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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedSep 20, 2025
DataAggregated Company Financials
Companies1170
  • 7D2.2%
  • 3M32.7%
  • 1Y63.2%
  • YTD67.9%

Over the last 7 days, the Metals and Mining industry has risen 2.2%, driven by gains from Barrick Mining of 13%. During this same period, the Teck Resources underperformed, falling 6.8%. This takes the industry's 12 month performance to a gain of 63%. 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, 20 Sep 2025CA$663.8bCA$117.3bCA$11.9b20.1x55.6x5.7x
Mon, 18 Aug 2025CA$573.1bCA$118.0bCA$12.1b17.1x47.5x4.9x
Wed, 16 Jul 2025CA$529.5bCA$109.9bCA$8.2b17.9x64.4x4.8x
Fri, 13 Jun 2025CA$513.1bCA$110.0bCA$8.4b15.8x61x4.7x
Sun, 11 May 2025CA$489.9bCA$111.3bCA$8.5b14.2x57.6x4.4x
Tue, 08 Apr 2025CA$409.8bCA$107.0bCA$5.4b12.3x76.2x3.8x
Thu, 06 Mar 2025CA$422.4bCA$106.3bCA$3.4b12x125.1x4x
Sat, 01 Feb 2025CA$426.2bCA$112.9bCA$688.5m13.1x619.1x3.8x
Mon, 30 Dec 2024CA$394.1bCA$112.1bCA$515.1m12.8x765.1x3.5x
Wed, 27 Nov 2024CA$411.1bCA$109.8bCA$379.8m13.1x1082.4x3.7x
Fri, 25 Oct 2024CA$453.2bCA$105.4b-CA$1,688,125,477.7317.8x-268.5x4.3x
Sun, 22 Sep 2024CA$419.4bCA$105.6b-CA$629,794,981.2516.2x-666x4x
Tue, 20 Aug 2024CA$400.0bCA$106.0b-CA$632,381,372.3214.7x-632.6x3.8x
Thu, 18 Jul 2024CA$418.7bCA$104.3b-CA$114,697,214.7415.4x-3650.8x4x
Sat, 15 Jun 2024CA$370.2bCA$105.1b-CA$613,144,120.9616.2x-603.8x3.5x
Mon, 13 May 2024CA$391.8bCA$104.4b-CA$462,922,866.6316.9x-846.3x3.8x
Wed, 10 Apr 2024CA$368.2bCA$102.6bCA$1.4b17.8x259.7x3.6x
Fri, 08 Mar 2024CA$320.2bCA$102.4bCA$1.2b15.5x268.5x3.1x
Sun, 04 Feb 2024CA$329.8bCA$107.6bCA$1.7b12.9x189.3x3.1x
Tue, 02 Jan 2024CA$345.3bCA$106.3bCA$1.7b14x202.8x3.2x
Thu, 30 Nov 2023CA$340.9bCA$108.3bCA$1.7b13.1x195.4x3.1x
Sat, 28 Oct 2023CA$346.8bCA$107.0bCA$1.3b11.6x272.3x3.2x
Mon, 25 Sep 2023CA$351.1bCA$104.9bCA$1.6b10.7x221x3.3x
Wed, 23 Aug 2023CA$352.5bCA$104.3bCA$1.4b11.3x248.8x3.4x
Fri, 21 Jul 2023CA$372.7bCA$103.6bCA$2.4b12.5x152.9x3.6x
Sun, 18 Jun 2023CA$367.0bCA$103.7bCA$2.4b12.1x154.1x3.5x
Tue, 16 May 2023CA$397.1bCA$105.4bCA$2.8b14.2x143.2x3.8x
Thu, 13 Apr 2023CA$400.5bCA$107.2bCA$5.2b15x76.6x3.7x
Sat, 11 Mar 2023CA$339.3bCA$109.4bCA$7.7b13.3x43.8x3.1x
Mon, 06 Feb 2023CA$363.9bCA$113.3bCA$12.0b13.1x30.4x3.2x
Wed, 04 Jan 2023CA$345.8bCA$115.0bCA$12.2b12x28.4x3x
Fri, 02 Dec 2022CA$348.4bCA$113.4bCA$12.0b9.7x28.9x3.1x
Sun, 30 Oct 2022CA$298.1bCA$115.9bCA$14.4b8.6x20.7x2.6x
Tue, 27 Sep 2022CA$274.3bCA$116.0bCA$16.2b8.7x16.9x2.4x
Price to Earnings Ratio

