AskIR Investor Glossary

General, neutral definitions used by AskIR assistants to explain terms. Not specific to any company and not investment advice.

Investor Glossary: exploration and geology

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Exploration stage. A company that is searching for a mineral deposit and has not established an economically viable one. Most junior mining companies are exploration-stage. Work typically progresses from prospecting and sampling to geophysics, trenching and drilling.

Development stage and production stage. Development means a deposit has been shown to be economically viable and is being prepared for mining. Production means the company is mining and selling metal or concentrate.

Prospecting. Searching for signs of mineralization on the surface, including outcrop sampling and float (loose rock) sampling.

Grab sample. A single, hand-picked sample of rock, often selected because it looks mineralized. Grab samples are selective by nature and are not representative of average grade.

Channel sample and chip sample. Samples cut across a rock face in a continuous line (channel) or as chips along a line. More representative than grab samples but still surface-only.

Soil sampling and geochemistry. Collecting soil or stream sediment to measure metal content and map anomalies that may point to buried mineralization.

Geophysical survey. Measuring physical properties of the ground from the surface or the air to find features that may host mineralization: magnetics, electromagnetics (EM), induced polarization (IP), resistivity, gravity, radiometrics. A geophysical anomaly is a target, not a discovery.

Anomaly and target. An anomaly is a measured departure from background in geochemistry or geophysics. A target is a location chosen for follow-up work such as drilling. Neither implies an economic deposit.

Trenching. Excavating a shallow trench to expose and sample bedrock along its length.

Diamond drilling (core drilling). Drilling with a diamond-set bit that recovers a cylinder of rock (core), which is logged and sampled. The standard for resource definition.

Reverse circulation (RC) drilling. A faster, cheaper drilling method that recovers rock chips rather than core. Often used for early testing.

Drill hole naming and metres. Holes are numbered by program (for example "DDH-26-07"). "Metres drilled" is the total length of all holes; a program is often described by planned total metres.

Core logging and visual mineralization. Recording what is seen in drill core: rock types, structures, and visible sulphides or veins. Visual observations are qualitative and are not assays; grade is only known when laboratory results are received.

Assay. A laboratory measurement of metal content in a sample, reported in grams per tonne (g/t) or ounces per ton for precious metals and percent (%) or parts per million (ppm) for others. Assay results are typically released in batches.

QA/QC. Quality assurance and quality control procedures for sampling and assaying: inserting blanks, standards and duplicates so results can be trusted. NI 43-101 disclosure describes the QA/QC used.

Intercept, intersection, interval. A length of drill hole with mineralization, reported with average grade over that length, for example "24 metres at 2.77% copper-equivalent". Lengths are drilled lengths unless stated as true width.

True width versus drilled length. A hole that crosses a mineralized zone at an angle records a length longer than the zone's actual thickness. True width may be less than the drilled length and is often described as "unknown" early in a program.

Grade. Concentration of metal in rock. What counts as high grade depends on the metal, deposit type, depth and mining method; there is no universal threshold.

Cut-off grade. The minimum grade below which material is not counted in a resource or is not economic to mine. It depends on assumed metal prices, costs and recoveries and should be disclosed with any resource estimate.

Metal-equivalent grade (Cu-Eq, AuEq, ZnEq). Several metals expressed as one by converting the others at assumed prices and recoveries. The assumptions must be disclosed, and equivalent grades are not what a mine would actually recover.

Strike length and dip. Strike is the horizontal extent of a mineralized zone; dip is the angle at which it inclines from horizontal. "Open along strike and at depth" means the zone has not yet been bounded by drilling.

Step-out and infill drilling. Step-out holes test beyond known mineralization to extend it; infill holes drill between existing holes to raise confidence in a resource.

Structure, fault, shear zone, vein, breccia. Geological features that can control where mineralization occurs. A vein is a mineral-filled fracture; a breccia is broken rock cemented together; shear zones and faults are zones of movement in the rock.

Alteration. Chemical changes to host rock caused by mineralizing fluids (for example silicification, sericite or potassic alteration). Alteration patterns guide exploration but are not themselves ore.

Sulphides and oxides. Sulphide minerals (such as chalcopyrite, pyrite, galena, sphalerite) host many metals; oxide zones near surface are weathered and may be processed differently.

Deposit types. Porphyry copper-gold (large, lower grade, bulk-tonnage); epithermal gold-silver (veins formed at shallow depth; high-sulphidation and low-sulphidation types); orogenic gold (structurally controlled veins, common in greenstone belts); volcanogenic massive sulphide or VMS (copper-zinc-lead-silver-gold formed on the sea floor); skarn (metamorphosed contact deposits); sediment-hosted copper; iron-oxide copper-gold or IOCG; Carlin-type gold; lithium pegmatite and brine; unconformity uranium; kimberlite (diamonds); nickel sulphide; laterite.

Greenstone belt. A belt of ancient volcanic and sedimentary rocks that hosts many gold and base-metal deposits, for example the Abitibi in Ontario and Quebec.

Mineralization. The presence of minerals of economic interest in rock. The word does not imply quantity, grade or economic viability.

Discovery. Used loosely in press releases; in resource-reporting terms a discovery is not an economic deposit until studies demonstrate viability.

Qualified Person (QP). Under NI 43-101, an engineer or geoscientist with at least five years of relevant experience and membership in a recognized professional association, who takes responsibility for technical disclosure.

Technical report. A report under NI 43-101 describing a mineral project, filed on SEDAR+ when required (for example when disclosing a first resource, a PEA or a feasibility study). It is the authoritative technical document for a project.

Exploration expenditures and exploration budget. Money spent or planned for exploration work. Planned budgets are forward-looking and may change.

Exploration permit, work permit, notice of work. Government authorizations required before drilling or other ground disturbance. Timing depends on the jurisdiction and on consultation requirements.

Field season. The part of the year when exploration can practically be done, often limited by weather in northern regions.

Investor Glossary: resources, reserves and technical studies

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

NI 43-101. National Instrument 43-101, the Canadian rule governing disclosure of scientific and technical information about mineral projects. It requires a Qualified Person and, in defined situations, a technical report, and it sets the resource and reserve categories used in Canada (based on the CIM Definition Standards).

CIM Definition Standards. The Canadian Institute of Mining, Metallurgy and Petroleum standards that define mineral resources and reserves for NI 43-101 purposes.

JORC Code. The Australasian reporting code for exploration results, resources and reserves. Broadly comparable to NI 43-101 categories.

S-K 1300. The United States Securities and Exchange Commission's mining disclosure rules, which introduced resource and reserve categories comparable to NI 43-101 for SEC registrants.

