Too often, Reserves reporting is misunderstood—especially by non-technical stakeholders—as a self-contained exercise. In reality, reporting Mineral Reserves in accordance with the JORC Code (2012) or KCMI is not an objective in itself. It is the formal summary of a Life-of-Mine plan that has already been developed to a sufficiently detailed level. As per JORC Clause 29: "A Mineral Reserve is... defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors." In operating mines, this study is typically the Budget-level Life-of-Mine Plan—aligned with AACE Class 2 estimates under Recommended Practice 47R-11, a framework also recognised by CRIRSCO. 📌 Key Point: A Reserve cannot be declared without a supporting mine plan. Attempting to do so is not only non-compliant, it risks misleading stakeholders. ✅ The Reserves statement is the output, not the input or objective, of mine planning.