Firstly, BDO relied on Palaris ITR valuations. I would expect any person employed at Palaris completing such a report to be a member of AusIMM, AIG or other RPO (recognized professional organization) and thereby bound by JORC and Valmin professionally and ethically.
Next point is ASIC RG 111.114 : Additional disclosures per below and in particular the NOTE : RG 111.114 Security holders will generally expect that an expert report will have been prepared on the following basis: (a) the expert has made all the inquiries that it believes are desirable and appropriate in order to prepare the report; and (b) the report has not omitted any matter that the expert regards as material to security holders’ assessment of the expert’s conclusions.
Note: To the extent that there are any normally applicable standards and guidelines for valuing a particular class of assets (e.g. the Valmin Code for valuations involving mineral and hydrocarbon assets), security holders will generally expect that these have been complied with. The report should disclose if that is not the case as that will be a matter that is relevant to security holders’ assessment of the expert’s conclusions.
So any report prepare is deemed in accordance unless otherwise specifically stated.
SMR Price at posting:
95.5¢ Sentiment: None Disclosure: Not Held
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