Mineral resource. A concentration of material of economic interest in the earth's crust with reasonable prospects for eventual economic extraction. Classified by confidence as inferred, indicated and measured. A resource is not a reserve and has not demonstrated economic viability.

Inferred mineral resource. The lowest-confidence category, based on limited sampling. Inferred resources cannot be converted to reserves and are too speculative to have economic considerations applied in most studies; a PEA may include them with cautionary language.

Indicated mineral resource. Sufficient confidence to allow application of technical and economic parameters and to support mine planning. Can be converted to a probable reserve.

Measured mineral resource. The highest-confidence resource category, supported by detailed sampling. Can be converted to a proven reserve.

Mineral reserve. The economically mineable part of a measured or indicated resource, demonstrated by at least a pre-feasibility study, including dilution and losses. Classified as probable or proven.

Modifying factors. Mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental considerations applied to convert resources to reserves.

Resource estimate. A calculation of tonnes and grade in a deposit, prepared by a QP from drilling data using a geological model and estimation method (such as kriging or inverse distance). Reported at a stated cut-off grade with contained metal.

Contained metal. Tonnes multiplied by grade: the total metal in a resource before mining losses and processing recovery. It is not the metal that would be produced.

Tonnes and grade. Resources and reserves are reported as tonnes of rock at an average grade. Grade in g/t multiplied by tonnes gives grams of metal; 31.1035 grams equal one troy ounce.

Maiden resource. A project's first mineral resource estimate.

Resource update or growth. A revised estimate, usually after more drilling. Categories, cut-off and assumptions can change between estimates, so comparisons should note them.

Exploration target. A statement of the potential quantity and grade of a target, expressed as ranges, that is conceptual in nature. There has been insufficient exploration to define a resource, and it is uncertain whether further exploration will result in one.

Preliminary economic assessment (PEA). A study that includes an economic analysis of the potential viability of mineral resources. It is preliminary, may rely on inferred resources, and there is no certainty that its results will be realized. A PEA does not support declaring reserves.

Scoping study. A term sometimes used for an early conceptual study; in Canadian disclosure the equivalent is a PEA.

Pre-feasibility study (PFS). A comprehensive study of a range of options for the technical and economic viability of a project, sufficient to declare mineral reserves (probable and, where supported, proven).

Feasibility study (FS or DFS). The most detailed technical and economic study, used to support a production decision and financing. Higher accuracy of cost estimates than a PFS.

Bankable feasibility study. A feasibility study prepared to a standard that lenders can rely on for project financing. The term is descriptive, not a defined category.

Study assumptions. Metal prices, exchange rates, recoveries, costs and discount rates used in a study. Results are sensitive to them; the study reports sensitivities.

Net present value (NPV). The present value of projected future cash flows minus initial capital, at a stated discount rate (for example "NPV5%" or "NPV8%"), before or after tax. A study output, not a valuation of the company.

Internal rate of return (IRR). The discount rate at which a project's NPV equals zero. Reported pre-tax and after-tax.

Payback period. The time projected for cumulative cash flow to recover initial capital.

Capital cost (capex), initial and sustaining. Initial capital is the estimated cost to build; sustaining capital is spent over the mine life to keep operating. Estimates carry stated accuracy ranges and contingency.

Operating cost (opex). Estimated cost per tonne processed or per unit of metal produced during operations.

Cash cost, C1 cash cost, all-in sustaining cost (AISC). Industry cost metrics per unit of metal. C1 typically covers mining, processing, site G&A and refining net of by-product credits; AISC adds sustaining capital, exploration and corporate costs under the World Gold Council guidance. Definitions vary; companies disclose theirs.

Mine life (LOM). The number of years of production projected in a study.

Strip ratio. In open-pit mining, tonnes of waste rock removed per tonne of ore. Higher ratios mean more material moved per unit of ore.

Dilution and mining recovery. Dilution is waste rock unavoidably mined with ore, lowering delivered grade; mining recovery is the fraction of the reserve actually extracted.

Metallurgical recovery. The percentage of metal in ore that is recovered in processing. Determined by test work; different for each deposit and process.

Metallurgical test work. Laboratory or pilot-scale testing of how ore responds to processing (crushing, grinding, flotation, leaching). Results inform recoveries and process design.

Head grade. The grade of ore delivered to the processing plant.

Throughput. Tonnes of ore processed per day or per year by a plant.

Sensitivity analysis. How study results change with metal price, costs, grade or recovery.

Cautionary statement on economic analysis. Required language noting that a PEA is preliminary, that inferred resources are too speculative, and that there is no certainty a study's projections will be realized.

Reserve replacement and depletion. Producing companies deplete reserves as they mine; replacement means adding new reserves through exploration or acquisition.

Investor Glossary: mining, processing and operations

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Open-pit mining. Extracting ore from a surface excavation. Suited to large, near-surface deposits; involves removing waste rock (stripping).

Underground mining. Extracting ore through shafts, declines (ramps) or adits. Methods include long-hole stoping, cut-and-fill, room-and-pillar and block caving; each suits different deposit shapes and rock conditions.

Portal, decline, shaft, adit, level, stope. Underground access and working areas: a portal is the surface entrance; a decline is a ramp; a shaft is vertical; an adit is a horizontal tunnel from surface; levels are horizontal workings at depth; a stope is where ore is mined.

Bulk sample. A large sample (tens to thousands of tonnes) taken to test mining and processing characteristics, sometimes under a permit that allows sale of the recovered metal.

Ore and waste. Ore is rock that can be mined and processed at a profit under stated assumptions; waste is rock that cannot. The distinction depends on cut-off grade and prices.

Run-of-mine (ROM). Ore as it comes from the mine, before processing.

Crushing and grinding (comminution). Reducing ore to a size at which minerals can be separated. Typically the largest energy cost in processing.

Mill, concentrator, processing plant. The facility where ore is ground and metals are separated. Capacity is stated in tonnes per day (tpd).

Flotation. A process that uses reagents and air bubbles to separate sulphide minerals into a concentrate. Common for copper, zinc, lead, nickel and some gold ores.

Concentrate. The metal-rich product of flotation, sold to smelters. Grade is stated as percent metal; payable terms depend on the smelter contract.

Treatment and refining charges (TC/RCs). Fees a smelter charges to process concentrate and refine metal, deducted from what the miner is paid. Benchmark TC/RCs move with smelter capacity and concentrate supply.

Payability and penalties. The percentage of contained metal a smelter pays for, and deductions for impurities such as arsenic, mercury or fluorine.

Gravity separation. Recovering heavy minerals such as free gold by density.

