11 Cheap Canadian Stocks to Buy Now

2. McEwen Inc. (NYSE:MUX)

Forward P/E Ratio as of July 22: 13.5

Number of Hedge Fund Holders: 17

Average Upside Potential as of July 22: 33.16%

McEwen Inc. (NYSE:MUX) is one of the cheap Canadian stocks to buy now. On July 2, Inventus Mining Corp. announced that it has signed a milling agreement with McEwen Mining for processing bulk sample material from its wholly-owned Pardo Gold Project. The project is located 65 km northeast of Sudbury, Ontario, Canada, and benefits from proximity to established mining infrastructure.

Under the agreement, Inventus can process up to 5,000 tonnes per month, with a total capacity of up to 45,000 tonnes, at McEwen Mining’s Stock Mill, located in Timmins, Ontario. A previous 1,000-tonne bulk sample from Pardo, processed at the Stock Mill in 2017, yielded an average grade of 4.2 grams per tonne/gpt gold with an 89% recovery rate. Inventus anticipates that recoveries could reach up to 95% under optimized conditions based on prior metallurgical testing.

Bulk sample extraction at the 007 North site, which targets 5,000 tonnes, is proceeding on schedule, with waste removed and gold mineralization being prepared for crushing and trucking to the Stock Mill. Processing of this material is expected to commence in late July, with a series of planned bulk samples continuing into H1 2026. The 007 North bulk sample specifically targets flat-lying gold mineralization located within 6 meters of the surface, which was previously reported, in June, to have an average grade and thickness of 3.84 gpt gold over 1.82 meters.

McEwen Inc. (NYSE:MUX) is an energy company that explores, develops, produces, and sells gold and silver deposits in the US, Canada, Mexico, and Argentina. It also explores for copper deposits.

Inventus is a mineral exploration and development company that is focused on the world-class mining district of Sudbury, Ontario.