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.

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Recent Interviews

Gear Up for a Violent Uranium Price Spike: Cantor Fitzgerald's Rob Chang (12/22/15)
Uranium element

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

"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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"FCU's successful winter 2015 drill program has come to an end."

— Rob Chang, Cantor Fitzgerald (4/16/15)
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"The released assays give further indication that FCU's PLS property will continue to grow."

— Rob Chang, Cantor Fitzgerald (4/6/15)
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"Highlights from FCU's PLS15-343 include 44m at 3.36% U3O8."

— Rob Chang, Cantor Fitzgerald (3/25/15)
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"Highlights from FCU's PLS15-343 include 44m at 3.36% U3O8."

— Rob Chang, Cantor Fitzgerald (3/25/15)
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"Drilling expanded FCU's R780E zone vertically, laterally and along strike."

— Rob Chang, Cantor Fitzgerald (3/23/15)
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"FCU's R600W zone may affect future development of the Triple R deposit."

— Rob Chang, Cantor Fitzgerald (3/19/15)
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"Samples at P's Jessica vein reveal 10.4 g/t Au and 1,606 g/t Ag."

— Rob Chang, Cantor Fitzgerald (3/18/15)
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"FCU's discovery significantly improves potential project economics."

— Rob Chang, Cantor Fitzgerald (3/3/15)
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"P's Q4/14 financial results were largely in line with forecasts."

— Rob Chang, Cantor Fitzgerald (2/13/15)
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"The acquisition of 12% Fission 3.0 will give FCU a greater stake in satellite projects around its PLS deposit."

— Rob Chang, Cantor Fitzgerald (2/11/15)
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"PGLC intersected 87.9 g/t Au over 3 ft at Relief Canyon."

— Rob Chang, Cantor Fitzgerald (2/11/15)
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"P plans to access higher-grade ore in 2015 at both San Dimas and Black Fox."

— Rob Chang, Cantor Fitzgerald (2/5/15)
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"PGLC's results from six drill holes in Relief Canyon exceed 4.35 g/t gold."

— Rob Chang, Cantor Fitzgerald (2/5/15)
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"We are maintaining our Buy rating on FCU and increasing our target price."

— Rob Chang, Cantor Fitzgerald (2/5/15)
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"PGLC discovered its highest-grade intercept, 76.8 g/t Au over 4.7 ft."

— Rob Chang, Cantor Fitzgerald (2/5/15)
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"All five of FCU's drill holes hit off-scale mineralization."

— Rob Chang, Cantor Fitzgerald (1/26/15)
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"The maiden resource estimate at FCU's PLS was substantially higher than our estimates."

— Rob Chang, Cantor Fitzgerald (1/9/15)
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"EFR has a great strategic advantage."

The Mining Report Interview with Rob Chang (12/9/14)
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"Some of the best uranium drill holes ever reported are on FCU's property, and that is pretty impressive."

The Mining Report Interview with Rob Chang (12/9/14)
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"As an under-the-radar, near-term gold producer, we think PGLC is quite valuable."

The Mining Report Interview with Rob Chang (12/9/14)
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"URZ is well positioned for earning long-term profits."

The Mining Report Interview with Rob Chang (12/9/14)
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"URE is near the top of our list because it is producing at the low end of the cost curve."

The Mining Report Interview with Rob Chang (12/9/14)
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"URE's Shirley Basin Pathfinder assets will be fast tracked at low capital cost."

— Rob Chang, Cantor Fitzgerald (12/5/14)
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"The highlight hole at FCU's R780E zone showed 3.72% U3O8 over 64.5m."

— Rob Chang, Cantor Fitzgerald (12/1/14)
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"PG's shift in focus brings potential production at Cove-McCoy forward."

— Rob Chang, Cantor Fitzgerald (11/20/14)
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"P extended the known mineralization in San Dimas' Roberta vein."

— Rob Chang, Cantor Fitzgerald (11/14/14)
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"Q3/14 was URZ's first ever revenue quarter from the sale of uranium."

— Rob Chang, Cantor Fitzgerald (11/11/14)
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"We expect URZ to produce nearly 500 Klb uranium in this initial year."

— Rob Chang, Cantor Fitzgerald (11/10/14)
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"P's Q3/14 financial results met our adjusted EPS expectations."

