PERC Reporting Code 2008

Launch of the “Exposure Draft”17 June 2008

www.percreserves.com

PERC 200820 April 2023 1

Why have a reporting code ?

• Consistency – for investment decisions• Reliability – “competent persons”• Regulation of companies and markets

(especially after Bre-X)• Protection against litigation• Ease of communication: a common language

20 April 2023 PERC 2008 2

Reserves Reporting Codes in UK and western Europe

• 1991: the IMM code, defined: – Proven & probable reserves– Measured & indicated resources– The Competent Person

• 2001: “The Reporting Code”– Update for international convergence– Under the aegis of IMM, but co-sponsored by EFG,

the Geological Society, and IGI

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Why update the Code ?

• In response to increased globalisation• In support of regulatory requirements,

regionally and worldwide• To meet needs of particular industry sectors• To maintain a European reporting code for

use in European markets

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PERC: the Pan-European Reserves & Resources Reporting Committee

• Committee convened in 2006 as the successor to the former IMM Reserves Committee

• Continued formal involvement of IOM3, EFG, IGI, and GSL• IOM3 now involved through IMMa• Scope explicitly broadened to cover Europe, not just UK• Principal tasks: to maintain and update minerals reporting

code for European markets

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PERC Membership

• Representatives of– (1) the four sponsoring organisations– (2) CRIRSCO– (3) key mining industry sectors– (4) consultants– (5) the financial community

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Structure of PERC• Sub-committees:

– London Financial sub-committee (as a model for further similar sub-committees elsewhere)

– Industrial Minerals sub-committee– Diamonds/Gemstones sub-committee

• Working group:– PERC manages the CRIRSCO-GKZ working group on

harmonisation of international and Russian reporting systems

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The PERC Code 2008

• An update of the 2001 Reporting Code• Progressive convergence with international

standards as defined in the CRIRSCO code “template”

• Incorporating regional industry interests and requirements

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Solid minerals: resources and reserves

20 April 2023 PERC 2008 9

PERC Code 2008: key changes

• Competent Person definition. A tighter definition but without using a ROPO list

• New section for historical estimates• Revised and expanded industrial minerals /

dimension stone / aggregates section• Expanded diamonds section• New section for coloured gemstones• Appendix 4 competent person consent form added

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Relationships among PERC, the professions, and regulatory organisations

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What happens next ?• Launch of Exposure Draft – 17 June 2008• Consultation among other CRIRSCO members, and

the mining and financial communities• Consultation stage: ends 17 Oct 2008• Finalisation of Code with agreed amendments• Code release: 17 Dec 2008• Recognition by UK LSE / Listing Authority (UKLA) and

by AIM, and progressively by other European stock exchanges

• MORE INFO FROM www.PERCreserves.com

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RESOURCE – RESERVE REPORTING

The International Dimension

Launch of the “PERC Exposure Draft”17 June 2008

PERC 200820 April 2023 13

CRIRSCO FAMILY OF CODES

14

FIRST EDITIONS

JORC (1989) – UK (1991) - SME Guidelines (1992) – CIM (2000) – SAMREC (2000) – PERC (2001) – Peru (2006) - Chile (2007) –

Philippines (2007)

INTERNATIONAL DEVELOPMENTS

1997: Denver Accord; 1998: Geneva Convention with UN-ECE; 2007: Mapping with SPE PRMS; 2008: Mapping to

UNFC (revised)

CRIRSCO Organisation

15

Australia S Africa

CRIRSCO

Sub Committees

UKW

EuropeUSA ChileCanada

National Reporting Organisations

Chair elected within CRIRSCO

2 Nominees per NRO

http://www.crirsco.com

ICMMInternational Council On Mining and

Metals

CODE CONVERGENCE

16

The Linkage in Australia & Canada

17Source: AMC Mining Consultants (Canada) Ltd

Western Europe, including United Kingdom and Ireland

ResponsibleEntities

Compliance &Guidance Standards

Those RequiredTo Comply

Relationship Key

Professional & Industry Organizations

IOM3 GS

PERC Code

EFGIGI

Professionals

Statutory/Semi-Government Organizations

Regulatory Organizations

UKLA

AIMLSE

NOMADS

Financial Services Directive

Listing Rules

Publicly listed companies

AIM Guidance Notes

Compliance Responsible for Guidance May Act As Accountability or Oversight

Communication Link

18

EU

EU Exchanges

ROPOPERC

Competent PersonIncorporated by reference.

In common with: JORC, SAMREC, CIM, SME, Russian Codes

CRIRSCO Organisation

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Australia S Africa

CRIRSCO

Sub Committees

UKW

EuropeUSA ChileCanada

National Reporting Organisations

Chair elected within CRIRSCO

2 Nominees per NRO

http://www.crirsco.com

ICMMInternational Council On Mining and

Metals

Template

SPE Mapping

IASB IFRS

UNFC Mapping

Russian Code Mapping

Chinese Code Mapping