Glossary

Mineral Resource:

A ‘Mineral Resource’ is a concentration (or occurrence) of material ofeconomic interest in or on the earth’s crust in such form, quality and quantity that there arereasonable and realistic prospects for eventual economic extraction. The location, quantity,grade, continuity and other geological characteristics of a Mineral Resource are known,estimated from specific geological evidence and knowledge, or interpreted from a wellconstrained and portrayed geological model. Mineral Resources are subdivided, in order ofincreasing confidence in respect of geoscientific evidence, into inferred, indicated and measuredcategories.

Inferred Mineral Resource:

An ‘inferred Mineral Resource’ is that part of a Mineral Resourcefor which tonnage, grade and mineral content can be estimated with a low level of confidence.It is inferred from geological evidence and assumed but not verified geological and/or gradecontinuity. It is based on information gathered through appropriate techniques from locationssuch as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertainquality and reliability.

Indicated Mineral Resource:

An ‘indicated Mineral Resource’ is that part of a MineralResource for which tonnage, densities, shape, physical characteristics, grade and mineralcontent can be estimated with a reasonable level of confidence. It is based on exploration,sampling and testing information gathered through appropriate techniques from locations suchas outcrops, trenches, pits, workings and drill holes. The locations are too widely orinappropriately spaced to confirm geological and/or grade continuity but are spaced closelyenough for continuity to be assumed.

Measured Mineral Resource:

A ‘measured Mineral Resource’ is that part of a MineralResource for which tonnage, densities, shape, physical characteristics, grade and mineralcontent can be estimated with a high level of confidence. It is based on detailed and reliableexploration, sampling and testing information gathered through appropriate techniques fromlocations such as outcrops, trenches, pits, workings and drill holes. The locations are spacedclosely enough to confirm geological and grade continuity.

Mineral Reserve:

A ‘Mineral Reserve’ is the economically mineable material derived from ameasured and/or indicated Mineral Resource. It is inclusive of diluting materials and allows forlosses that may occur when the material is mined. Appropriate assessments, which may includefeasibility studies, have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, socialand governmental factors. These assessments demonstrate at the time of reporting that extractionis reasonably justified. Mineral Reserves are sub-divided in order of increasing confidence intoprobable Mineral Reserves and proved Mineral Reserves.

Probable Mineral Reserve:

A ‘probable Mineral Reserve’ is the economically mineablematerial derived from a measured and/or indicated Mineral Resource. It is estimated with alower level of confidence than a proved Mineral Reserve. It is inclusive of diluting materials andallows for losses that may occur when the material is mined. Appropriate assessments, whichmay include feasibility studies, have been carried out, including consideration of, andmodification by, realistically assumed mining, metallurgical, economic, marketing, legal,environmental, social and governmental factors. These assessments demonstrate at the time ofreporting that extraction is reasonably justified.

Proved Mineral Reserve:

A ‘proved Mineral Reserve’ is the economically mineable material derived from a measured Mineral Resource. It is estimated with a high level of confidence. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified.