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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies1164
  • 7D-5.8%
  • 3M11.3%
  • 1Y100.9%
  • YTD8.6%

Over the last 7 days, the Metals and Mining industry has dropped 5.8%, driven by a pullback from Barrick Mining of 5.9%. In contrast, Almonty Industries has gained 6.1%. Over the past 12 months, the industry was up 101%. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026CA$1.0tCA$138.6bCA$26.1b17.6x38.5x7.3x
Mon, 09 Feb 2026CA$975.8bCA$128.6bCA$19.3b24.9x50.4x7.6x
Wed, 07 Jan 2026CA$905.3bCA$126.1bCA$17.6b23.3x51.5x7.2x
Fri, 05 Dec 2025CA$820.8bCA$126.5bCA$18.2b21.2x45x6.5x
Sun, 02 Nov 2025CA$713.7bCA$119.8bCA$14.1b20.9x50.5x6x
Tue, 30 Sep 2025CA$728.8bCA$117.3bCA$12.2b21.3x59.9x6.2x
Thu, 28 Aug 2025CA$603.6bCA$117.9bCA$12.1b17.4x50.1x5.1x
Sat, 26 Jul 2025CA$532.4bCA$109.7bCA$8.3b17x64.5x4.9x
Mon, 23 Jun 2025CA$512.9bCA$110.1bCA$8.3b15.5x62x4.7x
Wed, 21 May 2025CA$417.7bCA$93.8bCA$5.6b13.2x74.8x4.5x
Fri, 18 Apr 2025CA$482.3bCA$104.3bCA$5.0b14.2x95.7x4.6x
Sun, 16 Mar 2025CA$457.9bCA$107.2bCA$5.1b12.5x89.8x4.3x
Tue, 11 Feb 2025CA$439.1bCA$111.5bCA$720.8m13.8x609.1x3.9x
Thu, 09 Jan 2025CA$402.5bCA$111.9bCA$514.5m13.6x782.3x3.6x
Sat, 07 Dec 2024CA$416.2bCA$110.4bCA$351.1m13.8x1185.4x3.8x
Mon, 04 Nov 2024CA$429.2bCA$105.2b-CA$738,824,669.2514.8x-581x4.1x
Wed, 02 Oct 2024CA$420.7bCA$104.8b-CA$378,089,022.5017.1x-1112.7x4x
Fri, 30 Aug 2024CA$398.2bCA$105.2b-CA$667,673,866.0417.1x-596.4x3.8x
Sun, 28 Jul 2024CA$393.2bCA$105.0b-CA$295,680,974.9916.3x-1329.8x3.7x
Tue, 25 Jun 2024CA$373.1bCA$104.7b-CA$567,392,883.8616.2x-657.5x3.6x
Thu, 23 May 2024CA$414.9bCA$104.8b-CA$924,439,122.2016.9x-448.9x4x
Sat, 20 Apr 2024CA$375.0bCA$103.8bCA$1.5b17.4x246.5x3.6x
Mon, 18 Mar 2024CA$334.0bCA$103.1bCA$1.4b13.4x244.9x3.2x
Wed, 14 Feb 2024CA$289.4bCA$100.7bCA$3.1b12.2x93.1x2.9x
Fri, 12 Jan 2024CA$335.9bCA$107.2bCA$1.7b12.4x193.4x3.1x
Sun, 10 Dec 2023CA$335.3bCA$108.3bCA$1.8b12.8x189.2x3.1x
Tue, 07 Nov 2023CA$335.3bCA$107.6bCA$1.8b13.6x184.3x3.1x
Thu, 05 Oct 2023CA$332.3bCA$106.1bCA$1.6b11.2x204.5x3.1x
Sat, 02 Sep 2023CA$366.4bCA$104.6bCA$1.7b11.3x212.7x3.5x
Mon, 31 Jul 2023CA$374.0bCA$102.0bCA$1.0b13.4x371.3x3.7x
Wed, 28 Jun 2023CA$355.9bCA$103.6bCA$2.3b12.6x152.3x3.4x
Fri, 26 May 2023CA$368.0bCA$106.0bCA$2.7b14.2x134.4x3.5x
Sun, 23 Apr 2023CA$395.2bCA$107.8bCA$5.2b13.7x75.7x3.7x
Tue, 21 Mar 2023CA$363.5bCA$108.6bCA$7.2b13x50.7x3.3x
Price to Earnings Ratio

