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Canadian (TSX) Metals and Mining Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies1172
  • 7D9.0%
  • 3M6.5%
  • 1Y94.9%
  • YTD6.6%

In the last week, the Metals and Mining industry is up 2.8%, with Wheaton Precious Metals up 4.9%. In the same time, Almonty Industries was down 17%. This means that the industry has gained 82% over the past year. 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
Wed, 01 Apr 2026CA$871.0bCA$139.6bCA$26.8b16.9x32.5x6.2x
Fri, 27 Feb 2026CA$1.1tCA$135.4bCA$24.9b23x44.9x8.3x
Sun, 25 Jan 2026CA$1.1tCA$125.2bCA$17.4b27.8x61.2x8.5x
Tue, 23 Dec 2025CA$875.5bCA$125.6bCA$17.5b22.1x50x7x
Thu, 20 Nov 2025CA$745.0bCA$127.4bCA$18.6b19.8x40x5.8x
Sat, 18 Oct 2025CA$810.7bCA$118.0bCA$12.3b22.5x65.9x6.9x
Mon, 15 Sep 2025CA$674.8bCA$118.4bCA$11.9b18.6x56.8x5.7x
Wed, 13 Aug 2025CA$560.5bCA$115.6bCA$12.3b17x45.7x4.8x
Fri, 11 Jul 2025CA$521.0bCA$109.4bCA$8.2b16.5x63.9x4.8x
Sun, 08 Jun 2025CA$515.1bCA$110.6bCA$8.5b15.5x60.6x4.7x
Tue, 06 May 2025CA$461.2bCA$106.6bCA$6.4b12.9x72.3x4.3x
Thu, 03 Apr 2025CA$463.0bCA$107.5bCA$5.4b13.4x86.1x4.3x
Sat, 01 Mar 2025CA$424.1bCA$107.1bCA$3.6b11.5x118.5x4x
Mon, 27 Jan 2025CA$415.3bCA$111.7bCA$678.1m14.7x612.5x3.7x
Wed, 25 Dec 2024CA$394.7bCA$111.9bCA$505.0m12.2x781.6x3.5x
Fri, 22 Nov 2024CA$414.1bCA$109.2bCA$369.4m12.8x1121.1x3.8x
Sun, 20 Oct 2024CA$451.4bCA$106.9b-CA$299,524,969.1918.2x-1507.1x4.2x
Tue, 17 Sep 2024CA$413.5bCA$105.8b-CA$632,854,252.3516.1x-653.4x3.9x
Thu, 15 Aug 2024CA$387.0bCA$106.2b-CA$710,809,841.2916.5x-544.4x3.6x
Sat, 13 Jul 2024CA$407.4bCA$104.5b-CA$491,871,116.4014.7x-828.2x3.9x
Mon, 10 Jun 2024CA$377.2bCA$105.2b-CA$596,421,231.8916.4x-632.4x3.6x
Wed, 08 May 2024CA$384.6bCA$104.0bCA$25.4m18.3x15165.6x3.7x
Fri, 05 Apr 2024CA$363.0bCA$102.5bCA$1.4b17.4x257.3x3.5x
Sun, 03 Mar 2024CA$304.6bCA$102.8bCA$2.5b14.2x124.3x3x
Tue, 30 Jan 2024CA$331.3bCA$107.3bCA$1.7b12.5x193.8x3.1x
Thu, 28 Dec 2023CA$351.8bCA$106.1bCA$1.7b13.8x209.5x3.3x
Sat, 25 Nov 2023CA$330.6bCA$108.5bCA$1.7b11.8x193.8x3x
Mon, 23 Oct 2023CA$349.1bCA$106.2bCA$1.5b11x229.4x3.3x
Wed, 20 Sep 2023CA$358.3bCA$103.8bCA$1.7b11.2x216.8x3.4x
Fri, 18 Aug 2023CA$347.9bCA$104.2bCA$1.4b11.1x242.6x3.3x
Sun, 16 Jul 2023CA$374.4bCA$103.8bCA$2.5b11.8x152.7x3.6x
Tue, 13 Jun 2023CA$366.1bCA$104.5bCA$2.5b13.2x148x3.5x
Thu, 11 May 2023CA$402.7bCA$105.1bCA$3.4b16.1x118.2x3.8x
Sat, 08 Apr 2023CA$391.3bCA$107.6bCA$5.1b15.4x76x3.6x
Price to Earnings Ratio

76x


Total Market Cap: CA$391.3bTotal Earnings: CA$5.1bTotal 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 32.7x which is lower than its 3-year average PE of 289x.
  • The 3-year average PS ratio of 8.8x is higher than the industry's current PS ratio of 6.3x.
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 9.0% 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 Market2.38%
Materials7.97%
Metals and Mining9.01%
Gold9.95%
Silver8.96%
Copper7.57%
Precious Metals and Minerals6.59%
Diversified Metals and Mining6.28%
Aluminum0%0
Steel-3.15%
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 39.3%, which is lower than the prior year's growth of 514.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 69% 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$182.6010.0%
+CA$7.5b		66.1%PE40.5x
ABX Barrick MiningCA$56.858.4%
+CA$7.4b		102.0%PE13.7x
FNV Franco-NevadaCA$344.458.3%
+CA$5.1b		52.7%PE42.9x
K Kinross GoldCA$42.5310.5%
+CA$4.8b		136.1%PE15.3x
PAAS Pan American SilverCA$76.1010.8%
+CA$3.1b		107.8%PE23.6x

Latest News

MKA
CA$0.66
Mkango Resources
7D
-22.4%
1Y
153.8%
USA
CA$7.26
Americas Gold and Silver
7D
-8.7%
1Y
303.3%
LUC
CA$0.24
Lucara Diamond
7D
-11.1%
1Y
-35.1%
TECK.B
CA$72.10
Teck Resources
7D
7.8%
1Y
37.2%

TECK.B: Anglo Merger Progress And Copper Output Will Drive Future Upside

The updated analyst price target for Teck Resources edges lower by about CA$1.50, as analysts balance a series of higher CA$79 to CA$82 targets tied to the Anglo American merger progress with more cautious recent revisions from firms such as Scotiabank. Analyst Commentary Recent research on Teck Resources shows a split view, with several firms lifting price targets around the Anglo American merger process and a smaller group turning more cautious as the stock reacts to prior gains and valuation shifts.
FNV
CA$344.45
Franco-Nevada
7D
8.3%
1Y
52.7%
K
CA$42.53
Kinross Gold
7D
10.5%
1Y
136.1%
PAAS
CA$76.10
Pan American Silver
7D
10.8%
1Y
107.8%
AGI
CA$61.89
Alamos Gold
7D
9.9%
1Y
61.6%
LUN
CA$34.69
Lundin Mining
7D
9.1%
1Y
193.7%

LUN: Future Returns Will Reflect Copper Exposure And Caserones Expansion

The analyst price target for Lundin Mining is now CA$38.54, up from CA$37.25. This change reflects a series of recent target revisions as analysts factor in updated growth, margin and P/E assumptions.
LAR
CA$9.30
Lithium Argentina
7D
-4.2%
1Y
202.9%
ABX
CA$56.85
Barrick Mining
7D
8.4%
1Y
102.0%

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.
WPM
CA$182.60
Wheaton Precious Metals
7D
10.0%
1Y
66.1%
CDB
CA$0.29
Cordoba Minerals
7D
-81.4%
1Y
-50.8%
VMET
CA$13.20
Versamet Royalties
7D
-5.0%
1Y
n/a
CAD
CA$2.63
Colonial Coal International
7D
-7.4%
1Y
71.9%