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

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 26.6x which is lower than its 3-year average PE of 286x. The 3-year average PS ratio of 8.9x is higher than the industry's current PS ratio of 6.0x.

Which industries have driven the changes within the Canadian Materials industry?

Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 112x. Analysts are expecting annual earnings growth of 12.2%, which is lower than the prior year's growth of 59.1% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 18 May 2026	CA$933.0b	CA$155.9b	CA$35.0b	16.7x	26.6x	6x
Wed, 15 Apr 2026	CA$1.0t	CA$138.2b	CA$27.1b	19.7x	37.2x	7.3x
Fri, 13 Mar 2026	CA$1.0t	CA$137.0b	CA$25.4b	19x	40.3x	7.5x
Sun, 08 Feb 2026	CA$975.8b	CA$128.6b	CA$19.3b	24.9x	50.4x	7.6x
Tue, 06 Jan 2026	CA$905.2b	CA$125.7b	CA$17.5b	23.2x	51.7x	7.2x
Thu, 04 Dec 2025	CA$816.5b	CA$126.5b	CA$18.2b	21.2x	44.8x	6.5x
Sat, 01 Nov 2025	CA$718.0b	CA$119.4b	CA$13.9b	20.5x	51.7x	6x
Mon, 29 Sep 2025	CA$728.8b	CA$117.4b	CA$12.2b	21.6x	59.8x	6.2x
Wed, 27 Aug 2025	CA$593.9b	CA$118.2b	CA$12.1b	17.1x	49x	5x
Fri, 25 Jul 2025	CA$538.8b	CA$109.3b	CA$8.1b	17.2x	66.4x	4.9x
Sun, 22 Jun 2025	CA$515.4b	CA$110.1b	CA$8.3b	15.4x	62.4x	4.7x
Tue, 20 May 2025	CA$417.7b	CA$94.1b	CA$5.6b	12.8x	74.8x	4.4x
Thu, 17 Apr 2025	CA$475.2b	CA$104.5b	CA$5.1b	15.4x	93.4x	4.5x
Sat, 15 Mar 2025	CA$452.3b	CA$107.2b	CA$5.1b	12.5x	88.7x	4.2x
Mon, 10 Feb 2025	CA$439.1b	CA$111.3b	CA$715.1m	13.4x	614x	3.9x
Wed, 08 Jan 2025	CA$399.6b	CA$111.8b	CA$510.6m	13.5x	782.5x	3.6x
Fri, 06 Dec 2024	CA$417.6b	CA$109.7b	CA$321.4m	13.5x	1299.3x	3.8x
Sun, 03 Nov 2024	CA$429.2b	CA$105.2b	-CA$738,905,752.25	14.8x	-580.9x	4.1x
Tue, 01 Oct 2024	CA$426.5b	CA$105.0b	-CA$393,736,407.65	17.9x	-1083.2x	4.1x
Thu, 29 Aug 2024	CA$408.5b	CA$105.1b	-CA$629,440,971.94	16.3x	-649x	3.9x
Sat, 27 Jul 2024	CA$389.2b	CA$105.0b	-CA$294,133,114.14	14.7x	-1323.4x	3.7x
Mon, 24 Jun 2024	CA$373.0b	CA$104.9b	-CA$564,078,017.62	16.5x	-661.2x	3.6x
Wed, 22 May 2024	CA$411.1b	CA$104.5b	-CA$923,046,919.60	18.5x	-445.4x	3.9x
Fri, 19 Apr 2024	CA$375.0b	CA$103.8b	CA$1.5b	17.4x	246.5x	3.6x
Sun, 17 Mar 2024	CA$334.0b	CA$103.1b	CA$1.4b	13.4x	244.9x	3.2x
Tue, 13 Feb 2024	CA$299.1b	CA$100.0b	CA$3.1b	12.9x	97.3x	3x
Thu, 11 Jan 2024	CA$336.5b	CA$107.1b	CA$1.7b	12.7x	194.4x	3.1x
Sat, 09 Dec 2023	CA$335.9b	CA$108.3b	CA$1.8b	12.8x	189.6x	3.1x
Mon, 06 Nov 2023	CA$335.3b	CA$107.4b	CA$1.7b	14x	198x	3.1x
Wed, 04 Oct 2023	CA$332.3b	CA$106.0b	CA$1.6b	11.2x	206.3x	3.1x
Fri, 01 Sep 2023	CA$364.3b	CA$104.1b	CA$1.7b	11.3x	216.7x	3.5x
Sun, 30 Jul 2023	CA$369.3b	CA$101.5b	CA$919.2m	13.4x	401.8x	3.6x
Tue, 27 Jun 2023	CA$356.3b	CA$103.4b	CA$2.3b	12.9x	152.9x	3.4x
Thu, 25 May 2023	CA$368.0b	CA$106.0b	CA$2.7b	14.2x	134.4x	3.5x


