The JORC Code and NI 43-101 are two prominent reporting standards used in the mining industry for resource estimation. Here is a comparison between the two: 1. **JORC Code (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)**: - **Region**: Primarily used in Australasia (Australia and parts of Asia). - **Main Principles**: - It focuses on providing clear guidelines for the reporting of exploration results, mineral resources, and ore reserves. - JORC requires transparent reporting and compliance with defined standards. - **Compliance**: Mandatory for companies listed on Australian stock exchanges. - **Categories**: - Exploration Results, Mineral Resources, and Ore Reserves are classified based on their geological certainty and economic viability. - **Competent Persons**: Reports must be prepared by a "Competent Person" who is a member of a recognized professional organization. 2. **NI 43-101 (National Instrument 43-101)**: - **Region**: Mainly used in Canada. - **Main Principles**: - It aims to standardize reporting on mineral properties to provide investors with clear information. - NI 43-101 ensures fair disclosure, accuracy, and transparency of mineral project information. - **Compliance**: Required for all Canadian companies listed on Canadian stock exchanges. - **Categories**: - Like JORC, NI 43-101 distinguishes between Exploration Results, Mineral Resources, and Mineral Reserves based on confidence levels and economic considerations. - **Qualified Persons**: Reports must be prepared by a "Qualified Person" who is required to be a professional geoscientist or engineer. In summary, both the JORC Code and NI 43-101 are reporting standards that aim to ensure transparency, accuracy, and consistency in reporting exploration results, mineral resources, and ore reserves. While they have similarities in the classification of resources, the main difference lies in the terminology used and the specific requirements for reporting in each standard.