16.9x


Total Market Cap: CA$274.3bTotal Earnings: CA$16.2bTotal Revenue: CA$116.0bTotal 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 55.6x 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 9.8% 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 Market1.06%
Materials1.81%
Metals and Mining2.20%
Precious Metals and Minerals2.69%
Gold2.62%
Copper1.70%
Diversified Metals and Mining0.92%
Silver0.36%
Aluminum0%0
Steel-0.82%
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 34.3%, 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 76% 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
ABX Barrick MiningCA$45.5513.3%
+CA$9.1b		64.9%PE20.4x
FNV Franco-NevadaCA$294.956.2%
+CA$3.3b		69.9%PE52.5x
DPM DPM MetalsCA$30.542.3%
+CA$1.8b		125.2%PE19.7x
IVN Ivanhoe MinesCA$13.264.4%
+CA$758.2m		-29.5%PE33.3x
FM First Quantum MineralsCA$27.002.6%
+CA$563.1m		51.3%PE80.3x

Latest News

CS
CA$10.03
Capstone Copper
7D
-3.2%
1Y
2.1%
DPM
CA$30.54
DPM Metals
7D
2.3%
1Y
125.2%

Future Gold Production May Increase By 2028, But Revenue Declines And Cost Pressures Could Impact Earnings

DPM Metals' analyst price target has risen to CA$30.79, driven by the successful acquisition of Adriatic Metals plc and strengthened production outlook, supporting further valuation expansion and sector outperformance. Analyst Commentary Bullish analysts cite the completed acquisition of Adriatic Metals plc, with the addition of the Vares mine significantly strengthening DPM’s production profile and long-term outlook.
FNV
CA$294.95
Franco-Nevada
7D
6.2%
1Y
69.9%

Record Gold Prices And Acquisitions Will Unlock Future Markets

Analysts modestly raised Franco-Nevada’s price target to CA$284.81, citing improved financial models and a strong deal pipeline while maintaining a balanced outlook given current sector and commodity conditions. Analyst Commentary Bullish analysts cited updated financial models after the Q2 report, prompting modest price target increases.
IVN
CA$13.26
Ivanhoe Mines
7D
4.4%
1Y
-29.5%

Kamoa-Kakula And Platreef Projects Will Improve Operational Efficiency

Ivanhoe Mines' consensus price target was modestly raised to CA$15.57, reflecting improved outlooks for gold and copper prices, heightened confidence in asset execution, and strengthened sentiment for commodity-linked equities. Analyst Commentary Bullish analysts cite gold's relative upside potential, forecasting a tactical gold price of $3,800/oz within 6–12 months, which is expected to benefit gold equities like Ivanhoe Mines.
ASE
CA$1.95
Asante Gold
7D
26.6%
1Y
35.4%
OLA
CA$14.44
Orla Mining
7D
-9.6%
1Y
154.7%
ABX
CA$45.55
Barrick Mining
7D
13.3%
1Y
64.9%
CGG
CA$23.62
China Gold International Resources
7D
-4.6%
1Y
303.8%

China Gold International Resources (TSE:CGG) Shareholders Will Want The ROCE Trajectory To Continue

Sep 16
China Gold International Resources (TSE:CGG) Shareholders Will Want The ROCE Trajectory To Continue
LUN
CA$16.83
Lundin Mining
7D
2.7%
1Y
28.0%
LUG
CA$87.21
Lundin Gold
7D
-1.1%
1Y
190.6%
PAAS
CA$50.24
Pan American Silver
7D
-1.1%
1Y
73.2%
TECK.B
CA$54.05
Teck Resources
7D
-6.8%
1Y
-18.6%

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$148.53
Wheaton Precious Metals
7D
0.6%
1Y
75.1%

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.
AGI
CA$44.49
Alamos Gold
7D
-2.5%
1Y
57.7%

Magino And Island Gold Integration Will Empower Future Mining Excellence

Analysts have slightly raised Alamos Gold’s price target to CA$51.61, reflecting ongoing optimism about operational performance and positive sector outlook amid bullish sentiment on gold and copper prices. Analyst Commentary Bullish analysts cite gold equities' potential to outperform both the gold price and the S&P 500, supported by a tactical gold price target of $3,800/oz over the next 6–12 months.
DSV
CA$4.69
Discovery Silver
7D
-5.4%
1Y
525.3%
FM
CA$27.00
First Quantum Minerals
7D
2.6%
1Y
51.3%