Charltons advises mineral companies on the requirements relating to resources and valuations contained in Chapter 18 of the Listing Rules. We are also experienced in liaising with independent mining experts on requirements applicable to the presentation of resource related data in "Competent Person's Reports".
A new applicant mineral company will be required to have at least a portfolio of "Indicated Resources" (in the case of minerals) or "Contingent Resources" (in the case of petroleum) that are identifiable under one of the accepted reporting standards and substantiated in the report of an independent suitably qualified expert. The definition of "Indicated Resources" is based on the definition of Indicated Mineral Resources in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2004 edition) ("JORC Code"). The definition of "Contingent Resources" is based on the same definition in the Petroleum Resources Management System published by the Society of Petroleum Engineers, American Association of Petroleum Geologists, World Petroleum Council, and Society of Petroleum Evaluation Engineers in March 2007 ("PRMS").
A Competent Person's Report for mineral resources and reserves must be prepared in accordance with:
A Competent Person's Report for petroleum resources and reserves must be prepared in accordance with the PRMS.
The Exchange may allow the presentation of reserves in accordance with other reporting standards, but will require reconciliation to one of the accepted reporting standards.