Glossary of Terms

Estimation

Resource estimation

The process of determining the quantity and quality of geological resources.
Resource category

Resource Recognition Category

Classification of geological resources based on the degree of their recognition and certainty.
Feasibility study

Feasibility

A detailed technical and economic analysis of a mining project to assess its profitability.
Pre-feasibility study

Preliminary feasibility study

Preliminary technical and economic analysis of a mining project to assess its potential profitability.
Exploration license

Exploration and appraisal concession

Permit to conduct exploration and appraisal works of geological resources.
Mining license

Mining (Exploitation) Concession

Permit to carry out mining works.
Environmental Decision

Decision on environmental conditions

A document specifying the conditions that a mining project must meet in terms of environmental protection.
NI 43-101

Canadian Asset Reporting Act

A piece of legislation setting standards for reporting geological and economic resources in Canada.
CAPEX

capital expenditures

Investment costs related to the construction and commissioning of the mine.
OPEX

operating costs

Costs related to the current operation of the mine.
Net Smelter Return (NSR)

Revenue after deduction of metallurgical costs

Mine revenue after deduction of costs related to the further transport and metallurgical processing of concentrate or ore.