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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedSep 13, 2025
DataAggregated Company Financials
Companies1173
  • 7D4.2%
  • 3M27.6%
  • 1Y61.8%
  • YTD64.6%

In the last week, the Metals and Mining industry is up 4.2%, with Teck Resources up 22%. In the same time, Lundin Gold was down 6.0%. In the last 12 months, the industry was up 62%. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Sep 2025CA$675.8bCA$118.4bCA$11.9b18.6x56.8x5.7x
Mon, 11 Aug 2025CA$563.9bCA$114.5bCA$11.4b17.3x49.6x4.9x
Wed, 09 Jul 2025CA$535.3bCA$109.6bCA$8.2b17.4x65.5x4.9x
Fri, 06 Jun 2025CA$516.1bCA$110.4bCA$8.4b15.5x61.1x4.7x
Sun, 04 May 2025CA$461.2bCA$106.6bCA$6.4b12.8x71.8x4.3x
Tue, 01 Apr 2025CA$461.9bCA$108.2bCA$5.5b12.5x83.7x4.3x
Thu, 27 Feb 2025CA$426.3bCA$106.2bCA$3.4b12.1x127.2x4x
Sat, 25 Jan 2025CA$410.0bCA$111.7bCA$678.7m14.7x604.2x3.7x
Mon, 23 Dec 2024CA$391.1bCA$111.8bCA$505.9m12.6x773.1x3.5x
Wed, 20 Nov 2024CA$406.9bCA$109.3bCA$465.4m13.5x874.4x3.7x
Fri, 18 Oct 2024CA$432.7bCA$106.7b-CA$371,757,788.5917.6x-1164x4.1x
Sun, 15 Sep 2024CA$413.5bCA$105.8b-CA$668,043,580.9416x-619x3.9x
Tue, 13 Aug 2024CA$371.1bCA$105.8b-CA$689,031,677.1014.7x-538.5x3.5x
Thu, 11 Jul 2024CA$391.6bCA$104.4b-CA$550,844,970.7314.8x-710.8x3.8x
Sat, 08 Jun 2024CA$394.4bCA$105.2b-CA$604,580,545.0016.4x-652.4x3.8x
Mon, 06 May 2024CA$374.4bCA$103.7bCA$41.3m17.1x9073.1x3.6x
Wed, 03 Apr 2024CA$351.2bCA$102.6bCA$1.4b16.3x259.8x3.4x
Fri, 01 Mar 2024CA$290.3bCA$103.0bCA$2.4b13.7x119.8x2.8x
Sun, 28 Jan 2024CA$331.3bCA$107.5bCA$1.7b12.7x193.2x3.1x
Tue, 26 Dec 2023CA$349.2bCA$106.4bCA$1.7b13.8x205.1x3.3x
Thu, 23 Nov 2023CA$328.2bCA$108.9bCA$1.7b11.8x194.1x3x
Sat, 21 Oct 2023CA$349.1bCA$106.2bCA$1.5b11x229.5x3.3x
Mon, 18 Sep 2023CA$366.6bCA$104.3bCA$1.7b11.3x218.6x3.5x
Wed, 16 Aug 2023CA$350.4bCA$104.1bCA$1.4b11.1x249.5x3.4x
Fri, 14 Jul 2023CA$374.3bCA$103.2bCA$2.4b11.9x154x3.6x
Sun, 11 Jun 2023CA$366.4bCA$104.4bCA$2.5b13.2x146.9x3.5x
Tue, 09 May 2023CA$407.8bCA$104.5bCA$3.4b16.9x119.1x3.9x
Thu, 06 Apr 2023CA$388.5bCA$107.3bCA$5.1b14.4x75.8x3.6x
Sat, 04 Mar 2023CA$360.7bCA$108.4bCA$8.1b13.7x44.6x3.3x
Mon, 30 Jan 2023CA$373.7bCA$112.8bCA$12.0b13x31.3x3.3x
Wed, 28 Dec 2022CA$341.0bCA$114.5bCA$12.1b11.6x28.2x3x
Fri, 25 Nov 2022CA$332.5bCA$112.6bCA$12.1b10.3x27.4x3x
Sun, 23 Oct 2022CA$301.6bCA$116.1bCA$16.3b8.7x18.5x2.6x
Tue, 20 Sep 2022CA$298.6bCA$113.4bCA$15.9b9.5x18.8x2.6x
Price to Earnings Ratio

18.8x


Total Market Cap: CA$298.6bTotal Earnings: CA$15.9bTotal Revenue: CA$113.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 285.1x202320242025
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 56.8x which is lower than its 3-year average PE of 285x.
  • The 3-year average PS ratio of 8.1x is higher than the industry's current PS ratio of 5.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 9.2% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Materials industry?

