The UNFC-2009 and its aligned codes: CRIRSCO Template and PRMS. Ferdi Camisani Oct 2011

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1 The UNFC-2009 and its aligned codes: CRIRSCO Template and PRMS Ferdi Camisani Oct 2011

2 Three-party alignment UNFC-2009 Umbrella Code PRMS Commodity-specific Oil & Gas CRIRSCO Template Commodity-specific Solid Minerals

3 CRIRSCO Reporting of Solid Minerals The CRIRSCO Template and its family of codes

4 CRIRSCO BOARD MEMBERS Deborah McCombe Chairman CIM Canada Edmundo Tulcanaza Chair. Elec. IMEC Chile Ian Goddard Vice-Chair. JORC Australia Paul Bankes Member CIM Canada Peter Stoker Member JORC Australia Ferdi Camisani Member SAMREC South Africa Roger Dixon Member SAMREC South Africa Paul Gribble Member PERC UK (WE) Gregory Malukhin Member PERC Russia(WE) Stephen Henley Member PERC UK (WE) Hernan Soza Member Mining Com. Chile Harry Parker Member SME USA Ian Douglas Member SME USA

5 Historic back-ground 1989 JORC first edition 1994 Sun City Conference CMMI requests standardisation of definitions 1997 WW NROs sign Denver Accord USA, Canada, UK, Australia and South Africa Standardisation of 7 Definitions 2006 CRIRSCO first edition

6 CRIRSCO Classification Exploration Results Inferred Indicated Probable Measured Proved

7 The PRMS The Oil&Gas Classification The PRMS

8 Historic Background 1930s First effort to standardise reserves/resources and their estimation 1987 SPE and WPC publish definitions independently 1997 Single set of definitions 2000 AAPG, SPE and WPC joint classification system 2001 Supplementary guidelines 2005 Glossary of terms PRMS

9 PRMS 2007 CLASSIFICATION SYSTEM

10 PRMS 2007 SUB-CLASSES

11 UNFC 2004 United Nation Framework Classification UNFC 1997 & UNFC 2004

12 Historic back-ground Early 1990s UNECE initiate research on classification UNFC 1997 Dietmar Kelder, coal aligned 1998 and 1999 Geneva Accord Two-party agreement -CRIRSCO and UNECE Adoption of CRIRSCO definitions for common classes 2004 UNFC-2004 Sigurd Heiberg Metals and Petroleum added to UNFC 1997, ECOSOC endorsement 2005 SPE and CRIRSCO (re)engage with UNECE - three party agreement - OPEC+IASB co-opted 2006 Johannesburg CRIRSCO/UNECE meeting 2007 PRMS/Template/UNFC-2004 Mapping

13 UNFC Approach

14 UNFC applied to Minerals

15 UNFC 2004 for Minerals Proved Probable Economic Potentially Economic Intrinsically economic Measured Indicated Inferred Reconnaissance

16 The UNFC 2004 applied to Petroleum Reserves Contingent Resources Prospective Resources

17 Mapping High-level mapping of the Template to the PRMS

18 Reorientation of Template for mapping purposes

19 PRMS CRIRSCO Possible

20 Mapping RECOMMENDATIONS FROM HIGH-LEVEL MAPPING

21 UNFC 2004 for Minerals Proved Probable Economic Potentially Economic Intrinsically economic Measured Indicated Inferred Reconnaissance

22 UNFC UNFC Michael Lynch-Bell, OPEC out

23 3-party effort : UNFC-2009

24 High-level Mapping of CRIRSCO to UNFC CRIRSCO UNFC-2009

25 High-level mapping to the UNFC-2009 Proved Probable CRIRSCO Indicated Inferred Measured Exploration Results

26 Proved UNFC-2009 & Internal Mining Company Inventory Measured Ex-Measured

27 UNFC-2009 & Internal Mining Company Inventory Probable Indicated Measured Ex-Indicated

28 UNFC-2009 & Internal Mining Company Inventory Possible Indicated Inferred Measured Exploration Results

29 UNFC-2009 & Overall inventory Discovered Economic Discovered, Potentially Economic Discovered Not Economic Discovered & Undiscovered Unrecoverable

30 Mineralization beyond Inferred excluded from CRIRSCO

31 Continuing Cooperation with UNFC Current Phase Development of High-level Specifications for UNFC 2009

32 Continuing Cooperation with UNFC Vehicle STF 2 Dead-line

33 Recent Developments 2010 SEC partially endorsed PRMS 2010 IASB and CESR endorsed CRIRSCO and PRMS 2011 Template & PRMS officially recognised as commodity-specific codes of the UNFC-2009

34 The End THANK YOU Ferdi Camisani

35 The official draft recognition In accordance with the existing agreements with CRIRSCO and SPE, they have provided the commodity-specific specifications for minerals and petroleum via the CRIRSCO Template and SPE-PRMS. Along with the Generic Specifications, these provide the foundation and keystones for consistent application of UNFC Other classification systems may be used with UNFC-2009 by mapping through the CRIRSCO Template/SPE-PRMS, or by mapping directly to UNFC In either case, the mapping must comply with all UNFC-2009 definitions and Generic Specifications to the satisfaction of the Expert Group on Resource Classification. Additionally, it must be demonstrated to the satisfaction of the Expert Group on Resource Classification that there is no material difference between estimates resulting from the application of the mapped classification system and the CRIRSCO Template/SPE-PRMS.

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38 Mapping