ASX mining glossary

Plain-language definitions for the JORC, ASX, and tenement terms that come up every quarter for a junior mining explorer. For the two most detailed topics, see the full Appendix 5B guide and JORC Table 1 guide, or browse all guides.

Terms A–Z

Appendix 5B

The quarterly cash flow report an ASX-listed mining exploration or oil and gas exploration entity must lodge under Listing Rule 5.5, within one month of each quarter's end. See the full guide.

Assay

A laboratory test that measures the concentration of a metal or mineral in a rock, soil, or drill sample — usually reported in grams per tonne (g/t) or percent, depending on the commodity.

Competent Person

A person with the qualifications, relevant experience, and professional body membership required by the JORC Code to take responsibility for publicly reported exploration results, mineral resources, or ore reserves. Only a Competent Person can sign off this content — no software can.

Continuous disclosure

The ASX Listing Rule obligation for a listed entity to immediately announce any information a reasonable person would expect to have a material effect on its share price, rather than waiting for the next scheduled report.

Drill core

A cylindrical rock sample brought to the surface by diamond drilling, as opposed to the loose chips produced by reverse circulation (RC) drilling. Core preserves the rock's structure, so it's typically used where geological detail matters most.

Exploration licence

A tenement type granting the right to explore for minerals within a defined area, subject to minimum expenditure commitments and a renewal date. Terminology and specific rules vary by state — some jurisdictions use "exploration permit" instead.

Exploration Results

Data and interpretations from mineral exploration — drill results, sampling, geological mapping — that don't yet amount to a Mineral Resource estimate. Public reporting of Exploration Results triggers JORC Table 1, Sections 1 and 2.

Farm-in / farm-out

An arrangement where one company (farming in) earns an interest in another's tenement by funding exploration on it, while the original holder (farming out) reduces its stake in exchange for that funded work — a common way junior explorers share risk and cost.

Grade

The concentration of a valuable mineral or metal within a rock, typically expressed in grams per tonne (g/t) for gold, or a percentage for base metals. Higher grade generally means more contained metal per tonne mined.

Grant date / renewal date

The date a tenement was originally granted, and the recurring anniversary of that date each year against which minimum expenditure commitments are assessed and renewal applications fall due.

If not, why not

The reporting standard behind JORC Table 1: every applicable criterion must be addressed, and if one doesn't apply or wasn't assessed, the report must say so and explain why. Silence on a criterion isn't compliant.

JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the standard ASX-listed companies must follow when publicly reporting exploration or resource information. Currently the 2012 Edition.

JORC Table 1

The checklist within the JORC Code that a Competent Person works through when reporting exploration results or a resource estimate, organised into five sections of criteria. See the full guide.

Joint venture (mining)

An agreement between two or more parties to jointly fund and develop a tenement, typically with each party's ownership percentage tied to its contribution — distinct from a farm-in, which is the mechanism by which a joint venture interest is often earned.

Measured, Indicated, and Inferred Resources

The three confidence categories a Mineral Resource is classified into under the JORC Code, from highest confidence (Measured) to lowest (Inferred), based on the quality and density of the underlying sampling data.

Mineral Resource

A concentration of minerals with reasonable prospects for eventual economic extraction, estimated and classified under the JORC Code. Reporting a new or updated Mineral Resource triggers JORC Table 1 Section 3, on top of Sections 1 and 2.

Minimum expenditure commitment

The minimum amount a tenement holder must spend on exploration or development activity each year to keep the tenement in good standing, set by the relevant state mining act. Falling behind risks penalties or loss of the tenement.

Mining lease

A tenement type granting the right to mine and extract minerals, typically applied for once exploration has established a viable deposit — a later stage than an exploration licence.

Ore Reserve

The portion of a Mineral Resource that is economically mineable, established through at least a Pre-Feasibility Study under the JORC Code. Reporting an Ore Reserve triggers JORC Table 1 Section 4.

Quarterly Activities Report

The narrative report ASX-listed exploration entities must lodge alongside Appendix 5B each quarter under Listing Rule 5.3, describing what actually happened operationally — separate from, but filed on the same schedule as, the cash flow numbers.

Reverse circulation (RC) drilling

A faster, lower-cost drilling method that returns rock chips rather than intact core, commonly used for early-stage exploration before diamond drilling is used to confirm results in more detail.

Section 8 (funding runway)

The part of Appendix 5B that calculates how many quarters of funding an entity has left, based on its cash burn. Reporting under two quarters triggers mandatory follow-up disclosure. See the Section 8 walkthrough.

Strike and dip

Two measurements that describe the orientation of a geological structure in three dimensions — strike is the compass direction the structure runs along the surface, and dip is the angle it plunges below the surface.

Tenement

A general term for any mining title — exploration licence, mining lease, prospecting licence, or similar — granted by a state government giving the holder rights over a defined area, subject to conditions including minimum spend and renewal dates.