Additional Guidelines

On September 25, 2019, the CIM MRMR Committee decided to update the 2015 CIM Guidance on Commodity Pricing used in Resource and Reserve Estimation and Reporting. This update of the 2015 Commodity Pricing document was prepared by members of that committee. Updates were made to the text that were considered to be out of date. Some additional text has been added. The structure of the November 30, 2009 guidance document has been maintained however it has been edited and updated. The issues discussed in this document refer mainly to the original questions raised by CSA and discussed in the April 14, 2008 and November 30, 2009 documents and are underlined in the text below. In this version of the document grade and quality and tonnage and quantity or volume are used interchangeably.

Commodity prices are one of the most significant parameters used in the estimation of Mineral Resources and Mineral Reserves and in the economic analysis of a mineral property. This document from November 28, 2015 provides guidance on commodity pricing and cut-off grade selection.

This document from the CIM Reserve Definitions Committee from December 15, 2009 provides additional guidance on the “reasonable prospects for economic extraction” clause in the CIM Definition Standards and how qualified persons should determine reasonable prospects for the purposes of establishing mineral resources.