The JORC Code

JORC Code, 2004 Edition

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 edition) was incorporated in the Listing Rules of the Australian Stock Exchange (ASX) and New Zealand Stock Exchange (NZX) on Friday, 17 December 2004, replacing the 1999 edition. Compliance is mandatory on all companies listed by the ASX and NZX.

The JORC Code provides minimum standards for public reporting to ensure that investors and their advisers have all the information they would reasonably require for forming a reliable opinion on the results and estimates being reported.

The 2004 JORC Code is available as an indexed PDF file: JORC Code, 2004 Edition.

ASX Companies Updates – Guidance on application of the JORC Code, 2004 Edition

Since 2004 the ASX, after extensive discussion with JORC, has issued four Companies Updates to assist in interpretation of the JORC Code and its use in Public Reporting. These ASX Companies Updates has been appended to file of the Code and will automatically download with the PDF. Users of the JORC Code, 2004 Edition are advised to consult these Updates:

JORC Code, 2012 Edition

The JORC Code, 2012 Edition was finalised and published by the JORC Committee in December 2012 following an extensive review process.

The JORC Code, 2012 Edition is available here.

The JORC Code, 2012 Edition was published 20 December 2012. The 20 December 2012 announcement of the release of the revised Code and its implementation can be found here.

The JORC Committee released a number of supporting documents as follows:

Transition from the 2004 Edition to the 2012 Edition

There are two Editions of the JORC Code which are current, as a transition is underway from the 2004 Edition to the 2012 Edition of the Code. The transition arrangements for the JORC Code are:

  • The JORC Code 2012 Edition and the new ASX Listing Rules relating to the disclosure of reserves and resources by ASX-listed mining and oil & gas exploration and production companies will come into effect on 1 December 2013 (with the exception of the requirement for a Pre-Feasibility Study or a Feasibility Study to be completed in order to declare an Ore Reserve, which will come into effect on 1 December 2014).

  • During the transition period until 30 November 2013, the minimum requirement for Public Reports is compliance with the JORC Code 2004 Edition and the current ASX Listing Rules. From 1 December 2013 all Public Reports must comply with the JORC Code 2012 Edition and the new ASX Listing Rules (with the exception of the above-mentioned Pre-Feasibility Study and Feasibility Study requirements which must be complied with from 1 December 2014).

  • The new ASX Listing Rules are available at: http://www.asxgroup.com.au/compliance-downloads.htm.

  • Both ASX and JORC encourage early voluntary adoption of the JORC Code 2012 Edition and the new ASX Listing Rules during the transition period, before the new requirements come into effect.

  • An entity that voluntarily adopts the new requirements before they come into effect should ensure that it is in a position to apply the new requirements to all Public Reports issued by it from that point. ASX will expect the entity to continue to comply with the new ASX Listing Rules for the remainder of the transition period (with the exception of the above-mentioned Pre-Feasibility Study and Feasibility Study requirements, unless they are early-adopted).