Sector Expert: Raj Ray

National Bank of Canada

Image: Raj Ray

Raj Ray is a metals and mining research associate analyst with National Bank Financial, covering junior mining companies. Prior to joining NBF, Ray worked as an equity research associate with GMP Securities covering diversified and fertilizer sectors. He has also worked in investment banking with Dundee Capital Markets on equity financings and M&A transactions for small- to mid-cap gold and base metal companies. Prior to this Ray was a process engineer at Vedanta Resources Plc for four years. Ray holds a Bachelor in Metallurgical Engineering from India and a Master of Business Administration in finance from the Schulich School of Business. He is also a CFA charterholder.



Recent Interviews

Junior Producers Riding Exploration Success to Reratings: Raj Ray (5/28/15)
Mine truck

In this interview with The Gold Report we learn that it's not enough for junior gold producers to have strong management teams running thrifty, efficient operations. These companies must be able to extend their mine life, either through exploration or distressed M&A, to reach the coveted market rerating, says National Bank Financial Mining Analyst Raj Ray. He covers a growing list of companies that, with help from depreciating currencies, are up about 75% year-over-year and could see further gains with success via the drill bit. Ray shares those names and others with outsized leverage to a big move in the gold price.

Raj Ray: Miners' Cost Cutting Set to Deliver in Late 2014 (9/3/14)
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When gold prices plunged in late 2013, gold producers took notice and developed mine plans that offered greater flexibility in troubled times. But even the best plans take time. Well, it's almost time for the producers to deliver, says Raj Ray, associate metals and mining analyst with National Bank Financial. He is looking for producers with flexible mine plans that can generate cash flow against a backdrop of static gold prices; the market likes developers with advanced, low-capital intensity projects with permits in place. Ray delivers his top gold producer and developer picks in this interview with The Gold Report.

Recent Quotes

"The importance of SA's KSM project lies in its significant scale (one of the largest undeveloped copper-gold deposits)."

— Raj Ray, National Bank Financial (10/7/16)
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"NG's Donlin Gold permitting continues to advance."

— Raj Ray, National Bank Financial (10/4/16)
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"We expect the results of the upcoming PEA will include a positive updated resource estimate at SEA's KSM gold-silver-copper-Molybdenum project."

— Raj Ray, National Bank Financial (9/19/16)
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"NG continues to maintain a strong financial position, expected to be more than sufficient to complete permitting of Donlin Gold."

— Raj Ray, National Bank Financial (6/28/16)
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"NG's $136M cash gives it the flexibility to continue advancing its project over the next two to three years."

The Gold Report Interview with Raj Ray (5/28/15)
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"The Canadian dollar is still at a place where companies like RIC can continue to benefit from the weakness."

The Gold Report Interview with Raj Ray (5/28/15)
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"The first time two royalty companies came together to bid for a single project was with TGM's Karma."

The Gold Report Interview with Raj Ray (9/3/14)
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