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 24.4x which is lower than its 3-year average PE of 273x. The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 5.8x.

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 close to its 3-year average PE ratio of 136x. Analysts are expecting annual earnings growth of 8.2%, which is lower than the prior year's growth of 87.7% per year.

Canadian (TSX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 10 Aug 2026	CA$963.4b	CA$166.0b	CA$39.5b	15.9x	24.4x	5.8x
Wed, 08 Jul 2026	CA$876.7b	CA$161.5b	CA$36.3b	14.4x	24.2x	5.4x
Fri, 05 Jun 2026	CA$946.8b	CA$158.4b	CA$35.4b	15.6x	26.7x	6x
Sun, 03 May 2026	CA$896.5b	CA$140.6b	CA$28.2b	16.4x	31.8x	6.4x
Tue, 31 Mar 2026	CA$873.5b	CA$139.5b	CA$26.7b	15.5x	32.7x	6.3x
Thu, 26 Feb 2026	CA$1.1t	CA$135.3b	CA$24.9b	22.5x	44.6x	8.2x
Sat, 24 Jan 2026	CA$1.0t	CA$125.2b	CA$17.4b	27.8x	59.9x	8.3x
Mon, 22 Dec 2025	CA$875.5b	CA$126.0b	CA$17.6b	21.4x	49.8x	6.9x
Wed, 19 Nov 2025	CA$745.0b	CA$126.8b	CA$18.6b	18.7x	40x	5.9x
Fri, 17 Oct 2025	CA$800.8b	CA$118.3b	CA$12.3b	23.8x	64.8x	6.8x
Sun, 14 Sep 2025	CA$674.8b	CA$118.4b	CA$11.9b	18.6x	56.8x	5.7x
Tue, 12 Aug 2025	CA$563.8b	CA$114.7b	CA$11.4b	16.9x	49.5x	4.9x
Thu, 10 Jul 2025	CA$517.4b	CA$109.6b	CA$8.2b	17.4x	63.2x	4.7x
Sat, 07 Jun 2025	CA$522.4b	CA$110.6b	CA$8.5b	15.5x	61.7x	4.7x
Mon, 05 May 2025	CA$461.2b	CA$106.6b	CA$6.4b	12.6x	71.7x	4.3x
Wed, 02 Apr 2025	CA$462.8b	CA$107.6b	CA$5.3b	13.9x	86.9x	4.3x
Fri, 28 Feb 2025	CA$434.8b	CA$106.9b	CA$3.4b	11.6x	126.2x	4.1x
Sun, 26 Jan 2025	CA$415.3b	CA$111.7b	CA$678.1m	14.7x	612.5x	3.7x
Tue, 24 Dec 2024	CA$391.0b	CA$111.8b	CA$507.2m	12.5x	771x	3.5x
Thu, 21 Nov 2024	CA$414.0b	CA$109.3b	CA$350.7m	13.5x	1180.7x	3.8x
Sat, 19 Oct 2024	CA$435.7b	CA$106.9b	-CA$299,486,421.02	18.2x	-1455x	4.1x
Mon, 16 Sep 2024	CA$413.5b	CA$105.8b	-CA$668,043,580.94	16x	-619x	3.9x
Wed, 14 Aug 2024	CA$385.2b	CA$106.2b	-CA$588,736,207.65	15.2x	-654.2x	3.6x
Fri, 12 Jul 2024	CA$401.1b	CA$104.5b	-CA$548,369,054.44	14.7x	-731.4x	3.8x
Sun, 09 Jun 2024	CA$377.3b	CA$105.2b	-CA$596,505,222.34	15.8x	-632.5x	3.6x
Tue, 07 May 2024	CA$381.9b	CA$103.6b	CA$30.0m	18.2x	12727.9x	3.7x
Thu, 04 Apr 2024	CA$355.2b	CA$102.4b	CA$1.4b	17.1x	252.1x	3.5x
Sat, 02 Mar 2024	CA$297.5b	CA$102.9b	CA$2.4b	14.2x	122.9x	2.9x
Mon, 29 Jan 2024	CA$331.3b	CA$107.5b	CA$1.7b	12.7x	193.2x	3.1x
Wed, 27 Dec 2023	CA$349.2b	CA$106.4b	CA$1.7b	13.8x	205.2x	3.3x
Fri, 24 Nov 2023	CA$331.3b	CA$108.9b	CA$1.7b	11.6x	192.1x	3x
Sun, 22 Oct 2023	CA$349.1b	CA$106.2b	CA$1.5b	11x	229.4x	3.3x
Tue, 19 Sep 2023	CA$365.2b	CA$104.1b	CA$1.7b	11.3x	218.9x	3.5x
Thu, 17 Aug 2023	CA$347.9b	CA$104.2b	CA$1.4b	11.3x	242.5x	3.3x


