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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedNov 08, 2025
DataAggregated Company Financials
Companies1170
  • 7D-0.2%
  • 3M26.9%
  • 1Y65.1%
  • YTD73.9%

Over the last 7 days, the Metals and Mining industry has dropped 2.4%, driven by pullbacks in Ivanhoe Mines and B2Gold of 10% and 21%, respectively. On the other hand Lundin Mining is actually up 8.0%. This takes the industry's 12 month performance to a gain of 59%. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 08 Nov 2025CA$704.8bCA$124.0bCA$16.3b20.5x43.4x5.7x
Mon, 06 Oct 2025CA$752.6bCA$117.6bCA$12.2b24x61.6x6.4x
Wed, 03 Sep 2025CA$615.2bCA$117.9bCA$12.0b17.8x51.4x5.2x
Fri, 01 Aug 2025CA$514.5bCA$111.4bCA$8.8b18.6x58.3x4.6x
Sun, 29 Jun 2025CA$511.8bCA$109.7bCA$8.2b15.1x62.2x4.7x
Tue, 27 May 2025CA$487.8bCA$111.1bCA$8.6b13.9x56.6x4.4x
Thu, 24 Apr 2025CA$472.4bCA$104.8bCA$5.1b13.3x92.3x4.5x
Sat, 22 Mar 2025CA$472.2bCA$107.4bCA$5.4b14x87x4.4x
Mon, 17 Feb 2025CA$435.8bCA$111.7bCA$3.9b12.8x111.4x3.9x
Wed, 15 Jan 2025CA$408.3bCA$111.8bCA$574.8m13.3x710.4x3.7x
Fri, 13 Dec 2024CA$419.0bCA$110.9bCA$374.1m13.3x1120.1x3.8x
Sun, 10 Nov 2024CA$423.7bCA$108.3bCA$398.9m13.8x1062.1x3.9x
Tue, 08 Oct 2024CA$424.5bCA$105.6b-CA$369,292,391.1517.8x-1149.5x4x
Thu, 05 Sep 2024CA$383.0bCA$105.3b-CA$688,883,936.8416.7x-556x3.6x
Sat, 03 Aug 2024CA$395.7bCA$106.3b-CA$359,801,440.0314.6x-1099.9x3.7x
Mon, 01 Jul 2024CA$376.0bCA$104.8b-CA$556,917,019.3215.1x-675.1x3.6x
Wed, 29 May 2024CA$401.6bCA$104.6b-CA$931,792,908.4618.3x-431x3.8x
Fri, 26 Apr 2024CA$375.8bCA$102.8bCA$359.9m17x1044.1x3.7x
Sun, 24 Mar 2024CA$330.4bCA$103.5bCA$1.3b13.3x255.9x3.2x
Tue, 20 Feb 2024CA$299.5bCA$100.7bCA$4.9b12.9x61x3x
Thu, 18 Jan 2024CA$325.8bCA$107.9bCA$1.8b12.6x184.9x3x
Sat, 16 Dec 2023CA$344.0bCA$107.1bCA$1.7b13.1x201.4x3.2x
Mon, 13 Nov 2023CA$318.7bCA$109.4bCA$2.2b11.9x145.3x2.9x
Wed, 11 Oct 2023CA$339.7bCA$105.5bCA$1.5b11x219.4x3.2x
Fri, 08 Sep 2023CA$354.6bCA$105.0bCA$1.8b11x202.1x3.4x
Sun, 06 Aug 2023CA$368.1bCA$103.4bCA$951.9m11.9x386.7x3.6x
Tue, 04 Jul 2023CA$360.7bCA$104.0bCA$2.5b12x146.4x3.5x
Thu, 01 Jun 2023CA$361.7bCA$105.9bCA$2.7b14.2x133.7x3.4x
Sat, 29 Apr 2023CA$396.5bCA$106.4bCA$4.5b14x87.7x3.7x
Mon, 27 Mar 2023CA$365.7bCA$109.0bCA$6.9b13.7x53.1x3.4x
Wed, 22 Feb 2023CA$346.6bCA$111.9bCA$9.7b12.8x35.8x3.1x
Fri, 20 Jan 2023CA$370.5bCA$113.7bCA$12.0b12.7x30.7x3.3x
Sun, 18 Dec 2022CA$337.4bCA$115.0bCA$12.2b10.9x27.6x2.9x
Tue, 15 Nov 2022CA$329.2bCA$113.0bCA$13.2b9.5x24.9x2.9x
Price to Earnings Ratio

