Mineral Properties can be categorized as four types. It should be noted that there are no clear-cut boundaries between these types, and it may be difficult to classify some Mineral Properties as to one specific category.
Exploration properties – a Mineral or Petroleum real property interest that is being actively explored for mineral deposits or petroleum accumulations, but for which economic viability has not been demonstrated.
Resource properties – contain a mineral resource or petroleum resource but have not been demonstrated by a prefeasibility study or a feasibility study to be economically viable.
Development properties – have been demonstrated by a feasibility study to be economically viable but are not yet in production.
Production properties – contain a mineral or petroleum producing operation active at the time of valuation.