University of Queensland – JKMRC Lecture – Complicated and Complex

Abstract: Modifying Factors are core requirements for resource development and disclosures.The effects of Modifying Factor variability on the reasonable prospects for economic extraction of a Mineral Resource, or on the likely economic viability and/or on the estimation and classification of an Ore Reserve, must be disclosed and discussed (JORC, 2024).
Modifying Factors include, but are not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governance (ESG) and regulatory factors (JORC 2024).
Understanding why, when and how these modifying factors interact is crucial to managing the multi-factor risks associated with mining coexistence, the development of complicated and/or complex orebodies.

Why Modifying Factors matter:

1. Integrated Risk Assessment and management: Modifying factors provide a comprehensive framework to evaluate risks by analysing their frequency, consequences, and materiality, enabling better decision-making in resource projects.
2. ESG Considerations: They incorporate Environmental, Social, and Governance (ESG) factors, ensuring projects align with modern sustainability and ethical standards, which are critical for regulatory compliance, stakeholder acceptance and trust
3. Project Viability and Reporting: Modifying factors, as outlined in the JORC Code, are essential for accurately assessing mineral resources and reserves, ensuring transparent and reliable reporting that supports investment and operational planning.