Sector Expert: Rob Chang

Cantor Fitzgerald

Image: Rob Chang

Cantor Fitzgerald Canada's Senior Analyst and Head of Metals and Mining Rob Chang has covered the metals and mining space for over eight years for the sellside and the buyside. Prior to Cantor, Chang served on the equity research teams at Versant Partners, Octagon Capital and BMO Capital Markets. His buyside experience includes managing $3 billion in assets as a director of research/portfolio manager at Middlefield Capital, where his primary resource portfolio outperformed its direct peer and benchmark by over 28% and 18%, respectively. He was also on a five-person multistrategy hedge fund team, where he specialized in equity and derivative investments. He completed his Master of Business Administration from the University of Toronto's Rotman School of Management.



Recent Interviews

Gear Up for a Violent Uranium Price Spike: Cantor Fitzgerald's Rob Chang (12/22/15)
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The price of uranium is still in the doldrums, but that will change soonŚand violently, says Rob Chang of Cantor Fitzgerald Canada. In this interview with The Energy Report, he explains that electric utilities will begin to run short of fuel even before 2020, when 33 additional reactors are expected to come on line. With that in mind, Chang predicts that prices could triple in the next few years, and highlights a half-dozen equities that will likely supply the increased demand and thereby deliver multiples to investors.

Cantor Fitzgerald's Rob Chang Names Four Miners that Can Survive $1,050 Gold and $15 Silver (12/21/15)
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The price of gold has see-sawed since the Federal Reserve raised interest rates on Dec. 16, and market experts debate if the action is good or bad for gold. Rob Chang of Cantor Fitzgerald Canada believes that after the small rate hike doomsayers are overstating their case and that gold should sell in 2016 for about $100/oz more than today. In this interview with The Gold Report, he argues that in today's climate cash costs below $1,000/oz are the bare minimum requirement for survival. Happily, Chang highlights three gold producers and one silver producer that have what it takes.

Uranium Got You Down? Better Days Are Ahead: Cantor Fitzgerald Canada's Rob Chang (6/9/15)
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Uranium's price has been low and stagnant for years, but that's going to change, says Rob Chang of Cantor Fitzgerald Canada. Chang foresees volatility as the 2020 uranium deficit draws closer and demand for the limited stockpile drives the price up. In this interview with The Energy Report, the analyst points out that investors can find bargains throughout the space, and describes a handful of companies he considers particularly interesting.

Recent Quotes

"NXE continues to be extremely well funded with cash on hand of about $190M."

— Rob Chang, Cantor Fitzgerald (10/26/17)
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"The total composite mineralization from FCU's drill hole PLS17-564 represents the widest total composite mineralization drilled to date, outside of the Triple R deposit."

— Rob Chang, Cantor Fitzgerald (10/26/17)
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"We are maintaining a Buy recommendation for EFR."

— Rob Chang, Cantor Fitzgerald (10/26/17)
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"The single most important event for SEA over the coming months will be to partner-up with a large-tier, or consortium of large-tier miners and/or off-takers."

— Rob Chang, Cantor Fitzgerald (10/26/17)
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"We are maintaining a BUY recommendation and our target price of US$4.25per share for PGLC."

— Rob Chang, Cantor Fitzgerald (10/26/17)
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"Sixteen holes from NXE's Rook I reported significant radioactivity."

— Rob Chang, Cantor Fitzgerald (10/18/17)
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"FCU's PLS17-566 encountered 95m of total composite mineralization."

— Rob Chang, Cantor Fitzgerald (10/10/17)
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"NXE provided positive infill and stepout drill results from Rook I."

— Rob Chang, Cantor Fitzgerald (10/2/17)
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"A U.S. Secretary of the Interior order derisks time risk for PGLC."

— Rob Chang, Cantor Fitzgerald (9/18/17)
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"NXE agreed to acquire the last 40% of the Dufferin Lake property."

— Rob Chang, Cantor Fitzgerald (9/11/17)
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"EFR's Canyon mine update increased resources by nearly 1 Mlb U3O8."

— Rob Chang, Cantor Fitzgerald (8/23/17)
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"FCU's R1515W zone has the potential to change the economics of PLS."

— Rob Chang, Cantor Fitzgerald (8/23/17)
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"EFR's Q2/17 revenues and earnings beat our estimates."

— Rob Chang, Cantor Fitzgerald (8/8/17)
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"EFR's Q2/17 revenue of $17.9M beat our and consensus estimates."

— Rob Chang, Cantor Fitzgerald (8/4/17)
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"NXE's Arrow PEA estimates an NPV8% of $3.49B and an IRR of 56.7%."

— Rob Chang, Cantor Fitzgerald (8/1/17)
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"Test results indicate another significant-sized deposit at FCU's PLS."

— Rob Chang, Cantor Fitzgerald (7/31/17)
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"NXE's maiden PEA for Arrow is the best uranium PEA we have ever seen."

— Rob Chang, Cantor Fitzgerald (7/31/17)
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"Two drill holes at NXE's Arrow intersected 'off-scale' cps results."

— Rob Chang, Cantor Fitzgerald (7/27/17)
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"NXE released assay results; of special interest is the first uranium mineralization hit on the parallel structure south of Arrow."

