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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies1171
  • 7D4.7%
  • 3M6.3%
  • 1Y109.9%
  • YTD14.7%

The Metals and Mining industry is up 4.7% in the last week, with Wheaton Precious Metals up 6.0%. Meanwhile, First Majestic Silver actually underperformed within the industry, shrinking 6.4% in the last week. In the last 12 months, the industry was up 110%. Looking forward, earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Apr 2026CA$985.3bCA$138.8bCA$27.2b18.4x36.2x7.1x
Mon, 09 Mar 2026CA$1.0tCA$135.9bCA$25.0b18.6x40.6x7.5x
Wed, 04 Feb 2026CA$963.5bCA$125.2bCA$17.4b25.1x55.4x7.7x
Fri, 02 Jan 2026CA$874.9bCA$125.4bCA$17.5b22.5x50.1x7x
Sun, 30 Nov 2025CA$826.5bCA$126.8bCA$18.4b21.2x44.8x6.5x
Tue, 28 Oct 2025CA$717.2bCA$118.2bCA$13.3b21.2x53.8x6.1x
Thu, 25 Sep 2025CA$712.0bCA$118.1bCA$12.0b20.7x59.1x6x
Sat, 23 Aug 2025CA$581.8bCA$118.2bCA$12.1b17.2x48x4.9x
Mon, 21 Jul 2025CA$518.2bCA$109.9bCA$8.2b16.2x63.1x4.7x
Wed, 18 Jun 2025CA$522.6bCA$110.3bCA$8.3b15.8x63.2x4.7x
Fri, 16 May 2025CA$414.9bCA$93.7bCA$5.5b13x76x4.4x
Sun, 13 Apr 2025CA$463.3bCA$104.7bCA$5.1b13.5x90.1x4.4x
Tue, 11 Mar 2025CA$436.5bCA$107.6bCA$5.2b11.3x84.2x4.1x
Thu, 06 Feb 2025CA$427.9bCA$111.5bCA$647.3m13.2x661.1x3.8x
Sat, 04 Jan 2025CA$403.8bCA$112.3bCA$521.4m13.4x774.5x3.6x
Mon, 02 Dec 2024CA$414.1bCA$109.5bCA$314.6m13.5x1316.2x3.8x
Wed, 30 Oct 2024CA$444.7bCA$107.6b-CA$838,101,833.5117.9x-530.6x4.1x
Fri, 27 Sep 2024CA$427.5bCA$104.7b-CA$439,632,022.3918x-972.5x4.1x
Sun, 25 Aug 2024CA$410.3bCA$105.3b-CA$589,764,066.8015.7x-695.6x3.9x
Tue, 23 Jul 2024CA$397.5bCA$104.7b-CA$23,225,727.8116.2x-17113.9x3.8x
Thu, 20 Jun 2024CA$372.5bCA$105.0b-CA$558,887,044.9215.7x-666.5x3.5x
Sat, 18 May 2024CA$396.9bCA$104.6b-CA$783,100,515.4218x-506.8x3.8x
Mon, 15 Apr 2024CA$375.2bCA$103.9bCA$1.5b18.3x248.5x3.6x
Wed, 13 Mar 2024CA$322.5bCA$102.6bCA$1.3b14.5x255.3x3.1x
Fri, 09 Feb 2024CA$302.1bCA$100.0bCA$3.1b12.4x98.2x3x
Sun, 07 Jan 2024CA$340.5bCA$107.0bCA$1.7b13.3x197.1x3.2x
Tue, 05 Dec 2023CA$346.9bCA$108.0bCA$1.8b13.3x198.2x3.2x
Thu, 02 Nov 2023CA$325.9bCA$107.3bCA$1.5b12x213x3x
Sat, 30 Sep 2023CA$338.0bCA$105.5bCA$1.6b11.1x214.7x3.2x
Mon, 28 Aug 2023CA$354.4bCA$104.6bCA$1.4b11.1x245.5x3.4x
Wed, 26 Jul 2023CA$377.9bCA$103.6bCA$2.4b12.7x155.7x3.6x
Fri, 23 Jun 2023CA$357.4bCA$103.4bCA$2.4b12.5x150.8x3.5x
Sun, 21 May 2023CA$381.7bCA$105.5bCA$2.7b14.5x139.8x3.6x
Tue, 18 Apr 2023CA$403.9bCA$107.0bCA$5.2b13.7x78x3.8x
Price to Earnings Ratio