Cyanide leaching (CIL/CIP). Dissolving gold with a dilute cyanide solution and recovering it onto activated carbon (carbon-in-leach, carbon-in-pulp).

Heap leaching. Stacking crushed ore on a lined pad and irrigating it with solution to dissolve metal, common for oxide gold and copper. Lower cost and lower recovery than milling.

Solvent extraction and electrowinning (SX-EW). Producing copper cathode from leach solution without smelting.

Bio-oxidation, pressure oxidation (POX), roasting. Pre-treatment methods for refractory gold ores where gold is locked in sulphides.

Refractory ore. Ore from which metal is difficult to recover by standard methods, requiring pre-treatment.

Doré. A semi-pure alloy of gold and silver poured at a mine and sent to a refinery.

Smelting and refining. Smelting converts concentrate to impure metal at high temperature; refining purifies it to market specification (for example 99.99% gold, LME-grade copper cathode).

Tailings. Finely ground waste left after processing, stored in a tailings storage facility (TSF) behind a dam or as filtered (dry-stack) tailings. Tailings management is a major environmental and regulatory topic.

Waste rock dump. Where mined waste is placed. Acid rock drainage (ARD) is a risk where sulphide waste is exposed to air and water.

Water treatment and water licence. Mines must manage water quality and quantity under permits; discharge limits apply.

Reclamation and closure. Restoring a site after mining. Companies post reclamation bonds or security with the regulator to cover estimated closure costs.

Life-of-mine plan. The schedule of mining and processing over the mine's life, from a feasibility study or operating plan.

Commissioning and ramp-up. Starting a plant and bringing it to design throughput and recovery. Ramp-up periods vary and can involve teething problems.

Commercial production. A declaration that a mine has reached a sustained level of production, defined by the company (often a percentage of design capacity over a period).

Nameplate capacity. The designed throughput of a plant.

Production guidance. A company's stated expectation for production and costs for a period. Guidance is forward-looking information.

Production ounces versus sales ounces. Metal produced in a period may differ from metal sold, which affects reported revenue.

Offtake agreement. A contract to sell future production, often to a smelter, trader or manufacturer, sometimes tied to financing.

Toll milling. Processing ore at a third party's plant for a fee.

Direct shipping ore (DSO). Ore high enough in grade to be sold with minimal processing.

Mining contractor versus owner-operator. Whether mining is performed by a contracted firm or the company's own workforce and equipment.

Camp, fly-in fly-out (FIFO). Remote operations house workers in camps with rotational schedules.

Health and safety metrics. Lost-time injury frequency rate (LTIFR) and total recordable injury frequency rate (TRIFR) are common reported measures.

Investor Glossary: precious metals, base metals and industrial metals

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Troy ounce. The unit for precious metals: 31.1035 grams. Gold and silver prices are quoted in US dollars per troy ounce.

Gold price benchmarks. The LBMA Gold Price is set twice daily in London (AM and PM) and is the widely used benchmark. Futures trade on COMEX (part of CME Group) in New York. Spot and futures prices differ slightly.

Silver price. The LBMA Silver Price is set daily in London; futures trade on COMEX.

Platinum group metals (PGMs). Platinum, palladium, rhodium, ruthenium, iridium and osmium. Platinum and palladium benchmarks are set by the LBMA/LPPM; futures trade on NYMEX. Major uses include autocatalysts and industrial applications.

Precious metals refining. Doré is refined to bullion (bars) of stated fineness; London Good Delivery is the LBMA standard for bars accepted in the London market.

Bullion, fineness, karat. Bullion is refined metal in bar or coin form. Fineness is purity in parts per thousand (999.9); karat measures gold purity in jewellery (24 karat is pure).

Gold-to-silver ratio. The gold price divided by the silver price. A market statistic, not a forecast.

Base metals. Copper, zinc, lead, nickel, tin and aluminum. Priced mainly on the London Metal Exchange (LME) in US dollars per tonne; copper also trades on COMEX in US dollars per pound.

LME. The London Metal Exchange, the main global venue for base metal futures and reference prices. LME official prices and warehouse stock levels are widely reported.

COMEX and NYMEX. CME Group exchanges in New York where gold, silver, copper (COMEX) and platinum, palladium and energy (NYMEX) futures trade.

Copper. Priced per pound (COMEX) or per tonne (LME); 1 tonne = 2,204.6 pounds. Uses include electrical wiring, construction, electric vehicles and grid infrastructure.

Zinc and lead. Often occur together in deposits. Zinc is used for galvanizing steel; lead mainly in batteries.

Nickel. Used in stainless steel and in some battery chemistries. Class 1 nickel (high purity, suitable for batteries) is distinguished from class 2 (ferronickel, nickel pig iron). Nickel sulphide deposits and laterite deposits are the two main sources.

Tin. Used in solder and electronics; a relatively small market.

Aluminum and bauxite. Aluminum is refined from alumina, which is produced from bauxite ore. Priced on the LME.

Iron ore. Priced by grade, commonly the 62% Fe fines benchmark delivered to China (CFR), in US dollars per dry metric tonne. Higher grades and pellets attract premiums.

Steel and metallurgical coal. Metallurgical (coking) coal is used to make steel; thermal coal is burned for power. Priced by benchmark contracts and spot indices (for example API2 for European thermal coal, Newcastle for Asian thermal coal).

Molybdenum, tungsten, vanadium, antimony, manganese, chromium. Industrial and alloying metals with smaller, often less transparent markets; prices are published by price-reporting agencies rather than exchanges.

Silver by-product. Silver is often produced alongside lead, zinc, copper or gold; a large share of supply is by-product.

By-product credit. Revenue from secondary metals used to reduce reported cost per unit of the primary metal.

Spot price versus futures price. Spot is for immediate delivery; futures are contracts for delivery at a future date. Futures prices reflect carrying costs and market expectations; a front-month futures price is commonly quoted as the reference.

Contango and backwardation. Contango: futures priced above spot. Backwardation: futures priced below spot, often a sign of tight near-term supply.

Warehouse stocks and cancelled warrants. Metal held in exchange-registered warehouses; changes in stocks are watched as a supply signal.

Price-reporting agency (PRA). Organizations such as Fastmarkets, S&P Global Platts, Argus and Benchmark Mineral Intelligence that publish assessed prices for commodities without deep exchange markets (for example lithium, cobalt, rare earths, uranium).

Metal price assumptions. The prices used in a technical study, often based on consensus forecasts or trailing averages. Different from spot prices at any given time.

Hedging. Locking in a future sale price using forwards, futures or options. Companies disclose hedge positions; an unhedged company is fully exposed to spot prices.

