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

"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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"We expect drill results, permits and takeover potential to boost ICG's stock price."

— Michael Gray, Macquarie Capital Markets (3/24/15)
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"We are resuming coverage on SLW; we maintain our Outperform rating."

— Michael Gray, Macquarie Capital Markets (3/19/15)
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"RIC is in a solid position to execute the accelerated growth plan."

— Michael Gray, Macquarie Capital Markets (3/2/15)
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"We initiate coverage of ICG with an Outperform recommendation."

— Michael Gray, Macquarie Capital Markets (2/26/15)
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"We reiterate our Outperform recommendation on P."

— Michael Gray, Macquarie Capital Markets (2/12/15)
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"THO is transforming into a leading precious metal, free cash flow producer."

— Michael Gray, Macquarie Capital Markets (2/10/15)
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"PRB's Borden Gold project has the key attributes of a takeover target."

— Michael Gray, Macquarie Capital Markets (1/20/15)
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"RIC's C zone discovery is a transformative, long-mine-life asset."

— Michael Gray, Macquarie Capital Markets (1/16/15)
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"GSV's Railroad-Pinion is one of the few potential tier one 20+Moz targets 100% owned by a junior."

— Michael Gray, Macquarie Capital Markets (1/12/15)
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"RIC reported a high-grade 19.9 g/t Au over 3.9m drill intercept at the Deep C zone."

— Michael Gray, Macquarie Capital Markets (1/8/15)
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"PRB now owns a 100% district-scale land position with multimillion ounces potential, the takeover sweet spot for a junior."

— Michael Gray, Macquarie Capital Markets (12/11/14)
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"SLW is one of our top picks amongst senior producers."

— Michael Gray, Macquarie Capital Markets (12/3/14)
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"We continue to like P for its cornerstone San Dimas asset."

— Michael Gray, Macquarie Equity Research (12/3/14)
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"THO's Escobal is still a best-in-class silver mine."

— Michael Gray, Macquarie Capital Markets (12/2/14)
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"SLW is one of our top picks among senior producers."

— Michael Gray, Macquarie Capital Markets (11/13/14)
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"RIC is one of our top picks among junior precious metal producers."

— Michael Gray, Macquarie Capital Markets (11/7/14)
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"THO's Escobal is a best-in-class silver mine managed by a top-notch management team."

— Michael Gray, Macquarie Equity Research (11/6/14)
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"Buy RIC for exposure to one of the best new gold discoveries in Canada."

— Michael Gray, Macquarie Capital Markets (10/23/14)
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"PRB is one of our top exploration and developer picks."

— Michael Gray, Macquarie Capital Markets (10/17/14)
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