CA Market	2.38%
Materials	15.98%
Metals and Mining	18.09%
Silver	25.38%
Gold	19.80%
Precious Metals and Minerals	18.52%
Diversified Metals and Mining	13.40%
Copper	12.84%
Steel	0.53%
Aluminum	0%	0

Company	Last Price	7D	1Y	Valuation
ABX Barrick Mining	CA$60.96	18.5% +CA$15.9b	93.8%	PE12x
WPM Wheaton Precious Metals	CA$187.32	22.8% +CA$15.8b	39.5%	PE29.8x
EQX Equinox Gold	CA$16.16	28.7% +CA$9.0b	77.4%	PE27.4x
K Kinross Gold	CA$38.52	19.2% +CA$7.4b	46.1%	PE10.3x
FNV Franco-Nevada	CA$332.81	11.6% +CA$6.7b	37.3%	PE33.7x

Announcement • Jul 21

Q2 Metals Corp. Reports Final Winter Assays and Drilling Results at Cisco Lithium Project in Quebec

Q2 Metals Corp. reported the final analytical results from the winter portion of the 2026 drill program at the Cisco Lithium Project. The Cisco Project is located within the greater Nemaska traditional territory of the Eeyou Istchee in the southernmost part of James Bay, Quebec, Canada and is strategically located just 6.5 kilometres from the paved, all-season Billy Diamond Highway, which provides access to rail infrastructure in the town of Matagami, Quebec, approximately 150 km to the south, with connections to deep seaports along the St. Lawrence River. Approximately 10,515 metres across 19 drill holes was completed during the 2026 Winter Drill Program, with the results reported herein representing 3,611.6 m of drilling over seven drill holes. All analytical results from the 2026 Winter Drill Program have been announced, except for drill hole-93 which was not completed by the end of the winter program, and analytical results will be released as soon as they are available. Drill hole-88, located 110 m northwest from hole-18 and 200 m northwest from hole-73 encountered 137.6 m at 1.47% Li2O; including 40.6 m at 3.25% Li2O. Previous nearby drill results include: Drill hole-18: 215.6m at 1.69% Li2O, including 64.6m at 2.29% Li2O; and Drill hole-73: 170.2 m at 1.99% Li2O, including 40.1 m at 2.89% Li2O. Drill hole-92 encountered a 185.7 m interval averaging 1.54% Li2O, with over 100 metres of the interval extending beyond the conceptual open pit that was part of the MRE. The remaining drill holes in this release are considered infill holes, and the results are consistent with expectations given their close spacing. All intervals of greater than 5 m of core-length and greater than 0.30% Li2O are included in Table 1. Internal dilution of non-pegmatite material was limited to intervals of less than 5 m. No specific grade cap or lower cut-offs were used during grade and width calculations. All intervals are reported as core widths and mineralized intervals in all the holes drilled thus far are not representative of the true width as the modelled pegmatite zones are being refined with every additional hole. The summary of drill holes including basic location and dip/azimuth is detailed below (Table 2). The summer portion of the 2026 drill program commenced on June 17, 2026 and four diamond core drill rigs are currently in operation. The primary focus of the 2026 Summer Drill Program is on infill drilling of the Cisco Deposit to convert and advance the mineral resource from its current Inferred mineral resource classification to an Indicated mineral resource classification as well as exploratory drilling. Potential zones of high-grade and/or near surface mineralization within the Cisco Deposit have been identified as priority targets for drill testing. Expansion drilling proximate to the deposit and the CO2 outcrop are also planned. Preparation of a Preliminary Economic Assessment on the Cisco Project by BBA Inc. is ongoing. The PEA will establish the first economic benchmark for the Cisco Project by evaluating the existing Inferred Mineral Resource Estimate (announced on April 20, 2026) within a preliminary mine plan and processing flowsheet while also incorporating metallurgy test work and infrastructure studies that have been undertaken to date. The MRE outlined a pit-constrained resource of 270 million tonnes grading 1.36% Li2O at a 0.4% Li2O cut-off grade and an additional underground-constrained resource of 24 million tonnes grading 1.34% Li2O Inferred at a 0.7% Li2O cut-off grade. Together, these support a combined inferred mineral resource of 295 million tonnes grading 1.36% Li2O. The PEA will provide an initial set of project metrics, including capital intensity, operating cost, mine life, economic sensitivities and optimization opportunities. It is expected that the PEA will be published in Fall, 2026. All drilling was conducted using diamond drill rig with NQ sized core and all drill core samples are shipped to SGS Canada’s preparation facility in Val D’Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C, crushing to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps are then shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples are homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported Li grade will be multiplied by the standard conversion factor of 2.153 which results in an equivalent Li2O grade. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness. A Quality Assurance /Quality Control (QA/QC) protocol following industry best practices was incorporated into the sampling program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split and reject-split duplicates was completed to assess analytical precision. The QP has verified the QA/QC results of the analytical work. Neil McCallum, B.Sc., P.Geol, is a Qualified Person as defined by NI 43-101, and a registered permit holder with the Ordre des Géologues du Québec and member in good standing with the Professional Geoscientists of Ontario. Mr. McCallum, a director and Vice President Exploration for Second Quarter Metals, has reviewed and approved the technical information in this news release.