Streaming and royalty companies. Companies that provide upfront capital in exchange for a share of future metal (stream) or revenue (royalty). See the royalties glossary.

Investor Glossary: battery metals, critical minerals and rare earths

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Critical minerals. Minerals that governments designate as essential to the economy or security and at risk of supply disruption. Canada, the United States, the European Union and others each publish their own lists; inclusion can affect permitting priority and funding programs.

Battery metals. Metals used in rechargeable batteries: lithium, nickel, cobalt, manganese, graphite (anode) and, in some chemistries, iron and phosphate.

Lithium. Produced from hard-rock pegmatites (spodumene) mainly in Australia, Canada and Africa, and from brines in South America's Lithium Triangle (Argentina, Chile, Bolivia) and elsewhere. Sold as lithium carbonate or lithium hydroxide; grades and prices are quoted per tonne of lithium carbonate equivalent (LCE).

Lithium carbonate equivalent (LCE). A common unit for comparing lithium quantities across products and deposits.

Spodumene. The main lithium-bearing mineral in hard-rock deposits. Concentrate is sold at a stated Li2O grade (for example SC6, six percent).

Lithium brine, salar, evaporation ponds. Brine deposits are pumped from underground and concentrated, traditionally in evaporation ponds over many months.

Direct lithium extraction (DLE). A range of technologies that recover lithium from brine without evaporation ponds. Several are at pilot or early commercial stage.

Lithium clay deposits. Sediment-hosted lithium (for example in Nevada) requiring processing routes different from brines or spodumene.

Lithium pricing. No deep exchange market; prices are assessed by price-reporting agencies for carbonate, hydroxide and spodumene in China and elsewhere, and can be volatile.

Nickel for batteries. Battery cathodes use nickel sulphate made from class 1 nickel or from intermediate products (MHP, matte). Nickel-rich chemistries (NMC, NCA) use more nickel; LFP uses none.

Cobalt. A by-product mainly of copper mining in the Democratic Republic of Congo and nickel mining elsewhere. Used in batteries and superalloys; prices are assessed by agencies and quoted per pound or tonne.

Graphite. Natural flake graphite is mined and processed into coated spherical graphite for battery anodes; synthetic graphite competes. Flake size and purity determine price.

Manganese. Used in steel and in some battery cathodes (NMC, LMFP). High-purity manganese sulphate is the battery product.

Vanadium. Used in steel alloys and in vanadium redox flow batteries for grid storage.

Rare earth elements (REEs). Seventeen elements including neodymium, praseodymium, dysprosium and terbium, used in permanent magnets, and others such as lanthanum and cerium. Light rare earths (LREE) are more abundant than heavy rare earths (HREE). Supply is concentrated in China; prices are assessed rather than exchange-traded.

NdPr oxide. Neodymium-praseodymium oxide, the magnet rare earth product most often quoted.

Total rare earth oxide (TREO). The grade of a rare earth deposit expressed as combined oxides.

Copper as a critical mineral. Copper is designated critical in some jurisdictions because of demand from electrification.

Cathode chemistries: NMC, NCA, LFP. Nickel-manganese-cobalt, nickel-cobalt-aluminum and lithium iron phosphate. Chemistry choice shifts demand among metals.

Electrification and energy transition demand. A widely discussed driver of demand for copper, lithium, nickel, cobalt, graphite and rare earths. Projections of future demand are forecasts and vary by source.

Downstream processing and midstream. Refining and converting mined material into battery-grade chemicals or magnets. Much of this capacity is in China; new capacity elsewhere is a policy focus.

Offtake and strategic partnerships. Agreements with battery makers, automakers or refiners to purchase future production, sometimes with prepayments or equity.

Government critical-minerals programs. Grants, loans, tax credits and permitting initiatives that support domestic projects, for example Canada's Critical Minerals Strategy and the US Inflation Reduction Act provisions. Eligibility and timing vary.

Helium. A gas extracted with natural gas or from dedicated wells, used in medical imaging, semiconductors and research. Priced by contract rather than exchange.

Silica, quartz, industrial minerals. Materials such as high-purity quartz, silica sand, potash, phosphate, gypsum, limestone and aggregates, priced by contract and specification.

Potash and phosphate (fertilizers). Potash (potassium chloride) and phosphate rock are agricultural inputs. Potash is priced per tonne by contract and spot indices; Saskatchewan is a major producing region.

Diamonds. Mined from kimberlite pipes and alluvial deposits; valued by carat, colour, clarity and cut. Rough diamond prices are set by tender and contract.

Uranium. See the uranium and energy glossary.

Investor Glossary: uranium and nuclear fuel

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Uranium (U3O8, yellowcake). Uranium is mined and processed into uranium concentrate (U3O8), commonly called yellowcake. Prices are quoted in US dollars per pound of U3O8.

Spot price versus term price. The uranium spot price is for near-term delivery and is thinly traded; most uranium is sold under long-term contracts at term prices. Both are assessed by price-reporting agencies (UxC, TradeTech) and published by producers such as Cameco. Futures also trade on COMEX (UX contract).

Nuclear fuel cycle: conversion, enrichment, fabrication. U3O8 is converted to uranium hexafluoride (UF6), enriched to raise the share of uranium-235 (measured in separative work units, SWU), and fabricated into fuel assemblies for reactors.

In-situ recovery (ISR). Mining uranium by pumping solution through the ore body underground and recovering uranium from the returned solution, without excavation. Common in Kazakhstan, the United States and parts of Australia.

Unconformity-type deposits. High-grade uranium deposits at the boundary between sandstone and basement rock, characteristic of the Athabasca Basin in Saskatchewan, home to some of the world's highest-grade uranium mines.

Athabasca Basin. A region in northern Saskatchewan that is a major uranium-producing district.

Grade in uranium. Often expressed as percent U3O8; Athabasca deposits can be several percent, far above global averages measured in fractions of a percent.

Radiometric survey, scintillometer. Tools that detect radioactivity to locate uranium mineralization.

Utilities and contracting cycle. Nuclear utilities buy uranium under multi-year contracts; contracting activity and reactor build-outs influence demand discussions.

Uranium regulation. In Canada the Canadian Nuclear Safety Commission (CNSC) licenses uranium mining and milling; in the United States the Nuclear Regulatory Commission (NRC) and state agencies regulate.

Uranium holding vehicles. Investment entities that buy and hold physical uranium; their purchases are often cited in spot market commentary.

Small modular reactors (SMRs). Smaller nuclear reactor designs under development; their deployment timing is uncertain and any effect on uranium demand is a forecast.

