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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies1173
  • 7D8.9%
  • 3M9.8%
  • 1Y100.7%
  • YTD9.9%

In the last week, the Metals and Mining industry is up 8.9%, with Wheaton Precious Metals leading the way, up 12%. In the same time, Ivanhoe Mines was down 11%. In the last 12 months, the industry was up 101%. 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
Thu, 02 Apr 2026CA$932.8bCA$139.7bCA$26.7b17.7x35x6.7x
Sat, 28 Feb 2026CA$1.1tCA$135.2bCA$24.8b24.5x46x8.4x
Mon, 26 Jan 2026CA$1.1tCA$125.2bCA$17.4b27.8x61.2x8.5x
Wed, 24 Dec 2025CA$900.3bCA$125.2bCA$17.4b22.3x51.7x7.2x
Fri, 21 Nov 2025CA$757.6bCA$127.8bCA$18.7b18.6x40.5x5.9x
Sun, 19 Oct 2025CA$759.7bCA$118.0bCA$12.3b22.5x61.7x6.4x
Tue, 16 Sep 2025CA$674.0bCA$117.2bCA$11.9b19.1x56.7x5.8x
Thu, 14 Aug 2025CA$567.5bCA$116.0bCA$12.3b18.1x46x4.9x
Sat, 12 Jul 2025CA$521.0bCA$109.4bCA$8.2b16.5x63.9x4.8x
Mon, 09 Jun 2025CA$515.1bCA$110.6bCA$8.5b15.5x60.6x4.7x
Wed, 07 May 2025CA$469.0bCA$106.4bCA$6.3b13.3x74.2x4.4x
Fri, 04 Apr 2025CA$463.0bCA$106.0bCA$5.2b12.9x88.3x4.4x
Sun, 02 Mar 2025CA$426.1bCA$107.1bCA$3.6b11.5x119.8x4x
Tue, 28 Jan 2025CA$415.3bCA$111.9bCA$682.4m14.4x608.6x3.7x
Thu, 26 Dec 2024CA$394.7bCA$111.8bCA$512.4m12.2x770.3x3.5x
Sat, 23 Nov 2024CA$419.2bCA$109.2bCA$317.1m12.3x1321.8x3.8x
Mon, 21 Oct 2024CA$451.4bCA$106.9b-CA$299,524,969.1918.2x-1507.2x4.2x
Wed, 18 Sep 2024CA$413.1bCA$105.8b-CA$632,393,311.1616.1x-653.3x3.9x
Fri, 16 Aug 2024CA$385.5bCA$106.5b-CA$673,282,154.1314.6x-572.6x3.6x
Sun, 14 Jul 2024CA$413.4bCA$104.5b-CA$487,802,151.0714.7x-847.4x4x
Tue, 11 Jun 2024CA$382.1bCA$105.2b-CA$606,689,564.2616.1x-629.8x3.6x
Thu, 09 May 2024CA$384.3bCA$104.3bCA$78.2m17.8x4911.5x3.7x
Sat, 06 Apr 2024CA$364.6bCA$102.7bCA$1.4b17.6x257.1x3.5x
Mon, 04 Mar 2024CA$304.6bCA$102.8bCA$2.5b14.2x124x3x
Wed, 31 Jan 2024CA$332.4bCA$107.2bCA$1.7b12.8x192.7x3.1x
Fri, 29 Dec 2023CA$351.8bCA$106.2bCA$1.7b13.6x208.6x3.3x
Sun, 26 Nov 2023CA$330.9bCA$108.5bCA$1.7b11.8x194.6x3x
Tue, 24 Oct 2023CA$345.8bCA$106.1bCA$1.5b10.8x228x3.3x
Thu, 21 Sep 2023CA$361.1bCA$104.9bCA$1.6b11x224.4x3.4x
Sat, 19 Aug 2023CA$346.9bCA$104.3bCA$1.4b11.1x246.9x3.3x
Mon, 17 Jul 2023CA$374.4bCA$103.8bCA$2.5b11.8x152.6x3.6x
Wed, 14 Jun 2023CA$366.3bCA$104.2bCA$2.5b13.2x148.8x3.5x
Fri, 12 May 2023CA$390.2bCA$105.6bCA$3.1b15.5x126.3x3.7x
Sun, 09 Apr 2023CA$391.3bCA$107.6bCA$5.2b15.4x75.3x3.6x
Price to Earnings Ratio

75.3x


Total Market Cap: CA$391.3bTotal 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 288.5x202420252026
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 35.0x 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 6.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 73% per year over the last three years.
  • Revenues for these companies have grown 9.1% 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 Market1.56%
Materials7.75%
Metals and Mining8.85%
Gold10.63%
Silver10.10%
Copper7.18%
Precious Metals and Minerals6.29%
Diversified Metals and Mining2.68%
Aluminum0%0
Steel-4.56%
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 37.3%, 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$190.1212.1%
+CA$9.3b		70.9%PE42.2x
ABX Barrick MiningCA$58.698.8%
+CA$8.0b		111.3%PE14.2x
FNV Franco-NevadaCA$355.089.8%
+CA$6.1b		57.9%PE44.3x
K Kinross GoldCA$44.4810.8%
+CA$5.2b		142.3%PE16.1x
PAAS Pan American SilverCA$77.268.6%
+CA$2.6b		107.7%PE24x

Latest News

AII
CA$20.91
Almonty Industries
7D
-7.4%
1Y
548.4%
USA
CA$7.79
Americas Gold and Silver
7D
-3.7%
1Y
338.9%
WPM
CA$190.12
Wheaton Precious Metals
7D
12.1%
1Y
70.9%

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.
EQX
CA$20.78
Equinox Gold
7D
15.4%
1Y
119.2%

EQX: Higher Gold Price Views And Capital Returns Will Test Margin Resilience

Equinox Gold's analyst price target has been revised from CA$23.10 to CA$23.52. Analysts point to a series of recent target increases and upgrades from firms such as CIBC, Stifel, BMO Capital, Scotiabank, and Canaccord as key support for the change.
LUG
CA$110.00
Lundin Gold
7D
10.1%
1Y
149.3%

LUG: Cautious Ratings And Buyback Activity Will Shape Future Upside Potential

The analyst price target for Lundin Gold has been raised by CA$2.55 to CA$90.55, as analysts factor in slightly higher revenue growth and profit margin assumptions, along with a modestly adjusted P/E outlook reflected in recent target changes from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research on Lundin Gold shows a mixed but cautious tone, with several bearish analysts flagging valuation and execution risks even as some price targets remain above the latest consensus figure of CA$90.55.
FNV
CA$355.08
Franco-Nevada
7D
9.8%
1Y
57.9%
FOM
CA$5.67
Foran Mining
7D
-1.4%
1Y
59.3%
K
CA$44.48
Kinross Gold
7D
10.8%
1Y
142.3%
IVN
CA$10.51
Ivanhoe Mines
7D
-10.6%
1Y
-19.5%
PAAS
CA$77.26
Pan American Silver
7D
8.6%
1Y
107.7%
AGI
CA$63.44
Alamos Gold
7D
9.6%
1Y
67.2%
ABX
CA$58.69
Barrick Mining
7D
8.8%
1Y
111.3%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.
CDB
CA$0.29
Cordoba Minerals
7D
-80.2%
1Y
-46.4%
VMET
CA$13.06
Versamet Royalties
7D
-6.4%
1Y
n/a
SLI
CA$4.85
Standard Lithium
7D
-5.8%
1Y
156.6%