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Rob Chang

Cantor Fitzgerald

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Cantor Fitzgerald Canada Metals and Mining Analyst Rob Chang has covered the metals and mining space for over eight years for the sell-side and the buy-side. Prior to Cantor, Chang served on the equity research teams at Versant Partners, Octagon Capital and BMO Capital Markets. His buy-side 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 multi-strategy 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

Fracking, Uranium and Solar, Oh My!: Growth and Innovation in 2013 (12/26/13) A more profitable outcome often requires a new way of doing things. The Energy Report profiled some of the most innovative stories in the energy space in 2013. Our experts talked about everything from developments in hydraulic fracturing techniques to new ways of finding and processing natural resources. As we look forward to exciting new opportunities in 2014, let's revisit some stories our experts shared last year.

Uranium Price Headed for $50 in 2014, Taking Stocks Higher: Rob Chang (9/10/13) The stubborn spot price of uranium has frustrated market watchers for the past year. But that's not the whole story. As most long-term contracts have been made at higher prices, astute investors have been slowly moving into the stocks of uranium producers and explorers in anticipation of the delayed commodity price move expected in 2014. In this interview with The Energy Report, Cantor Fitzgerald Canada Metals and Mining Analyst Rob Chang explains what lies ahead and how the turnaround in the uranium market will benefit the companies he thinks investors should focus on for maximum profits.

Rob Chang: Is 2013 a Catalyst Year for the Uranium Market? (1/31/13) After scraping along what appears to be the market bottom, uranium prices are poised for significant moves this year as the in-place demand exceeds visible supply for the foreseeable future. So says Rob Chang, Equity Analyst at Cantor Fitzgerald Canada in this interview with The Energy Report. Investors stand to make some exciting returns if they know which companies to watch, and Chang names some companies on the verge of big breakthroughs.

Recent Quotes

"P's Black Fox operational review has provided added confidence." (9/16/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR's Q2/14 revenues of $13.52M topped our $12.23M estimate." (8/15/14) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"P's San Dimas is an excellent performing mine." (8/7/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

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

"FCU's encouraging results underpin growth potential in every direction." (8/5/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Consolidation of Cove-McCoy gives PG full control of the project." (8/5/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"Encouraging results underpin the growth potential of FCU's R780E zone." (7/28/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"The potential growth of FCU's R780E zone east of line 1080E is strong." (7/21/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

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"FCU has again released a set of solid assay results from PLS." (7/14/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We believe P has significant upside potential at Black Fox." (7/10/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We continue to believe in PG's ability to execute." (7/9/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"PG is extremely undervalued and one of our top picks." (7/3/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR's focus is now more streamlined on key pipeline projects." (7/3/14) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"With pedigreed management and an excellent jurisdiction, we remain very positive on PGLC." (6/23/14) Pershing Gold Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P's Black Fox mine has the potential for additional upside." (6/20/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU reported two extremely high grade intercepts at its PLS project." (6/16/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

