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Golden Fig Coin
08

Independent Verification

Golden Fig does not determine its own geological facts.

Independent professionals establish and update the relevant mineral facts under recognised professional standards. No gold without independent verification.

Independent verification is fundamental

Golden Fig should not determine for itself how much gold exists in a mine that it proposes to finance. Qualifying mineral assets must be supported by appropriately qualified independent technical professionals and recognised reporting standards applicable to the relevant jurisdiction and transaction.

The GFC system should identify the independent report, its effective date, the responsible qualified professionals and the relevant Mineral Resource or Mineral Reserve classifications.

The distinction is fundamental

  1. Exploration potential

  2. Mineral Resource

  3. Mineral Reserve

  4. Physical gold

Mineral Resources

  1. Inferred

    ↓ not automatic conversion

  2. Indicated

    ↓ not automatic conversion

  3. Measured

Mineral Reserves

  1. Probable

    ↓ not automatic conversion

  2. Proved / Proven

What verification is required before an asset can qualify

Before a mining interest is admitted into the GFC Monetary Foundation, four questions should be answered:

  1. 01Is the gold independently verified?
  2. 02Does GFC have a clear qualifying economic right to it?
  3. 03Has that right been independently and economically assessed?
  4. 04Is the interest appropriately protected?

A mining asset that does not satisfy these requirements does not qualify merely because gold may exist underground. The objective is not more ounces. The objective is qualifying ounces.

Verification must continue

Independent verification should not be treated as a one-time exercise performed only on the financing date. Material changes should be reflected through updated independent technical work where appropriate.

GFC should not commission unnecessary technical reports merely because a calendar date has passed. Reports should be updated when new technical work or a material project development justifies an update.

White Paper 2.0 — 07 · Qualifying Assets, Independent Verification & Valuation

Gold KnowledgeTransparencyMining FinanceWhite Paper 2.0