Sector Expert: Derek Macpherson

Image: Derek Macpherson

Derek Macpherson is a mining analyst at M Partners; before joining M Partners he worked in mining research for a bank-owned investment dealer. Prior to entering capital markets, MacPherson spent six years working as a metallurgist. Macpherson has a Bachelor of Engineering and Management in materials science and a finance-focused MBA.

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Recent Interviews

M Partners' Derek Macpherson Found Three Resource Companies that Have Done the ImpossibleŚIncreased in Value 30% This Year (4/15/15)
Gold bars graph

If you don't like what people are saying about you, change the conversation. Derek Macpherson, an analyst with Toronto-based M Partners, covers three companies that are up over 30% year-to-dateŚand he believes those companies are performing because they got the market's attention by changing the conversation. In this interview with The Gold Report, Macpherson says companies that can change their narrative on the flyŚand deliverŚwill inevitably perform. Macpherson covers some performers and others that he expects will perform in H2/15 and beyond.

The Best Offense Remains a Good Defense: M Partners' Derek Macpherson (10/7/14)
Offense and defense

With a strong dollar currently depressing the precious metals prices, M Partners Mining Analyst Derek Macpherson believes that fundamentals will kick in eventually and bring prices back up. In this interview with The Mining Report, he advises investors to look for low-risk companies on solid footing and discusses some of his favorite names that are poised to come out fighting.

Derek Macpherson: Is It a Love Affair or a Tryst? (3/12/14)

Investors have again begun flirting with the junior mining sector. Will it lead to a love affair or is it just a tryst? Derek Macpherson, a mining analyst with M Partners, believes it is still too early to be taking on high-risk, high-leverage names. In this interview with The Gold Report, he advises investors to carefully choose low-risk companies, even in this early stage of a rising gold price environment, and names a handful that investors could fall in love with.

Recent Quotes

"Drill results from KDX's Fire Creek and Midas were positive."

— Derek Macpherson, Salman Partners (12/11/15)
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"We view ICG's infill drill results from the Parallel zone positively."

— Derek Macpherson, Salman Partners (12/10/15)
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"We are initiating coverage of KDX with a Buy rating."

— Derek Macpherson, Salman Partners (12/10/15)
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"ICG is almost ready for its next development stage at Lamaque South."

— Derek Macpherson, Salman Partners (12/4/15)
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"We are initiating coverage on ICG with a Buy rating."

— Derek Macpherson, Salman Partners (11/20/15)
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"KDX's guidance increase suggests a strong Q4/15 is on the horizon."

— Derek Macpherson, M Partners (10/26/15)
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"ICG has all the permits for underground exploration and a bulk sample."

— Derek Macpherson, M Partners (10/22/15)
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"TV reported Q3/15 production results that were ahead of our estimates."

— Derek Macpherson, M Partners (10/9/15)
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"KDX's new strong drill results continue to show Midas' potential."

— Derek Macpherson, M Partners (10/9/15)
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"Recent ICG drill results were highlighted by 32.2 g/t Au over 1.7m."

— Derek Macpherson, M Partners (10/8/15)
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"We expect TMM's production to increase 11% in Q3/15."

— Derek Macpherson, M Partners (10/5/15)
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"Based on the anticipated resource growth, we assume expansion at TV's Santander from 2,000 tpd to 4,000 tpd in 2017."

— Derek Macpherson, M Partners (9/28/15)
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"Our recent site visit to KDX's Fire Creek and Midas was positive."

— Derek Macpherson, M Partners (9/24/15)
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"TMM's capital costs are expected to decrease by $40ľ60M at Ana Paula."

— Derek Macpherson, M Partners (9/21/15)
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"TV is showing good progress at Caribou."

— Derek Macpherson, M Partners (9/11/15)
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"TV announced mill throughput progressed to an average of 2,489 tpd in August, up 48% from May."

— Derek Macpherson, M Partners (9/9/15)
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"ICG's 46 holes at Triangle return an 11.9 g/t weighted average grade."

— Derek Macpherson, M Partners (9/2/15)
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"TV's Q2/15 financial results were roughly in line with our estimates."

— Derek Macpherson, M Partners (8/18/15)
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"We view Eldorado's deal with ICG positively."

— Derek Macpherson, M Partners (8/18/15)
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"It appears that production at TV's Caribou mine is ready to ramp up."

— Derek Macpherson, M Partners (8/13/15)
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"In Q2/15, KDX's strong operating results provided strong financial results."

— Derek Macpherson, M Partners (8/13/15)
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"NGN's merger with Crocodile brought three producing assets, additional cash and a strong H1/15."

— Derek Macpherson, M Partners (8/10/15)
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"KDX's Fire Creek drill results confirm our view that resource growth is likely."

— Derek Macpherson, M Partners (8/5/15)
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"We continue to view TMM as an attractive investment."

— Derek Macpherson, M Partners (7/31/15)
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"TMM's growth projects are moving ahead."