CA Market	-0.52%
Materials	-5.78%
Metals and Mining	-6.42%
Aluminum	0%	0
Copper	-0.74%
Precious Metals and Minerals	-2.06%
Steel	-3.66%
Diversified Metals and Mining	-3.79%
Silver	-5.70%
Gold	-7.96%

Company	Last Price	7D	1Y	Valuation
MOG Mogotes Metals	CA$0.57	147.8% +CA$177.9m	216.7%	PB5.4x
CUU Copper Fox Metals	CA$0.80	29.0% +CA$105.5m	240.4%	PB5.5x
APM Andean Precious Metals	CA$7.66	9.7% +CA$102.4m	314.1%	PE5.5x
MAXX Max Power Mining	CA$2.58	29.6% +CA$86.5m	1,100.0%	PB50.9x
FDY Faraday Copper	CA$5.64	5.4% +CA$84.8m	642.1%	PB10.7x

Announcement • May 15

Meridian Mining Plc Announces Discovery Of Gold Mineralisation At Álamo And Reports High-Grade Results From Santa Helena Central

Meridian Mining plc announced the discovery of gold and base metal mineralisation at Álamo, located at the southeastern end of the Cabaçal Au-Cu-Ag VMS belt and only 1km from Santa Helena's infrastructure area. The exploration discovery hole, CD-852, intersected 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m. It represents a newly defined mineralised position, open along strike, up-dip and down-dip, along a 1.6km Induced Polarisation anomaly. The Company also reports results from Santa Helena Central's resource infill programme. The high-grade zones of gold-copper-silver and lead-zinc include CD-854's high-grade core of 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m. These results will be included in a future resource upgrade. The Álamo trend represents a 1.6km eastern trend that connects to the west with the larger Santa Helena system. Hydrothermal processes are reflected by geophysical response with a positive chargeability anomaly (consistent with bedrock sulphides), and peak soil responses from past historical sampling of 820 ppm Cu, 1300 ppm Zn, 3040 ppm Pb, and up to 90 gold counts (gold specks in panned 5 litre soil sample). CD-852's discovery represents a return to the evaluation of the opportunities that the Álamo trend presents, with recent drilling purposefully directed into the Santa Helena system's footwall position. In this underlying position below and to the east of the Santa Helena Central resource, historical drilling (JUCHD018, JUCHD014, JUCHD021) intercepted mineralisation, that although at low levels, signalled that a fertile hydrothermal system was present in the poorly tested lower position. CD-852 was collared 240m from the limit of the Santa Helena Central resource model extent, and ~230m east of the mineralised position of the historical JUCHD021, that assayed trace level gold grades in the Santa Helena footwall position. CD-852 passed through an interlayered sequence of mafic and felsic meta-volcanics, and encountered multiple horizons with anomalous gold, base metal and/or pathfinder signatures. Gold-only zones were first encountered at 48.0 - 48.3m and 62.3 - 63.1m. A zinc-lead interval from 88.1 - 93.6m with higher Ba/Zr ratios and adjacent elevated Mo-Cd may mark an exhalative position. Importantly, the interval from 108.9 - 112.4m returned strong gold-silver mineralisation, with an intersection of 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m. The peak gold grade reported was 8.8g/t Au over 0.4m from 110.8m. This is the highest gold grade encountered to date in the limited drill-testing of the Santa Helena footwall position. The interval has elevated base metals, but is overall a low-sulphur zone, with gold grades higher than those characteristic of the VMS-only event. The interval occurs in a zone of Na-depletion characteristic of hydrothermal leaching and is accompanied by an elevated pathfinder signal (Bi-Mo-Se-Cd). The mineralised interval is interpreted to dip moderately to the southwest and remains open. Previously CD-431, drilled north of CD-852, returned 5.4m @ 0.4g/t Au, 27.8 g/t Ag, 0.4% Zn from 38.4m, in a shallow northerly dipping package. BHEM surveys of CD-431 and CD-432 (NSA) identified a modelled conductor extending over 40m+ along strike, that is the strongest BHEM response detected to date at Santa Helena, with a high conductivity of ~4200 Siemens. This will be tested as part of Álamo's ongoing 2026 exploration programme. The CD-852 results provide another example of an elevated bismuth pathfinder signal seen in association with the high-grade gold event in mineralisation of the Cabaçal Belt. This geochemistry is seen in camps such as La Ronde - Penna, which like the Cabaçal Belt, has a subvolcanic tonalite intrusive body contributing to the metal associations. In the La Ronde - Penna camp, the mineralisation can be stacked at different intervals. The Company has previously noted that, with the Cabaçal Belt being characterised by gentle dips, there is a significant footprint of unexplored stratigraphy between this sub-volcanic intrusive tonalite system and the known VMS horizon to date. With the CD-852 result, we are now increasingly confident in the opportunity for drilling to encounter blind positions, and look forward to testing for extensions or repeats of the mineralisation. Additional holes drilled in the broader region include CD-762, CD-767 and CD-825. CD-762 was the first hole into the Santa Helena Far North chargeability response. The hole intersected a weathered mafic - metasediment interval in the weathering zone which was anomalous in gold, bismuth and other pathfinders (47 ppb Au; 5 ppm Bi, 356 ppm As). Assays indicated a second meta-volcanic /meta-sediment contact at 77.7m depth was associated with a sodium depletion zone in which the hole terminated at 85.1m. Results indicate the chargeability response is associated with dynamic hydrothermal processes with further work required to build exploration vectors. CD-762 was a first hole into an area which had returned anomalous gold in rock chip float. The hole returned grades of up to 0.4% Cu and the area is under further evaluation. Hole CD-825 was drilled to the south and returned low levels of Cu-Au anomalism.

