11 Cheap Canadian Stocks to Buy Now

7. Ero Copper Corp. (NYSE:ERO)

Forward P/E Ratio as of July 22: 7.19

Number of Hedge Fund Holders: 25

Average Upside Potential as of July 22: 28.02%

Ero Copper Corp. (NYSE:ERO) is one of the cheap Canadian stocks to buy now. On July 10, Ero Copper announced the completion of its 28,000-meter Phase 1 drill program at the Furnas Copper-Gold Project in Brazil’s Carajás Mineral Province. Initial results from this program show continuity and extend the known limits of high-grade mineralization, particularly in zones identified for future underground mining operations.

Significant intercepts from the Southeast zone include 105 meters at 1.54% copper equivalent (CuEq) in hole FURN-DD-00284 and 75 meters at 1.30% CuEq in hole FURN-DD-00271, with the latter extending mineralization ~70 meters down-dip from previous limits. ~10,000 meters of assay results have been received to date, confirming strong continuity and pushing mineralization to a maximum down-dip depth of 730 meters from surface, with the deposit remaining open.

The previous National Instrument 43-101 (NI 43-101) mineral resource estimate for Furnas was based on an average historical drilling depth of 300 meters (vertical). The Phase 1 drilling focused on both infill drilling to confirm continuity and step-out drilling to extend mineralization. Notably, only one of the 66 holes drilled during this campaign failed to intercept mineralization.

Ero Copper Corp. (NYSE:ERO) is an energy company that explores, develops, and produces mining projects in Brazil.