Glossary
Mining equity research terminology concisely explained — with mining-investment context. Each term has its own page with examples and cross-references.
All terms (alphabetical)
- AISC (All-In Sustaining Cost)
- Feasibility Study (FS / PFS)
- Grade (g/t)
- JORC Code
- Junior Miner
- MD&A (Management Discussion & Analysis)
- Mineral Resources (M&I, Inferred)
- NI 43-101
- Open-Pit vs Underground
- Proven & Probable Reserves (P&P)
- Proxy Circular
- Qualified Person (QP)
- Senior Miner (Major)
- Strip Ratio
- Tonnage (Mt)
Financial
- AISC (All-In Sustaining Cost)
Total cost of production per ounce, including sustaining CapEx and G&A.
- MD&A (Management Discussion & Analysis)
Quarterly management commentary on the financial statements.
- Proxy Circular
Annual document for the Annual General Meeting (AGM) covering insider holdings and board composition.
Regulatory
- Feasibility Study (FS / PFS)
Technical-economic study assessing the economic viability of a mining project.
- JORC Code
Australian standard for public reporting on mineral resources and reserves.
- Mineral Resources (M&I, Inferred)
Geologically demonstrated mineralization, classified by confidence level.
- NI 43-101
Canadian standard for public reporting on mineral resources and reserves.
- Proven & Probable Reserves (P&P)
Highest category of mineral reserves with demonstrated economic extractability.
- Qualified Person (QP)
Licensed geologist or engineer authorized to sign NI 43-101 reports.
Technical
- Grade (g/t)
Concentration of the target metal per tonne of ore, measured in grams per tonne.
- Tonnage (Mt)
Total quantity of ore in megatonnes (millions of tonnes).
Market Structure
- Junior Miner
Mining company with a market capitalization under $500M, mostly in the exploration or resource-definition phase.
- Senior Miner (Major)
Established producer with a market capitalization above $10B and multiple operating mines.
Operational
- Open-Pit vs Underground
Two fundamentally different mining methods with different cost and grade profiles.
- Strip Ratio
Ratio of waste rock to ore that has to be moved in open-pit mining.