Investor Glossary: oil, natural gas and energy

Barrel (bbl) and boe. Oil is measured in barrels (42 US gallons). Barrel of oil equivalent (boe) converts natural gas to an oil-equivalent volume, commonly at 6,000 cubic feet per barrel. Mcf is a thousand cubic feet; MMBtu is a million British thermal units.

WTI, Brent, WCS. West Texas Intermediate and Brent are the main crude oil benchmarks, traded on NYMEX and ICE. Western Canadian Select (WCS) is the Canadian heavy oil benchmark, priced at a differential (discount) to WTI that reflects quality and transportation.

Henry Hub and AECO. Natural gas benchmarks for the United States (Henry Hub, NYMEX) and Alberta (AECO). Canadian gas often prices at a differential to Henry Hub.

NI 51-101. The Canadian rule for oil and gas reserves and resources disclosure, requiring evaluation by a qualified reserves evaluator under the COGE Handbook and annual filing of reserves data.

Reserves categories: proved (1P), probable (2P), possible (3P). Proved reserves have high certainty of recovery; probable adds reserves with a reasonable likelihood; possible adds lower-certainty volumes. 2P means proved plus probable. Developed producing (PDP) reserves are from wells currently producing.

Contingent and prospective resources. Contingent resources are discovered but not yet commercial; prospective resources are undiscovered and estimated with risk factors.

Reserve life index (RLI). Reserves divided by annual production, an indicator of years of production at current rates.

Working interest, net revenue interest, royalty. Working interest is a share of costs and production in a well or lease; net revenue interest is the share of revenue after royalties; Crown and freehold royalties are paid to mineral rights owners.

Land, leases, mineral rights, Crown sales. Rights to explore and produce, acquired from governments (Crown land sales in Canada) or private owners (freehold).

Netback. Revenue per boe minus royalties, operating costs and transportation; a per-unit profitability measure companies define in their MD&A.

Decline rate. The rate at which a well's production falls over time; unconventional wells decline steeply in early years.

Horizontal drilling and hydraulic fracturing. Techniques for producing from tight rock formations; a "frac" injects fluid and proppant to create pathways for flow.

Lateral length, stages, completions. Descriptors of horizontal wells and the fracturing program used to complete them.

Type curve. A projected production profile for a well in a given area, used in planning and reserves work.

Liquids, NGLs, condensate. Natural gas liquids (ethane, propane, butane) and condensate produced with gas; their share affects realized prices.

Takeaway capacity and egress. Pipeline and rail capacity to move production to market; constraints widen differentials.

LNG. Liquefied natural gas for export by ship; LNG Canada on the British Columbia coast is a Canadian example.

Oil sands, SAGD, mining. Alberta's bitumen resources produced by in-situ methods such as steam-assisted gravity drainage or by surface mining and upgrading.

Abandonment and reclamation obligations (ARO). Liabilities for plugging wells and restoring sites, regulated in Alberta by the Alberta Energy Regulator.

Carbon pricing and emissions intensity. Federal and provincial carbon pricing applies to energy production; companies disclose emissions and intensity metrics.

Renewable energy and power terms. Megawatt (MW) capacity, megawatt-hour (MWh) energy, capacity factor, power purchase agreement (PPA), interconnection and grid queue are common terms in renewable and power projects.

Investor Glossary: financings and share structure

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Private placement. A sale of securities directly to a limited number of investors under prospectus exemptions rather than a public offering. The most common financing for junior companies. Securities usually carry a four-month-and-one-day hold period in Canada.

Prospectus exemptions. Rules allowing sales without a prospectus, such as the accredited investor exemption, the offering memorandum exemption and the listed issuer financing exemption (LIFE), which lets listed companies raise limited amounts with a short offering document and freely tradeable shares.

Unit. A package sold in a financing, typically one common share plus a whole or fractional warrant, for example "one share and one-half of one warrant".

Warrant. A right to buy a share at a stated exercise price until an expiry date. Exercise brings cash to the company and dilutes existing holders. Warrants may be listed and trade separately.

Acceleration clause. A term letting the company shorten a warrant's expiry if the share price trades above a threshold for a set period.

Stock option. A right granted to directors, officers, employees or consultants to buy shares at a stated exercise price for a stated term, under a plan approved by shareholders and the exchange.

Restricted share units (RSUs), deferred share units (DSUs), performance share units (PSUs). Share-based compensation that vests over time or on performance conditions and settles in shares or cash.

Flow-through shares. Shares issued by a Canadian resource company that pass eligible exploration expenses to investors as tax deductions. Proceeds must be spent on Canadian exploration by set deadlines. Usually sold at a premium; critical mineral and charity flow-through structures offer additional credits.

Bought deal. An underwriter buys the whole offering before selling it to investors, giving the company certainty of proceeds.

Marketed offering and best-efforts offering. The agent markets the deal to investors and is not obligated to buy unsold securities.

Brokered and non-brokered placements. Brokered placements use an agent for a commission; non-brokered placements are sold directly by the company.

Prospectus offering, short-form prospectus, shelf prospectus. Public offerings under a regulator-reviewed prospectus. A shelf prospectus pre-qualifies an amount that can be drawn down over time.

At-the-market (ATM) program. Selling shares gradually into the market through an agent under a shelf prospectus.

Rights offering. Offering existing shareholders the right to buy additional shares in proportion to their holdings.

Convertible debenture. Debt that can convert into shares at a set price. Carries interest and a maturity date.

Finder's fee, agent's commission, broker warrants. Compensation paid to intermediaries in a financing, disclosed at closing.

Use of proceeds. The stated purposes for money raised, disclosed in the offering announcement. Actual use can differ, and companies disclose material changes.

Lead order and strategic investor. A significant investor in a financing, sometimes an industry company (strategic) that may receive board or participation rights.

Dilution. Reduction of existing shareholders' percentage ownership when shares are issued.

Shares outstanding, basic and fully diluted. Basic is issued shares; fully diluted adds all options, warrants and convertibles as if exercised.

Share consolidation (reverse split) and share split. Consolidation reduces share count and raises the per-share price proportionally; a split does the opposite. Neither changes market capitalization by itself.

Hold period and legend. Restrictions on resale of securities sold under exemptions, typically four months and one day in Canada, marked by a legend on the certificate.

Escrow and lock-up. Shares that cannot be traded until released on a schedule (escrow, usually required by the exchange for principals after listing or a reverse takeover) or by agreement (lock-up).

Control person. A holder of more than 20 percent of voting shares (or otherwise able to affect control), subject to additional resale rules.

Treasury shares and issued capital. Treasury refers to shares the company can issue; issued capital is what has been issued.