Announcement • Jul 09

Sandfire Resources America Inc. Delivers Black Butte Copper Project Preliminary Feasibility Study Update with New Lowry Reserves and Enhanced Production Profile

Sandfire Resources America Inc. announced the results of an updated Preliminary Feasibility Study (PFS) for the Black Butte Copper Project that significantly enhances the Project’s long-term value through the inclusion of the nearby Lowry copper deposit in the mine plan. The updated PFS positions the Black Butte Copper Project as one of the highest-grade undeveloped underground copper projects in the United States. The Project is forecasted to generate USD 3,300 million in gross revenue and USD 1,300 million in pre-tax net cashflow during mine operations based on a copper price of USD 4.70/lb. The Project has a pre-tax NPV8% of USD 213 million (IRR 15.6%) and a post-tax NPV8% of USD 126 million (IRR 13.3%). At a copper price of USD 6.00/lb, pre-tax NPV8% increases to USD 707 million (IRR 30.4%) and post-tax NPV8% increases to USD 516 million (IRR 26.3%). The addition of the high-grade Lowry Deposit to the existing Johnny Lee Deposit is expected to lower unit operating costs by USD 2.28/tonne, extend mine life by four years through the use of a more cost-effective mechanized long-hole stoping mining method, and realize operational efficiencies through concurrent mining practices. The Project is forecasted to deliver post-tax cashflow of USD 476 million, an increase of USD 122 million over the life of mine. The Project underpins an improved 12-year mine life and is designed to produce 1,445,000 dry metric tonnes of copper concentrate containing 370,000 tonnes of copper metal over the mine lifespan. Average annual production is approximately 31,000 tonnes of contained copper metal at a direct operating cash cost of USD 2.68/lb. For the Johnny Lee Deposit, the Measured and Indicated Mineral Resource of 18.9 million tonnes at 2.4% copper for 462,000 tonnes of contained copper and Inferred Mineral Resource of 3.4 million tonnes at 1.9% copper for 64,000 tonnes of contained copper are maintained. Using a Net Smelter Return cut-off value of USD 110/t, Probable Mineral Reserves are reported at 9.5 million tonnes grading 2.9% copper for 270,000 tonnes of contained copper. For the Lowry Deposit, located approximately 3 km south-east of Johnny Lee, a Measured and Indicated Mineral Resource of 17.9 million tonnes at 1.4% copper for 248,000 tonnes of contained copper and an Inferred Mineral Resource of 13.7 million tonnes at 1.1% copper for 151,000 tonnes of contained copper have been defined. Probable Mineral Reserves are reported at 4.7 million tonnes grading 2.1% copper for 100,000 tonnes of contained copper. Development of the Lowry Deposit remains subject to permitting and regulatory approvals. The revised PFS confirms a significant milestone, increasing combined Probable Mineral Reserves to 14.3 million tonnes grading 2.6% copper, extending forecast mine life by 50% from eight to twelve years, and delivering stronger project economics through a higher-grade blended production profile. The Project maintains a construction capital cost estimate of USD 474 million, consistent with the January 2026 PFS. The PFS includes Mineral Resources and Mineral Reserves for the Johnny Lee Deposit and updated Mineral Resources and maiden Mineral Reserves for the Lowry Deposit and has been prepared in accordance with NI 43-101. The Project consists of 7,684 hectares of fee simple lands and 1,040 unpatented mining claims totaling 8,078 hectares. The Project is located in south-central Montana in Meagher County, approximately 27 km north of White Sulphur Springs. The Johnny Lee Deposit comprises the Upper Copper Zone at depths of 40–210 m and the Lower Copper Zone at depths of 340–520 m. A Mine Operating Plan application was submitted in December 2015. Following a full Environmental Impact Statement process, a positive MT DEQ Record of Decision was received on April 9, 2020, and on August 14, 2020, the MT DEQ approved bond posting and issued a final Mine Operating Permit permitting