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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies1163
  • 7D8.1%
  • 3M25.0%
  • 1Y124.3%
  • YTD8.1%

The Metals and Mining industry is up 8.1% in the last week, with Barrick Mining up 9.9%. Meanwhile, Southern Cross Gold Consolidated actually underperformed within the industry, shrinking 9.8% in the last week. This takes the industry's 12 month performance to a gain of 124%. Looking forward, earnings are forecast to grow by 27% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026CA$946.0bCA$126.9bCA$17.7b23.6x53.4x7.5x
Tue, 09 Dec 2025CA$815.0bCA$125.7bCA$18.1b21.1x45.1x6.5x
Thu, 06 Nov 2025CA$684.9bCA$120.8bCA$14.4b20.4x47.7x5.7x
Sat, 04 Oct 2025CA$747.4bCA$117.6bCA$12.2b24x61.3x6.4x
Mon, 01 Sep 2025CA$615.1bCA$117.5bCA$11.9b16.8x51.6x5.2x
Wed, 30 Jul 2025CA$524.2bCA$110.6bCA$8.7b18.5x60.6x4.7x
Fri, 27 Jun 2025CA$515.9bCA$113.5bCA$7.5b15.8x68.4x4.5x
Sun, 25 May 2025CA$487.8bCA$110.9bCA$8.6b14x56.6x4.4x
Tue, 22 Apr 2025CA$476.4bCA$104.4bCA$5.1b14.3x94.3x4.6x
Thu, 20 Mar 2025CA$470.2bCA$107.2bCA$5.3b13.1x89.3x4.4x
Sat, 15 Feb 2025CA$446.5bCA$111.7bCA$3.9b12.9x115.5x4x
Mon, 13 Jan 2025CA$410.4bCA$112.2bCA$536.7m13.5x764.6x3.7x
Wed, 11 Dec 2024CA$421.4bCA$110.6bCA$356.5m13.9x1181.9x3.8x
Fri, 08 Nov 2024CA$422.6bCA$106.3b-CA$655,650,422.3414.5x-644.5x4x
Sun, 06 Oct 2024CA$424.4bCA$105.3b-CA$374,677,881.9117.8x-1132.7x4x
Tue, 03 Sep 2024CA$401.9bCA$105.2b-CA$686,411,593.4517.6x-585.6x3.8x
Thu, 01 Aug 2024CA$405.3bCA$105.6b-CA$341,763,158.4015.2x-1186x3.8x
Sat, 29 Jun 2024CA$377.4bCA$104.8b-CA$564,245,802.5215.6x-668.9x3.6x
Mon, 27 May 2024CA$396.6bCA$104.7b-CA$945,430,238.1618x-419.5x3.8x
Wed, 24 Apr 2024CA$365.8bCA$103.2bCA$1.5b15.6x245.9x3.5x
Fri, 22 Mar 2024CA$334.0bCA$103.0bCA$1.3b13.6x257.7x3.2x
Sun, 18 Feb 2024CA$299.5bCA$100.7bCA$4.9b12.9x61x3x
Tue, 16 Jan 2024CA$341.0bCA$107.4bCA$1.7b12.9x195x3.2x
Thu, 14 Dec 2023CA$325.2bCA$107.8bCA$1.8b12.8x185.7x3x
Sat, 11 Nov 2023CA$321.4bCA$109.4bCA$2.2b11.9x145.9x2.9x
Mon, 09 Oct 2023CA$335.7bCA$105.9bCA$1.6b11x208.4x3.2x
Wed, 06 Sep 2023CA$359.3bCA$104.8bCA$1.7b11.1x205.7x3.4x
Fri, 04 Aug 2023CA$365.1bCA$103.2bCA$947.5m11.9x385.4x3.5x
Sun, 02 Jul 2023CA$360.7bCA$104.0bCA$2.5b12x146.4x3.5x
Tue, 30 May 2023CA$365.4bCA$105.9bCA$2.7b13.8x133x3.5x
Thu, 27 Apr 2023CA$395.2bCA$107.6bCA$4.8b13.6x82x3.7x
Sat, 25 Mar 2023CA$365.6bCA$109.0bCA$6.9b13.7x52.9x3.4x
Mon, 20 Feb 2023CA$350.0bCA$111.5bCA$9.5b13.1x37x3.1x
Wed, 18 Jan 2023CA$364.1bCA$113.3bCA$12.0b12.4x30.3x3.2x
Price to Earnings Ratio