24.9x


Total Market Cap: CA$329.2bTotal Earnings: CA$13.2bTotal Revenue: CA$113.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Metals and Mining Industry Price to Earnings3Y Average 287.1x202320242025
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 43.9x which is lower than its 3-year average PE of 287x.
  • The 3-year average PS ratio of 8.3x 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 grown 6.6% per year over the last three years.
  • Revenues for these companies have grown 3.1% 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 Market-0.72%
Materials0.025%
Metals and Mining-0.17%
Copper2.94%
Gold1.07%
Aluminum0%0
Steel-0.35%
Diversified Metals and Mining-4.87%
Precious Metals and Minerals-6.99%
Silver-7.66%
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 54.2%, which is higher than its past year's earnings decline of 3.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Silver industry, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings decline of 3.3% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 6.5% 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
LUN Lundin MiningCA$24.9110.4%
+CA$2.0b		79.3%PE71.7x
WPM Wheaton Precious MetalsCA$138.982.6%
+CA$1.6b		54.0%PE44.9x
LUG Lundin GoldCA$101.736.7%
+CA$1.5b		211.4%PE28.5x
FNV Franco-NevadaCA$269.472.9%
+CA$1.5b		58.1%PE40.3x
K Kinross GoldCA$34.134.6%
+CA$1.4b		134.6%PE16.7x

Latest News

LUG
CA$101.73
Lundin Gold
7D
6.7%
1Y
211.4%
AG
CA$16.02
First Majestic Silver
7D
-10.7%
1Y
77.6%
WPM
CA$138.98
Wheaton Precious Metals
7D
2.6%
1Y
54.0%
EDR
CA$10.11
Endeavour Silver
7D
-12.2%
1Y
56.7%
BTO
CA$5.48
B2Gold
7D
-10.7%
1Y
33.3%
K
CA$34.13
Kinross Gold
7D
4.6%
1Y
134.6%

K: Future Outlook Will Balance Improved Margins With Modest Production Declines

Analysts have raised their price target on Kinross Gold, increasing the fair value estimate from $34.65 to $36.79. This change is a result of improved projected profit margins and a lower expected future price-to-earnings ratio, despite a slight dip in revenue growth forecasts.
IMG
CA$17.80
IAMGOLD
7D
9.6%
1Y
125.6%
EQX
CA$16.40
Equinox Gold
7D
6.4%
1Y
102.5%
SSRM
CA$27.98
SSR Mining
7D
-11.8%
1Y
253.3%
CS
CA$12.18
Capstone Copper
7D
-2.7%
1Y
17.7%

CS: Higher Metals Prices Will Drive Share Upside After Recent Project Milestones

Capstone Copper’s analyst price target has increased from C$13.72 to C$15.01. Analysts cite recent sector price target revisions and an improved outlook amid rising metals prices as the main drivers for the upward adjustment.
LUN
CA$24.91
Lundin Mining
7D
10.4%
1Y
79.3%

LUN: Share Price Outlook Will Reflect Improved Profit Margins And Execution Risks

Lundin Mining's analyst price target has been raised notably, from approximately $22.50 to $23.76. Analysts point to improved revenue growth expectations and higher projected profit margins, which are supporting a stronger outlook for the company.
IVN
CA$12.99
Ivanhoe Mines
7D
-7.4%
1Y
-30.1%
FNV
CA$269.47
Franco-Nevada
7D
2.9%
1Y
58.1%
NGD
CA$9.85
New Gold
7D
-4.6%
1Y
157.9%
TECK.B
CA$57.60
Teck Resources
7D
-4.3%
1Y
-15.0%

TECK.B: Merger Activity And Copper Prices Will Shape Future Risk And Reward

Teck Resources' fair value estimate has increased modestly by $1.17 to $62.94 as analysts weighed recent mixed price target revisions along with ongoing recalibration of future copper prices and profit margin forecasts. Analyst Commentary Recent commentary from street analysts reflects a mix of optimism and caution toward Teck Resources, with target price revisions and ratings signaling shifting expectations amid evolving sector dynamics.
ABX
CA$46.44
Barrick Mining
7D
0.9%
1Y
81.3%

Major Gold Discovery And Leadership Transition Will Drive Future Opportunity

Barrick Mining's analyst price target has been raised from $48.36 to $51.84. This change reflects analysts' increased confidence in the company's improved revenue growth projections and higher expected profit margins.