Sector Expert: Rob Chang

Cantor Fitzgerald

Image: Rob Chang

Cantor Fitzgerald Canada's Senior Analyst and Head of Metals and Mining Rob Chang has covered the metals and mining space for over eight years for the sellside and the buyside. Prior to Cantor, Chang served on the equity research teams at Versant Partners, Octagon Capital and BMO Capital Markets. His buyside experience includes managing $3 billion in assets as a director of research/portfolio manager at Middlefield Capital, where his primary resource portfolio outperformed its direct peer and benchmark by over 28% and 18%, respectively. He was also on a five-person multistrategy hedge fund team, where he specialized in equity and derivative investments. He completed his Master of Business Administration from the University of Toronto's Rotman School of Management.



Recent Interviews

Gear Up for a Violent Uranium Price Spike: Cantor Fitzgerald's Rob Chang (12/22/15)
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The price of uranium is still in the doldrums, but that will change soonŚand violently, says Rob Chang of Cantor Fitzgerald Canada. In this interview with The Energy Report, he explains that electric utilities will begin to run short of fuel even before 2020, when 33 additional reactors are expected to come on line. With that in mind, Chang predicts that prices could triple in the next few years, and highlights a half-dozen equities that will likely supply the increased demand and thereby deliver multiples to investors.

Cantor Fitzgerald's Rob Chang Names Four Miners that Can Survive $1,050 Gold and $15 Silver (12/21/15)
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The price of gold has see-sawed since the Federal Reserve raised interest rates on Dec. 16, and market experts debate if the action is good or bad for gold. Rob Chang of Cantor Fitzgerald Canada believes that after the small rate hike doomsayers are overstating their case and that gold should sell in 2016 for about $100/oz more than today. In this interview with The Gold Report, he argues that in today's climate cash costs below $1,000/oz are the bare minimum requirement for survival. Happily, Chang highlights three gold producers and one silver producer that have what it takes.

Uranium Got You Down? Better Days Are Ahead: Cantor Fitzgerald Canada's Rob Chang (6/9/15)
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Uranium's price has been low and stagnant for years, but that's going to change, says Rob Chang of Cantor Fitzgerald Canada. Chang foresees volatility as the 2020 uranium deficit draws closer and demand for the limited stockpile drives the price up. In this interview with The Energy Report, the analyst points out that investors can find bargains throughout the space, and describes a handful of companies he considers particularly interesting.

Recent Quotes

"FCU's hole PLS17-517 contained 7.5m at 7.31% U3O8."

— Rob Chang, Cantor Fitzgerald (4/24/17)
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"FCU showed potential mineable pounds east of the best zone at PLS."

— Rob Chang, Cantor Fitzgerald (4/20/17)
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"NXE's Arrow A2, A3 and A4 shears encountered uranium mineralization."

— Rob Chang, Cantor Fitzgerald (4/18/17)
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"FCU expanded the R1515W zone through two mineralized holes."

— Rob Chang, Cantor Fitzgerald (4/4/17)
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"Land consolidation at Antelope Springs is key to PGLC's exploration."

— Rob Chang, Cantor Fitzgerald (4/4/17)
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"NXE's Harpoon is shaping up to be a meaningful deposit itself."

— Rob Chang, Cantor Fitzgerald (3/23/17)
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"EFR received the final license for expansion of Nichols Ranch."

— Rob Chang, Cantor Fitzgerald (3/23/17)
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"FCU discovered a new mineralized zone (R1515W) at PLS, west of R840W."

— Rob Chang, Cantor Fitzgerald (3/20/17)
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"During 2016, EFR sold 1.15 Mlb and recovered 1,015 Klb U3O8."

— Rob Chang, Cantor Fitzgerald (3/10/17)
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"NXE's $65M cash on hand should sustain over two years of drilling."

— Rob Chang, Cantor Fitzgerald (3/6/17)
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"PGLC has secured all the permits to restart and expand Relief Canyon."

— Rob Chang, Cantor Fitzgerald (2/28/17)
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"A new hit at FCU's PLS property highlights potential for a new zone."

— Rob Chang, Cantor Fitzgerald (2/27/17)
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"EFR has received EPA approval for its Jane Dough well field."

— Rob Chang, Cantor Fitzgerald (2/17/17)
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"EFR continues to discover large, high-grade areas of uranium mineralization."

— Rob Chang, Cantor Fitzgerald (2/2/17)
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"We continue to view UUUU as a strong uranium price leverage play with the production capability to be the dominant U.S. domestic producer."

— Rob Chang, Cantor Fitzgerald (11/4/16)
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"UUUU has discovered an extensive system of high-grade copper mineralization at its Canyon mine."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"NexGen has intercepted several world-class drill holes that may rank among the best ever drilled on the planet."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"FCU's high-grade R840W Zone, along with the R1620E Zone, has the potential to add to the current resource."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"We forecast production from PGLC's Relief Canyon to commence in Q2/17."

— Rob Chang, Cantor Fitzgerald (10/27/16)
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"PGLC's phase 1 drilling should expand the PEA pit limit and expand and upgrade the in-pit resource."

— Rob Chang, Cantor Fitzgerald (9/6/16)
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"Despite our conservative estimates, NXE shows incredible upside; we're increasing our target price."

— Rob Chang, Cantor Fitzgerald (4/8/16)
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"NXE's maiden resource blows Street estimates right out of the water; it's our top pick."

