9.2%
1Y
136.9%
Narrative Update • Jun 25

LUN: Future Returns Will Reflect Chile Copper Expansion And Vicuña Project Progress

The analyst price target for Lundin Mining has been raised from CA$40.80 to CA$42.43, with analysts pointing to updated assumptions for revenue growth, profit margin, and a slightly lower discount rate as key factors behind the change. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms updating their price targets and ratings as they refine assumptions around growth, execution, and risk.
ABX
CA$52.47
Barrick Mining
7D
-7.7%
1Y
85.1%
Narrative Update • Jun 24

ABX: Buybacks And Reko Diq Reset Will Support Future Rerating Potential

Analysts have raised their fair value estimate for Barrick Mining to CA$98.54 from CA$96.49, citing slightly revised assumptions for the discount rate, revenue growth, profit margin, and future P/E ratio. These adjustments collectively support a higher long-term price target.
BZ
CA$2.43
Benz Mining
7D
24.0%
1Y
523.1%
TTS
CA$3.30
Tintina Mines
7D
37.5%
1Y
1,246.9%
FNV
CA$294.17
Franco-Nevada
7D
-5.9%
1Y
31.6%
Narrative Update • Jun 23

FNV: Cobre Panama Restart Will Underpin Future Cash Flow Upside

Franco-Nevada's analyst price target has been nudged higher to CA$417.41 from CA$410.64. Analysts point to upgraded ratings, modest tweaks to growth and discount rate assumptions, and expectations around the Cobre Panama restart as key supports for the revised outlook.
ELE
CA$23.38
Elemental Royalty
7D
4.8%
1Y
23.7%
WPM
CA$157.30
Wheaton Precious Metals
7D
-8.8%
1Y
28.5%
Narrative Update • Jun 17

WPM: Streaming Pipeline And Dividend Policy Will Support Future Upside

Analysts have revised their fair value estimate for Wheaton Precious Metals stock, lowering it from about CA$356 to roughly CA$318, reflecting updated models around revenue growth, margins and future P/E assumptions following recent research updates on the shares. Analyst Commentary Recent research on Wheaton Precious Metals highlights a mix of updated models and refreshed views on the stock, with some bullish analysts taking a more constructive stance following the company's Q1 results and subsequent review cycles.
K
CA$33.74
Kinross Gold
7D
-9.4%
1Y
58.6%
Narrative Update • Jun 16

K: Strong Cash Returns And Buybacks Will Support Future Upside Potential

Analysts have adjusted their view on Kinross Gold, trimming the future P/E assumption while keeping fair value broadly steady. This translates into only a modest change to the implied CA$ price target, as slightly higher projected revenue growth and profit margins offset a small increase in the discount rate.
VMET
CA$17.50
Versamet Royalties
7D
5.2%
1Y
236.5%