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Golden Fig Coin
06

Gold Knowledge

Underground gold, future gold and allocated gold are not the same asset.

GFC distinguishes clearly between independently verified Mineral Resources, Mineral Reserves, contractual future production rights, produced metal and allocated physical bullion.

  1. Exploration potential

  2. Mineral Resource

  3. Mineral Reserve

  4. Production

  5. Allocated physical gold

Gold does not become real when it reaches a vault.

It already exists physically within the earth. Modern exploration, drilling, sampling, assay and geological modelling allow substantial underground gold deposits to be identified, measured and independently verified long before that gold is mined.

The central idea is not to pretend that underground gold is identical to refined bullion. It is to recognise that independently verified underground gold can represent a real and measurable economic foundation long before it reaches a vault.

The distinction is fundamental

Recognising underground gold does not mean pretending that it is equivalent to allocated bullion. Underground gold remains exposed to geological, metallurgical, recovery, development, permitting, financing, operating, jurisdictional and timing risks. Allocated refined bullion has already passed through most of those risks.

GFC should never create the impression that underground ounces multiplied by a spot gold price automatically represent backing, NAV or guaranteed monetary value.

Classification within Resources and Reserves

Mineral Resources and Mineral Reserves are not interchangeable labels. Movement between categories is not automatic. Higher geological confidence does not, by itself, make an ounce economic or deliverable.

Mineral Resources

  1. Inferred

    ↓ not automatic conversion

  2. Indicated

    ↓ not automatic conversion

  3. Measured

Mineral Reserves

  1. Probable

    ↓ not automatic conversion

  2. Proved / Proven

Four numbers that must not be confused

Geological quantity, economic value, acquisition price and GFC issuance answer different questions. None of them is a substitute for another.

  1. 01

    Geological quantity

    What has been independently identified?

  2. 02

    Economic value

    What is the asset economically worth given risk and stage?

  3. 03

    Acquisition price

    What does GFC pay for its qualifying participation?

  4. 04

    GFC issuance

    How many new GFC may be issued for the qualifying financing?

How GFC WorksIndependent VerificationMining FinanceWhite Paper 2.0