I think that the new JORC Code is going to be a long time coming...

I think that the new JORC Code is going to be a long time coming with the recent consultations not going well. I understand that 100's of negative submissions were made, each of which needs to be addressed in writing. There are also a lot of legal issues that need to be sorted before any new version can come in unless large new sections are junked, including the CV of note register for CPs. Many new ESG requirements including some DEI rubbish that should not be anywhere near the Resources section. Much of it appears driven by the ASX rather than the mining industry. Reconciliation is one of the few new sections that appears to have been welcomed by industry.

If they don't make any changes to the draft then my view is that costs for JORC work will skyrocket 3 to 5 fold as a result of the extra work load and risk. There is currently only 1 CP insurer prepared to give me a quote and they will not confirm whether they will provide coverage under the new Code if it goes forward in its draft form. The JORC committee did not consider whether there are sufficient qualified individuals available for the extra work load or ask the insurers whether they would provide coverage at a reasonable cost (or at all).

They want to remove the word "eventual" from "reasonable prospects for eventual economic extraction". This is despite:

it takes on average 29 years for amine to go from discovery to production in the US”. https://www.ft.com/content/ac19970a-3ceb-49e8-8de5-3648fa6fe289

A global study showed that discovery to production averaged 15.7 years for 127 mines, with a rangeof 6 to 32 years” https://www.spglobal.com/market-intelligence/en/news-insights/research/discovery-to-production-averages-15-7-years-for-127-mines