Sector Expert: Michael Gray

Macquarie Capital Markets

Image: Michael Gray

Michael Gray is a mining equity analyst with Macquarie Capital Markets and covers a range of precious metal explorers and producers with an emphasis on North and South America. He is an exploration geologist and holds a Bachelor of Science in geology (University of British Columbia) and Master of Science in economic geology (Laurentian University). His career of over 25 years in the mineral exploration business started with senior mining companies including Falconbridge, Lac Minerals, Cominco and Minnova where he worked throughout Canada and the USA. He co-founded Rubicon Minerals in 1996 and helped navigate the company through a series of joint ventures and an asset portfolio build that was eventually centered on the Red Lake gold district, Canada. During this period, Gray was president of the 5,000 member B.C. & Yukon Chamber of Mines for one year and on the executive committee for six years. Gray then joined the mining analyst world in 2005 where he brought to bear his technical skills to identify new precious metal opportunities at an early stage with outstanding exploration potential; he has covered a number of these opportunities that were subsequently taken over by gold producers.



Recent Interviews

Michael Gray: Is Goldcorp's Bid for Osisko a Harbinger of a Gold Renaissance? (3/19/14)

Optimism. Momentum. Buoyancy. Call it what you will, a positive current is running through the gold space. Macquarie Capital Markets' Canadian Mining Equity Research Team Head Michael Gray deconstructs some of the factors contributing to that newfound energy. Calling out merger & acquisition activity as a nascent trend, he shares with The Gold Report some of the names that could be on a senior gold producer's shopping list.

Quality over Quantity Stressed at Colorado Conferences (10/4/13)

If it is fall, it must be conference season in Colorado. The Denver Gold Forum, held Sept 22ľ25, was an invitation-only event billed as featuring seven-eighths of the world's publicly traded gold and silver companies measured by production. It was preceded by the Precious Metals Summit in Beaver Creek, which focused on smaller, emerging companies, some 90 of them with market caps of at least $20 million. Attendees included analysts, fund managers and institutional investors eager to hear updates on companies they ownŚor may want to own in the future. The Gold Report Publisher Karen Roche and Associate Publisher Jason Mallin were there and brought back this report.

Gold's Plunge Ultimately Healthy for the Sector: Michael Gray (4/29/13)

Market volatility sets the stage for price upswings as well as dips, according to Michael Gray, equities analyst of Macquarie Capital Markets, and the recent gold price drop should be seen as a "pause" in the bull market. Management teams are pausing as well, to focus on earnings and shareholder return rather than growth. In this interview with The Gold Report, Gray says this is the time to buy the best companies you can while they are discounted to fire sale prices, and he offers several names in jurisdictions from South and North America in the junior explorer space.

Recent Quotes

"Buy GSV after it expanded Railroad-Pinion's land package by 66%."

— Michael Gray, Macquarie Capital Markets (3/27/17)
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"GSV has added a ~20 kha land position just south of Railroad-Pinion."

— Michael Gray, Macquarie Capital Markets (3/23/17)
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"ICG increased Indicated resources at Triangle 105% to 1.2 Moz."

— Michael Gray, Macquarie Capital Markets (3/22/17)
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"Salobo contributed 71.3 Koz Au to SLW's record Q4/16 production."

— Michael Gray, Macquarie Capital Markets (3/22/17)
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"GFG discovered a new area of gold mineralization at Rattlesnake Hills."

— Michael Gray, Macquarie Capital Markets (3/17/17)
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"MAG's Peter Megaw won Prospector of the Year for Juanicipio."

— Michael Gray, Macquarie Capital Markets (3/8/17)
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"The Ag eq resource at MAG's Deep zone increased +221% to 254 Moz."

— Michael Gray, Macquarie Capital Markets (3/2/17)
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"The updated PEA saw mine life at ICG's Lamaque increase to 10 years."

— Michael Gray, Macquarie Capital Markets (2/28/17)
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"ICG's infill drilling has shown persistent high-grade intersections."

— Michael Gray, Macquarie Capital Markets (2/22/17)
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"RPM's new heap-leach pad facility is ready for regulatory review."

— Michael Gray, Macquarie Capital Markets (2/9/17)
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"We reiterate our Outperform recommendation on GSV."

— Michael Gray, Macquarie Capital Markets (2/9/17)
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"RPM's new South Heap Leach Pad facility is ready for the Nevada regulatory review process."

— Michael Gray, Macquarie Equity Research (2/9/17)
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"ICG's known C2 structure footprint has expanded unexpectedly."

— Michael Gray, Macquarie Capital Markets (2/1/17)
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"ICG offers a deep exploration and development catalyst pipeline, a strong Quebec address with high grades, and scalability potential."

— Michael Gray, Macquarie Equity Research (1/10/17)
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"The large corridor of gold mineralization at PLG's Goldstrike is the expression of a major system with potential for both oxide and sulphide deposits."

— Michael Gray, Macquarie Equity Research (1/10/17)
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"At THO's Shahuindo, we are encouraged that near mine and satellite targets that are mainly hosted by sandstone have yielded potentially positive results for expansion."

— Michael Gray, Macquarie Equity Research (1/9/17)
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"We expect increased catalyst news flow for THO through 2017."

— Michael Gray, Macquarie Equity Research (1/8/17)
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"Buy GFG for significant Tier One, +20 Moz Au district discovery potential."