Debt financing, credit facility, project finance. Borrowing from banks or lenders; project finance is secured by a project's cash flows and typically requires a feasibility study.

Streaming and royalty financing. Selling a stream or royalty on future production for upfront capital. Non-dilutive to share count but reduces future revenue.

Prepayment and offtake financing. Advance payment from a buyer against future deliveries.

Grants and government funding. Non-repayable or conditional funding from programs supporting exploration or critical minerals.

Going-concern financing. Raising money to continue operations when cash is limited; disclosed in financial statements as a going-concern uncertainty.

Cash, working capital, burn rate, runway. Cash and working capital are balance-sheet snapshots; burn rate and runway are estimates of spending and how long cash lasts. Unless published by the company, they are estimates and AskIR does not calculate them.

Investor Glossary: corporate actions, transactions and governance

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Initial public offering (IPO). A company's first sale of shares to the public under a prospectus, followed by listing.

Reverse takeover (RTO). A private company becomes public by combining with an existing listed company (often a shell), with the private company's shareholders taking control.

Capital pool company (CPC). A TSX Venture Exchange shell listed with cash and no business, required to complete a qualifying transaction within a set period.

Qualifying transaction. The acquisition by a CPC of a business or asset that makes it an operating listed company.

Shell company. A listed company with no active business, sometimes used as a vehicle for an RTO.

Letter of intent (LOI), definitive agreement. An LOI is a preliminary, often non-binding agreement to pursue a transaction; a definitive agreement contains binding terms. Transactions remain subject to conditions until closed.

Conditions precedent. Requirements to close a deal, such as regulatory and exchange approval, shareholder approval, financing and due diligence.

Plan of arrangement. A court-approved process for mergers, spin-outs and reorganizations in Canada, requiring shareholder votes and a court fairness hearing.

Merger, acquisition, takeover bid. Combining companies by agreement, or buying shares directly from shareholders through a bid. Friendly deals are supported by the target's board; hostile bids are not.

Break fee. A fee payable if a party terminates an agreed transaction in defined circumstances.

Spin-out. Distributing a business or asset to shareholders as a separate company.

Option agreement, earn-in, joint venture (JV). Arrangements to acquire or share an interest in a property by spending on exploration and making payments; a JV shares costs and ownership.

Property acquisition and vend-in. Buying a property for cash, shares or both, often with an NSR royalty retained by the seller.

Change of business, name change, rebranding. A listed company changing its business focus requires exchange and often shareholder approval; name and symbol changes are announced by news release.

Graduation and uplisting. Moving to a more senior exchange, for example from the TSXV to the TSX, or adding a US listing.

Delisting and cease trade order. Removal from an exchange, or a regulator's order stopping trading, often for failing to file financial statements.

Trading halt. A temporary stop to trading, often pending news.

Annual general meeting (AGM) and special meeting. Shareholder meetings to elect directors, appoint auditors and approve matters. A management information circular (proxy circular) describes the business.

Proxy, proxy fight, dissident. A proxy lets a shareholder vote without attending. A proxy fight is a contested vote, often led by a dissident shareholder seeking board changes.

Board of directors, independent director, chair. The board oversees management. Independent directors have no material relationship with the company. Committees commonly include audit, compensation and nominating.

Officers. Executives such as CEO, CFO, COO, president, corporate secretary and vice presidents, appointed by the board.

Related-party transaction. A transaction with a director, officer, significant shareholder or their companies, disclosed in financial statements and subject to rules for larger transactions (MI 61-101).

Insider, insider report, SEDI. Directors, officers and 10 percent holders must report trades and holdings on SEDI within five days.

Blackout period. A company-imposed period during which insiders may not trade, typically around financial results.

Early warning report. Filed when a holder reaches 10 percent of a class of voting shares and on subsequent changes of 2 percent or more.

Normal course issuer bid (NCIB). A company buying back its own shares on the market within exchange limits.

Dividend and dividend reinvestment plan (DRIP). Distributions to shareholders; most exploration companies pay none. A DRIP lets holders reinvest dividends in shares.

Auditor, audit opinion, going-concern note. Independent auditors express an opinion on annual statements; a going-concern note flags dependence on future financing.

Continuous disclosure obligations. Ongoing filing of financial statements, MD&A, material change reports and other documents under NI 51-102.

Material change and material fact. Information that would reasonably be expected to affect the price or value of securities. Material changes must be disclosed promptly; material facts cannot be selectively disclosed or traded on.

Confidential material change. A material change report filed confidentially with the regulator when immediate disclosure would be unduly detrimental; permitted only in limited circumstances and for a limited time.

Investor relations and market awareness agreements. Contracts with firms for IR services or promotion. Exchanges and regulators require disclosure of such agreements and, in British Columbia, specific promotional-activity disclosure.

Promotional activity rules. Regulators (including the BC Securities Commission) require issuers to disclose paid promotion and prohibit misleading promotional statements.

Forward-looking information and cautionary language. Statements about future plans, results or events must be identified and qualified; actual results may differ materially.

Standard of care for company statements. Companies are responsible for the accuracy of their disclosure; misrepresentation can attract regulatory action and civil liability.

Investor Glossary: financial statements and metrics

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice. AskIR relays reported figures; it does not compute ratios or estimates that a company has not published.

IFRS. International Financial Reporting Standards, used by Canadian public companies for financial statements.

Interim (quarterly) and annual financial statements. Quarterly statements are generally unaudited; annual statements are audited. Filing deadlines depend on issuer category (venture issuers have longer deadlines).

Statement of financial position (balance sheet). Assets, liabilities and equity as at a date.

Statement of loss and comprehensive loss (income statement). Revenue, expenses and net income or loss for a period. Exploration companies typically report losses.

Statement of cash flows. Cash from operating, investing and financing activities. Exploration spending appears in investing or operating activities depending on accounting policy.

Cash and cash equivalents. Cash plus highly liquid short-term investments, as at the balance sheet date.

Working capital. Current assets minus current liabilities at the balance sheet date.

Exploration and evaluation assets. Capitalized costs of acquiring and exploring mineral properties, if the company's policy is to capitalize; other companies expense exploration as incurred. Policies differ, so comparisons should note them.

Impairment. A write-down of an asset's carrying value when it is not recoverable.

Share capital, contributed surplus, deficit. Components of equity: amounts paid for shares, value of options and warrants, and accumulated losses.

General and administrative (G&A) expenses. Corporate overhead: salaries, professional fees, office, listing and filing costs.

Share-based compensation. Non-cash expense for options and share units granted, measured at fair value.

