This is the 2nd podcast in a 2-part series that covers Categorical and Multiple Indicator Kriging, which is an increasingly popular mineral resource estimation technique. In this podcast, Optiro's Geology Director, Ian Glacken discusses the use and abuse of these techniques in mineral resource estimation, with our podcast host Justine Tracey. This episode at a glance: 1:00 Let's recap the concept of an indicator 1.58 What are the circumstances where MIK is required? 5.56 What are the key issues to be aware of? 9.54 Why is MIK abused as an estimation technique? 13.17 Where can we get more information? For more information: Rossi, ME, and Deutsch, CV (2014).  Mineral Resource Estimation.  Springer. A practitioners' implementation of indicator kriging. Authors: I M Glacken and P C J Blackney. Contact Ian Glacken for a copy: iglacken@optiro.com 

Fresh Thinking by Optiro

39 - Part 2 of 2 – Multiple Indicator Kriging (MIK)

This is the first podcast in a 2-part series that covers Categorical and Multiple Indicator Kriging, which is an increasingly popular mineral resource estimation technique. In this podcast, Optiro's Geology Director, Ian Glacken addresses the use and abuse of these techniques in mineral resource estimation. This episode at a glance: 1:00 What are these two podcasts about? 1:36 What exactly is an indicator? 2:33 What is categorical kriging and where would I apply it? 4:32 Could you use it in a more simple application? (Sub domaining out your low-grade zones within a domain) 5:27 Have you seen categorical kriging used inappropriately? 7:11 Can you explain how categorical estimation works? 9:44 What are the key issues when using a categorical estimation? 11:21 Is the approach ever overused or abused? For more information: Rossi, ME, and Deutsch, CV (2014).  Mineral Resource Estimation.  Springer. A practitioners' implementation of indicator kriging. Authors: I M Glacken and P C J Blackney. Contact Ian Glacken for a copy: iglacken@optiro.com 

38 - Categorical Kriging - what is it and when does it work? Part 1 of 2

The JORC code does many things, but it doesn't prescribe how to consistently classify resources. Optiro's Director of Geology Ian Glacken explains some of the techniques available to ensure consistency in this fifth part of the mini-series on the JORC code. In this episode: 1:22 When the JORC code is described as being principles-based, what does that mean? 3:16 So contrasting to other codes around the world, the JORC code is a good one, right? 4:33 Why can the JORC code be an issue for large companies? 5:39 What are some of the techniques for getting a more objective classification? 6:30 Is there a standard for objective resource classification? (90/15 rule) 11:16 Where can you get more information on this? For more information: H M Parker and C E Dohm, 2014. Evolution of Mineral Resource Classification from 1980 to 2014 and Current Best Practice. Finex 2014 Julius Wernher Lecture JORC Code Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com 

37 - Classifying mineral resources

There are plenty of ways to get it wrong and having to retract your ASX market release is best avoided. Optiro's Director of Geology Ian Glacken explains how to stay compliant to the rules in this fourth part in the mini-series on the JORC code. In this episode: 1:16 What's the general approach for resource and reserve market releases? 4:20 How does our process in Australia compare to the codes in other markets? 5:43 What sort of errors we do see with releases of exploration results? 9:01 What about the errors we see with the release of resource information? 10:27 There are many issues related to studies for ore reserve declarations, right? 12:55 What about the market comparisons companies make with their peers? 16:17 Where can you find out more about this? For more information: JORC Code Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com 

36 - ASX Market Releases

Podcasts in the time of COVID-19. The name isn't a mistake: Optiro's Director of Geology Ian Glacken is talking about Table 1 of the JORC code, why it is there, misconceptions about it and how it can protect investors. In this episode: 0:57 Table 1 and the ASX listing rules - what are your obligations? 1:45 What are the rules regarding Table 1 and when does it need to get completed? 2:27 "If not, why not?" - what does this mean? 3:50 If I have generated a mineral resource estimate, do I need to fill out Section 2 of Table 1? 5:50 What's the relationship between Table 1 and the ASX listing rules? 8:39 What do you think the regulators want to see? 10:51 This is complicated. Does anyone actually look at Table 1? 12:35 Where should we look for more information on Table 1? For more information: JORC Code JORC Table 1: Just answer the question! (2016) Sterk, R. RSC Consulting Ltd Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com 