Phase I Development surface construction. The MOP proposes underground mining of the Johnny Lee Deposit using a drift-and-fill mining method and production of copper concentrate by milling and froth flotation. Mill tailings will be used for underground paste-fill support, with surplus deposited in a double-lined cemented tailings storage facility. The Lowry Deposit is primarily hosted in the Lowry Middle Copper Zone (MCZ) and Lowry Lower Copper Zone (LCZ). The deposit has not yet been permitted through the MT DEQ. A permitting plan and initial activities are ongoing, with permitting expected to be finalized within six years following commencement of the main Johnny Lee access decline. The Lowry Deposit is not scheduled to commence until seven years after commencement of the Jerry Zieg Decline. The economic analysis uses a copper price assumption of USD 4.70/lb. Initial capital costs are estimated at USD 474 million, sustaining capital at USD 180 million, cash costs at USD 2.68/lb, and life-of-mine all-in sustaining cost at USD 3.04/lb. Payback of start-up capital is achieved approximately four years from commissioning. Combined Probable Mineral Reserves are: Johnny Lee: 9.5 Mt at 2.9% Cu for 270,000 t copper, Lowry: 4.7 Mt at 2.1% Cu for 100,000 t copper, Combined: 14.3 Mt at 2.6% Cu for 370,000 t copper. The updated Lowry Mineral Resource includes 17.9 million tonnes Measured and Indicated at 1.4% copper for 248,000 tonnes copper and 13.7 million tonnes Inferred at 1.1% copper for 151,000 tonnes copper. The Lowry mine plan extracts ore from the MCZ and LCZ using mechanized longhole stoping. Material handling will use trackless underground equipment and 60-tonne haul trucks. All openings will be backfilled with paste backfill to allow complete extraction of the orebody. Metallurgical studies show copper recoveries of 91% copper with a 23% copper concentrate from the Lowry MCZ and 94% copper with a 27% copper concentrate from the Lowry LCZ. Locked-cycle test work indicated that the same flowsheet designed for Johnny Lee can recover copper concentrates grading 23%–28% copper with recoveries of 91%–94% copper. The capital cost estimate remains USD 474 million, including contingency. The breakdown comprises Mining USD 155 million, Process and Infrastructure USD 293 million, and Owner Costs USD 26 million. Development and infrastructure capital for the Lowry Deposit is classified as sustaining capital and does not change the initial capital estimate. Average underground mining operating costs are estimated at USD 70 million per annum, or USD 64/tonne ore mined, excluding capitalized pre-production costs. The updated PFS confirms stronger project economics, higher-grade blended production, extended mine life, and inclusion of the Lowry Deposit into the long-term development plan for the Black Butte Copper Project.

Canadian (TSX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Analysts Are Betting On Equinox Gold Corp. (TSE:EQX) With A Big Upgrade This Week

Second quarter dividend of US$0.20 announced

Barrick Mining Corporation Announces Executive Appointments

Investor sentiment improves as stock rises 19%

PAAS: Project Execution And Precious Metal Upside Will Drive Future Returns

Li-FT Power Ltd. has completed a Follow-on Equity Offering in the amount of CAD 20.01 million.

FM: Restart Progress And Copper Exposure Will Drive Future Upside Potential

FNV: Future Cash Flows Will Hinge On Cobre Panama Restart

Barksdale Resources Corp. Reports Gold Intercepts and Completes Resampling Program at San Javier Project

Insufficient new directors

Investor sentiment deteriorates as stock falls 15%

No independent directors

TECK.B: Anglo Merger And Copper Expansion Will Shape Future Cash Generation Risk Balance

Q2 Metals Corp. Reports Final Winter Assays and Drilling Results at Cisco Lithium Project in Quebec

Sandfire Resources America Inc. Delivers Black Butte Copper Project Preliminary Feasibility Study Update with New Lowry Reserves and Enhanced Production Profile

Colonial Coal International Corp., Annual General Meeting, Dec 10, 2025