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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies1160
  • 7D2.4%
  • 3M21.6%
  • 1Y122.2%
  • YTD116.4%

In the last week, the Metals and Mining industry is up 2.4%, with Ivanhoe Mines up 7.6%. This means that the industry has gained 122% over the past year. 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
Fri, 26 Dec 2025CA$896.2bCA$125.0bCA$17.4b21.9x51.5x7.2x
Sun, 23 Nov 2025CA$729.0bCA$127.7bCA$18.7b18.4x39x5.7x
Tue, 21 Oct 2025CA$774.5bCA$117.9bCA$12.3b22.1x63.1x6.6x
Thu, 18 Sep 2025CA$664.1bCA$117.2bCA$11.9b18.5x55.7x5.7x
Sat, 16 Aug 2025CA$567.5bCA$118.0bCA$12.1b17.2x47x4.8x
Mon, 14 Jul 2025CA$529.8bCA$109.6bCA$8.2b16.7x64.8x4.8x
Wed, 11 Jun 2025CA$518.1bCA$110.5bCA$8.5b15.5x61.1x4.7x
Fri, 09 May 2025CA$481.4bCA$108.9bCA$7.5b14.1x64.1x4.4x
Sun, 06 Apr 2025CA$409.8bCA$106.9bCA$5.4b12.3x76.3x3.8x
Tue, 04 Mar 2025CA$426.2bCA$107.3bCA$3.5b11.1x123.2x4x
Thu, 30 Jan 2025CA$407.0bCA$112.2bCA$677.7m13.9x600.6x3.6x
Sat, 28 Dec 2024CA$394.8bCA$112.1bCA$517.8m12.8x762.4x3.5x
Mon, 25 Nov 2024CA$420.8bCA$109.2bCA$323.7m12.5x1300x3.9x
Wed, 23 Oct 2024CA$452.2bCA$107.0b-CA$296,387,554.1418.2x-1525.8x4.2x
Fri, 20 Sep 2024CA$409.0bCA$105.6b-CA$672,748,185.0616.2x-608x3.9x
Sun, 18 Aug 2024CA$400.0bCA$106.3b-CA$629,198,661.8514.3x-635.7x3.8x
Tue, 16 Jul 2024CA$412.8bCA$104.2b-CA$117,597,910.0615.4x-3510.1x4x
Thu, 13 Jun 2024CA$376.5bCA$105.0b-CA$629,358,308.3216.2x-598.2x3.6x
Sat, 11 May 2024CA$392.0bCA$104.4b-CA$375,134,969.3516.5x-1044.9x3.8x
Mon, 08 Apr 2024CA$367.9bCA$102.7bCA$1.4b17.6x259.5x3.6x
Wed, 06 Mar 2024CA$312.8bCA$103.0bCA$2.5b14.9x127.3x3x
Fri, 02 Feb 2024CA$335.5bCA$107.2bCA$1.7b13.2x194.8x3.1x
Sun, 31 Dec 2023CA$345.3bCA$106.3bCA$1.7b14x205.1x3.2x
Tue, 28 Nov 2023CA$330.9bCA$108.4bCA$1.7b12.2x192.8x3.1x
Thu, 26 Oct 2023CA$342.1bCA$106.0bCA$1.1b11.3x314.9x3.2x
Sat, 23 Sep 2023CA$351.1bCA$104.9bCA$1.6b10.7x220.9x3.3x
Mon, 21 Aug 2023CA$346.5bCA$104.3bCA$1.4b11.8x247.1x3.3x
Wed, 19 Jul 2023CA$378.2bCA$103.5bCA$2.4b12.9x155.2x3.7x
Fri, 16 Jun 2023CA$367.6bCA$103.8bCA$2.4b12.3x154.1x3.5x
Sun, 14 May 2023CA$394.0bCA$106.0bCA$3.0b15.5x129.9x3.7x
Tue, 11 Apr 2023CA$392.1bCA$107.6bCA$5.2b14.3x74.7x3.6x
Thu, 09 Mar 2023CA$344.5bCA$109.5bCA$8.0b13.8x42.9x3.1x
Sat, 04 Feb 2023CA$363.8bCA$113.3bCA$12.0b13.1x30.4x3.2x
Mon, 02 Jan 2023CA$338.1bCA$114.2bCA$12.1b11.8x28x3x
Price to Earnings Ratio