— Derek Macpherson, M Partners (7/30/15)
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"A positive Caribou update should be positive for TV's share price."

— Derek Macpherson, M Partners (7/30/15)
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"We view KDX's Q2/15 operating results positively, as they continue to highlight management's ability to execute."

— Derek Macpherson, M Partners (7/23/15)
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"ICG's Triangle zone may be growing with better grades."

— Derek Macpherson, M Partners (7/16/15)
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"KDX has received permits to expand the tailings facility at Midas."

— Derek Macpherson, M Partners (7/14/15)
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"We model TV declaring commercial production at Caribou in Q3/15."

— Derek Macpherson, M Partners (7/8/15)
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"TMM commenced its pilot phase to drift underground at San Francisco."

— Derek Macpherson, M Partners (7/7/15)
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"We view TV's new equity financing positively, as it provides flexibility."

— Derek Macpherson, M Partners (6/25/15)
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"ICG identified a significant exploration target below the Lamaque mine."

— Derek Macpherson, M Partners (6/19/15)
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"Receipt of the water pollution control permit for Fire Creek derisks KDX's 2015 guidance."

— Derek Macpherson, M Partners (6/18/15)
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"We now expect ICG to develop the higher-grade Triangle zone first."

— Derek Macpherson, M Partners (5/29/15)
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"KDX released favorable development drill results from Fire Creek."

— Derek Macpherson, M Partners (5/21/15)
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"We view TV's update on initial mining at Caribou positively."

— Derek Macpherson, M Partners (5/20/15)
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"We expect ICG's Triangle zone resource to grow with the next update."

— Derek Macpherson, M Partners (5/20/15)
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"TV's Q1/15 results demonstrate continued execution at Santander."

— Derek Macpherson, M Partners (5/15/15)
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"KDX currently has eight drills active; we expect steady news flow."

— Derek Macpherson, M Partners (5/14/15)
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"KDX's Q1/15 EPS came in ahead of estimates."

— Derek Macpherson, M Partners (5/13/15)
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"ICG's Triangle results returned a weighted average grade of 5.8 g/t."

— Derek Macpherson, M Partners (5/7/15)
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"TMM's Q1/15 financial results were roughly in line with our estimates."

— Derek Macpherson, M Partners (5/5/15)
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"Paste backfill would extend mine life and reduce costs per tonne at TV's Caribou."

— Derek Macpherson, M Partners (4/24/15)
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"KDX demonstrated consistent operating results in Q1/15."

— Derek Macpherson, M Partners (4/15/15)
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"TV's Q1/15 production suggests operations have reached steady state."

— Derek Macpherson, M Partners (4/15/15)
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"ICG is one of our favorite development assets in Canada."

The Gold Report Interview with Derek Macpherson (4/15/15)
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"KDX is likely to have positive news flow throughout the balance of 2015."

The Gold Report Interview with Derek Macpherson (4/15/15)
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"We expect to see some good drill results from SOP's Las Minas project over the next three months."

The Gold Report Interview with Derek Macpherson (4/15/15)
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"TMM is poised to build itself into a midtier mining company."

The Gold Report Interview with Derek Macpherson (4/15/15)
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"We are maintaining our Buy recommendation on TMM."

— Derek Macpherson, M Partners (4/14/15)
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"The high-grade, low-cost Lamaque project warrants a premium valuation for ICG."

— Derek Macpherson, M Partners (4/8/15)
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"KDX's drill results at Midas highlight the resource growth potential."

— Derek Macpherson, M Partners (4/7/15)
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"TV's Caribou restart capex is tracking 5ľ10% below budget."

— Derek Macpherson, M Partners (4/2/15)
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"As TV ramps up production, it should trade at a premium to base metal peers."

— Derek Macpherson, M Partners (3/31/15)
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"KDX is another step closer to narrowing the valuation gap with peers."

— Derek Macpherson, M Partners (3/30/15)
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"ICG's Triangle zone returned a weighted average grade of 5.9 g/t."

— Derek Macpherson, M Partners (3/25/15)
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"KDX's earnings per share came in ahead of estimates."

— Derek Macpherson, M Partners (3/25/15)
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"Our view regarding TMM's long-term growth potential remains intact."

— Derek Macpherson, M Partners (3/11/15)
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"TMMĺs growth potential provides an opportunity."

— Derek Macpherson, M Partners (3/10/15)
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"TV's Stratmat drill results showed grades in line with the Inferred resource."

— Derek Macpherson, M Partners (3/3/15)
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"TMM could produce 347 Koz in 2019, once its two projects ramp up."

— Derek Macpherson, M Partners (2/25/15)
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"Conservative assumptions highlight KDX's ability to generate positive cash flow."

— Derek Macpherson, M Partners (2/24/15)
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"KDX reported initial reserves for both Fire Creek and Midas."

— Derek Macpherson, M Partners (2/23/15)
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"The Newstrike deal adds a development asset to TMM's portfolio."