Management's discussion and analysis (MD&A). Management's narrative on results, liquidity, capital resources, risks, related-party transactions and outlook, filed with financial statements.

Liquidity and capital resources. The MD&A section describing cash, commitments and funding plans.

Commitments and contingencies. Future obligations such as property payments, leases and legal matters, disclosed in notes.

Subsequent events. Events after the balance sheet date but before the statements are issued, disclosed in a note.

Revenue recognition (for producers). When and how metal sales are recorded; provisional pricing adjustments can affect reported revenue.

Non-IFRS measures. Metrics such as AISC, adjusted EBITDA, free cash flow and net debt that are not defined by IFRS. Companies must reconcile them to IFRS figures.

EBITDA. Earnings before interest, taxes, depreciation and amortization; a non-IFRS measure.

Free cash flow. Operating cash flow minus capital expenditures; definitions vary.

Net debt and net cash. Debt minus cash (net debt) or cash minus debt (net cash).

Earnings per share (EPS), basic and diluted. Net income divided by weighted average shares outstanding; diluted includes potentially dilutive securities.

Net asset value (NAV). An analyst or company valuation concept, usually the discounted value of projects and other assets less liabilities. Where a company publishes a NAV it is a company statement; otherwise it is a third-party estimate.

Enterprise value (EV). Market capitalization plus debt minus cash. A market statistic that depends on the share price.

Price-to-NAV, EV/resource ounce. Valuation ratios used by analysts; they involve assumptions and are not company disclosure.

Analyst coverage and consensus. Research and forecasts by brokerage analysts; not company statements and not endorsed by the company.

Guidance. A company's stated expectations for production, costs or spending. Forward-looking and subject to change.

Fiscal year end. The company's financial year end (many use December 31; some use other dates).

Auditor's report. The independent auditor's opinion on the annual statements; qualified or emphasis-of-matter paragraphs signal issues such as going-concern uncertainty.

Going-concern note. A note stating that continuing operations depends on obtaining further financing. Common for exploration companies.

Restatement. Revising previously issued financial statements to correct errors.

Related-party transactions note. Payments to directors, officers and their companies, disclosed each period.

Capital management note. How the company defines and manages capital, often stating it has no externally imposed capital requirements.

Investor Glossary: Canadian markets, trading and securities regulation

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Toronto Stock Exchange (TSX). Canada's senior exchange, operated by TMX Group. Symbols often carry a ".TO" suffix on quote services.

TSX Venture Exchange (TSXV). The public venture market for early-stage companies, with Tier 1 and Tier 2 listings and its own policies. Symbols often carry ".V".

Canadian Securities Exchange (CSE). An exchange for emerging companies with its own listing rules. Symbols often carry ".CN" or ".C".

Cboe Canada (formerly NEO). A Canadian exchange listing companies and exchange-traded products.

OTC Markets: OTCQX, OTCQB, Pink. US over-the-counter tiers where many Canadian companies' shares also trade under a five-letter symbol ending in F. This is not a US national exchange listing.

Frankfurt and other foreign listings. Some Canadian companies also trade on European exchanges under separate symbols.

Symbol and CUSIP/ISIN. The trading symbol identifies a security on an exchange; CUSIP and ISIN are unique security identifiers.

Bid, ask, spread, last. Highest bid, lowest offer, the difference between them, and the last traded price.

Volume, value traded, average daily volume. Shares traded in a period and their dollar value; average daily volume indicates liquidity.

Market capitalization. Share price multiplied by shares outstanding. Changes with the share price.

Float and liquidity. Shares available to trade (excluding restricted and insider holdings) and how easily shares can be bought or sold without moving the price.

52-week high and low. The highest and lowest prices over the past year.

Delayed data. Free quotes are typically delayed 15 minutes or more; real-time data requires a subscription.

Order types. Market orders execute at the current price; limit orders execute only at a stated price or better.

Settlement (T+1). Trades in Canada and the US settle one business day after the trade date.

Short selling and short interest. Selling borrowed shares expecting to buy them back later; short interest is the number of shares sold short, reported periodically.

Indices. The S&P/TSX Composite Index tracks the broad TSX; the S&P/TSX Venture Composite tracks TSXV issuers; sector indices exist for materials, energy and gold. An index level measures the market, not any single company.

Exchange-traded funds (ETFs). Funds that trade on exchanges and hold baskets of securities, for example junior gold miner ETFs. Inclusion in an ETF affects demand for a company's shares.

Brokerage and how to buy shares. Listed shares are bought through a brokerage account with access to the relevant exchange. Companies do not sell listed shares directly to the public. Registered accounts (RRSP, TFSA) can hold listed Canadian shares.

Canadian Securities Administrators (CSA). The umbrella of provincial and territorial securities regulators. Each province has its own commission (for example the OSC in Ontario, the BCSC in British Columbia, the ASC in Alberta, the AMF in Quebec).

CIRO. The Canadian Investment Regulatory Organization, which oversees investment dealers and marketplace trading.

SEDAR+. The Canadian public filing system (sedarplus.ca) where continuous disclosure documents are filed and freely available. The authoritative record of a company's disclosure.

SEDI. The System for Electronic Disclosure by Insiders, where insider trades are reported.

National Instruments (NI) and Multilateral Instruments (MI). Rules adopted across Canadian jurisdictions, such as NI 43-101 (mining disclosure), NI 51-101 (oil and gas), NI 51-102 (continuous disclosure), NI 52-109 (certification), NI 45-106 (prospectus exemptions), NI 62-104 (takeover bids) and MI 61-101 (related-party transactions).

Venture issuer. A company not listed on the TSX or a senior foreign exchange; venture issuers have some lighter continuous disclosure requirements and longer filing deadlines.

Exchange policies. The TSXV Corporate Finance Manual and CSE policies govern listings, financings, transactions and disclosure for their issuers.

Management cease trade order (MCTO). A regulator order restricting trading by management, rather than all shareholders, while a late filing is remedied.

Reporting issuer. A company subject to continuous disclosure in a province.

Accredited investor. An investor meeting income or asset thresholds who may buy securities under a prospectus exemption.

Registered advisor and suitability. Investment advice in Canada must come from a registered person who assesses suitability. An IR assistant is not a registered advisor and does not give advice.

US cross-border terms. Form 40-F and 20-F (annual reports for foreign issuers listed in the US), MJDS (the multijurisdictional disclosure system for Canadian issuers), Regulation S (offshore offerings), Rule 144 (resale of restricted securities), Form 8-K equivalents (Form 6-K for foreign issuers).

Sanctions, KYC and anti-money laundering. Compliance requirements for dealers and companies in financings.