35 - Table 1

Reporting your resource using metal equivalents is acceptable practice, if you follow the rules. In this episode, the second in a mini-series about misinterpretation of the JORC code, Optiro's Director of Geology Ian Glacken explains where miners are getting it wrong and potentially misreporting the value of their commodities. In this episode: 0:58 What happens if a competent person misinterprets or misreports something to the market? 2:18 What is a metal equivalent and why are we talking about it in this context? 6:00 Metal equivalents aren't necessarily a bad thing though right? Why should companies do it? 7:08 What is an NSR (Net Smelter Return) equivalent? 8:40 What are the rules for metal equivalents in the JORC code? 11:12 Why do we see abuses of the rules and then subsequent retractions in the market? 14:34 What should investors look out for in market releases? 16:08 Where can listeners get more information? For more information: The Use and Abuse of Metal Equivalents (2019) Rose, S and Fahey, G. Mining Geology 2019 conference. Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com 

34 - Metal Equivalents

Recent research undertaken by Optiro's Director of Geology, Ian Glacken, shows there are a number of reports on resources being made to the market that are based on tenuous assumptions. This episode is part of a mini series on misinterpretations of the JORC code. In this episode: 1:03 Is RPEEE hopeless? 2:08 What does 'reasonable' mean, actually? 2:51 What about 'eventual' and 'economic'? 4:16 Are we effectively defining ore reserves at the resource stage now? 6:03 What's causing you to be less optimistic about RPEEE now? 9:27 We can see people sidestepping the rules - why are we seeing people get away with it? 11:29 We're looking for a level playing field. What can we do to bring resource reporting in line with the code? 13:51 How can people get a hold of your paper that was presented at the conference? For more information: The Highly Vexed Issue of Reasonable Prospects of Eventual Economic Extraction (RPEEE) - Narrowing the Range of Practice (2019), Glacken, Ian. Mining Geology 2019 conference. Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com 

33 - RPEEE: is all hope lost?

Now that you've built up your resource model from the data it's time to submit it to the Bernard Schneider test. Optiro's Principal Geologist Mark Drabble explains some of the checks you need to perform to ensure your modelling is correct. In this episode: 0:49 What are some of the key issues you've seen in resource models? 6:05 How can we avoid coming out with "bollocks" in our models? 9:09 If you want to keep your models accurate, what are some of the techniques you can use? 13:50 What should we do with our validated models, now that we have them? For more information: Contact Mark Drabble - Optiro Principal Geologist: MDrabble@optiro.com 

32 - The resource model "sniff test"

Interpreting data can be a daunting task and 'good luck' probably isn't enough to get you through! So Optiro's Principal Geologist Mark Drabble shares tips on how to get to the right answers in your resource models.  In this episode: 0:45 Five years before you could use a computer to model 2:11 Are graduate geologists spending much time in the field learning how to collect data? 4:06 How should you get started in resource modelling? 6:45 What do I need to understand about the JORC code and materiality? 8:35 How can people check the database they are working with for errors? 13:15 What does visualisation mean? 16:53 We haven't even started digitising, what are the things you need to do here? 22:04 Draw your concept - use a pencil! 24:12 Ok you've got shapes now - is this a model? For more information: Contact Mark Drabble - Optiro Principal Geologist: MDrabble@optiro.com  

31 - From data to resource model

Choosing the right technique to analyse your samples is an important decision and new technology is changing the game. Dr Simon Dominy joins Ian Glacken, Director of Geology at Optiro, to discuss new techniques including photon assay. In this episode: 0:44 What do we mean by 'bulk' assaying? 2:05 Why use BLEG or leachwell? 4:31 Why is photon assay a breakthrough? 6:52 What other bulk assaying techniques should we be aware of? 9:58 Where can we go for more information? For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Contact Simon Dominy - s.dominy@e3geomet.com Optiro website 

