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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedAug 03, 2026
DataAggregated Company Financials
Companies1192
  • 7D-2.7%
  • 3M-7.3%
  • 1Y56.4%
  • YTD-6.5%

Over the last 7 days, the Metals and Mining industry has dropped 2.7%, driven by pullbacks in Wheaton Precious Metals and Kinross Gold of 3.0% and 4.0%, respectively. In the past year, the industry has gained 56%. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 03 Aug 2026CA$815.6bCA$162.9bCA$37.6b14.3x21.7x5x
Wed, 01 Jul 2026CA$842.0bCA$161.3bCA$36.3b14.2x23.2x5.2x
Fri, 29 May 2026CA$929.6bCA$157.3bCA$35.3b16.6x26.4x5.9x
Sun, 26 Apr 2026CA$957.9bCA$138.3bCA$27.2b18.7x35.2x6.9x
Tue, 24 Mar 2026CA$811.6bCA$137.3bCA$25.9b16.3x31.4x5.9x
Thu, 19 Feb 2026CA$995.9bCA$130.7bCA$20.1b23.7x49.6x7.6x
Sat, 17 Jan 2026CA$988.9bCA$126.9bCA$17.7b24.6x55.8x7.8x
Mon, 15 Dec 2025CA$850.2bCA$125.7bCA$17.5b21.5x48.5x6.8x
Wed, 12 Nov 2025CA$744.9bCA$125.4bCA$17.2b21.1x43.3x5.9x
Fri, 10 Oct 2025CA$773.6bCA$118.1bCA$12.3b23.6x62.9x6.6x
Sun, 07 Sep 2025CA$630.3bCA$118.4bCA$12.0b18x52.3x5.3x
Tue, 05 Aug 2025CA$517.7bCA$112.8bCA$10.0b18.9x51.8x4.6x
Thu, 03 Jul 2025CA$520.7bCA$109.0bCA$8.1b16.7x64.3x4.8x
Sat, 31 May 2025CA$489.8bCA$110.7bCA$8.6b14.8x56.9x4.4x
Mon, 28 Apr 2025CA$472.9bCA$105.6bCA$5.9b13.4x79.8x4.5x
Wed, 26 Mar 2025CA$468.6bCA$106.9bCA$5.4b14.6x87.5x4.4x
Fri, 21 Feb 2025CA$436.2bCA$104.3bCA$2.8b12.2x154.5x4.2x
Sun, 19 Jan 2025CA$407.8bCA$112.5bCA$709.1m13.6x575.1x3.6x
Tue, 17 Dec 2024CA$406.8bCA$111.1bCA$459.0m13.2x886.3x3.7x
Thu, 14 Nov 2024CA$398.7bCA$109.0bCA$380.9m13x1046.7x3.7x
Sat, 12 Oct 2024CA$427.9bCA$106.5b-CA$400,466,555.6917.8x-1068.4x4x
Mon, 09 Sep 2024CA$372.6bCA$105.6b-CA$695,038,323.7514.9x-536.1x3.5x
Wed, 07 Aug 2024CA$384.0bCA$105.2b-CA$385,120,576.6413.7x-997.2x3.7x
Fri, 05 Jul 2024CA$389.4bCA$104.4b-CA$549,747,250.1915.5x-708.4x3.7x
Sun, 02 Jun 2024CA$396.2bCA$104.4b-CA$873,069,100.0717x-453.8x3.8x
Tue, 30 Apr 2024CA$384.4bCA$102.8bCA$381.1m17.2x1008.5x3.7x
Thu, 28 Mar 2024CA$338.3bCA$102.9bCA$2.0b14x172.2x3.3x
Sat, 24 Feb 2024CA$296.2bCA$101.7bCA$2.9b14.3x102x2.9x
Mon, 22 Jan 2024CA$325.3bCA$107.4bCA$1.7b12.5x186.8x3x
Wed, 20 Dec 2023CA$522.2tCA$106.8bCA$1.7b13.4x304547.2x4887.4x
Fri, 17 Nov 2023CA$327.8bCA$109.2bCA$1.7b12.4x191.8x3x
Sun, 15 Oct 2023CA$344.8bCA$105.9bCA$1.6b11.6x220x3.3x
Tue, 12 Sep 2023CA$357.7bCA$104.5bCA$1.7b11x206.4x3.4x
Thu, 10 Aug 2023CA$364.7bCA$103.6bCA$805.8m11.5x452.6x3.5x
Price to Earnings Ratio

