PMRC: PHILIPPINE MINERAL REPORTING CODE (2020

Question 1

Established in 2007 by the Philippine Mineral Reporting Code Committee (PMRCC)

Answer 1

Philippine Mineral Reporting Code

Question 2

are experts responsible for verifying and certifying reports

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Qualified Persons

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Benefits of PMRC Adherence

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o Improved Reputation: Gains trust among investors and stakeholders.
o Enhanced Competitiveness: Attracts opportunities investment more and business

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PMRC COMMITTEE consists of three (3) Parent Organizations:

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o Geological Society of the Philippines
o Society of Metallurgical Engineers
o Philippines Philippine Society of Mining Engineers

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Associate Organizations

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o Philippine Stock Exchange
o Chamber of Mines of the Philippines
o Philippine Mining and Exploration Association
o Philippine Chamber of Coal Mines
o Philippine-Australia Business Council

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is a private non-profit and non-stock organization created to provide and maintain a fair, efficient, transparent and orderly market for the purchase and sale of securities such as stocks, shares, and others.

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PHILIPPINE STOCK EXCHANGE

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Have jurisdiction and supervision over all corporations, partnerships or associations who are the grantees of primary franchises and/or a license or permit issued by the Government

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SECURITY AND EXCHANGE COMMISSION

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the purpose of PMRC is to set out minimum standards, recommendations, and guidelines for Public Reporting in the Philippines of:

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o Exploration Results
o Mineral Resources
o Mineral Reserves

Question 9

formulated to set minimum standards for Public Reporting that are compatible with global standards; modeled substantially after:

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• International Reporting Template (2019) of CRISCO
• Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve

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CRIRSCO

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Committee for Mineral Reserves International Reporting Standards

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JORC

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Joint Ore Reserves Committee

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PRINCIPLES

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Transparency
Materiality
Competence

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• Metalliferous minerals
• Mineralized fills, remnants, pillars, low grade mineralization, stockpiles, dumps, and tailings
• Industrial minerals, cement feed materials, and construction raw materials
• Dimension stone, ornamental, and decorative stone
• Other mineral raw materials

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Mineral

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a minerals industry professional who is a Member or Fellow of PSEM, GSP and/or SMEP, duly accredited as an ACP by the professional organization to which he/she belongs

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ACCREDITED COMPETENT PERSON

Question 15

An ACCREDITED COMPETENT PERSON must have a minimum of ______ relevant experience in the style of mineralization or type of mineral deposit under consideration and to the activity which that person is undertaking

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five years

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a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting

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EXPLORATION TARGET

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concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction.

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MINERAL RESOURCE

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is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity.

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INFERRED MINERAL RESOURCE

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It is based on exploration, sampling, and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes

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INFERRED MINERAL RESOURCE

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Geological evidence is derived from adequately detailed and reliable exploration, sampling, and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation.

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INDICATED MINERAL RESOURCE

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is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

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MINERAL RESERVE

Question 22

Mineral Reserves are subdivided in order of increasing confidence into

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Probable Mineral Reserves and Proved Mineral Reserves.

Question 23

• is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource.
• The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proved Mineral Reserve.

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PROBABLE MINERAL RESERVE

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• is the economically mineable part of a Measured Mineral Resource. A Proved Mineral Reserve implies a high degree of confidence in the Modifying Factors
• represents the highest confidence category of reserve estimate

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PROVED MINERAL RESERVE

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Public Reports may include, but not be limited to, information included in or supported by:

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o Scoping Study
o Pre-Feasibility Study
o Feasibility Study

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is an order-of-magnitude technical and economic study of the potential viability of Mineral Resources which includes appropriate assessments of realistically assumed Modifying Factors together with any other relevant operational factors that are necessary to demonstrate at the time of reporting that progress to a Pre-Feasibility Study can be reasonably justified

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SCOPING STUDY

Question 27

a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, underground or surface, has been established and an effective method of mineral processing has been determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors,

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PRE-FEASIBILITY STUDY

Question 28

o A comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessment of applicable Modifying Factors together with detailed financial analysis
o The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.

Answer 28

FEASIBILITY STUDY