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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedAug 31, 2025
DataAggregated Company Financials
Companies1178
  • 7D3.8%
  • 3M18.7%
  • 1Y51.6%
  • YTD49.9%

Over the last 7 days, the Metals and Mining industry has risen 3.8%, driven by gains from Wheaton Precious Metals of 4.4%. During this same period, the Marimaca Copper underperformed, falling 9.0%. This means that the industry has gained 52% over the past year. Earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 31 Aug 2025CA$615.1bCA$117.5bCA$11.9b16.7x51.5x5.2x
Tue, 29 Jul 2025CA$531.8bCA$110.2bCA$8.6b18.5x62x4.8x
Thu, 26 Jun 2025CA$513.9bCA$109.9bCA$8.2b15.4x62.4x4.7x
Sat, 24 May 2025CA$435.6bCA$92.7bCA$5.4b13.9x80.5x4.7x
Mon, 21 Apr 2025CA$476.2bCA$104.5bCA$5.1b14.1x94.1x4.6x
Wed, 19 Mar 2025CA$467.3bCA$106.9bCA$5.2b12.6x90.3x4.4x
Fri, 14 Feb 2025CA$447.1bCA$112.1bCA$3.9b13.2x113.5x4x
Sun, 12 Jan 2025CA$410.4bCA$112.2bCA$536.7m13.5x764.6x3.7x
Tue, 10 Dec 2024CA$411.6bCA$110.6bCA$356.0m13.7x1156.2x3.7x
Thu, 07 Nov 2024CA$429.1bCA$105.8b-CA$246,334,766.3615x-1742x4.1x
Sat, 05 Oct 2024CA$420.2bCA$105.3b-CA$375,199,690.9117.8x-1119.9x4x
Mon, 02 Sep 2024CA$401.9bCA$105.1b-CA$687,231,329.6917.2x-584.9x3.8x
Wed, 31 Jul 2024CA$395.3bCA$105.1b-CA$291,796,421.8015.3x-1354.8x3.8x
Fri, 28 Jun 2024CA$376.8bCA$104.9b-CA$563,909,095.7215.6x-668.3x3.6x
Sun, 26 May 2024CA$396.6bCA$104.7b-CA$945,430,238.1618x-419.5x3.8x
Tue, 23 Apr 2024CA$376.5bCA$103.7bCA$1.5b17.5x249.4x3.6x
Thu, 21 Mar 2024CA$325.9bCA$102.8bCA$1.3b13.3x250.5x3.2x
Sat, 17 Feb 2024CA$296.7bCA$100.7bCA$5.0b12.7x59.8x2.9x
Mon, 15 Jan 2024CA$340.9bCA$107.3bCA$1.7b12.9x195.1x3.2x
Wed, 13 Dec 2023CA$325.5bCA$108.3bCA$1.8b12.4x182.8x3x
Fri, 10 Nov 2023CA$319.8bCA$109.5bCA$2.1b13.3x151.4x2.9x
Sun, 08 Oct 2023CA$339.2bCA$105.9bCA$1.6b11x212.7x3.2x
Tue, 05 Sep 2023CA$366.5bCA$104.6bCA$1.7b11.3x211.8x3.5x
Thu, 03 Aug 2023CA$364.9bCA$102.7bCA$708.2m11.9x515.3x3.6x
Sat, 01 Jul 2023CA$360.7bCA$104.0bCA$2.5b12x146.6x3.5x
Mon, 29 May 2023CA$365.5bCA$106.0bCA$2.8b14.5x132.9x3.4x
Wed, 26 Apr 2023CA$395.2bCA$108.4bCA$5.2b13.6x75.4x3.6x
Fri, 24 Mar 2023CA$363.4bCA$108.9bCA$6.9b13.6x52.7x3.3x
Sun, 19 Feb 2023CA$350.0bCA$111.5bCA$9.5b13.1x37x3.1x
Tue, 17 Jan 2023CA$369.7bCA$113.4bCA$12.0b12.6x30.8x3.3x
Thu, 15 Dec 2022CA$346.5bCA$114.1bCA$12.1b10.9x28.6x3x
Sat, 12 Nov 2022CA$331.3bCA$112.7bCA$13.5b9.2x24.5x2.9x
Mon, 10 Oct 2022CA$300.8bCA$115.9bCA$16.3b9.1x18.5x2.6x
Wed, 07 Sep 2022CA$285.2bCA$112.3bCA$15.7b8.7x18.1x2.5x
Price to Earnings Ratio

18.1x


Total Market Cap: CA$285.2bTotal Earnings: CA$15.7bTotal Revenue: CA$112.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 284.4x202320242025
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 51.5x which is lower than its 3-year average PE of 284x.
  • The 3-year average PS ratio of 8.1x 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 declined 8.8% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Materials industry?