50.7x


Total Market Cap: CA$363.5bTotal Earnings: CA$7.2bTotal Revenue: CA$108.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.9x202420252026
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 38.5x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.7x is higher than the industry's current PS ratio of 7.3x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 54% per year over the last three years.
  • Revenues for these companies have grown 8.5% 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-1.77%
Materials-4.88%
Metals and Mining-5.84%
Aluminum0%0
Copper-2.02%
Diversified Metals and Mining-4.20%
Gold-6.28%
Steel-7.90%
Precious Metals and Minerals-9.87%
Silver-10.29%
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 34.5%, which is higher than its past year's earnings growth of 31.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 62% over the next 5 years.
  • However this is lower than its past earnings growth rate of 188% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 7.9% 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
AII Almonty IndustriesCA$26.996.1%
+CA$437.0m		1,068.4%PS253x
WDO Wesdome Gold MinesCA$24.362.9%
+CA$202.8m		56.1%PE10.8x
FMT Fuerte MetalsCA$11.11-0.9%
CA$125.3m		1,191.9%PB203.3x
CBR Cabral GoldCA$1.2041.2%
+CA$97.5m		269.2%PB25.1x
BSX Belo Sun MiningCA$1.299.3%
+CA$61.7m		616.7%PB44.2x

Latest News

FDY
CA$4.65
Faraday Copper
7D
-4.1%
1Y
434.5%
WPM
CA$192.13
Wheaton Precious Metals
7D
-3.8%
1Y
81.2%
WDO
CA$24.36
Wesdome Gold Mines
7D
2.9%
1Y
56.1%
ABX
CA$58.09
Barrick Mining
7D
-5.9%
1Y
115.1%
AG
CA$30.96
First Majestic Silver
7D
-11.7%
1Y
223.5%
EDV
CA$78.43
Endeavour Mining
7D
-8.6%
1Y
148.7%

EDV: Higher Gold Prices And Capital Returns Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Endeavour Mining higher to CA$95.31 from CA$94.48, as a series of recent price target increases and rating upgrades have fed into slightly revised assumptions on growth, margins and future P/E. Analyst Commentary Recent Street research on Endeavour Mining has been active, with several large firms revisiting their price targets and ratings.
AGI
CA$62.95
Alamos Gold
7D
-7.1%
1Y
74.2%
BSX
CA$1.29
Belo Sun Mining
7D
9.3%
1Y
616.7%
ARA
CA$3.15
Aclara Resources
7D
8.2%
1Y
530.0%
K
CA$41.97
Kinross Gold
7D
-5.1%
1Y
151.3%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
EQX
CA$20.01
Equinox Gold
7D
-11.3%
1Y
106.3%

EQX: Upgrades And Dividend Initiation Will Support Stronger Medium-Term Profitability

We are lifting our Equinox Gold fair value estimate to CA$33.85 from CA$27.97 as analysts raise price targets across the Street. This reflects updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples following several recent upgrades and target hikes at major Canadian banks.
LUG
CA$104.24
Lundin Gold
7D
-9.1%
1Y
135.5%

LUG: Higher Discount Rate Will Cap Upside Despite Strong Mine Performance

The analyst price target for Lundin Gold has been reduced by CA$2 to reflect updated assumptions about slightly higher discount rates and lower profit margins. Analysts are also incorporating new Street research that has recently adjusted targets in both directions.
CBR
CA$1.20
Cabral Gold
7D
41.2%
1Y
269.2%
UCU
CA$6.46
Ucore Rare Metals
7D
4.2%
1Y
642.5%
AII
CA$26.99
Almonty Industries
7D
6.1%
1Y
1,068.4%
FMT
CA$11.11
Fuerte Metals
7D
-0.9%
1Y
1,191.9%