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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteA gold mine’s resource is an estimate of mineralization that may eventually be economically extracted; a reserve is the part of a sufficiently studied resource considered economically mineable; and a production target is a forecast of how much a company expects to extract over a future period. They are related, but none is interchangeable with the others—and a forecast is not a guarantee.
How the three terms differ
| Term | What it describes | What supports it | What it does not mean |
|---|---|---|---|
| Mineral resource | An estimated quantity and grade of mineralization with reasonable prospects for eventual economic extraction. | Geological evidence and sampling, with a classification reflecting geological confidence. | It is not every mineralized interval found, proof that mining is economic, or a promise that the material will be produced. |
| Ore or mineral reserve | The economically mineable part of a Measured and/or Indicated resource. | At least a pre-feasibility or feasibility-level study, applying relevant technical and economic modifying factors and accounting for dilution and mining losses. | It is not a promise that the company will produce exactly that quantity. |
| Production target | A forecast quantity of minerals expected to be extracted over a stated future period. | Project assumptions and evaluation; disclosure requirements depend on jurisdiction. | It is not a geological resource or reserve category, nor guaranteed future output. |
The JORC Code says a resource must have “reasonable prospects for eventual economic extraction,” regardless of its classification. JORC Code (2012), Clause 20
What a resource tells you—and what it does not
A resource estimate describes mineralization inferred from geological evidence and sampling, not gold already mined or necessarily recoverable. Under JORC, resources are classified as Inferred, Indicated, or Measured, in ascending order of geological confidence. Even a higher-confidence resource remains an estimate; it does not by itself establish that a mine can extract the material profitably.
The phrase “reasonable prospects” matters: a resource is not simply all mineralization encountered in drilling. The estimate must meet the standard’s threshold for eventual economic extraction. But that threshold is not the same as proving current economic mineability or committing to production.
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How a resource becomes a reserve
A reserve is derived only from the Measured and/or Indicated portions of a resource under JORC. An Inferred resource cannot be converted directly into a reserve. The reserve estimate applies modifying factors—such as mining method, processing, infrastructure, economics, legal requirements, environmental and social matters—and accounts for dilution and mining losses. JORC requires at least a Pre-Feasibility or Feasibility Study to support the reserve determination. JORC Code (2012), Clauses 29–31
This means the reserve is typically smaller than the resource from which it is derived: some estimated material may not satisfy the technical, economic, or other conditions for inclusion. A reserve is stronger evidence of assessed mineability than a resource, but it still does not guarantee that a company will mine every reserve tonne or ounce as estimated.
Why a production target is different
A production target looks forward: it estimates the quantity of minerals a company expects to extract over a specified future period. It is an output forecast, not an estimate of the mineral inventory in the ground. A company may support a target with a reserve, but the target remains a forecast and is not the same thing as the reserve.
In Australia, ASIC describes production targets as projections or forecasts for minerals to be extracted from mining tenements over periods extending beyond the current and forthcoming year. ASIC says a target needs reasonable grounds when it is disclosed, including sufficient exploration and evaluation and consideration of relevant modifying factors. Those factors can include mining, processing, metallurgy, infrastructure, economics, marketing, legal, environmental, social, and government matters. ASIC, “Mining and resources — Forward-looking statements”
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsReasonable grounds make a target supportable at the time it is published; they do not turn it into a certainty. Actual output can differ from the forecast if assumptions or project conditions change.
How to read these terms in a company announcement
- Check the category and confidence. Is the stated quantity a resource or a reserve? If it is a resource, note whether it is Inferred, Indicated, or Measured.
- Look for the basis of the estimate. Reserve disclosures should explain the studies and modifying factors behind the mineability assessment. A production target should identify its time period and the assumptions supporting the forecast.
- Do not compare unlike quantities as if they were interchangeable. A resource estimate, a reserve estimate, and expected annual production answer different questions: what mineralization is estimated, what portion is considered mineable, and what the company forecasts extracting.
- Read the applicable reporting rules. Terminology and disclosure requirements are not identical worldwide; check the standard and jurisdiction cited in the announcement.
Why jurisdiction matters
JORC’s terms are useful for understanding the distinction, but companies report under different national or regional frameworks. CRIRSCO’s International Reporting Template draws on recognized systems including JORC in Australasia, CIM in Canada, SAMREC in South Africa, PERC in Europe, and the SME Guide in the United States. CRIRSCO, Documentation Library
For example, Canada’s NI 43-101 technical-report instructions call for discussion of resource assumptions and methods, conversion of resources to reserves, and factors that could materially affect estimates. Government of British Columbia, National Instrument 43-101 In the United States, SEC definitions state that Inferred resources may not be used to assess a project’s economic viability or converted into a reserve under those definitions. 17 CFR § 229.1300
JORC uses the label “Ore Reserve”; other systems may use “Mineral Reserve.” The labels and detailed rules should be read in their own reporting context rather than assumed to be identical.
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