Mineral Resources Reporting

A concentration of economically-interesting material in the Earth's crust, with reasonable prospects for future extraction.

Mineral resources are categorized as Inferred, Indicated, and Measured, based on geological confidence.

The possibility of profitably extracting a mineral resource.

Data and knowledge used to estimate a mineral resource's location, quantity, grade, etc.

A qualified individual assessing economic factors influencing resource extraction.

Considerations affecting the estimation of ore reserves from mineral resource, such as the economic viability to extract from it

The minimum quality of ore needed to make extraction worthwhile.

A judgment by the Competent Person considering if a Mineral Resource can likely be extracted profitably.

Part of a mineral resource estimated with low confidence, inferred from geological evidence.

Mineral resource estimated with reasonable confidence, based on exploration data; locations spaced close enough to assume continuity.

Mineral resource estimated with high confidence, based on detailed data confirming geological and grade continuity.

Resources estimated as economically extractable, from a confirmed mineral resource, based on technical and economic parameters.

Length of time it's possible that mining would be economically viable to extract materials.

Document containing data on mineral resource estimates, with clear explanations of all adjustments.

The consistent presence of a mineral deposit over a measured distance.

Characteristics of the information used to estimate mineral resources, including accuracy and reliability.

Measure of certainty in estimating the quantity and grade of mineral deposits.

Natural concentration of valuable minerals in the earth.

Data used in evaluating a mine's economical viability (cost, market, etc).

The consistency of mineral deposits in terms of patterns and concentrations of the mineral.

An interpretation of data estimating the amount of minerals present, not an exact calculation.

Reflect the accuracy of estimates, especially important for Inferred Resources, rounding to appropriate significant digits.

Rules and regulations requiring explicit reporting of Mineral Resource categories (Measured, Indicated, Inferred).

Mineral Resources are not allowed to be aggregated with Ore Reserves, avoid combining.

Discussion of how reliable mineral resource estimates in the report are.

Adjustments made to mineral resource estimates, such as reconciliation with production data.

Changes in economic viability reclassify reserves back to mineral resources.

Reporting of uncertainties that could affect the accuracy of resources estimation.

Results of exploration activities and investigations.

A category of Ore Reserve with the highest level of confidence, implying a high degree of certainty about its economic extraction.

A category of Ore Reserve with a high level of confidence but slightly less certainty than 'Proved', indicating a good probability of economic extraction.

The process of transforming Mineral Resources into Ore Reserves, based on economic and technical factors.

The public disclosure of Ore Reserve estimates, adhering to strict guidelines and transparency.

Comparing previous reports to current ones, explaining significant changes and differences in estimates.

The inherent uncertainty surrounding Ore Reserve calculations, influenced by various factors and limitations.

Combining Ore Reserves and Mineral Resources figures, providing a consolidated view.

A descriptive explanation of the potential limitations and uncertainties affecting Ore Reserve estimates.

External circumstances, such as market price fluctuations or changing regulations, influencing Ore Reserve estimations.

Updating Ore Reserve estimates based on actual production data, reflecting any deviations from initial projections.

A resource that can be extracted at a profit based on all relevant financial and technical factors.

This term varies depending on the deposit type, study level, and the company's financial criteria. It's not a fixed definition, but considers all factors realistically.

While some companies prefer to use 'Mineral Reserve,' JORC advocates for 'Ore Reserve' to maintain clarity between resource and reserve.

These terms are used for coal reporting, with 'Coal Resource' representing potential and 'Coal Reserve' representing economically mineable portions.

It's better to err on the side of providing more information for transparency and completeness when reporting Ore Reserves.

A Competent Person determines the category based on the level of confidence in the Mineral Resource and any uncertainties in Modifying Factors.

There's a direct relationship between Indicated Mineral Resources and Probable Ore Reserves, and between Measured Mineral Resources and Proved Ore Reserves.

While the main relationship is direct (Indicated to Probable, Measured to Proved), there are situations where Measured Mineral Resources can be converted to Probable Ore Reserves due to uncertainties in Modifying Factors.

It signifies that the extraction has been demonstrated to be viable under reasonable financial assumptions and that there are reasonable expectations of receiving the necessary approvals and contracts.

The most important factors to consider are the economic viability of the extraction process, the environmental impacts, and the social and legal implications. These factors can vary significantly from one project to another.