78x


Total Market Cap: CA$403.9bTotal Earnings: CA$5.2bTotal Revenue: CA$107.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.2x202420252026
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 36.2x which is lower than its 3-year average PE of 288x.
  • The 3-year average PS ratio of 8.8x is higher than the industry's current PS ratio of 7.1x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 74% per year over the last three years.
  • Revenues for these companies have grown 9.1% 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 Market2.00%
Materials4.18%
Metals and Mining4.74%
Copper9.93%
Diversified Metals and Mining5.56%
Gold4.33%
Precious Metals and Minerals2.68%
Aluminum0%0
Steel-0.58%
Silver-1.31%
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 32.7%, which is lower than the prior year's growth of 1,436.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 86% over the next 5 years.
  • However this is lower than its past earnings growth rate of 188% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 18% 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$200.246.0%
+CA$5.2b		75.6%PE44.7x
ABX Barrick MiningCA$60.273.8%
+CA$3.7b		110.6%PE14.6x
LUN Lundin MiningCA$39.2011.9%
+CA$3.6b		283.2%PE23.1x
K Kinross GoldCA$46.736.5%
+CA$3.4b		134.5%PE16.9x
FM First Quantum MineralsCA$38.0410.0%
+CA$2.9b		136.3%PS4.3x

Latest News

AG
CA$28.49
First Majestic Silver
7D
-6.4%
1Y
226.3%
NOU
CA$2.52
Nouveau Monde Graphite
7D
-23.2%
1Y
9.6%
LTH
CA$0.78
Lithium Ionic
7D
-46.6%
1Y
6.8%
LUG
CA$118.32
Lundin Gold
7D
6.2%
1Y
142.2%
OR
CA$54.56
OR Royalties
7D
-2.7%
1Y
75.4%
ABX
CA$60.27
Barrick Mining
7D
3.8%
1Y
110.6%
TECK.B
CA$78.17
Teck Resources
7D
6.3%
1Y
67.4%
TFPM
CA$49.24
Triple Flag Precious Metals
7D
-1.4%
1Y
65.6%
DPM
CA$54.51
DPM Metals
7D
5.8%
1Y
188.1%

DPM: Longer Mine Life And Buybacks Will Support Future Repricing

The analyst price target for DPM Metals has increased to CA$70 from CA$62, with analysts citing updated assumptions around revenue growth, profit margins and future P/E as the main reasons for the change. Analyst Commentary Recent Street research on DPM Metals reflects a mix of optimism and caution, with several firms adjusting price targets and at least one downgrade following the latest multi year outlook.
RML
CA$1.06
Rusoro Mining
7D
-15.9%
1Y
51.4%
LUN
CA$39.20
Lundin Mining
7D
11.9%
1Y
283.2%

LUN: Future Returns Will Reflect Expanded Caserones Stake And Copper Exposure

The analyst price target for Lundin Mining has been raised by CA$0.60 to CA$39.14, with analysts attributing the change to updated assumptions for higher revenue growth, stronger profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets and ratings in different directions.
K
CA$46.73
Kinross Gold
7D
6.5%
1Y
134.5%
HMMC
CA$6.21
Hemlo Mining
7D
-5.1%
1Y
n/a
WPM
CA$200.24
Wheaton Precious Metals
7D
6.0%
1Y
75.6%

WPM: Higher P/E Assumptions And Robust Pipeline Will Drive Future Upside

The analyst price target for Wheaton Precious Metals has been revised from CA$180.53 to CA$235.28, with analysts attributing the change to a higher assumed future P/E multiple and updated Street research that reflects recent price target increases and an "extremely robust" opportunity pipeline. Analyst Commentary Recent Street research around Wheaton Precious Metals spans a range of views, from higher price targets tied to an "extremely robust" opportunities pipeline and updated metal price forecasts, to more cautious adjustments that flag potential risks around valuation, execution and long term growth expectations.
FM
CA$38.04
First Quantum Minerals
7D
10.0%
1Y
136.3%
LUNR
CA$24.93
LunR Royalties
7D
-16.7%
1Y
n/a