Mining Investor Glossary
Plain-English definitions of the terms that actually appear in mining-company filings and OreStocks pages. Each definition links to related terms and to the relevant methodology where applicable.
Reporting standards
- NI 43-101
- Canadian national instrument that governs how mineral resources and reserves are publicly disclosed.
- JORC Code
- Australian equivalent of NI 43-101 — the national standard for public reporting of exploration results, resources, and reserves.
- Qualified Person (QP)
- The individual geologist or engineer who signs off on NI 43-101 disclosures.
Geology & resources
- Mineral Resource
- An estimated quantity of in-ground mineralization with reasonable prospects for eventual economic extraction.
- Mineral Reserve
- The economically mineable portion of a Measured or Indicated Resource, supported by a Feasibility-level study.
- Cut-off grade
- The minimum grade at which material is considered ore rather than waste.
- Grade
- The concentration of the target commodity in the rock — units depend on the commodity.
- Strip ratio
- The ratio of waste rock that must be removed to access one tonne of ore.
Drilling
- Drill intercept
- A length of drilled rock containing mineralization above the cut-off grade.
- True width vs apparent width
- True width is the perpendicular thickness; apparent width (downhole length) over-states it when the hole intersects mineralization at a shallow angle.
- Bonanza grade
- An exceptionally high grade — typically >30 g/t gold or equivalent.
Mine economics
- Pre-Feasibility Study (PFS)
- A comprehensive technical and economic study of a project at a Mineral Resource level, sufficient to convert Indicated Resources to Probable Reserves.
- Feasibility Study (FS)
- The highest-tier study — final engineering, supplier quotes, full permitting plan — at ±10–15% accuracy.
- NPV, IRR, and payback
- The three headline economic metrics from a PEA/PFS/FS — Net Present Value, Internal Rate of Return, time to recover initial capex.
- All-In Sustaining Cost (AISC)
- Total cost per ounce (or pound) to keep an operating mine running — cash cost plus sustaining capex plus G&A.
Financings
- Bought deal
- An underwriter has committed capital to purchase the entire offering before remarketing.
- Private placement
- Equity sold to specific accredited investors without an underwriter commitment.
- Flow-through shares
- Canadian-specific shares where exploration expense deductions flow through to the investor for tax purposes.
- Hold period
- The four-month minimum holding period for shares issued via private placement in Canada.
- Warrants (full and half)
- A right to buy additional shares at a fixed price for a defined period, typically attached to a private placement unit.
Insider activity
- SEDI (System for Electronic Disclosure by Insiders)
- The Canadian regulatory system where insiders of TSX/TSXV-listed companies report their securities transactions.
- Form 4 (US insider filing)
- The US SEC form for reporting insider trades — the EDGAR equivalent of SEDI.
- Insider conviction
- A reading of insider behavior — cluster buying, executive ranks involved, dollar amounts relative to compensation — used to gauge management's belief in the company.