Valuation Standards and Guidelines for Mineral Properties

In 2003, CIM Council adopted and approved the CIMVal Standards and Guidelines for Valuation of Mineral Properties, which was developed by a Special Committee of CIM chaired by Keith Spence and William Roscoe. The CIMVal Standards and Guidelines are recognized internationally and are required by the TSX Venture Exchange under its regulations at Appendix 3G.

 On November 29, 2019 CIM Council adopted the 2019 CIMVAL Code which supersedes the 2003 Standards. This Code for the Valuation of Mineral Properties is an update and evolution of the 2003 CIMVal Standards and Guidelines. The 2019 CIMVAL Code reflects domestic and international valuation best practice, and recognizes regulatory developments.

The CIMVAL Committee is part of an umbrella organization of valuation standards groups called the International Mineral Valuation Committee (IMVAL).  Other groups represented on IMVAL are the VALMIN Committee (Australasia), the SAMVAL Committee (South Africa), the SME Valuation Standards Committee (USA), and the International Institute of Minerals Appraisers (International).  Other groups such as the International Valuation Standards Council (IVSC) are involved as observers.  IMVAL created a Template for the harmonization of international mineral valuation codes and standards, which is available for other countries that wish to develop their own standards.

Below are the CIMVal 2019 and 2003 documents and other relevant international codes and standards.

The CIMVAL Code for the Valuation of Mineral Properties

 The CIMVAL Code supersedes the 2003 Standards.

This Code for the Valuation of Mineral Properties (the “CIMVAL Code”) is the result of a review more than a decade after the release in 2003 of the “Standards and Guidelines for Valuation of Mineral Properties” (the "2003 Standards"). The purpose of the review is to update the 2003 Standards to reflect domestic valuation, international valuation, and regulatory developments. The CIMVAL Code was adopted by the Canadian Institute of Mining, Metallurgy & Petroleum (the "CIM") Council on November 29, 2019.

Published on: November 29, 2019

CIMVal Standards & Guidelines

The CIMVal Standards and Guidelines are organized into two parts. The first part consists of Standards which are general rules that are mandatory in the Valuation of Mineral Properties. The second part contains Guidelines which elaborate on the Standards and, while not mandatory, provide guidance and best practices which are highly recommended to be followed in the Valuation of Mineral Properties. Definitions are given at the beginning of the Standards for terms used. Where practical, terms are defined in a manner consistent with National Instrument 43-101.

Published on: February 01, 2003


Sets out minimum standards and guidelines for Public Reporting of Mineral Asset Valuation in South Africa.

Published by: The South African Mineral Asset Valuation (SAMVAL) Working Group

Published on: July 01, 2009

Documents: SAMVAL Code.pdf


Code for the Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports. Prepared by the VALMIN Committee, a joint committee of The Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Mineral Industry Consultants Association with the participation of the Australian Securities and Investment Commission, the Australian Stock Exchange Limited, the Minerals Council of Australia, the Petroleum Exploration Society of Australia, the Securities Association of Australia and representatives from the Australian finance sector.

Published by: The VALMIN Committee

Published on: January 01, 2005

Documents: VALMIN Code.pdf

IMVAL Template

The IMVAL Template is a standards and guidelines template created for the harmonisation of International Mineral Valuation Codes and Standards by an international committee comprised of representatives of SAMVAL (South Africa), CIMVal (Canada), VALMIN (Australasia), the SME Valuation Standards Committee (USA), and IIMA (USA).

Published by: IMVAL

Published on: May 31, 2018

SME Standards and Guidelines

The content of the standards and guidelines in this 2017 edition has been updated to closely mirror the content of the International Mineral Property Valuation Standards Template, Second Edition (IMVAL Template), published July 2016. Also, quotes from, and references to, the International Valuation Standards (IVS), have been updated from the IVS 2013 edition to the 2017 edition.

Published by: Society for Mining, Metallurgy and Exploration

Published on: August 01, 2017

International Valuation Standards

IVS 2017, published in January 2017, is the latest version of International Valuation Standards.

Published by: International Valuation Standards (IVS) Council

Published on: January 01, 2017