452.6x


Total Market Cap: CA$364.7bTotal Earnings: CA$805.8mTotal Revenue: CA$103.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 275.6x202420252026
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 21.7x which is lower than its 3-year average PE of 276x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 260% 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-0.41%
Materials-2.37%
Metals and Mining-2.71%
Aluminum0%0
Copper-0.73%
Steel-2.36%
Diversified Metals and Mining-2.61%
Gold-2.93%
Silver-4.18%
Precious Metals and Minerals-4.44%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry, which is trading close to its 3-year average PE ratio of 136x.
    • Analysts are expecting annual earnings growth of 8.4%, which is lower than the prior year's growth of 87.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Steel industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Diversified Metals and Mining 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
CGG China Gold International ResourcesCA$30.964.5%
+CA$527.2m		164.6%PE14.2x
FM First Quantum MineralsCA$38.860.9%
+CA$281.6m		75.2%PS4x
CS Capstone CopperCA$13.312.8%
+CA$275.0m		62.9%PE15.3x
CG Centerra GoldCA$24.105.4%
+CA$172.3m		152.6%PE5.3x
HBM Hudbay MineralsCA$31.810.9%
+CA$122.7m		154.3%PE14.9x

Latest News

CGG
CA$30.96
China Gold International Resources
7D
4.5%
1Y
164.6%
CS
CA$13.31
Capstone Copper
7D
2.8%
1Y
62.9%
AG
CA$21.04
First Majestic Silver
7D
-8.5%
1Y
94.5%
Narrative Update • Jul 31

AG: Jerritt Canyon Restart And New CFO Will Support Stronger Outlook

Analysts have reduced their fair value estimate for First Majestic Silver, lowering the price target from CA$38.50 to CA$34.75 as they update assumptions on revenue growth, profit margins and future P/E levels. What's in the News for First Majestic Silver First Majestic Silver reported Q2 2026 financial results with silver production up 3% and gold production up 2% year over year, and announced higher revenues, mine operating earnings, EBITDA, and net earnings, supported by higher realized silver and gold prices and operational efficiencies.
DPM
CA$49.28
DPM Metals
7D
-6.0%
1Y
105.5%
AGI
CA$38.96
Alamos Gold
7D
-6.6%
1Y
13.8%
HBM
CA$31.81
Hudbay Minerals
7D
0.9%
1Y
154.3%
K
CA$32.32
Kinross Gold
7D
-4.0%
1Y
44.6%
CG
CA$24.10
Centerra Gold
7D
5.4%
1Y
152.6%
DSV
CA$8.75
Discovery Mining
7D
1.3%
1Y
166.0%
FM
CA$38.86
First Quantum Minerals
7D
0.9%
1Y
75.2%
WPM
CA$152.48
Wheaton Precious Metals
7D
-3.0%
1Y
20.0%
Narrative Update • Jul 29

WPM: Streaming Portfolio And Robust 2026 Output Will Drive Future Upside

Analysts have trimmed their consolidated fair value estimate for Wheaton Precious Metals to CA$242.72 from CA$249.81. This reflects recent reductions in Street price targets as firms reassess commodity price assumptions, portfolio growth options, and near term margin pressure across gold and silver producers.
LUN
CA$34.71
Lundin Mining
7D
-3.4%
1Y
149.5%
OR
CA$41.66
OR Royalties
7D
1.3%
1Y
8.1%
Narrative Update • Jul 24

OR: Future Streaming Deal Will Support Higher Dividend And Earnings Visibility

Analysts have raised their price target for OR Royalties to CA$85.27 from CA$80.37, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E that they believe better reflect the stock's current risk and return profile. What’s in the News for OR Royalties OR Royalties agreed to provide up to CA$38,350,000 in project financing to Canadian Copper through a precious metals stream tied to 20% of the payable silver and gold from the Bathurst Complex, with purchase pricing set at 20% of the spot price for silver and gold.
ERO
CA$37.64
Ero Copper
7D
2.6%
1Y
103.3%
Narrative Update • Jul 23

ERO: Fair Outlook Weighs Margin Pressures Against Project Execution And Output Upside

The analyst price target for Ero Copper has moved from CA$39.27 to CA$42.00 as analysts factor in mixed views on output expectations, operational de-risking at key projects, and changing commodity price assumptions. Analyst Commentary Recent Street research on Ero Copper highlights a mix of optimism on project execution alongside more cautious voices pointing to cost pressures, commodity price sensitivity, and valuation risk.
ABX
CA$51.45
Barrick Mining
7D
-1.7%
1Y
74.6%
Narrative Update • Jul 22

ABX: Buyback And North American Spin Off Plan Will Drive Future Upside

Barrick Mining's analyst price target has been revised to CA$68 from CA$72. Analysts point to moderated revenue growth expectations, a slightly higher discount rate, and a lower future P/E assumption, partly offset by a small improvement in projected profit margins.
AII
CA$15.51
Almonty Industries
7D
-17.5%
1Y
199.4%