30 - Bulk assaying techniques

Bulk sampling can help you get a more accurate idea of how much ore there is to be mined, but you need to have the scale to do it and know when it is appropriate. Dr Simon Dominy joins Director of Geology at Optiro Ian Glacken to discuss where he has seen it used well in the past. In this episode: 1:07 Why do we need to do bulk sampling? 2:12 How do you define a bulk sample? 2:42 What are the key elements of a bulk sampling campaign? 4:28 What does bulk sampling cost? 5:08 What are some example projects that you've worked on? 6:20 What is a Nelson or Acacia reactor? 7:42 How do you know a bulk sample is appropriate? 8:48 What is the view on ore sorting? Can it be useful at a production scale? 10:08 Where can listeners go for more information? For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Contact Simon Dominy - s.dominy@e3geomet.com Optiro website 

29 - Bulk Sampling for Resource Validation

When you travel the world visiting mines, you encounter extremes in weather, altitude and travel. In this final part of the travels of a geologist, Director of Geology at Optiro Ian Glacken recalls how he almost got frostbite in an unlikely country and about potholes so big they could swallow a car. In this episode: 1:10 What has been the hottest and coldest places you've been as a travelling geologist? 4:05 Frostbite in Morocco (almost) 5:52 What is the highest mine above sea level you've ever been to? 7:35 Where have the longest road trips been? 10:10 Air travel surely features heavily in the life of a travelling geologist? 12:17 Are you going to keep travelling? For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Optiro website 

28 - The travels of a geologist (part 4)

The best jobs can be on the worst trips and the worst jobs can be in the best places. In part 3 of 4 of this series on travel as a geologist, Director of Geology at Optiro Ian Glacken tells us about some of the worst places he's been and the worst food poisoning he's endured, whilst keeping an eye out for some of the world's most rugged beauty.  In this episode: 1:23 Where is the worst place you've been to as a consultant? 4:23 What are some other unfavourable places you've visited? 5:21 What about the other perils of travelling like diseases and food poisoning? 6:45 Make us want to be a geologist - surely not all travel is bad? 7:51 Bullet proof cars in Colombia 9:52 Mad Max beauty in Namibia For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Optiro website 

27 - The travels of a geologist (part 3)

Seeing the world as a consultant geologist can take you places, but some of them are a little too exciting to experience twice! Optiro's Director of Geology Ian Glacken recalls some stories including escaping a revolution, meeting Danie Krige on a pile of gold bars and having his clothes eaten by goats. In this episode: 1:00 Following C tutoring from Larry Page at Stanford, where did you travel next? 2:40 What were your first trips as a consultant geologist like? 4:57 Meeting the guys from Bre-X 6:15 Escaping a revolution 8:01 Where do you go most frequently in the mining world? 9:14 What happened on your first trip to Africa? 10:10 Meeting Danie Krige 11:18 Do goats eat washing in Burkina Faso? For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Optiro website 

26 - The travels of a geologist (part 2)

If you want to see the world you needn't join the navy: geologists get to see the world and quite frequently, too. Optiro's Director of Geology Ian Glacken tells some stories about his early travels and what he learned, including honing his C programming skills with a young Google CEO Larry Page. In this episode: 1:05 Does working as a geologist lead to a lot of travel? 2:30 Is the travel enjoyable? 3:14 Was there much travel in the early years of your career? 11:43 Studying geostatistics at Stanford University and both meeting and working with people who went on to make names for themselves around the world. For more information: Contact Ian Glacken - Optiro Director of Geology: iglacken@optiro.com Optiro website 

25 - The travels of a geologist (part 1)

News and information from the world of geology and mining, Fresh Thinking by Optiro provides a new perspective on the industry and seeks to educate on best practice. www.optiro.com Optiro Mining Industry Consultants.

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Fresh Thinking by Optiro

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