Sector Experts

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

"P has delivered exceptional results from its cornerstone San Dimas asset." (7/21/15) Primero Mining Corp. - Michael Gray, Macquarie Equity Research Moreá>

"We like the high-grade Lower Extension zone at RIC's Island Gold mine." (7/13/15) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"MAG's Juanicipio JV is one of the world's best undeveloped precious metal assets." (6/24/15) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"ICG unveiled details of a large target associated with Sigma-Lamaque." (6/18/15) Integra Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

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

"RIC's Island Gold should deliver high grades, high margins and long mine life." (4/30/15) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"We would be buyers ahead of G's Investor Day later this week." (4/7/15) Goldcorp Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"We are initiating coverage of PRB with an Outperform rating." (4/6/15) Probe Metals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

more comments

"We expect drill results, permits and takeover potential to boost ICG's stock price." (3/24/15) Integra Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We are resuming coverage on SLW; we maintain our Outperform rating." (3/19/15) Silver Wheaton Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"RIC is in a solid position to execute the accelerated growth plan." (3/2/15) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"We initiate coverage of ICG with an Outperform recommendation." (2/26/15) Integra Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We reiterate our Outperform recommendation on P." (2/12/15) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"THO is transforming into a leading precious metal, free cash flow producer." (2/10/15) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"PRB's Borden Gold project has the key attributes of a takeover target." (1/20/15) Probe Metals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"RIC's C zone discovery is a transformative, long-mine-life asset." (1/16/15) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"GSV's Railroad-Pinion is one of the few potential tier one 20+Moz targets 100% owned by a junior." (1/12/15) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"RIC reported a high-grade 19.9 g/t Au over 3.9m drill intercept at the Deep C zone." (1/8/15) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"PRB now owns a 100% district-scale land position with multimillion ounces potential, the takeover sweet spot for a junior." (12/11/14) Probe Metals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"SLW is one of our top picks amongst senior producers." (12/3/14) Silver Wheaton Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We continue to like P for its cornerstone San Dimas asset." (12/3/14) Primero Mining Corp. - Michael Gray, Macquarie Equity Research Moreá>

"THO's Escobal is still a best-in-class silver mine." (12/2/14) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"SLW is one of our top picks among senior producers." (11/13/14) Silver Wheaton Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"RIC is one of our top picks among junior precious metal producers." (11/7/14) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"THO's Escobal is a best-in-class silver mine managed by a top-notch management team." (11/6/14) Tahoe Resources Inc. - Michael Gray, Macquarie Equity Research Moreá>

"Buy RIC for exposure to one of the best new gold discoveries in Canada." (10/23/14) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"PRB is one of our top exploration and developer picks." (10/17/14) Probe Metals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"RIC is one of our top buys among junior gold producers." (9/15/14) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"SLW has high exposure to asset expansion and exploration upside." (8/14/14) Silver Wheaton Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"THO's Escobal is a 20 Moz/year best-of-breed silver asset." (8/13/14) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"G should be bought for its strong growth profile and free cash flow." (8/12/14) Goldcorp Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"P's San Dimas property is a consistently strong performer." (8/7/14) Primero Mining Corp. - Michael Gray, Macquarie Equity Research Moreá>

"MAG's Juanicipio is the world's best undeveloped silver asset." (7/17/14) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We rate P Outperform; it's one of our top picks in 2014." (7/10/14) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We see very few companies with such economically robust assets as MAG's Juanicipio." (5/27/14) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"THO's Escobal has exceptional grades, low-cost mining characteristics and a high-quality concentrate." (5/8/14) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"P has strong management and high-grade/high-margin exploration upside." (5/8/14) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"Catalysts for ANV include a prefeasibility study filing this month." (5/6/14) Allied Nevada Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"Of all the seniors, G has the best pipeline of quality assets." (3/19/14) Goldcorp Inc. - The Gold Report Interview with Michael Gray Moreá>

"RIC's Deep C zone at Island Gold transforms the company to one with the potential for a 10-year mine life with higher margins." (3/19/14) Richmont Mines Inc. - The Gold Report Interview with Michael Gray Moreá>

"MAG's Juanicipio project in Mexico is one of the best, highest-grade silver development projects out there." (3/19/14) MAG Silver Corp. - The Gold Report Interview with Michael Gray Moreá>

"THO recently achieved commercial production at the Escobal mine." (3/19/14) Tahoe Resources Inc. - The Gold Report Interview with Michael Gray Moreá>

"PRB has a compelling new high-grade discovery at Borden." (3/19/14) Probe Metals Inc. - The Gold Report Interview with Michael Gray Moreá>

"RIC's Island Gold is a Canadian asset with great exploration upside." (2/20/14) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"G remains our top pick among senior gold producers in 2014." (2/19/14) Goldcorp Inc. - Michael Gray, Macquarie Equity Research Moreá>

"The Brigus Gold acquisition is only a few weeks away and will transform P." (2/14/14) Primero Mining Corp. - Michael Gray, Macquarie Equity Research Moreá>

"We reiterate our Outperform recommendation for RIC." (2/11/14) Richmont Mines Inc. - Michael Gray, Macquarie Equity Research Moreá>

"In a year, the resource at the RIC's high-grade Island gold mine has more than doubled." (1/29/14) Richmont Mines Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"P is a top pick as a high-grade, high-margin producer with a core asset in Mexico." (11/6/13) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"THO's Escobal is a world-class silver mine and ready to generate solid returns for shareholders." (10/16/13) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"GSV meets our safe jurisdiction definition and already has a strategic investment." (10/4/13) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"PRB stood out as a high-grade, high-margin project with easier permitting runways and low capex requirements." (10/4/13) Probe Metals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"MAG has a high-IRR deposit that meets our safe jurisdiction definition." (10/4/13) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"Among companies covered at the Precious Metals Summit, P best fits the definition of a North American project that is likely easier to fund." (10/4/13) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We consider GSV's Railroad to be one of the few quality tier 1 drill hole plays in the market." (10/3/13) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"The underground development costs at P's San Dimas mine are the lowest in our coverage universe." (10/1/13) Primero Mining Corp. - Michael Gray, Macquarie Equity Research Moreá>

"P reported bonanza-grade drill results at San Dimas." (9/20/13) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

fewer comments


Due to permission requirements, not all quotes are shown.