A Mineral Company must ensure that:—

(1) any estimates of mineral Reserves disclosed are supported, at a minimum, by a Pre-feasibility Study;
(2) estimates of mineral Reserves and mineral Resources are disclosed separately;
(3) Indicated Resources and Measured Resources are only included in economic analyses if the basis on which they are considered to be economically extractable is explained and they are appropriately discounted for the probabilities of their conversion to mineral Reserves. All assumptions must be clearly disclosed. Valuations for Inferred Resources are not permitted;
(4) for commodity prices used in Pre-feasibility Studies, Feasibility Studies and valuations of Indicated Resources, Measured Resources and Reserves:—
(a) the methods to determine those commodity prices, all material assumptions and the basis on which those prices represent reasonable views of future prices are explained clearly; and
(b) if a contract for future prices of mineral Reserves exists, the contract price is used; and
(5) for forecast valuations of Reserves and profit forecasts, sensitivity analyses to higher and lower prices are supplied. All assumptions must be clearly disclosed.