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 22–25, 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 own—or 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

"With Juanicipio, MAG offers exposure to a best-of-breed asset."

— Michael Gray, Macquarie Capital Markets (4/12/19)
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"There are five drills at MAG's Juanicipio plus another expected soon."

— Michael Gray, Macquarie Capital Markets (4/4/19)
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"MAG's Juanicipio is being built for mine life beyond the PEA case."

— Michael Gray, Macquarie Capital Markets (3/6/19)
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"LGD's Goldstrike maiden resource came in at 1.139 Moz at 0.54 g/t Au."

— Michael Gray, Macquarie Capital Markets (2/8/18)
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"RPM's Florida Canyon November production increased 20% over October's."

— Michael Gray, Macquarie Capital Markets (12/11/17)
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"RPM documented thick sulphide mineralization at Florida Canyon."

— Michael Gray, Macquarie Capital Markets (11/29/17)
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"We are encouraged by RPM's improved cash position."

— Michael Gray, Macquarie Capital Markets (10/30/17)
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"We see considerable rerating potential for RPM."

— Michael Gray, Macquarie Capital Markets (10/15/17)
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"We think GSV is on to a very attractive target at Jasperoid Wash as it has many of the favorable elements we like to see in the Carlin Trend deposits."

— Michael Gray, Macquarie Equity Research (10/6/17)
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"RPM-processed ore in July and August is tracking above our estimate."

— Michael Gray, Macquarie Capital Markets (9/18/17)
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"We see significant rerating potential in RPM."

— Michael Gray, Macquarie Capital Markets (8/27/17)
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