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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedDec 17, 2025
DataAggregated Company Financials
Companies1162
  • 7D2.8%
  • 3M26.6%
  • 1Y105.6%
  • YTD103.9%

In the last week, the Metals and Mining industry is up 5.5%, with Barrick Mining up 4.2%. In the last 12 months, the industry was up 106%. Looking forward, earnings are forecast to grow by 28% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Tue, 28 Feb 2023CA$340.4bCA$108.4bCA$8.4b14.4x40.7x3.1x
Thu, 26 Jan 2023CA$380.5bCA$113.2bCA$12.0b13.1x31.7x3.4x
Sat, 24 Dec 2022CA$340.9bCA$114.5bCA$12.1b11.4x28.2x3x
Price to Earnings Ratio

28.2x


Total Market Cap: CA$340.9bTotal Earnings: CA$12.1bTotal Revenue: CA$114.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.4x202320242025
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 48.5x which is lower than its 3-year average PE of 287x.
  • The 3-year average PS ratio of 8.4x is higher than the industry's current PS ratio of 6.8x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 3.2% 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-0.016%
Materials2.70%
Metals and Mining2.76%
Silver6.84%
Copper5.11%
Gold3.00%
Precious Metals and Minerals1.19%
Steel1.18%
Aluminum0%0
Diversified Metals and Mining-0.53%
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 55.7%, which is higher than its past year's earnings decline of 11.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 79% over the next 5 years.
  • However this is lower than its past earnings growth rate of 496% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 8.4% 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
ABX Barrick MiningCA$59.044.2%
+CA$4.0b		153.9%PE20.2x
WPM Wheaton Precious MetalsCA$157.614.2%
+CA$2.9b		84.2%PE51.9x
LUN Lundin MiningCA$27.919.0%
+CA$2.0b		127.1%PE81.9x
FM First Quantum MineralsCA$33.935.2%
+CA$1.4b		80.4%PE444x
LUG Lundin GoldCA$113.205.2%
+CA$1.4b		259.4%PE28.9x

Latest News

EQX
CA$19.12
Equinox Gold
7D
-1.4%
1Y
149.6%
TECK.B
CA$59.36
Teck Resources
7D
-4.2%
1Y
-1.4%
GMIN
CA$39.49
G Mining Ventures
7D
13.7%
1Y
273.3%
FNV
CA$287.75
Franco-Nevada
7D
2.4%
1Y
69.0%

FNV: Future Royalty Cash Flows Will Benefit From Strong Precious Metal Prices

Analysts have modestly lowered their blended price target on Franco-Nevada by approximately $20 to around $225 per share. This reflects a balance between stronger royalty-driven cash flow potential amid firm commodity prices and heightened market volatility, as well as softer investor sentiment following the recent gold pullback.
NGEX
CA$24.39
NGEx Minerals
7D
-2.5%
1Y
97.5%
LUG
CA$113.20
Lundin Gold
7D
5.2%
1Y
259.4%

LUG: Rising Gold And Silver Price Forecasts Will Drive Stronger Outlook

Lundin Gold's analyst price target has been raised significantly, from about C$85 to roughly C$125, as analysts factor in sharply higher long term gold and silver price assumptions along with stronger expected revenue growth and profitability. Analyst Commentary Bullish analysts are highlighting Lundin Gold as a key beneficiary of structurally higher precious metal price assumptions, pointing to meaningful upside to both earnings and net asset value under revised scenarios.
BTO
CA$6.25
B2Gold
7D
-1.3%
1Y
69.8%

BTO: Future Production Gains And Margins Are Expected To Support Share Performance

Analysts have raised their price target on B2Gold to approximately 6.19 dollars from about 5.39 dollars, citing expectations for stronger revenue growth, improved profit margins, and a lower future price to earnings multiple. What's in the News B2Gold reported a sharp increase in consolidated gold production, with third quarter 2025 output, including pre commercial production from the Goose Mine, rising to 254,369 ounces from 180,553 ounces a year earlier, and nine month production climbing to 676,575 ounces from 599,133 ounces (Operating Results).
ASE
CA$1.80
Asante Gold
7D
-20.0%
1Y
66.7%
ABX
CA$59.04
Barrick Mining
7D
4.2%
1Y
153.9%

ABX: Activist-Led Split, Payout Moves And Leadership Change Will Shape Outlook

Analysts have modestly raised their price target on Barrick Mining to approximately $62 per share from about $59.50, citing slightly stronger expectations for revenue growth and valuation multiples, despite a marginally lower projected profit margin. What's in the News Barrick's board, under pressure from activist investor Elliott Investment Management, has approved exploring a major corporate split that would spin off its premier North American mining assets into a new listed company.
K
CA$38.29
Kinross Gold
7D
2.6%
1Y
179.5%

K: Future Margins And Buybacks Are Expected To Balance Softer Production

Analysts have modestly raised their price target on Kinross Gold to approximately 38.33 dollars from about 37.79 dollars, citing slightly higher expected profitability and valuation multiples. These factors more than offset somewhat softer long term revenue growth assumptions and a marginally higher discount rate.
LUN
CA$27.91
Lundin Mining
7D
9.0%
1Y
127.1%

LUN: Future Returns Will Balance Metal Price Leverage And Legal Environmental Risks

Our analyst price target for Lundin Mining has edged lower to approximately $24.55 from about $25.28, as analysts factor in a slightly higher discount rate alongside modestly stronger long term revenue growth expectations amid a mixed macro backdrop and a series of both upward and downward target revisions across the Street. Analyst Commentary Recent Street research on Lundin Mining reflects a balanced mix of optimism and caution, with a cluster of target revisions across multiple currencies signaling active debate around the company’s medium term earnings power and appropriate valuation multiple.
FM
CA$33.93
First Quantum Minerals
7D
5.2%
1Y
80.4%
LAR
CA$6.51
Lithium Argentina
7D
-13.1%
1Y
53.2%
WPM
CA$157.61
Wheaton Precious Metals
7D
4.2%
1Y
84.2%

WPM: Rising Gold And Silver Prices Will Drive Long-Term Upside

Analysts have nudged their price targets on Wheaton Precious Metals modestly higher, with incremental increases such as BofA's move to $133 and Scotiabank's lift to $128. These adjustments reflect expectations of stronger precious metals pricing and resilient demand despite a mixed global macro backdrop.
CGG
CA$27.47
China Gold International Resources
7D
-5.9%
1Y
305.8%

There's Reason For Concern Over China Gold International Resources Corp. Ltd.'s (TSE:CGG) Massive 27% Price Jump

Dec 03
There's Reason For Concern Over China Gold International Resources Corp. Ltd.'s (TSE:CGG) Massive 27% Price Jump
LAC
CA$6.60
Lithium Americas
7D
-9.7%
1Y
47.7%