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Derek Macpherson

M Partners

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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.




Recent Interviews

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

Three Essentials to Look for in Junior Mining Equities: Derek Macpherson (10/21/13) Underappreciated companies and companies with management teams that have disappointed in the past can be opportunities to buy, not sell, says Derek Macpherson of M Partners. Don't be dazzled by flashy drill results, he advises. In this interview with The Gold Report, Macpherson says that investors are better to look for junior explorers with long-term vision, high grades and simple operations in good jurisdictions, and names eight companies that make the grade.

Recent Quotes

"We see this fixed monthly pricing agreement as positive for MLN." (11/17/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"We believe TV's Santander is approaching steady state." (11/17/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"No required EA could accelerate development of ICG's Parallel zone." (11/14/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"KDX's ability to generate free cash flow sets it apart from its peers." (11/13/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"We expect TMM to generate positive free cash flow in Q4/14." (10/29/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"KDX's Q3/14 production results came in ahead of our estimates." (10/21/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"Continued operational execution should see KDX's stock begin trading at a premium to its peers." (10/20/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"We continue to expect positive full-year 2014 free cash flow from TMM." (10/17/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

more comments

"KDX released excellent results from Fire Creek." (10/9/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"In Q3/14, TV's QOQ silver grades increased by 15%, lead by 49%." (10/9/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"KDX is our top pick for its premium jurisdiction, strong management and exceptional grades." (10/7/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

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

"CMM is currently optimizing its mine plan so it can complete a feasibility study." (10/7/14) Castle Mountain Mining Co. Ltd. - The Mining Report Interview with Derek Macpherson Moreá>

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

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

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

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

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

"KDX's updated Midas resource increased grade by 7% and ounces by 77%." (10/2/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"It appears TV remains on track to complete Caribou on time and budget." (9/25/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"TV developed the surface and underground at Caribou through summer." (9/18/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"KDX intercepted 2,184 g/t gold and 27 g/t silver over 0.4m at Honeyrunner." (9/16/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"NUG began ramping up exploration to complete its 70% Iceberg earn-in." (9/11/14) NuLegacy Gold Corporation - Derek Macpherson, M Partners Moreá>

"ICG's final 2014 Triangle zone drill results support resource growth." (9/10/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"KDX's strong drill results continue to demonstrate Midas' potential." (9/10/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"There is exploration upside at MLN's El Compas." (9/10/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"CMM's Castle Mountain project will likely become a quality asset." (9/4/14) Castle Mountain Mining Co. Ltd. - Derek Macpherson, M Partners Moreá>

"We expect ICG's costs to materially decline as a result of the mill acquisition." (9/4/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"TV identified a new copper-gold zone at Stratmat." (9/3/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"We rate MLN a Buy due to projected production, grade and cash flow improvements in H2/14." (9/2/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"TV's Santander resource is likely to grow following the next update." (8/21/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"NUG now is funded through the 70% earn-in of its Iceberg project." (8/19/14) NuLegacy Gold Corporation - Derek Macpherson, M Partners Moreá>

"We base our Buy rating on TV's potential to increase near-term gold grades." (8/15/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"KDX generated free cash flow in Q2/14, which sets it apart from peers." (8/13/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"TMM's lower-than-expected cash costs offset one-time general and administrative expenses." (7/30/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"TMM's cash costs came in below expectations." (7/29/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"We expect MLN to see further multiple expansion." (7/25/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"ICG's new drill results suggest that the resource is likely to grow." (7/16/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"TV is positioned as the next mid-tier base metal producer with significant leverage to a positive zinc market." (7/15/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"ICG has the balance sheet strength to continue exploring its land package aggressively." (7/15/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"MLN's new streaming agreement should lead to additional free cash flow generation." (7/14/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"TMM has operational experience and solid production results." (7/10/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"TMM has operational experience, low leverage and an improving valuation." (7/10/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"TV's sale of the non-core Tingo asset provides $13.5M and balance sheet flexibility." (7/3/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"We are impressed with KDX's Midas mill." (6/30/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"Construction and rehabilitation at TV's Caribou appear to be on track." (6/27/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"Positive drill results identified new targets at TV's Stratmat." (6/20/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"TV's drill results from Stratmat were generally positive." (6/20/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"We are maintaining our Buy rating for MLN." (6/10/14) Marlin Gold Mining Ltd. - Derek Macpherson, M Partners Moreá>