CA Market0.89%
Materials3.19%
Metals and Mining3.85%
Precious Metals and Minerals7.72%
Silver5.85%
Gold4.19%
Diversified Metals and Mining2.87%
Copper1.50%
Steel0.40%
Aluminum0%0
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 32.0%, which is higher than its past year's earnings growth of 10.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 70% over the next 5 years.
  • However this is lower than its past earnings growth rate of 403% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 7.3% 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
WPM Wheaton Precious MetalsCA$137.924.4%
+CA$2.6b		65.6%PE57.8x
K Kinross GoldCA$28.715.9%
+CA$2.0b		135.7%PE16.7x
CGG China Gold International ResourcesCA$20.0429.5%
+CA$1.8b		214.6%PE19.6x
LUG Lundin GoldCA$84.456.2%
+CA$1.2b		212.0%PE24.1x
AGI Alamos GoldCA$41.846.5%
+CA$1.1b		61.0%PE37.1x

Latest News

AGI
CA$41.84
Alamos Gold
7D
6.5%
1Y
61.0%
VMET
CA$1.45
Versamet Royalties
7D
-6.5%
1Y
n/a
LUCA
CA$1.57
Luca Mining
7D
-11.3%
1Y
166.1%
LUG
CA$84.45
Lundin Gold
7D
6.2%
1Y
212.0%
ABX
CA$36.63
Barrick Mining
7D
1.0%
1Y
34.6%

Gold And Copper Capacity Expansion Will Capture Future Demand

Barrick Mining’s future P/E ratio has increased significantly, indicating higher growth expectations or a more expensive valuation despite a decline in net profit margin, resulting in a nearly unchanged consensus analyst price target of CA$37.98. What's in the News Barrick Mining issued 2025 guidance with expected gold production of 3.15–3.5 million ounces and copper production of 200,000–230,000 tonnes.
ORE
CA$1.14
Orezone Gold
7D
-5.8%
1Y
52.0%
MARI
CA$10.46
Marimaca Copper
7D
-9.0%
1Y
169.6%
SAU
CA$0.43
St. Augustine Gold and Copper
7D
-11.2%
1Y
521.4%
CGG
CA$20.04
China Gold International Resources
7D
29.5%
1Y
214.6%
EQX
CA$12.01
Equinox Gold
7D
8.5%
1Y
56.2%

Greenstone Ramp-Up And Castle Mountain Expansion Will Transform Gold Operations By 2025

Analysts have raised Equinox Gold’s price target from CA$11.09 to CA$12.21, citing growth from acquisitions, flagship asset contributions to cash flow, and the company’s valuation discount despite sector headwinds. Analyst Commentary Analysts cite the recent acquisition of Calibre Mining and the formation of a major gold producer as a key driver for the company’s growth profile.
AMRQ
CA$1.15
Amaroq
7D
-10.2%
1Y
8.5%
DPM
CA$25.46
DPM Metals
7D
-1.1%
1Y
93.9%

Future Gold Production May Increase By 2028, But Revenue Declines And Cost Pressures Could Impact Earnings

Dundee Precious Metals’ fair value has been significantly revised upward, primarily driven by a substantial improvement in forecast revenue growth despite a lower net profit margin, resulting in a higher consensus price target of CA$27.51. What's in the News Dundee Precious Metals completed a share buyback of 2,431,548 shares (1.44%) for $31.2 million.
K
CA$28.71
Kinross Gold
7D
5.9%
1Y
135.7%

Persistent Inflation And Uncertainty Will Sustain High Gold Prices

Despite a sharp reduction in forecasted revenue growth and a notable increase in the forward P/E multiple, analysts have raised Kinross Gold's consensus price target from CA$24.41 to CA$26.17. What's in the News Kinross Gold reaffirmed 2025 production guidance, remaining on track to produce 2 million ounces at a cost of sales of $1,120 per ounce and all-in sustaining cost of $1,500 per ounce, with production expected to be evenly split between the remaining quarters.
WPM
CA$137.92
Wheaton Precious Metals
7D
4.4%
1Y
65.6%

Salobo III Streaming Deals Will Shape Future Metals Markets

Wheaton Precious Metals’ fair value has increased—reflected in the higher analyst price target—as consensus expectations for future revenue growth and valuations have both risen substantially. What's in the News Q1 2025 gold production increased slightly to 92,681 ounces, while silver and palladium output declined to 4,733 ounces and 2,661 ounces, respectively.
IVN
CA$12.14
Ivanhoe Mines
7D
3.7%
1Y
-32.4%
DMX
CA$0.93
District Metals
7D
-18.4%
1Y
210.0%