— Michael Gray, Macquarie Equity Research (12/18/16)
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"ICG is a Top Pick among the explorers/developers we cover."

— Michael Gray, Macquarie Equity Research (11/15/16)
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"This is a key opportunity to buy SLW at a discount; Salobo is delivering as the cornerstone asset."

— Michael Gray, Macquarie Capital Markets (11/10/16)
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"SLW trades in-line with peers while offering high quality streams with the majority of assets operating in the bottom half of their respective cost curves."

— Michael Gray, Macquarie Capital Markets (11/10/16)
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"We expect THO's strong performance at La Arena continuing into Q4/16."

— Michael Gray, Macquarie Equity Research (11/7/16)
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"TAHO's Q3/16 financials were better than Macquarie estimates; we rate it Outperform."

— Michael Gray, Macquarie Capital Markets (11/4/16)
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"We are initiating coverage of RPM with an Outperform recommendation."

— Michael Gray, Macquarie Equity Research (10/17/16)
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"ICG has one of the deepest catalyst pipelines of any junior explorer/developer."

— Michael Gray, Macquarie Capital Markets (10/13/16)
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"GSV's North Dark Star is accentuated by three attractive features that indicate a large Carlin gold system is being documented."

— Michael Gray, Macquarie Equity Research (10/13/16)
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"Our site visit reinforced our view that MAG's Juanicipio JV is the world's best undeveloped precious metals asset that a developer has exposure to."

— Michael Gray, Macquarie Capital Markets (10/3/16)
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"The in-house due diligence team provides SLW with a key competitive advantage."

— Michael Gray, Macquarie Equity Research (9/30/16)
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"Significant lateral step-outs document high-grade mineralization at ICG's C5, with step-out drill highlights of 54.43g/tAu over 3.6m and 8.42g/t over 4.0m."

— Michael Gray, Macquarie Capital Markets (9/19/16)
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"PLG's Main Zone will be part of a resource at the end of Q1/17 that will include 96 PLG-drilled holes and 100 historic drill holes."

— Michael Gray, Macquarie Capital Markets (9/14/16)
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"GSVĺs Hole 16-21 yielded another good intersection and confirms up-dip extension at North Dark Star."

— Michael Gray, Macquarie Capital Markets (9/14/16)
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"We reiterate our Outperform rating and Top Pick status for MAG."

— Michael Gray, Macquarie Capital Markets (9/8/16)
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"PLG continued its high batting average, with five of seven drill holes documenting +0.4g/tAu over +10m intersections."

— Michael Gray, Macquarie Capital Markets (8/31/16)
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"GSV's emerging NW high-grade trend at the North Bullion deposit highlights the multi-target potential of the large 18km land package."

— Michael Gray, Macquarie Capital Markets (8/30/16)
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"Recommendation: Buy GSV and in our opinion, they have a tiger by the tail having documented high grade oxide & large thicknesses in the southern +100moz Carlin Trend."

— Michael Gray, Macquarie Equity Research (8/18/16)
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"We believe MAG's Juanicipio JV is the world's best undeveloped precious metals project that a junior has exposure to."

— Michael Gray, Macquarie Capital Markets (8/16/16)
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"ICG reported more high-grade, thick results at the main C4 structure of its Triangle Deposit."

— Michael Gray, Macquarie Capital Markets (8/9/16)
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"GSV is an attractive target and ultimately a Tier 1 asset opportunity that offers +20mozAu hunting grounds."

— Michael Gray, Macquarie Equity Research (8/9/16)
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"ICG's Gold Rush Challenge exceeded expectations; new, high-quality, near-mine and far-mine targets have been served up."

— Michael Gray, Macquarie Capital Markets (3/7/16)
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"ICG continues to stand out as one of the most active junior exploration companies globally."

— Michael Gray, Macquarie Equity Research (12/9/15)
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"THO is building an enviable high-margin precious metals business."

— Michael Gray, Macquarie Capital Markets (11/13/15)
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"Drilling at GSV's Dark Star showed mineralization 157m at 1.51g/t Au."

— Michael Gray, Macquarie Capital Markets (11/11/15)
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"RIC is our top pick among junior producers."

— Michael Gray, Macquarie Capital Markets (11/5/15)
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"We would be buyers of ICG for exposure to multiple quality targets."

— Michael Gray, Macquarie Capital Markets (9/2/15)
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"P has delivered exceptional results from its cornerstone San Dimas asset."

— Michael Gray, Macquarie Equity Research (7/21/15)
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"We like the high-grade Lower Extension zone at RIC's Island Gold mine."

— Michael Gray, Macquarie Capital Markets (7/13/15)
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"MAG's Juanicipio JV is one of the world's best undeveloped precious metal assets."

— Michael Gray, Macquarie Capital Markets (6/24/15)
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"ICG unveiled details of a large target associated with Sigma-Lamaque."

— Michael Gray, Macquarie Capital Markets (6/18/15)
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"MAG's Valdecanas vein has 'stacked' bonanza-grade zones."

— Michael Gray, Macquarie Capital Markets (6/15/15)
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"RIC's Island Gold should deliver high grades, high margins and long mine life."

— Michael Gray, Macquarie Capital Markets (4/30/15)
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"We would be buyers ahead of G's Investor Day later this week."

— Michael Gray, Macquarie Capital Markets (4/7/15)
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"We are initiating coverage of PRB with an Outperform rating."

— Michael Gray, Macquarie Capital Markets (4/6/15)
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