Jorc Code
- 2. The Code has been adopted by The Australasian Institute of Mining and Metallurgy (AUSIMM) and the Australian Institute of Geoscientists (AIG) and is therefore binding on members of those organisations. 2
- 3. The JORC Code requires the Competent Person(s),on whose work the Public Report of Exploration Results, Mineral Resources or Ore Reserves is based, to be named in the report. The Code has also been adopted by and included in the listing rules of the Australian (ASX) and New Zealand (NZX) Stock Exchanges.
- 4. The JORC Code sets out minimum standards, recommendations and guidelines for Public Reportingin Australasia : Exploration Results. Mineral Resources. Ore Reserves. The first edition of the JORC Code release in 1989, and 2004 edition supersedes all previous editions. 4
- 5. Transparency: - Must provided with sufficient information, also clear and unambiguous. Materiality: - Need to contains all the relevant information which investors and their professional advisers would reasonably require. Competence: - requires the Public Report be based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics. 5
- 6. 6 Inferred Minerals Reserves CANNOT exchange to Ore Reserves
- 7. An ‘Inferred Mineral Resource’ can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. 7
- 8. Confidence in the estimate of Inferred Mineral Resources is usually not sufficient to allow the results of the application of technical and economic parameters to be used for detailed planning 8
- 9. Indicated Mineral Resource can be estimated with a reasonable level of confidence. The sample locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. 9
- 10. Measured Mineral Resource can be estimated with a high level of confidence. The sample locations are spaced closely enough to confirm geological and grade continuity. 10
- 11. A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. 11
- 12. JORC Code provides the rules for Competent Person(s) to write public reports. The Code is applicable to all solid minerals, including diamonds, other gemstones, industrial minerals and coal. The Code applies to other publicly released company information in the form of postings on company web sites and briefings for shareholders, stockbrokers and investment analysts. 12