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

"PG's recent drilling at Cove has encountered some excellent intercepts of up to 183 g/t Au, as well as high silver grades." (6/11/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"PGLC's fully permitted plant is ideally positioned to process future discoveries." (5/28/14) Pershing Gold Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's new assays added significant size to our estimated PLS resource." (5/26/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR strengthened its financial position during the quarter." (5/14/14) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"PG is an undervalued company with notable assets in three excellent to world-class gold camps." (4/23/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"We have increased our resource estimate for FCU's PLS by 10%." (4/23/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"URZ has commenced production at its 100%-owned Nichols Ranch project." (4/15/14) Uranerz Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We have increased our resource estimate by 32% on additional assays from FCU's Patterson Lake South project." (4/14/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Seven FCU holes returned wide intervals of 'off-scale' mineralization." (4/7/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"All necessary permits for uranium production at URZ's Nichols Ranch project have been received." (4/3/14) Uranerz Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR has the largest NI 43-101 resource inventory out of any U.S.-focused producer." (4/3/14) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"Only 2% of FCU's PLS has been tested; blue sky expansion remains." (4/3/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Drilling at PG's Hardrock continues to demonstrate strong continuity within the open-pit resource." (3/26/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"The Nuclear Regulatory Commission should issue URZ a license any day." (3/25/14) Uranerz Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P's production milestone further underscores the quality of San Dimas and the operating team there." (3/13/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's hole PLS14-160 narrowed the gap between zones R390E and R585E." (3/7/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Reserve, resource and grade increases at P's San Dimas are positive." (3/6/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"The US$12.3M of released funds provides EFR with additional operational and development flexibility." (3/3/14) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"We are initiating coverage on BRI with a Buy recommendation." (2/28/14) Brazil Resources Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"Assay results confirm multiple zones of mineralization at PG's Cove." (2/20/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"P's stock price has performed very well year to date." (2/14/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P's total cash costs for FY13 were 6% lower than that of 2012." (2/12/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's final drill hole assays are mostly in line with expectations." (2/5/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"PG's Hardrock PEA showed higher-than-forecasted production expectations." (1/29/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU has just announced the scintillometer results yet at PLS." (1/27/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P has announced a 29% YOY increase in production." (1/24/14) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"PG's accomplished management team will help Hardrock ramp up all the way up to 18 Ktpd." (1/23/14) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU is one of our top picks in the uranium space." (1/15/14) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU is one of our top picks." (12/30/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We continue to view FCU as being undervalued and it is one of our top picks." (12/23/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P's acquisition of Brigus makes the company a two-asset producer." (12/17/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's 100%-ownership structure of PLS allows for legitimate acquisition interest." (12/10/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"URZ's new loan clears a major milestone and will sufficiently fund initial production at Nichols Ranch." (12/4/13) Uranerz Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Initial gold recoveries from PG's Hardrock were higher than most analysts' predictions." (12/3/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR's NYSE listing will open itself to a new investor base." (12/3/13) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"Further highly mineralized results may yet be found in FCU's upcoming exploration programs." (11/27/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU has expanded mineralization at a newly discovered sixth zone at PLS." (11/12/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU announced the discovery of a sixth mineralized zone at PLS." (11/4/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"P is an undervalued gold producer with near-term growth catalysts." (11/1/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Indicated, Inferred and total resource estimates for PG's Hardrock beat all of our expectations." (10/30/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"Since July 16, FCU gained 28.4%, outperforming the U3O8 spot price." (10/24/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's drilling has been extremely successful as it has seen a 100% mineralized hit rate." (10/16/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's Clearwater West JV agreement will provide $5M over three years." (10/15/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Not only is P's San Dimas on track, it has the potential to improve further." (10/1/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU acquiring Alpha Minerals is the best-case scenario for investors." (9/18/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We're very excited about seeing the development of FCU's likely world-class project." (9/10/13) Fission Uranium Corp. - The Energy Report Interview with Rob Chang Moreá>

"We believe that EFR is a very attractive company for those who believe that the uranium price will head higher." (9/10/13) Energy Fuels Inc. - The Energy Report Interview with Rob Chang Moreá>

"We are particularly interested in AAZ in the Patterson Lake area." (9/10/13) Azincourt Uranium Inc. - The Energy Report Interview with Rob Chang Moreá>

"FCU's 100% ownership of PLS allows for legitimate acquisition interest from larger companies." (9/3/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's Patterson Lake South has the potential to be over 100 Mlb in size." (8/22/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR's Strathmore buyout will be operationally and geographically synergistic." (8/14/13) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"P continues to progress well with its optimization and expansion plans at the low-cost San Dimas mine." (8/8/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"PG's Hardrock drill results have yielded high-grade gold intercepts and trend continuation." (7/30/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU has just produced its best hole yet at PLS and has expanded the known strike length of the project." (7/29/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We are initiating coverage on EFR with a Buy recommendation." (7/24/13) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's first summer hole at PLS is exhibiting off-scale radioactivity." (7/18/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Indications continue to point to FCU's Patterson Lake South as a potential world-class uranium project." (7/1/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Recent PG drilling revealed multiple vein zones at Rahill-Bonanza." (6/28/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's world-class uranium mine has potential to produce gold as a byproduct." (6/24/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's winter drill campaign has been an incredible success; indications continue to point to a potentially world-class uranium project." (6/5/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Three new properties add to the FCU portfolio; ground prospecting work on Manitou Falls has identified six radiometric anomalies and multiple conductors." (6/3/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's assay results have significantly improved the grade profile for the R00E zone." (5/27/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Highlights of PG's drill results include 400.53 g/t Au over 5m." (5/21/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU has the potential for a 43% upside." (5/16/13) Fission Uranium Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's PLS is a potentially world-class project with excellent high-grade drill holes." (5/9/13) Fission Uranium Corp. - Uranium Investing News Interview with Rob Chang Moreá>