28x


Total Market Cap: CA$338.1bTotal Earnings: CA$12.1bTotal Revenue: CA$114.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.6x20242025
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 288x.
  • The 3-year average PS ratio of 8.4x is higher than the industry's current PS ratio of 7.2x.
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 3.1% 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 Market0.91%
Materials2.28%
Metals and Mining2.38%
Precious Metals and Minerals5.75%
Diversified Metals and Mining4.25%
Copper3.62%
Silver2.56%
Gold1.76%
Steel1.53%
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 57.9%, 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 81% 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 8.7% 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
IVN Ivanhoe MinesCA$15.657.6%
+CA$1.6b		-10.6%PE53.2x
LUG Lundin GoldCA$118.784.5%
+CA$1.2b		283.2%PE30.5x
TECK.B Teck ResourcesCA$63.703.5%
+CA$1.0b		8.3%PE25x
FM First Quantum MineralsCA$36.423.6%
+CA$1.0b		91.5%PE479.4x
PAAS Pan American SilverCA$73.383.2%
+CA$949.6m		147.4%PE35.7x

Latest News

OR
CA$50.74
OR Royalties
7D
-0.5%
1Y
91.8%
IVN
CA$15.65
Ivanhoe Mines
7D
7.6%
1Y
-10.6%

After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar

Dec 24
After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar
SLI
CA$6.64
Standard Lithium
7D
-2.5%
1Y
216.2%
SVM
CA$11.75
Silvercorp Metals
7D
-2.1%
1Y
172.0%
K
CA$40.05
Kinross Gold
7D
1.6%
1Y
198.0%

K: Future Earnings Multiple Expansion Will Likely Overstate Underlying Profitability

Analysts have raised their fair value estimate for Kinross Gold from approximately $12.50 to about $17.05 per share. They cite expectations for moderating revenue declines, slightly higher long run profit margins, and a marginally richer future earnings multiple, even after factoring in a higher discount rate.
LUN
CA$29.18
Lundin Mining
7D
3.1%
1Y
133.3%

LUN: Future Returns Will Weigh Metal Price Cycles Against Legal Overhang Risks

The analyst price target for Lundin Mining has been raised from approximately $24.55 to about $27.52, as analysts factor in stronger expected revenue growth and improved profit margins despite a mixed macro backdrop for metals and mining. Analyst Commentary Analyst sentiment toward Lundin Mining remains broadly constructive, with a series of recent target price revisions reflecting both stronger company specific fundamentals and a still challenging macro backdrop for metals.
PAAS
CA$73.38
Pan American Silver
7D
3.2%
1Y
147.4%
AGI
CA$55.03
Alamos Gold
7D
3.8%
1Y
107.9%

AGI: Stronger Fourth Quarter Output Is Expected To Drive Bullish Upside

Analysts have modestly raised their price target on Alamos Gold to approximately 64.44 dollars from about 63.99 dollars, citing expectations for faster revenue growth, improved profit margins, and a slightly lower future price to earnings multiple. What's in the News Updated 2025 guidance now calls for full year gold production of 560,000 to 580,000 ounces, narrowed from the prior 580,000 to 630,000 ounce range.
PPTA
CA$36.32
Perpetua Resources
7D
-4.9%
1Y
125.3%
TECK.B
CA$63.70
Teck Resources
7D
3.5%
1Y
8.3%
ODV
CA$5.00
Osisko Development
7D
-3.5%
1Y
111.0%
NGEX
CA$25.25
NGEx Minerals
7D
-4.4%
1Y
84.4%
LUG
CA$118.78
Lundin Gold
7D
4.5%
1Y
283.2%

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.
SSRM
CA$31.17
SSR Mining
7D
-1.6%
1Y
206.2%

SSRM: Future Precious Metal Prices Will Drive Stronger Profitability And Cash Flow

Analysts have nudged our SSR Mining price target higher by approximately $1.90 per share to reflect modestly stronger long term revenue growth, expanding profit margins, and a slightly lower implied future P E multiple, even as they factor in a marginally higher discount rate and a still challenging macro backdrop for metals demand. Analyst Commentary Recent Street research on SSR Mining reflects a mix of optimism on the company specific outlook and caution around the broader metals cycle, resulting in a wide dispersion of ratings and valuation frameworks.
VMET
CA$12.13
Versamet Royalties
7D
-4.9%
1Y
n/a
FM
CA$36.42
First Quantum Minerals
7D
3.6%
1Y
91.5%