"KDX continues to move Fire Creek toward full production." (6/10/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"TV provides significant leverage to a favorable zinc environment." (6/4/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"We are maintaining our Buy recommendation on TMM." (6/2/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"TV will be the only midtier producer with significant zinc leverage." (5/28/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"KDX's Fire Creek has exceptional grades, strong management and a friendly jurisdiction." (5/27/14) Klondex Mines Ltd. - Derek Macpherson interview with Resource Investing News Moreá>

"ICG's drill results further highlight Lamaque's high-grade nature." (5/22/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"KDX's Fire Creek drill results continue to imply likely resource growth." (5/22/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"TV reported better-than-expected Q1/14 revenue." (5/20/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"We are encouraged by TV's operational execution." (5/16/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"Q1/14 grades at KDX's Fire Creek were 71.6% higher than our estimate." (5/15/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"TV's Caribou PEA is generally in line with our expectations." (5/14/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"A deep drill hole from TV's Caribou project shows promise." (5/6/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"The Karen vein at KDX's Fire Creek could add ~110 Koz goldŚa 15% increase." (5/5/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"KDX's PEA for Fire Creek is both positive and an important derisking step." (4/30/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"We expect the economics of KDX's upcoming Fire Creek PEA to be very robust." (4/23/14) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"New ICG drill results came in ahead of current Triangle zone grades." (4/22/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"We are initiating coverage on ICG with a Buy rating." (4/21/14) Integra Gold Corp. - Derek Macpherson, M Partners Moreá>

"TV's Santander operating results were well ahead of our estimates." (4/14/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"TMM should see a second consecutive quarter of free cash flow." (4/9/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"As a high-grade gold producer with significant free cash flow, MLN can grow via acquisition or exploration." (3/12/14) Marlin Gold Mining Ltd. - The Gold Report Interview with Derek Macpherson Moreá>

"TV has material growth on the horizon." (3/12/14) Trevali Mining Corp. - The Gold Report Interview with Derek Macpherson Moreá>

"Because ATY has very high grades, it doesn't need a lot of throughput to generate meaningful free cash flow." (3/12/14) Atico Mining Corp. - The Gold Report Interview with Derek Macpherson Moreá>

"We like KDX for its exceptionally high-grade resource, strong management team and excellent jurisdiction." (3/12/14) Klondex Mines Ltd. - The Gold Report Interview with Derek Macpherson Moreá>

"Free cash flow begins as TMM's San Francisco has reached a steady state." (3/7/14) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"Stratmat provides TV with long-term growth potential in the Bathurst mining camp." (2/26/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"TV is positioned as the next midtier base metal producer with significant leverage to a favorable zinc market." (1/7/14) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"TV is positioning itself as the next midtier base metal producer with significant leverage to a favorable macro-environment for zinc." (10/29/13) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"ATY is making the rapid transition from being a base metal developer to a producer; it should be generating positive operating cash flow by year-end." (10/22/13) Atico Mining Corp. - The Gold Report Interview with Derek Macpherson Moreá>

"CXO has been hitting good results that moved the stock up, even through this summer's tough market." (10/22/13) Colorado Resources Ltd. - The Gold Report Interview with Derek Macpherson Moreá>

"KDX has high grades, low costs, a clean balance sheet and the ability to self-fund development going forward." (10/22/13) Klondex Mines Ltd. - The Gold Report Interview with Derek Macpherson Moreá>

"We like TMM for its low all-in cash costs; the stock should move up once its resource report comes out." (10/22/13) Timmins Gold Corp. - The Gold Report Interview with Derek Macpherson Moreá>

"With so few vehicles to play in zincĺs positive macro environment, TV could trade at a premium to its peers. It should be generating cash very soon." (10/22/13) Trevali Mining Corp. - The Gold Report Interview with Derek Macpherson Moreá>

"Today's drill results underscore TV's Santander's potential to expand." (10/21/13) Trevali Mining Corp. - Derek Macpherson, M Partners Moreá>

"KDX's ability to raise a meaningful amount of money in a challenging equity market highlights the quality of the project." (10/17/13) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"We are encouraged as KDX continues on track toward guidance." (9/12/13) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

"The recent selloff of TMM offers a very attractive entry point." (9/11/13) Timmins Gold Corp. - Derek Macpherson, M Partners Moreá>

"KDX is uniquely positioned to organically fund the next stage of growth." (7/18/13) Klondex Mines Ltd. - Derek Macpherson, M Partners Moreá>

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