Investor Glossary: permitting, environment, communities and royalties

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Permitting. The set of government authorizations needed to explore, build and operate. Includes exploration permits, environmental assessment approval, mine permits, water licences, and federal permits where fish habitat or navigable waters are affected.

Environmental assessment (EA) and impact assessment. A formal review of a project's environmental, social and economic effects before major approvals. Provincial (for example BC's Environmental Assessment Act) and federal (Impact Assessment Act) processes may both apply; timelines run from months to years.

Mines Act permit, mining lease, Crown land tenure. The core provincial authorizations and land rights for a mine.

Baseline studies. Multi-year environmental data collection (water, air, wildlife, fish) required before an EA.

Reclamation bond or security. Money or guarantees posted with the regulator to cover estimated closure and reclamation costs.

Tailings storage facility (TSF) and dam safety. Facilities holding processed waste; subject to engineering standards (for example the Global Industry Standard on Tailings Management) and inspection.

Acid rock drainage (ARD) and metal leaching. Water contamination risk when sulphide rock is exposed; managed through design and treatment.

Water licence and discharge permit. Authorizations to use water and to release treated water within limits.

Species at risk, caribou, fish habitat. Wildlife considerations that can affect permitting and design.

Indigenous rights and consultation. In Canada the Crown has a duty to consult Indigenous peoples on decisions that may affect their rights; companies engage directly with First Nations, Métis and Inuit communities. Agreements are common before development.

UNDRIP and free, prior and informed consent (FPIC). The UN Declaration on the Rights of Indigenous Peoples, adopted into law in British Columbia and federally, includes the principle of free, prior and informed consent. How it applies to specific projects is evolving.

Impact and benefit agreement (IBA) and exploration agreement. Agreements between a company and an Indigenous community covering participation, employment, benefits and environmental commitments.

Traditional territory and treaty. Lands over which Indigenous nations assert rights or hold treaty rights; relevant to consultation obligations.

Social licence. Informal term for community acceptance of a project.

ESG. Environmental, social and governance factors reported by companies, increasingly in sustainability reports using frameworks such as TSM (Towards Sustainable Mining), SASB or ISSB standards.

Greenhouse gas (GHG) emissions, Scope 1, 2 and 3. Direct emissions, purchased energy emissions, and value-chain emissions.

Closure plan. A regulator-approved plan for decommissioning and reclaiming a site.

Net smelter return (NSR) royalty. A percentage of revenue from metal sales net of certain smelting and refining costs, paid to the royalty holder. Common on exploration properties; buyback rights are often included.

Gross revenue royalty (GRR) and gross overriding royalty (GORR). Royalties on gross revenue without cost deductions; GORR is the oil and gas term.

Net profits interest (NPI). A royalty calculated on profits after costs, less common and more complex.

Stream. An agreement to deliver a percentage of future metal production at a fixed low price in exchange for an upfront deposit.

Royalty and streaming companies. Companies that hold portfolios of royalties and streams, such as Franco-Nevada, Wheaton Precious Metals, Royal Gold, Osisko Gold Royalties and Triple Flag.

Royalty buyback. A right to repurchase part of a royalty for a stated price, reducing the ongoing burden.

Royalty on property versus corporate royalty. Whether the royalty attaches to specific claims or to all of a company's production.

Advance royalty payments. Payments required before production that are credited against future royalties.

Government royalties and mining taxes. Provincial mineral taxes and royalties payable by operating mines, separate from private royalties.

Community investment and local employment. Commitments disclosed in agreements and sustainability reports.

Investor Glossary: mining regions and reading a company's disclosure

These are general definitions used by AskIR to explain terms. They are not specific to any company and are not investment advice.

Golden Triangle. A region of northwestern British Columbia known for large gold, copper and silver deposits, with seasonal access constraints.

Abitibi greenstone belt. A prolific gold and base-metal district spanning Ontario and Quebec (Timmins, Kirkland Lake, Val-d'Or, Rouyn-Noranda).

Red Lake. A high-grade gold camp in northwestern Ontario.

Ring of Fire. A mineral region in northern Ontario with chromite, nickel and copper deposits, where infrastructure and consultation are central issues.

Athabasca Basin. Saskatchewan's uranium district.

Bathurst Mining Camp. A New Brunswick district known for volcanogenic massive sulphide (VMS) deposits.

Yukon and Northwest Territories. Northern territories with gold, silver, copper and diamond projects and short field seasons.

Nevada and the Carlin Trend. A leading US gold district; Nevada also hosts lithium clay projects.

Lithium Triangle. Argentina, Chile and Bolivia, home to major lithium brine resources.

Lardeau, Slocan and Kootenay districts. Historic silver-lead-zinc and gold districts in southeastern British Columbia.

Quebec Plan Nord and Ontario's Far North. Government development frameworks for northern regions.

Jurisdiction risk. Political, legal, permitting and security considerations that vary by country and region; often discussed in risk factors.

Fraser Institute survey. An annual survey of mining company perceptions of jurisdictions' attractiveness; a third-party opinion, not company disclosure.

News release. The primary vehicle for material disclosure, disseminated through a newswire (for example Newsfile, GlobeNewswire, CNW, Accesswire, Business Wire) and filed on SEDAR+. The dateline shows the city and date of issue.

Newswire dissemination. Exchanges require material news to be disseminated broadly through an approved wire before or at the time of any other publication.

Material change report. A regulatory form filed after a material change, within ten days, summarizing the change.

Financial statements and MD&A. Filed quarterly and annually; see the financial glossary.

Annual information form (AIF). A comprehensive annual description of business, properties, risks and directors; required for non-venture issuers and optional for many venture issuers.

Technical report. The NI 43-101 document for a project; see the resources glossary.

Corporate presentation. Marketing material summarizing the company's story; it should be read alongside the filings it summarizes and often carries cautionary language.

Fact sheet. A one- or two-page summary of the company for investors.

Website content. Company websites describe projects and management; the filed record on SEDAR+ takes precedence where they differ.

Investor relations contact. The person or firm handling investor communications, usually listed on news releases. Questions about undisclosed matters cannot be answered by anyone, including IR.

Cautionary statements and disclaimers. Required language accompanying forward-looking information and technical disclosure. It qualifies the figures and plans it accompanies.

Dates matter. Cash balances, share counts and resource figures are as at specific dates. Newer documents supersede older ones on the same topic; AskIR reports the date with each fact.

What AskIR can and cannot do. AskIR relays what a company has publicly disclosed, with the source and date, and explains general terms. It does not give investment advice, predict outcomes, disclose anything unpublished, calculate valuations, or interpret market prices for the company. Suitability questions are for a registered advisor.