30.3x


Total Market Cap: CA$364.1bTotal Earnings: CA$12.0bTotal Revenue: CA$113.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.9x202420252026
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 53.4x which is lower than its 3-year average PE of 288x.
  • The 3-year average PS ratio of 8.5x is higher than the industry's current PS ratio of 7.5x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 3.9% 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 Market1.94%
Materials7.45%
Metals and Mining8.14%
Silver11.29%
Gold8.59%
Copper6.62%
Diversified Metals and Mining6.59%
Steel5.28%
Precious Metals and Minerals5.20%
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 59.4%, 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 71% 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 8.6% 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
ABX Barrick MiningCA$66.529.9%
+CA$10.1b		193.0%PE22.5x
FNV Franco-NevadaCA$318.3211.3%
+CA$6.2b		73.6%PE48x
K Kinross GoldCA$43.4511.9%
+CA$5.6b		188.1%PE21.4x
WPM Wheaton Precious MetalsCA$173.797.3%
+CA$5.4b		110.7%PE56.6x
LUN Lundin MiningCA$32.7910.4%
+CA$2.6b		164.0%PE95x

Latest News

SXGC
CA$9.44
Southern Cross Gold Consolidated
7D
-9.8%
1Y
n/a
LUN
CA$32.79
Lundin Mining
7D
10.4%
1Y
164.0%

LUN: Future Returns Will Depend On Metals Cycles Outweighing Legal Overhang Risks

Analysts have nudged our fair value estimate for Lundin Mining higher from $27.52 to $28.28. This reflects recent target price revisions across U.S., Canadian and European brokers who cite refreshed metals price assumptions and mixed regional demand signals.
ABX
CA$66.52
Barrick Mining
7D
9.9%
1Y
193.0%

ABX: Future Corporate Split Plans Will Drive Rerating Potential

Analysts have lifted their price target on Barrick Mining by an implied 64% to approximately US$80. They point to updated assumptions around fair value, discount rate, revenue growth, profit margin and a higher future P/E multiple as key drivers of the change.
AGX
CA$0.95
Silver X Mining
7D
-12.8%
1Y
363.4%
KUYA
CA$0.98
Kuya Silver
7D
-14.0%
1Y
300.0%
PAAS
CA$75.51
Pan American Silver
7D
7.8%
1Y
145.3%
K
CA$43.45
Kinross Gold
7D
11.9%
1Y
188.1%

K: Future P/E Compression Will Likely Reveal Weaker Underlying Profitability

Analysts have raised their price target on Kinross Gold to US$17.06, citing updated assumptions for stronger revenue growth, higher profit margins, and a lower expected future P/E multiple. What's in the News Kinross Gold issued new production guidance, expecting fourth quarter output to be slightly lower than 0.5 million gold equivalent ounces and to finish 2025 slightly above the midpoint of its annual guidance range of 2.0 million (+/- 5%) attributable gold equivalent ounces (Corporate guidance).
AGI
CA$58.13
Alamos Gold
7D
10.3%
1Y
106.6%

AGI: Share Buybacks And Stronger Fourth Quarter Output Will Support Bullish Upside

Analysts now set a modestly higher price target range for Alamos Gold, reflecting small adjustments to their fair value estimate, discount rate, and assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly in line with prior views. What's in the News Board of Directors authorizes a new share buyback plan on December 22, 2025, signaling continued use of repurchases as a capital allocation tool (Key Developments).
FNV
CA$318.32
Franco-Nevada
7D
11.3%
1Y
73.6%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
BOGO
CA$1.53
Borealis Mining
7D
-10.0%
1Y
155.0%
WPM
CA$173.79
Wheaton Precious Metals
7D
7.3%
1Y
110.7%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
AG
CA$26.31
First Majestic Silver
7D
19.3%
1Y
211.4%
TNGD
CA$6.32
Tiernan Gold
7D
-8.4%
1Y
93.7%
GENM
CA$0.69
Generation Mining
7D
-14.8%
1Y
392.9%
MKA
CA$0.78
Mkango Resources
7D
-9.3%
1Y
300.0%
CUU
CA$0.74
Copper Fox Metals
7D
-10.8%
1Y
184.6%