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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies1185
  • 7D6.3%
  • 3M12.3%
  • 1Y74.0%
  • YTD4.4%

Over the last 7 days, the Metals and Mining industry has risen 15%, driven by gains from Wheaton Precious Metals of 10%. In the same time, LunR Royalties was down 14%. This takes the industry's 12 month performance to a gain of 77%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Jun 2026CA$940.6bCA$160.9bCA$36.0b14.3x26.1x5.8x
Sun, 17 May 2026CA$932.4bCA$155.9bCA$35.1b16.7x26.6x6x
Tue, 14 Apr 2026CA$1.0tCA$138.3bCA$27.1b18.6x37x7.2x
Thu, 12 Mar 2026CA$1.0tCA$136.3bCA$25.3b19.1x41.1x7.6x
Sat, 07 Feb 2026CA$933.4bCA$128.6bCA$19.3b24.6x48.2x7.3x
Mon, 05 Jan 2026CA$874.0bCA$125.5bCA$17.5b22.6x50x7x
Wed, 03 Dec 2025CA$816.7bCA$126.9bCA$18.4b20.6x44.3x6.4x
Fri, 31 Oct 2025CA$706.8bCA$118.9bCA$13.8b21.2x51.3x5.9x
Sun, 28 Sep 2025CA$732.6bCA$118.4bCA$12.1b21.6x60.6x6.2x
Tue, 26 Aug 2025CA$592.3bCA$118.4bCA$12.2b17.2x48.7x5x
Thu, 24 Jul 2025CA$543.0bCA$109.0bCA$8.1b17.3x67.3x5x
Sat, 21 Jun 2025CA$515.4bCA$110.1bCA$8.3b15.4x62.4x4.7x
Mon, 19 May 2025CA$417.7bCA$94.1bCA$5.6b13x74.8x4.4x
Wed, 16 Apr 2025CA$469.9bCA$105.2bCA$5.2b14.7x91x4.5x
Fri, 14 Mar 2025CA$440.3bCA$107.6bCA$5.3b11.8x83.7x4.1x
Sun, 09 Feb 2025CA$439.0bCA$111.3bCA$715.1m13.4x613.8x3.9x
Tue, 07 Jan 2025CA$404.0bCA$111.6bCA$504.5m13.4x800.7x3.6x
Thu, 05 Dec 2024CA$418.8bCA$109.9bCA$324.7m13.5x1289.8x3.8x
Sat, 02 Nov 2024CA$434.4bCA$108.1b-CA$566,512,321.6115.2x-766.9x4x
Mon, 30 Sep 2024CA$426.5bCA$105.0b-CA$393,933,221.3718.3x-1082.7x4.1x
Wed, 28 Aug 2024CA$411.2bCA$104.9b-CA$618,192,045.8016.3x-665.2x3.9x
Fri, 26 Jul 2024CA$395.7bCA$104.9b-CA$370,816,219.4416.2x-1067.2x3.8x
Sun, 23 Jun 2024CA$373.0bCA$104.9b-CA$563,697,498.6216.5x-661.7x3.6x
Tue, 21 May 2024CA$411.1bCA$104.3b-CA$925,232,305.9918.1x-444.3x3.9x
Thu, 18 Apr 2024CA$371.5bCA$103.9bCA$1.5b17.3x242.7x3.6x
Sat, 16 Mar 2024CA$330.2bCA$103.1bCA$1.4b13.4x241.8x3.2x
Mon, 12 Feb 2024CA$297.7bCA$100.0bCA$3.1b12.7x96.7x3x
Wed, 10 Jan 2024CA$336.5bCA$107.2bCA$1.7b12.8x193.7x3.1x
Fri, 08 Dec 2023CA$335.9bCA$108.3bCA$1.8b12.7x188.6x3.1x
Sun, 05 Nov 2023CA$335.3bCA$107.4bCA$1.7b14x197.9x3.1x
Tue, 03 Oct 2023CA$341.5bCA$106.0bCA$1.6b11.1x212.7x3.2x
Thu, 31 Aug 2023CA$365.7bCA$104.2bCA$1.6b11.3x225.5x3.5x
Sat, 29 Jul 2023CA$369.3bCA$101.5bCA$918.8m13.4x402x3.6x
Mon, 26 Jun 2023CA$354.5bCA$103.6bCA$2.3b12.6x151.3x3.4x
Price to Earnings Ratio