CA Market0.91%
Materials3.72%
Metals and Mining4.16%
Silver8.91%
Diversified Metals and Mining6.96%
Precious Metals and Minerals4.78%
Copper4.10%
Gold3.41%
Steel0.72%
Aluminum0%0
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 33.4%, which is higher than its past year's earnings growth of 27.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 77% over the next 5 years.
  • However this is lower than its past earnings growth rate of 403% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 8.6% 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
TECK.B Teck ResourcesCA$57.9921.9%
+CA$5.1b		-7.9%PE136.3x
K Kinross GoldCA$32.225.2%
+CA$1.9b		141.2%PE18.5x
FNV Franco-NevadaCA$277.783.4%
+CA$1.8b		63.4%PE49.2x
ABX Barrick MiningCA$40.222.2%
+CA$1.5b		42.1%PE17.9x
WPM Wheaton Precious MetalsCA$147.632.2%
+CA$1.4b		73.7%PE61.3x

Latest News

LUG
CA$88.14
Lundin Gold
7D
-6.0%
1Y
199.5%
FNV
CA$277.78
Franco-Nevada
7D
3.4%
1Y
63.4%
CGG
CA$24.75
China Gold International Resources
7D
13.1%
1Y
371.4%
PAAS
CA$50.80
Pan American Silver
7D
6.0%
1Y
76.2%
ABX
CA$40.22
Barrick Mining
7D
2.2%
1Y
42.1%
TECK.B
CA$57.99
Teck Resources
7D
21.9%
1Y
-7.9%

Rising Copper Production And ESG Focus Will Create Opportunities

The consensus analyst price target for Teck Resources has increased to CA$59.61, primarily reflecting optimism over its transformative merger with Anglo American and improved copper exposure, despite some concerns about operational issues, integration risks, and valuation. Analyst Commentary The merger of equals between Teck Resources and Anglo American is viewed as transformative, creating the world’s fifth-largest copper producer and potentially catalyzing further consolidation across the global mining sector.
WPM
CA$147.63
Wheaton Precious Metals
7D
2.2%
1Y
73.7%

Salobo III Streaming Deals Will Shape Future Metals Markets

Analysts modestly raised their price targets for Wheaton Precious Metals to CA$148.53, reflecting strong year-to-date share performance, higher gold and silver prices, and confidence in its robust streaming portfolio, while also cautioning that the stock now appears fully valued after its recent rally. Analyst Commentary Bullish analysts cited rising gold and silver prices as supporting further upside in the company's valuation.
K
CA$32.22
Kinross Gold
7D
5.2%
1Y
141.2%
ASE
CA$1.54
Asante Gold
7D
-10.5%
1Y
7.7%
PPTA
CA$23.99
Perpetua Resources
7D
-6.0%
1Y
96.5%
PMET
CA$3.39
Patriot Battery Metals
7D
-9.4%
1Y
-3.4%
THX
CA$1.10
Thor Explorations
7D
-11.3%
1Y
223.5%

High Gold Expectations Will Invite Mounting Operational Risks

Despite the consensus analyst price target for Thor Explorations holding steady at CA$1.04, the significant rise in its future P/E ratio suggests expectations of lower future earnings growth or higher valuation risk. What's in the News Thor Explorations reported strong initial drilling results from its maiden campaign at the 100%-owned Guitry Gold Project in Côte d'Ivoire, with notable intersections including 14m at 2.59g/t Au from surface, 4m at 6.87g/t Au from 38m, 5m at 12.65g/t Au from 69m, and 17m at 2.16g/t Au from surface.
LUN
CA$16.39
Lundin Mining
7D
-1.0%
1Y
31.3%

Vicuña And Brownfield Projects Will Increase Copper And Gold Production

Analysts have slightly raised Lundin Mining's price target to CA$17.20, citing improved copper price outlooks, stronger-than-expected operational performance, and continued cost discipline, though some near-term uncertainty from project delays has limited further upside. Analyst Commentary Bullish analysts have cited improving base metal price outlooks, particularly for copper, as a key factor driving upward price target revisions.
OLA
CA$15.98
Orla Mining
7D
-1.5%
1Y
178.4%
LAR
CA$4.17
Lithium Argentina
7D
-14.7%
1Y
20.5%
FM
CA$26.32
First Quantum Minerals
7D
7.1%
1Y
56.1%