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Michael Gray

Macquarie Capital Markets

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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

"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>

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"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 Mines Limited - 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 Mines Limited - 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>

"THO's Escobal is a world-class, high-grade and high-margin silver mine." (8/23/13) Tahoe Resources Inc. - Michael Gray, Macquarie Equity Research Moreá>

"We reiterate our Outperform rating on P; it is a top defensive pick." (7/29/13) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"THO is our top pick among precious metal developers." (7/11/13) Tahoe Resources Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is a top pick among our intermediate gold producers." (6/17/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We recommend BTO with an Outperform rating; it is our top pick among mid-cap gold producers." (6/10/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"GSV is exploring a prime Carlin Trend target." (5/21/13) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO delivered another solid quarter in Q1/13; it is our top pick among intermediate producers." (5/15/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is a hybrid producer-explorer, and it does both well." (4/29/13) B2Gold Corp. - The Gold Report Interview with Michael Gray Moreá>

"MAG has discovered best-of-breed assets with what we would consider best-of-breed talent." (4/29/13) MAG Silver Corp. - The Gold Report Interview with Michael Gray Moreá>

"We show Tahoe being cash flow positive in Q4/13 and overall guidance of 5 Moz silver being produced into 2013." (4/29/13) Tahoe Resources Inc. - The Gold Report Interview with Michael Gray Moreá>

"We are upgrading our recommendation on CSI to Outperform." (4/1/13) Colossus Minerals Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is our top pick among the intermediate producers." (4/1/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"GSV provides excellent exposure to multimillion-ounce, Carlin-type target potential." (2/10/13) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is our top pick among the intermediate producers." (1/30/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is our top pick among intermediate gold producers." (1/11/13) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We reiterate our Outperform recommendation for P." (12/14/12) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"A new zone underscores high exploration upside at BTO's Otjikoto." (12/12/12) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO delivered another solid quarter; it is a top pick." (11/14/12) B2Gold Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We reiterate our Outperform recommendation on GSV." (11/13/12) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We maintain our Outperform rating on P." (11/9/12) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"GSV's plan of operation will allow the company to drill its best targets." (11/1/12) Gold Standard Ventures Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"P won a very positive tax ruling; we are upgrading to an Outperform rating." (10/9/12) Primero Mining Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We recommend BTO with an Outperform." (9/20/12) B2Gold Corp. - Michael Gray, Moreá>

"MAG's Cinco de Mayo has potential to yield further discoveries; we rate it Outperform." (9/6/12) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

"We recommend MAG with an Outperform rating." (8/22/12) MAG Silver Corp. - Michael Gray, Moreá>

"PDG had a 71% increase in resource ounces at Magino; we reiterate our Outperform rating." (8/20/12) Prodigy Gold Inc. - Michael Gray, Macquarie Capital Markets Moreá>

"BTO is a top pick among our intermediate producers." (8/15/12) B2Gold Corp. - Michael Gray, Moreá>

"We reiterate our Outperform recommendation for MAG." (8/15/12) MAG Silver Corp. - Michael Gray, Macquarie Capital Markets Moreá>

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