151.3x


Total Market Cap: CA$354.5bTotal Earnings: CA$2.3bTotal Revenue: CA$103.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 282.6x202420252026
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 26.7x which is lower than its 3-year average PE of 283x.
  • The 3-year average PS ratio of 9.0x is higher than the industry's current PS ratio of 6.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 149% 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 Market0.74%
Materials5.57%
Metals and Mining6.25%
Silver8.80%
Gold7.34%
Precious Metals and Minerals6.13%
Copper3.85%
Diversified Metals and Mining3.41%
Steel1.31%
Aluminum0%0
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 123x.
    • Analysts are expecting annual earnings growth of 16.4%, which is lower than the prior year's growth of 59.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 36% over the next 5 years.
  • However this is lower than its past earnings growth rate of 147% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 15% 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$173.0110.1%
+CA$7.2b		40.5%PE30.9x
ABX Barrick MiningCA$57.084.6%
+CA$4.2b		98.4%PE11x
FNV Franco-NevadaCA$310.226.9%
+CA$3.9b		34.7%PE31x
K Kinross GoldCA$37.708.7%
+CA$3.6b		79.5%PE11.1x
PAAS Pan American SilverCA$69.426.9%
+CA$1.9b		72.9%PE16.3x

Latest News

FDR
CA$4.02
Founders Metals
7D
-7.2%
1Y
-1.0%
FNV
CA$310.22
Franco-Nevada
7D
6.9%
1Y
34.7%
WPM
CA$173.01
Wheaton Precious Metals
7D
10.1%
1Y
40.5%
Narrative Update • Jun 17

WPM: Streaming Pipeline And Dividend Policy Will Support Future Upside

Analysts have revised their fair value estimate for Wheaton Precious Metals stock, lowering it from about CA$356 to roughly CA$318, reflecting updated models around revenue growth, margins and future P/E assumptions following recent research updates on the shares. Analyst Commentary Recent research on Wheaton Precious Metals highlights a mix of updated models and refreshed views on the stock, with some bullish analysts taking a more constructive stance following the company's Q1 results and subsequent review cycles.
SSRM
CA$43.74
SSR Mining
7D
19.1%
1Y
144.6%
Narrative Update • Jun 16

SSRM: Americas Focus And Buybacks Will Support Future Share Price Returns

Analysts have lifted their fair value estimate for SSR Mining, with the updated implied price target moving from CA$62.51 to CA$68.37 as they factor in the company’s more Canada- and U.S.-focused precious metals portfolio, a slightly higher discount rate, more moderate revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary on SSR Mining Stock Recent research coverage on SSR Mining points to a more focused precious metals profile centered on Canada and the U.S., which some bullish analysts view as supportive of a higher valuation multiple over time.
PAAS
CA$69.42
Pan American Silver
7D
6.9%
1Y
72.9%
MDI
CA$15.83
Major Drilling Group International
7D
-10.0%
1Y
71.7%
Narrative Update • Jun 16

MDI: Global Exploration Contracts Will Support Future Upside Potential

Analysts have maintained their CA$22.00 price target on Major Drilling Group International, citing updated assumptions that reflect a higher discount rate, lower forecast revenue growth and profit margins, and a higher future P/E multiple. What's in the News Major Drilling reported record fiscal 2026 revenue of CA$889 million, with Q4 revenue described as 25% higher year over year, supported by drilling activity across Canada, the U.S., South and Central America, Australasia, and Africa.
K
CA$37.70
Kinross Gold
7D
8.7%
1Y
79.5%
Narrative Update • Jun 16

K: Strong Cash Returns And Buybacks Will Support Future Upside Potential

Analysts have adjusted their view on Kinross Gold, trimming the future P/E assumption while keeping fair value broadly steady. This translates into only a modest change to the implied CA$ price target, as slightly higher projected revenue growth and profit margins offset a small increase in the discount rate.
ABRA
CA$13.52
AbraSilver Resource
7D
-7.4%
1Y
188.3%
GQC
CA$0.75
Goldquest Mining
7D
-13.8%
1Y
-6.3%
ABX
CA$57.08
Barrick Mining
7D
4.6%
1Y
98.4%
Narrative Update • Jun 09

ABX: Buybacks And Portfolio Shift Will Support Future Rerating Potential

Analysts have increased their fair value estimate for Barrick Mining from CA$95.63 to CA$96.49, citing updated assumptions for revenue growth, discount rate, profit margin, and future P/E, as reflected in recent Street research. Analyst Commentary Recent Street research on peer companies such as Abacus Global highlights how bullish analysts tend to respond when they see strong execution or a valuation that still looks appealing after a period of gains.
EDV
CA$77.21
Endeavour Mining
7D
10.6%
1Y
85.2%
GMIN
CA$41.61
G Mining Ventures
7D
17.3%
1Y
131.7%
LUNR
CA$19.85
LunR Royalties
7D
-14.4%
1Y
n/a
MAI
CA$5.23
Minera Alamos
7D
-6.7%
1Y
35.8%
FEO
CA$0.76
Oceanic Iron Ore
7D
-15.6%
1Y
230.4%
ATX
CA$2.66
ATEX Resources
7D
-3.6%
1Y
26.7%