Reporting codes and the qualified person
Public mining companies must report resources and reserves under a recognised code, signed by a qualified person. This article explains the codes and what they guarantee.
2 min read
A reporting code sets the rules for publicly disclosing exploration results, resources and reserves, and makes a named professional responsible for them.
What it is
Investors cannot check a deposit themselves, so stock exchanges and regulators require public companies to report under a . The codes share three principles: transparency (enough information to understand the estimate), materiality (everything an investor would need), and competence (a qualified professional takes responsibility).
The main codes
Most codes belong to the CRIRSCO family, which shares common definitions of resource and reserve categories.
| Code | Where it applies |
|---|---|
| JORC Code | Australia and New Zealand, and widely used elsewhere |
| NI 43-101 (with CIM definitions) | Canada |
| SAMREC Code | South Africa |
| PERC Standard | Europe |
| S-K 1300 | United States (SEC filings) |
| Others in the CRIRSCO family | Chile, Brazil, Indonesia, Mongolia, Kazakhstan and more |
Estimates under different CRIRSCO codes are broadly comparable.
The qualified person
The (competent person under JORC and SAMREC) signs off each estimate. Typically they must:
- Be a member of a recognised professional body.
- Have about five years' experience relevant to the deposit type and activity.
- Take personal professional responsibility for the work.
Some situations require the qualified person to be independent of the company, for example certain technical reports under NI 43-101.
Technical reports
- NI 43-101 technical report: a full report in a standard format, filed publicly for material projects.
- JORC Table 1: a checklist that must accompany public reports, covering sampling, data, estimation and reporting.
- S-K 1300 technical report summary: filed with the SEC.
These reports are where the detail lives: drilling, quality control, estimation method, and every assumption.
Why it matters
A code gives investors a common standard and a named professional who is accountable for the numbers. But a code-compliant estimate is not proof that a mine will be built or will make money. It means the work followed rules and a named professional stands behind it. Estimates still change, and Inferred resources remain low confidence.
Ranges are indicative and vary by deposit and region. This is educational material, not investment advice.
Key terms
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Educational material only. Nothing here is investment advice or an offer to buy or sell any security or mineral interest.