— Rob Chang, Cantor Fitzgerald (3/3/16)
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"NXE reported a record-setting hole that is among the world's best."

— Rob Chang, Cantor Fitzgerald (1/19/16)
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"FCU entered into a subscription agreement with CGN Mining."

— Rob Chang, Cantor Fitzgerald (1/11/16)
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"EFR is well positioned to benefit from higher uranium prices."

The Energy Report Interview with Rob Chang (12/22/15)
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"FCU will continue to explore and add pounds to what is already a world-class project."

The Energy Report Interview with Rob Chang (12/22/15)
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"NXE is our top pick across all commodities."

The Energy Report Interview with Rob Chang (12/22/15)
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"FCU has added a highly sought-after partner at a 25% premium."

— Rob Chang, Cantor Fitzgerald (12/21/15)
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"PGLC has been finding some spectacular gold intercepts just north of the Relief Canyon mine."

The Gold Report Interview with Rob Chang (12/21/15)
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"We continue to see NXE as our top pick in the uranium space."

— Rob Chang, Cantor Fitzgerald (12/14/15)
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"We highlight EFR's $43M in working capital."

— Rob Chang, Cantor Fitzgerald (11/6/15)
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"NXE drilled one of the best uranium holes ever reported on the planet."

— Rob Chang, Cantor Fitzgerald (10/23/15)
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"Assay results indicate that NXE's Arrow is a world-class discovery."

— Rob Chang, Cantor Fitzgerald (9/8/15)
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"We are upgrading our recommendation on FCU to Buy."

— Rob Chang, Cantor Fitzgerald (9/4/15)
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"FCU announced drill results from ten holes of which five are high-grade."

— Rob Chang, Cantor Fitzgerald (9/1/15)
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"Six new NXE stepout holes encountered 'off-scale' radioactivity."

— Rob Chang, Cantor Fitzgerald (8/26/15)
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"Ten drill holes at FCU's PLS reported uranium mineralization."

— Rob Chang, Cantor Fitzgerald (8/11/15)
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"EFR maintains the operational flexibility and diversified production base to ramp up production should prices increase."

— Rob Chang, Cantor Fitzgerald (8/10/15)
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"P's Q2/15 financials showed near record production from San Dimas."

— Rob Chang, Cantor Fitzgerald (8/6/15)
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"Five NXE holes returned substantial mineralization at Arrow."

— Rob Chang, Cantor Fitzgerald (8/5/15)
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"Permit approval for EFR's Sheep Mountain is a significant milestone."

— Rob Chang, Cantor Fitzgerald (7/29/15)
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"NXE was included in the Solactive Global Uranium Total Return Index."

— Rob Chang, Cantor Fitzgerald (7/29/15)
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"P announced an exploration update for its Black Fox, Grey Fox and San Dimas mines."

— Rob Chang, Cantor Fitzgerald (7/29/15)
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"PGLC announced a 34% increase to the resource at Relief Canyon."

— Rob Chang, Cantor Fitzgerald (7/29/15)
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"All 10 of FCU's new PLS drill holes reported uranium mineralization."

— Rob Chang, Cantor Fitzgerald (7/28/15)
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"The approvals at the Hank Unit demonstrate the near-term scalability of EFR's assets."

— Rob Chang, Cantor Fitzgerald (7/21/15)
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"NXE's Arrow zone increased nearly 7% from the previous estimate."

— Rob Chang, Cantor Fitzgerald (7/16/15)
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"Work start on a sixth header house at EFR's Nichols is due in August."

— Rob Chang, Cantor Fitzgerald (7/14/15)
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"Drilling at FCU's R780E zone intersected high-grade mineralization."

— Rob Chang, Cantor Fitzgerald (7/13/15)
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"The FCU and Denison merger will create a company appealing to acquirers and institutional investors."

— Rob Chang, Cantor Fitzgerald (7/7/15)
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"PGLC's resource update represents a 34% increase to the M&I category.

— Rob Chang, Cantor Fitzgerald (7/6/15)
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"FCU's Triple R's R780E zone expands again."

— Rob Chang, Cantor Fitzgerald (6/29/15)
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"With the closing of its acquisition of Uranerz Energy, we rate EFR a Buy."

— Rob Chang, Cantor Fitzgerald (6/22/15)
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"Foreign entities are now permitted to hold a majority stake in a producing uranium mine in Canada; this should be a positive for NXE."

— Rob Chang, Cantor Fitzgerald (6/22/15)
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"Both FCU's R600W zone and R780E zone have expanded."

— Rob Chang, Cantor Fitzgerald (6/15/15)
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"NXE announces second-best U3O8 hole ever drilled globally."

— Rob Chang, Cantor Fitzgerald (6/15/15)
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"NXE is currently our top pick in the space due to its tremendous upside."

The Energy Report Interview with Rob Chang (6/9/15)
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"NXE is our Top Pick among uranium explorers."

— Rob Chang, Cantor Fitzgerald (6/1/15)
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"FCU's new zone is clearly shaping up nicely."

— Rob Chang, Cantor Fitzgerald (6/1/15)
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"In Q1/15, P achieved record production overall and at San Dimas."

— Rob Chang, Cantor Fitzgerald (5/7/15)
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"FCU's PLS15-352 significantly adds to R600W's resource potential."

— Rob Chang, Cantor Fitzgerald (5/4/15)
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