The first virtual meeting of CRIRSCO took place from 14-19 September chaired by Ken Lomberg the Chairperson of CRIRSCO. The virtual platform allowed the meeting to include additional delegates from the National Reporting Organisations (NROs) Various interested parties were also able to attend. This allowed a broader group to become familiar with the workings of CRIRSCO.
Six 3-hour sessions were held on each of the 6 days with as many as 75 participants on any given day joining from all corners of the world.
All of the 14 NROs were able to join starting at 12:00 GMT albeit with Canada at 5 am and Australia at 10 pm and everybody else in between. Each NRO presented the activities they have undertaken in the past 12 months. The details are on the CRIRSCO.com website.
Attracting finance for exploration and mining ventures is a critical part of the resource business environment today, and there are a number of finance options available, including accessing private equity. With the increase in the number of non-listed (private) companies and individuals seeking to obtain financial assistance, it is important to appreciate that issues of public reporting are not confined to listed companies only. Under all circumstances, if Exploration Results, Mineral Resources and/or Mineral Reserves are reported publically (as defined in the SAMREC Code of 2016), and if said report is claimed to have been compiled in accordance with any of the SAMREC, SAMVAL or SAMOG Codes, then the report and the author are subject to the minimum standards and requirements of the relevant Code as well as the complaints procedure of the SAMCODES Standards Committee (SSC).
SAMREC Code Clause 3:
Public Reports are reports prepared for the purpose of informing investors or potential investors and their advisers on Exploration Results, Mineral Resources or Mineral Reserves. They include, but are not limited to, annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations.
These Public Reports may be in printed or electronic media (including social media) and will include JSE circulars, reports as required by the Companies Act and reports for other regulatory authorities or as required by law.
Public Reporting refers to any documentation which may find its way into the public domain. It refers not only to reporting or documentation by companies listed on a Securities Exchange, but also includes documents compiled by/for private companies or individuals.
While every effort has been made within the Code to cover most situations likely to be encountered in Public Reporting, there may be occasions when doubt exists as to the appropriate form of disclosure. On such occasions, users of the Code and those compiling reports to comply with the Code should be guided by its intent, which is to provide a minimum standard for Public Reporting and the guidelines of materiality, transparency and competence, and to ensure that such reporting contains all information which stakeholders, interested parties, investors and their professional advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making of a reasoned and balanced judgment regarding the Exploration Results, Mineral Resources or Mineral Reserves being reported.
Last updated: 22/01/2019