National Instrument 43-101 is the Canadian regulatory standard governing public disclosure of scientific and technical information about mineral projects. It requires that all technical reports be prepared by or under the supervision of a Qualified Person (QP). This standard is widely respected internationally and is mandatory for companies listed on Canadian stock exchanges.

An individual who is an engineer or geoscientist with at least five years of relevant experience and is a member of a recognized professional association. Under NI 43-101, a QP must take responsibility for the scientific and technical information disclosed in public reports.

The lowest confidence category of mineral resource estimate. It is based on limited geological evidence and sampling, with quantity and grade estimated from geological evidence with limited confidence. Inferred resources cannot be used for economic analysis in feasibility studies and carry the highest geological risk.

A moderate-confidence mineral resource estimate based on adequate geological evidence and sampling. The quantity, grade, density, shape, and physical characteristics are estimated with reasonable confidence. Indicated resources can be used in Pre-Feasibility Studies (PFS) but not in Definitive Feasibility Studies (DFS).

The highest confidence category of mineral resource estimate. It is based on detailed and reliable geological evidence, including closely spaced drilling and sampling. Measured resources can be used in all levels of economic studies, including Definitive Feasibility Studies.

The economically mineable part of a Measured or Indicated Mineral Resource. Reserves are classified as either Proven (from Measured resources) or Probable (from Indicated resources). A reserve estimate includes consideration of mining, processing, metallurgical, economic, marketing, legal, environmental, and social factors.

The highest confidence category of mineral reserve, derived from the economically mineable part of a Measured Mineral Resource. It represents the portion of the deposit that has been thoroughly evaluated and confirmed to be economically viable.

A mineral reserve derived from the economically mineable part of an Indicated (and sometimes Measured) Mineral Resource. It has a lower confidence level than a Proven Reserve but is still considered reliable enough for mine planning.

An early-stage study that evaluates the potential economic viability of a mineral project. A PEA can use Inferred resources and provides an initial assessment of project economics including capital costs, operating costs, and potential returns. It is the least detailed of the three main economic studies and is often used to justify further investment in exploration and development.

A comprehensive study that evaluates the technical and economic viability of a mineral project at a higher level of detail than a PEA. A PFS uses Indicated and Measured resources (not Inferred) and provides more reliable cost estimates, typically with an accuracy of plus or minus 25%. It is often required before a company can proceed to a Definitive Feasibility Study.

The most detailed and comprehensive economic study of a mineral project, also called a Bankable Feasibility Study (BFS). It uses only Measured and Indicated resources and provides cost estimates with an accuracy of plus or minus 15%. A DFS is typically required by banks and investors before project financing is approved. It serves as the basis for the final investment decision.

An early-stage assessment that determines whether a mineral project warrants further investigation. It is less detailed than a PEA and is used to identify the key parameters and potential risks of a project before committing to more expensive studies.

Another name for a Definitive Feasibility Study (DFS). The term 'bankable' indicates that the study meets the standards required by financial institutions for project financing decisions.

A surface mining method where rock and ore are extracted from an open pit or borrow. It is used when the ore body is near the surface and the overburden (waste rock above the ore) is relatively thin. Open-pit mines are typically less expensive to operate than underground mines but have a larger environmental footprint.

A mining method used to extract ore from beneath the earth's surface through tunnels, shafts, and other underground openings. It is used when the ore body is too deep for open-pit mining to be economical. Common underground methods include longhole stoping, cut-and-fill, and block caving.

A mining method that extracts minerals from the ore body without physically removing the rock. A solution is injected into the ore body through wells, dissolving the target mineral, and the mineral-bearing solution is then pumped to the surface for processing. ISR is commonly used for uranium mining and has a smaller surface footprint than conventional mining.

The ratio of waste rock that must be removed to access one unit of ore in an open-pit mine. For example, a strip ratio of 3:1 means three tonnes of waste must be moved for every tonne of ore mined. Lower strip ratios generally indicate more economical mining conditions.

A drilling method that uses a diamond-impregnated drill bit to cut a cylindrical core of rock. The core is brought to surface for geological logging, sampling, and assaying. Diamond drilling provides the most detailed geological information and is the standard method for mineral exploration and resource estimation.

A chemical analysis of a rock, mineral, or metal sample to determine the concentration of specific elements. Assay results are reported in grams per tonne (g/t) for precious metals, percentage (%) for base metals, or parts per million (ppm) for trace elements. Assay results are fundamental to resource estimation.

Exploration conducted in an area with no known mineral deposits or previous mining activity. Greenfield projects carry higher risk but also higher potential reward if a significant discovery is made.

Exploration conducted near or within an existing mine or known mineral deposit. Brownfield projects carry lower risk because the geological setting is already understood, and existing infrastructure can reduce development costs.

A comprehensive measure of the total cost of producing one ounce of gold (or other metal), including mining, processing, administration, sustaining capital expenditures, and exploration costs. AISC was introduced by the World Gold Council in 2013 to provide a more transparent view of mining costs. It is the most widely used cost metric in the gold mining industry.

The direct cost of mining and processing one unit of metal, excluding sustaining capital, exploration, and corporate overhead. Cash cost is a narrower measure than AISC and is used to assess the basic profitability of a mining operation at current metal prices.

The present value of all future cash flows from a mining project, discounted at a specified rate, minus the initial capital investment. A positive NPV indicates that the project is expected to generate value above the required rate of return. NPV is one of the primary metrics used to evaluate mining project economics.

The discount rate at which the Net Present Value (NPV) of a project equals zero. It represents the annualized rate of return that the project is expected to generate. Higher IRR values indicate more attractive investment opportunities. Mining projects typically require an IRR of 15-25% or higher to attract financing.

A payment made to a mineral rights holder (often a government or landowner) based on a percentage of the revenue or profit from mineral production. Royalties are a common form of mining taxation and vary by jurisdiction, mineral type, and production volume.

A financing arrangement where a company provides upfront capital to a mining company in exchange for the right to purchase a percentage of future metal production at a predetermined price (usually well below market). Streaming companies like Franco-Nevada and Wheaton Precious Metals use this model.

A facility where mined ore is crushed, ground, and processed to extract the valuable minerals. Processing methods vary by mineral type and may include flotation, leaching, gravity separation, or magnetic separation.

The percentage of the target metal that is successfully extracted from the ore during processing. For example, a 95% gold recovery rate means that 95% of the gold contained in the ore is captured during processing. Higher recovery rates improve project economics.

The average grade of ore being fed into the processing plant. It is a key metric for monitoring mine performance and is typically reported in grams per tonne (g/t) for gold or percentage (%) for base metals.

The waste material remaining after the valuable minerals have been extracted from the ore during processing. Tailings are typically stored in engineered facilities called tailings storage facilities (TSFs). Tailings management is a critical environmental and safety consideration in mining.