— Rob Chang, Cantor Fitzgerald (7/25/17)
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"Scintillometer results expanded FCU's R1515W zone to about 45m."

— Rob Chang, Cantor Fitzgerald (7/24/17)
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"Highlights from 25 NXE drill holes include high-grade mineralization."

— Rob Chang, Cantor Fitzgerald (7/12/17)
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"NXE will have an excellent cash position after the $110M financing."

— Rob Chang, Cantor Fitzgerald (7/4/17)
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"PGLC will use the new PFS plan for the phase 2 permit application."

— Rob Chang, Cantor Fitzgerald (6/8/17)
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"NXE's maiden PEA is expected in the end of June/early July."

— Rob Chang, Cantor Fitzgerald (6/7/17)
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"PGLC's preliminary feasibility study on Relief Canyon is positive."

— Rob Chang, Cantor Fitzgerald (6/5/17)
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"EFR remains a top leverage play to the upcoming uranium recovery."

— Rob Chang, Cantor Fitzgerald (5/9/17)
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"EFR will earn $6.5M in 2017 from processing U3O8 in alternate feeds."

— Rob Chang, Cantor Fitzgerald (5/8/17)
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"NXE announced that a maiden PEA has been initiated for Arrow."

— Rob Chang, Cantor Fitzgerald (4/27/17)
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"FCU's hole PLS17-517 contained 7.5m at 7.31% U3O8."

— Rob Chang, Cantor Fitzgerald (4/24/17)
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"FCU showed potential mineable pounds east of the best zone at PLS."

— Rob Chang, Cantor Fitzgerald (4/20/17)
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"NXE's Arrow A2, A3 and A4 shears encountered uranium mineralization."

— Rob Chang, Cantor Fitzgerald (4/18/17)
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"FCU expanded the R1515W zone through two mineralized holes."

— Rob Chang, Cantor Fitzgerald (4/4/17)
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"Land consolidation at Antelope Springs is key to PGLC's exploration."

— Rob Chang, Cantor Fitzgerald (4/4/17)
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"NXE's Harpoon is shaping up to be a meaningful deposit itself."

— Rob Chang, Cantor Fitzgerald (3/23/17)
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"EFR received the final license for expansion of Nichols Ranch."

— Rob Chang, Cantor Fitzgerald (3/23/17)
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"FCU discovered a new mineralized zone (R1515W) at PLS, west of R840W."

— Rob Chang, Cantor Fitzgerald (3/20/17)
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"During 2016, EFR sold 1.15 Mlb and recovered 1,015 Klb U3O8."

— Rob Chang, Cantor Fitzgerald (3/10/17)
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"NXE's $65M cash on hand should sustain over two years of drilling."

— Rob Chang, Cantor Fitzgerald (3/6/17)
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"PGLC has secured all the permits to restart and expand Relief Canyon."

— Rob Chang, Cantor Fitzgerald (2/28/17)
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"A new hit at FCU's PLS property highlights potential for a new zone."

— Rob Chang, Cantor Fitzgerald (2/27/17)
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"EFR has received EPA approval for its Jane Dough well field."

— Rob Chang, Cantor Fitzgerald (2/17/17)
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"EFR continues to discover large, high-grade areas of uranium mineralization."

— Rob Chang, Cantor Fitzgerald (2/2/17)
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"We continue to view UUUU as a strong uranium price leverage play with the production capability to be the dominant U.S. domestic producer."

— Rob Chang, Cantor Fitzgerald (11/4/16)
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"UUUU has discovered an extensive system of high-grade copper mineralization at its Canyon mine."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"NexGen has intercepted several world-class drill holes that may rank among the best ever drilled on the planet."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"FCU's high-grade R840W Zone, along with the R1620E Zone, has the potential to add to the current resource."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"We forecast production from PGLC's Relief Canyon to commence in Q2/17."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"PGLC's phase 1 drilling should expand the PEA pit limit and expand and upgrade the in-pit resource."

— Rob Chang, Cantor Fitzgerald (9/6/16)
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"Despite our conservative estimates, NXE shows incredible upside; we're increasing our target price."

— Rob Chang, Cantor Fitzgerald (4/8/16)
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"NXE's maiden resource blows Street estimates right out of the water; it's our top pick."

— Rob Chang, Cantor Fitzgerald (3/3/16)
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"NXE reported a record-setting hole that is among the world's best."

— Rob Chang, Cantor Fitzgerald (1/19/16)
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"FCU entered into a subscription agreement with CGN Mining."

— Rob Chang, Cantor Fitzgerald (1/11/16)
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"EFR is well positioned to benefit from higher uranium prices."

The Energy Report Interview with Rob Chang (12/22/15)
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"FCU will continue to explore and add pounds to what is already a world-class project."

The Energy Report Interview with Rob Chang (12/22/15)
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"NXE is our top pick across all commodities."

The Energy Report Interview with Rob Chang (12/22/15)
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"FCU has added a highly sought-after partner at a 25% premium."

— Rob Chang, Cantor Fitzgerald (12/21/15)
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"PGLC has been finding some spectacular gold intercepts just north of the Relief Canyon mine."

The Gold Report Interview with Rob Chang (12/21/15)
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"We continue to see NXE as our top pick in the uranium space."

— Rob Chang, Cantor Fitzgerald (12/14/15)
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