— Derek Macpherson, M Partners (2/17/15)
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"TMM's drilling returned an overall 0.84 g/t weighted average grade."

— Derek Macpherson, M Partners (2/13/15)
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"ICG's resource update confirms the likelihood of a longer-life, high-grade mine."

— Derek Macpherson, M Partners (2/11/15)
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"The results show longer-term growth potential at TMM's San Francisco mine."

— Derek Macpherson, M Partners (2/5/15)
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"We maintain our Buy rating on KDX and are increasing our 12-month target price."

— Derek Macpherson, M Partners (1/30/15)
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"The resource for KDX's Fire Creek saw M&I ounces increase by 46%."

— Derek Macpherson, M Partners (1/29/15)
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"We expect TMM to generate $1.9M free cash flow in 2015."

— Derek Macpherson, M Partners (1/26/15)
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"TV's Q4/14 production results were well ahead of our estimates."

— Derek Macpherson, M Partners (1/22/15)
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"KDX produced 30.5 Koz Au eq, 45% ahead of our estimate of 21.1 Koz."

— Derek Macpherson, M Partners (1/20/15)
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"TV's Stratmat drill results continue to expand the S-5 Lens zone."

— Derek Macpherson, M Partners (1/20/15)
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"ICG should warrant a premium valuation relative to peers."

— Derek Macpherson, M Partners (1/14/15)
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"We increased our price target for TV."

— Derek Macpherson, M Partners (1/13/15)
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"ICG released positive definition drill results from the Fortune zone."

— Derek Macpherson, M Partners (1/8/15)
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"KDX is our top pick; its high grades should drive above-average margins."

— Derek Macpherson, M Partners (1/5/15)
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"The credit extension should improve TMM's financial flexibility."

— Derek Macpherson, M Partners (12/30/14)
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"As TV ramps up production it should trade at a premium to peers."

— Derek Macpherson, M Partners (12/19/14)
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"The structure and price of TMM's acquisition appear attractive."

— Derek Macpherson, M Partners (12/18/14)
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"CMM may be able to reduce both initial capex and operating costs."

— Derek Macpherson, M Partners (12/15/14)
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"KDX entered into a toll milling agreement."

— Derek Macpherson, M Partners (12/3/14)
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"Significant exploration potential exists within ICG's Lamaque South project."

— Derek Macpherson, M Partners (12/2/14)
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"MLN announced that it achieved commercial production at La Trinidad."

— Derek Macpherson, M Partners (12/1/14)
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"CMM's stock is poised to rebound in early 2015."

— Derek Macpherson, M Partners (11/26/14)
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"TV converted the S-5 lens into a new area of mineralization."

— Derek Macpherson, M Partners (11/21/14)
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"We see this fixed monthly pricing agreement as positive for MLN."

— Derek Macpherson, M Partners (11/17/14)
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"We believe TV's Santander is approaching steady state."

— Derek Macpherson, M Partners (11/17/14)
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"Having no required environmental assessement could accelerate development of ICG's Parallel zone."

— Derek Macpherson, M Partners (11/14/14)
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"KDX's ability to generate free cash flow sets it apart from its peers."

— Derek Macpherson, M Partners (11/13/14)
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"We expect TMM to generate positive free cash flow in Q4/14."

— Derek Macpherson, M Partners (10/29/14)
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"KDX's Q3/14 production results came in ahead of our estimates."

— Derek Macpherson, M Partners (10/21/14)
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"Continued operational execution should see KDX's stock begin trading at a premium to its peers."

— Derek Macpherson, M Partners (10/20/14)
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"We continue to expect positive full-year 2014 free cash flow from TMM."

— Derek Macpherson, M Partners (10/17/14)
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"KDX released excellent results from Fire Creek."

— Derek Macpherson, M Partners (10/9/14)
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"In Q3/14, TV's QOQ silver grades increased by 15%, lead by 49%."

— Derek Macpherson, M Partners (10/9/14)
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"KDX is our top pick for its premium jurisdiction, strong management and exceptional grades."

— Derek Macpherson, M Partners (10/7/14)
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"TV is our top base metals pick as it continues to benefit from strong supply and demand fundamentals."

— Derek Macpherson, M Partners (10/7/14)
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"CMM is currently optimizing its mine plan so it can complete a feasibility study."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"ICG is one of our favorite development stories right now."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"KDX has a very high-grade asset, which allows it to have high margins."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"MLN has relatively high grades, so the cash costs should be on the lower side longer term."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"We continue to prefer lower-risk, high-margin names like TMM."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"TV has strong commodity fundamentals and it has a strong organic growth profile."

The Mining Report Interview with Derek Macpherson (10/7/14)
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"KDX's updated Midas resource increased grade by 7% and ounces by 77%."

— Derek Macpherson, M Partners (10/2/14)
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"It appears TV remains on track to complete Caribou on time and budget."

— Derek Macpherson, M Partners (9/25/14)
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"TV developed the surface and underground at Caribou through summer."

— Derek Macpherson, M Partners (9/18/14)
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