Announcement • Apr 23

Copper Fox Metals Inc. Provides Update on Van Dyke ISCR Project and Preliminary Economic Assessment

Copper Fox Metals Inc., through its wholly owned subsidiary Desert Fox Van Dyke Co., provided an update on the Van Dyke ISCR project located in the Globe-Miami Mining District, Gila County, Arizona. Preparation of the preliminary economic assessment (PEA) and development of the 3-D numerical groundwater flow model continues to advance at a steady pace. The Van Dyke copper project is recognized as a potential near term, mid-size, environmentally friendly, sustainable copper project with a 17-year mine life and a production capacity of 85 million pounds of Grade A 99.99% pure copper cathode per year located in the center of the prolific Miami-Inspiration Mining District, approximately 90 miles east of the recently commissioned Florence ISCR copper project. Locations for the underground access to the deposit, SX-EW plant and related infrastructure have been selected. An updated mineral resource estimate (MRE) to support the PEA is planned. A preliminary semi-regional 3-D groundwater flow model has been constructed; calibration of the model is in progress. Two additional hydrogeological monitoring and groundwater sampling sites are expected to come online in May 2026. The updated PEA will be prepared in accordance with the Canadian disclosure requirements of National Instrument 43-101 – Standards and Disclosures for Mineral Projects (NI 43-101) and the requirements of Form 43-101 F1. Moose Mountain Technical Services will manage preparation of the PEA supported by RGC Hydro Services LLC, Samuels Engineering, and Stantec. This PEA team has considerable direct experience with advanced stage ISCR copper projects in Arizona including the recently commissioned Florence ISCR copper mine located approximately 90 miles west of the Van Dyke project. A total of 369 samples has been collected from 29 drillholes from the lower Oxide and Transitional mineral zones within the Van Dyke deposit to fill in gaps in previously sampled intervals, close open-ended mineralized intervals and previously unsampled drillholes, including DDH M-2. The Transitional zone of the Van Dyke deposit is a mixture of acid soluble minerals (malachite, azurite, chrysocolla) and chalcocite, a secondary copper sulphide. Core sample from DDH M-2 at the core interval of 284.45m showing fracture-controlled azurite (blue) and malachite (green) copper mineralization. The 3D geological block model and construction of the preliminary groundwater flow model for the Bloody Tanks drainage basin and the Van Dyke project have been completed. The 3D geological block model focussed on regional scale structures that may affect groundwater flow within the modelled area and forms the basis for advancing the groundwater flow modelling. Populating the groundwater flow model with all available hydrogeological data and calibration of the model to reflect the recorded data is underway. Two additional hydrogeology and groundwater sampling sites to measure hydrostatic changes and sampling for water quality purposes are expected to be on-line by the end of May 2026. These sites increase the density of sample sites within the sampling grid across the project and allow for the collection of additional data to measure the variation in the hydrostatic parameters and water quality across the property. Copper Fox follows a rigorous Quality Assurance/Quality Control program. A total of 359 core samples, 18 commercial certified reference material (CRM) standards, and 9 blanks were submitted for analysis. The standards are certified for Sequential copper leach analysis. Skyline Assayers and Laboratories Inc. (Accreditation 2953.01 and Standard ISO/IEC 17025:2017) located in Tucson, Arizona will complete the sample preparation and analysis for the Van Dyke samples. Samples were prepared using preparation code SP-1 - Crush to plus 75% -10 mesh, split and pulverize with standard steel to plus 95% -150 mesh. Analytical code Cu-PKG06LI will be used for Sequential leach to determine oxide, sulfide, and residual copper fractions in the samples.

Canadian (TSX) Metals and Mining Industry Analysis

Industry Valuation and Performance

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Latest News

Wheaton Precious Metals Sets Record Q1 With US$901m Revenue and Major Silver Streaming Deal

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