— Rob Chang, Cantor Fitzgerald (11/6/14)
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"URE has a solid book of contracts extending out to 2018."

— Rob Chang, Cantor Fitzgerald (11/3/14)
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"Ur-Energy has a solid book of contracts extending out to 2018."

— Rob Chang, Cantor Fitzgerald (11/3/14)
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"We expect PGLC to produce 85 Koz Au at Relief Canyon in 2016."

— Rob Chang, Cantor Fitzgerald (11/3/14)
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"We continue to view FCU as very undervalued. It remains one of our top picks."

— Rob Chang, Cantor Fitzgerald (10/27/14)
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"We maintain our Buy rating on URZ and expect 500 Klb uranium to be produced this year."

— Rob Chang, Cantor Fitzgerald (10/16/14)
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"In Q3/14, URE captured more than 131 Klb at the Lost Creek facility."

— Rob Chang, Cantor Fitzgerald (10/16/14)
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"Since July 25, EFR has underperformed the U3O8 spot price."

— Rob Chang, Cantor Fitzgerald (10/16/14)
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"FCU announced a hole that is the second best ever reported on PLS."

— Rob Chang, Cantor Fitzgerald (10/6/14)
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"Graduation from the TSX.V to the TSX should improve FCU's liquidity."

— Rob Chang, Cantor Fitzgerald (10/3/14)
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"Mineralization levels in six of the seven new drill holes at FCU's PLS registered off the chart."

— Rob Chang, Cantor Fitzgerald (9/29/14)
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"P's Black Fox operational review has provided added confidence."

— Rob Chang, Cantor Fitzgerald (9/16/14)
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"EFR's Q2/14 revenues of $13.52M topped our $12.23M estimate."

— Rob Chang, Cantor Fitzgerald (8/15/14)
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"P's San Dimas is an excellent performing mine."

— Rob Chang, Cantor Fitzgerald (8/7/14)
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"Of recent FCU drill holes, PLS14-201 returned 26.41% U3O8 over 12m."

— Rob Chang, Cantor Fitzgerald (8/7/14)
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"FCU's encouraging results underpin growth potential in every direction."

— Rob Chang, Cantor Fitzgerald (8/5/14)
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"Consolidation of Cove-McCoy gives PG full control of the project."

— Rob Chang, Cantor Fitzgerald (8/5/14)
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"Encouraging results underpin the growth potential of FCU's R780E zone."

— Rob Chang, Cantor Fitzgerald (7/28/14)
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"Resources for URE's Shirley Basin and Lucky Mc total 14.7 Mlb U3O8, ahead of our initial estimates."

— Rob Chang, Cantor Fitzgerald (7/22/14)
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"The potential growth of FCU's R780E zone east of line 1080E is strong."

— Rob Chang, Cantor Fitzgerald (7/21/14)
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"URE is one of our top picks due to its low-cost production status and big upside potential."

— Rob Chang, Cantor Fitzgerald (7/16/14)
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"FCU has again released a set of solid assay results from PLS."

— Rob Chang, Cantor Fitzgerald (7/14/14)
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"We believe P has significant upside potential at Black Fox."

— Rob Chang, Cantor Fitzgerald (7/10/14)
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"We continue to believe in PG's ability to execute."

— Rob Chang, Cantor Fitzgerald (7/9/14)
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"PG is extremely undervalued and one of our top picks."

— Rob Chang, Cantor Fitzgerald (7/3/14)
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"EFR's focus is now more streamlined on key pipeline projects."

— Rob Chang, Cantor Fitzgerald (7/3/14)
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"With pedigreed management and an excellent jurisdiction, we remain very positive on PGLC."

— Rob Chang, Cantor Fitzgerald (6/23/14)
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"P's Black Fox mine has the potential for additional upside."

— Rob Chang, Cantor Fitzgerald (6/20/14)
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"FCU reported two extremely high grade intercepts at its PLS project."

— Rob Chang, Cantor Fitzgerald (6/16/14)
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"URZ reached a milestone event as it sent its first shipment of uranium resin to Cameco."

— Rob Chang, Cantor Fitzgerald (6/16/14)
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"PG's recent drilling at Cove has encountered some excellent intercepts of up to 183 g/t Au, as well as high silver grades."

— Rob Chang, Cantor Fitzgerald (6/11/14)
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