Philippine Mineral Reporting Code

What are the three key principles that govern the PMRC?

• • Transparency, Materiality, and Competence

  
  

• Accuracy, Integrity, and Responsibility

• Confidentiality, Compliance, and Competence

• Honesty, Transparency, and Materiality

In the Philippine Mineral Reporting Code, what must be explicitly stated in a Public Report that includes an Exploration Target?

• The exact mineral reserve estimate

• The potential quantity and grade as ranges

• The final feasibility of mining operations

• The exact location of mineral deposits

Answer explanation

When reporting an Exploration Target, the potential quantity and grade must be expressed as ranges, along with a detailed explanation of the basis for the statement.

What is the minimum experience required for an ACP under the PMRC?

• 2 years

• 5 years

• 10 years

• 15 years

Answer explanation

The PMRC requires that an ACP must have at least five years of relevant experience in the style of mineralization or type of deposit being reported.

In the PMRC, which category of Mineral Resources has the highest level of geological confidence?

• Inferred

• Indicated

• Measured

• Validated

Answer explanation

Measured Mineral Resources have the highest level of geological confidence among the three categories.

What must a company do if there is a material change in its Mineral Resources or Mineral Reserves?

• No need to report the change if it is temporary

• Report the change within the next fiscal year

• Promptly report the change

• Only report the change if required by court order

Answer explanation

The PMRC mandates that any material change in Mineral Resources or Mineral Reserves must be promptly reported.

Which international template heavily influenced the 2020 PMRC?

• 2019 JORC Code

• 2019 CRIRSCO International Reporting Template

• 2012 Australasian Code

• 2018 SME Guide

Answer explanation

The 2020 PMRC was modeled substantially after the 2019 International Reporting Template of the CRIRSCO, aligning it with international standards.

What is the purpose of a Scoping Study in mineral project evaluation?

• To establish final project feasibility

• To explore possible Mineral Reserves

• To determine the mining method

• To provide an order-of-magnitude evaluation of project potential

Which Mineral Resource category can be converted to a Probable Mineral Reserve?

• Inferred only

• Indicated only

• Both Indicated and measured

• Measured only

Answer explanation

Probable Mineral Reserves can be derived from both Indicated and Measured Mineral Resources, depending on the confidence level of the Modifying Factors.

Who is responsible for preparing Public Reports under the PMRC?

• A mining engineer with 5 years experience

• A mining engineer with 7 years experience

• A mining engineer or a geologist with 5 years experience

• An Accredited Competent Person (ACP)

Answer explanation

Public Reports must be prepared by or under the direction of an Accredited Competent Person to ensure accuracy and reliability.

Which Mineral Resource category has the lowest level of confidence?

• Measured

• Indicated

• Inferred

• Probable

Answer explanation

In the Mineral Resource classification system, the level of confidence decreases in the following order:

1. Measured (A) - highest level of confidence, based on detailed and reliable data

2. Indicated (B) - moderate level of confidence, based on some sampling and geological data

3. Inferred (C) - lowest level of confidence, based on limited data and geological extrapolation

4. Probable (D) is not a Mineral Resource category, but rather a Mineral Reserve category, which is a subset of Measured and Indicated Resources that can be economically extracted.