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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies1173
  • 7D13.1%
  • 3M9.3%
  • 1Y107.2%
  • YTD9.3%

Wheaton Precious Metals is up 14%, leading the way for the Metals and Mining industry, which has gained 13%. During this same period, the Ivanhoe Mines underperformed, falling 5.0%. This means that the industry has gained 107% over the past year. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Apr 2026CA$963.2bCA$140.0bCA$26.7b18.2x36x6.9x
Mon, 02 Mar 2026CA$1.2tCA$135.2bCA$24.8b24.5x46.4x8.5x
Wed, 28 Jan 2026CA$1.1tCA$124.7bCA$17.3b28.6x62.3x8.7x
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
Price to Earnings Ratio

74.7x


Total Market Cap: CA$392.1bTotal Earnings: CA$5.2bTotal Revenue: CA$107.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 288.4x202420252026
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 36.0x 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 6.9x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 72% per year over the last three years.
  • Revenues for these companies have grown 9.2% 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 Market3.76%
Materials11.93%
Metals and Mining13.14%
Silver16.41%
Gold14.31%
Copper12.71%
Precious Metals and Minerals11.80%
Diversified Metals and Mining7.95%
Steel1.64%
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 36.1%, 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 71% 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 19% 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$188.8514.5%
+CA$10.9b		70.7%PE41.9x
ABX Barrick MiningCA$58.0411.8%
+CA$10.3b		112.6%PE14x
FNV Franco-NevadaCA$359.0213.8%
+CA$8.4b		60.5%PE44.7x
K Kinross GoldCA$43.8713.5%
+CA$6.2b		145.6%PE15.8x
LUG Lundin GoldCA$111.4117.6%
+CA$4.0b		145.6%PE24.4x

Latest News

ABX
CA$58.04
Barrick Mining
7D
11.8%
1Y
112.6%
LUG
CA$111.41
Lundin Gold
7D
17.6%
1Y
145.6%
K
CA$43.87
Kinross Gold
7D
13.5%
1Y
145.6%
AGI
CA$64.03
Alamos Gold
7D
14.6%
1Y
69.0%
IVN
CA$10.44
Ivanhoe Mines
7D
-5.0%
1Y
-10.5%
WPM
CA$188.85
Wheaton Precious Metals
7D
14.5%
1Y
70.7%

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.
MSR
CA$0.52
Minsud Resources
7D
-20.0%
1Y
-21.2%
FNV
CA$359.02
Franco-Nevada
7D
13.8%
1Y
60.5%
PAAS
CA$77.70
Pan American Silver
7D
12.8%
1Y
125.8%
ARA
CA$3.29
Aclara Resources
7D
-4.1%
1Y
558.0%
LUN
CA$35.04
Lundin Mining
7D
12.2%
1Y
229.9%

LUN: Future Returns Will Reflect Copper Exposure And Caserones Expansion

The analyst price target for Lundin Mining is now CA$38.54, up from CA$37.25. This change reflects a series of recent target revisions as analysts factor in updated growth, margin and P/E assumptions.
LIRC
CA$10.39
Lithium Royalty
7D
-5.7%
1Y
137.2%
LA
CA$11.50
Los Andes Copper
7D
-7.3%
1Y
67.9%

Is Los Andes Copper (CVE:LA) Using Debt In A Risky Way?

Jan 30
Is Los Andes Copper (CVE:LA) Using Debt In A Risky Way?
LEO
CA$0.38
Lion Copper and Gold
7D
-10.6%
1Y
245.5%
ADE
CA$0.15
Adex Mining
7D
-16.2%
1Y
1,450.0%