2020 Philippine Mineral Reporting Code

Question 1

PMRC full title

Answer 1

Philippine Mineral Reporting
Code for Reporting of Exploration Results, Mineral Resources, and Mineral Reserves

Question 2

PMRC is of what edition?

Answer 2

2020

Question 3

what does NRO mean?

Answer 3

National Reporting Organization

Question 4

when was the latest NRO formed?

Answer 4

November 22, 2018

Question 5

how many parent organization does NRO have?

Answer 5

3

Question 6

three parent organization for NRO

Answer 6

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

Question 7

while the Associate Organizations are:

Answer 7

1. Philippine Stock Exchange
2. Chamber of Mines of the Philippines
3. Philippine Mining and Exploration Association
4. Philippine Chamber of Coal Mines
5. Philippine Australia Business Council

Question 8

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.

Answer 8

Philippine Stock Exchange

Question 9

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

Answer 9

Security and Exchange Commissions

Question 10

the PMRC committee is composed of:

Answer 10

katong parent orgs and association orgs

Question 11

purpose of PMRC

Answer 11

1. sets out minimum standards,
   recommendations, and guidelines for Public Reporting in the Philippines of: Exploration Results, Mineral Resources, and Mineral Reserves
2. formulated to set minimum standards
   for Public Reporting that are
   compatible with global standards; modeled substantially after:______

Question 12

Public Reports are modeled substantially after:

Answer 12

-International Reporting Template (2019) of the Committee of Mineral
Reserves International Reporting Standards (CRISCO)

-Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) of the Australian Joint Ore Reserves Committee (JORC)

Question 13

also known as JORC Code

Answer 13

Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves of the Australian Joint Ore Reserves Committee

Question 14

JORC means:

Answer 14

Joint Ore Reserves Committee

Question 15

CRISCO means

Answer 15

Committee of Mineral
Reserves International Reporting Standards

Question 16

Principles of PMRC

Answer 16

Transparency
Materiality
Competence

Question 17

Scope of the PMRC

Answer 17

The PMRC 2020 Edition applies to all solid mineral raw materials for which Public Reporting of
Exploration Results, Mineral
Resources, and Mineral Reserves is required by any relevant regulatory authority

Question 18

the 2020 PMRC applies to all:

Answer 18

solid raw materials

Question 19

16 standard definitions

Question 20

16 standard definitions of PMRC is adopted from

Answer 20

(adopted from CRISCO 2019

Question 21

Mineral

Answer 21

-Metalliferous minerals
-Mineralize fills, remnants, pillars
- Industrial minerals
- Dimension stone
-other raw mineral material

Question 22

reports prepared for the purpose of informing
investors or potential investors and their
advisers on Exploration Results, Mineral
Resources or Mineral Reserves.

Answer 22

Public Reports

Question 23

Public reports include but are not limited to:

Answer 23

-annual and quarterly company reports
-media releases
-information memoranda
-technical papers
-website postings
-public presentations
-corporate disclosures
required to be submitted to both the SEC and
PSE

Question 24

what does ACP mean?

Answer 24

Accredited Competent Person

Question 25

an ACP must be a member or fellow of:

Answer 25

PSME, GSP, SMEP

Question 26

t or f: each organization has an individual ACP

Answer 26

T

Question 27

an ACP must have a minimum of _______ relevant experience in the style of ________ or _______________ and to the activity which that person is undertaking

Answer 27

five years; mineralization; mineral deposit under consideration

Question 28

Illustrate general relationship between Exploration Results, Mineral Resources, and Mineral Reserves

Question 29

Modifying Factors

Answer 29

mining, processing, metallurgical, economic, marketing, legal, environmental, infrastructure, social, and governmental factors

Question 30

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

Answer 30

exploration target

Question 31

exploration target must specifically discuss:

Answer 31

geological setting, the exploration strategy, and exploration activity already completed and the presence of or lack of the following attributes: *mineralized outcrops and assays, *surface geochemical sampling results, *surface and subsurface geophysical survey results, and *drill holes, test pits, and underground workings.

Question 32

include data and information generated by mineral exploration programs that might be of use to investors, but which do not form part of a declaration of Mineral Resources or Mineral Reserves

Answer 32

Exploration Results

Question 33

Exploration Results do not form part of a declaration of:

Answer 33

Mineral Resources or Mineral Reserves

Question 34

Examples of Exploration Results include :

Answer 34

results of: outcrop sampling assays of drill hole intercepts geochemical results geophysical survey results

Question 35

a 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.

Answer 35

mineral resources

Question 36

Mineral resources are defined by their:

Answer 36

quantity grade (quality) continuity form

Question 37

Mineral Resources are subdivided, in order of increasing geological confidence:

Answer 37

Inferred Indicated Measured

Question 38

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.

Answer 38

Inferred Mineral Resource

Question 39

Geological evidence of inferred mineral resources is sufficient to imply but not verify _______________

Answer 39

geological and grade (quality) continuity

Question 40

inferred mineral resources is based on:

Answer 40

exploration , sampling, and testing information gathered through appropriate techniques

Question 41

appropriate locations for sampling

Answer 41

outcrops, trenches, pits, workings , and drill holes.

Question 42

is that part of a Mineral Resource for which quantity , grade (or quality), densities, shape, and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the mineral deposit.

Answer 42

Indicated Mineral Resource

Question 43

allow application of Modifying Factors

Answer 43

Indicated and Measured Mineral Resources

Question 44

is that part of a Mineral Resource for which quantity , grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the mineral deposit.

Answer 44

Measured Mineral Resource

Question 45

is the economically mineable part of a Measured and/or Indicated Mineral Resource.

Answer 45

Mineral Reserve

Question 46

Mineral Reserves include

Answer 46

It includes diluting materials and allowances for losses

Question 47

Mineral Reserves is defined by studies at ________ or ________ level as ________ that include application of __________.

Answer 47

Pre-Feasibility or Feasibility; appropriate; Modifying Factors

Question 48

Mineral Reserves are subdivided in order of increasing confidence into

Answer 48

Probable Mineral Reserves and Proved Mineral Reserves

Question 49

is the economically mineable part of an indicated and sometimes measured mineral resources

Answer 49

probable mineral reserve

Question 50

is the economically mineable part of the measured mineral resource

Answer 50

proved mineral reserve

Question 51

represents the highest confidence category of reserve estimate

Answer 51

proved

Question 52

technical studies include

Answer 52

scoping pre-feasibility feasibility

Question 53

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.

Answer 53

Pre-feasibility study

Question 54

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.

Answer 54

Feasibility study

Question 55

The results of this 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 55

Feasibility Study

Question 56

Sustainability considerations: Public reports should include:

Answer 56

Environmental, social, and health and safety impacts during development and operation and their corresponding mitigation