"P beat expectations with Q1/13 adjusted earnings of $0.10/share." (5/8/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We reiterate our Buy rating on P; it is undervalued." (5/7/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FCU's radon-in-gas survey has identified additional targets at PLS." (5/6/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS is the preferred vehicle for exposure to the potentially world-class PLS project." (4/24/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR is now even better equipped to sell its material into the market when prices move higher." (4/23/13) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS' Patterson Lake South project has world-class potential." (4/22/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We believe FIS is the preferred vehicle for exposure to the potentially world-class PLS project." (4/15/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS has doubled its strike length at Patterson Lake South to 60m." (4/3/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS' assay result from hole PLS13-038 is one of the best we have ever seen." (3/25/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS announced discovery of a third mineralized zone at Patterson Lake South; two intervals contained off-scale radioactivity." (3/19/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS announced the best drill hole to date at Patterson Lake South." (3/13/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"We are maintaining our Buy recommendation on PG." (2/25/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

"P reported record revenues and operating cash flows in 2012." (2/22/13) Primero Mining Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"EFR forecasts sales and production of about 1 Mlb U3O8 for FY/13." (2/14/13) Energy Fuels Inc. - Rob Chang, Cantor Fitzgerald Moreá>

"FIS' Clearwater West is along the same corridor as the Patterson Lake South high-grade uranium boulder field." (2/14/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Uranium at UWE's Berlin project may be produced at zero cash cost." (2/14/13) U3O8 Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"Our thesis of a large, shallow, high-grade deposit at FIS' Patterson Lake South is still intact." (2/8/13) Fission Energy Corp. - Rob Chang, Cantor Fitzgerald Moreá>

"The acquisition is a great transaction for both DML and FIS, as both stock prices went up, which is pretty rare in an M&A transaction." (1/31/13) Fission Energy Corp. - The Energy Report Interview with Rob Chang Moreá>

"Using EFR's mill helps LAM start production at its La Sal II uranium project." (1/31/13) Laramide Resources Ltd. - The Energy Report Interview with Rob Chang Moreá>

"URE has its Lost Creek project coming online this year." (1/31/13) Ur-Energy Inc. - The Energy Report Interview with Rob Chang Moreá>

"VUI has probably one of the best uranium projects in the U.S." (1/31/13) Virginia Energy Resources Inc. - The Energy Report Interview with Rob Chang Moreá>

"UWE continues to progress in South America with its three different assets." (1/31/13) U3O8 Corp. - The Energy Report Interview with Rob Chang Moreá>

"I'm looking forward to seeing some positive developments from EUU based on state support." (1/31/13) European Uranium Resources Ltd. - The Energy Report Interview with Rob Chang Moreá>

"EFR owns the only conventional uranium mill operating in the U.S. That's a pretty powerful thing to have." (1/31/13) Energy Fuels Inc. - The Energy Report Interview with Rob Chang Moreá>

"We strongly believe that URZ is a potential acquisition target for Cameco." (1/31/13) Uranerz Energy Corp. - The Energy Report Interview with Rob Chang Moreá>

"PG has sold its position in Premier Royalty; we maintain our Buy recommendation." (1/29/13) Premier Gold Mines Ltd. - Rob Chang, Cantor Fitzgerald Moreá>

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