Category Glossary Examples of Excellence Examples of Flaws Maximum Score
Open Access Measures the ease of acquiring exploration rights and the ‘openness’ of the system to foreign, junior and other participants. Freely open to first applicant. Applicant will be considered as to its appropriateness to undertake work. 10
Exploration Exclusivity Measures the extent to which the exploration rights are exclusive to the holder, including undiscovered minerals. Exclusive rights giving holder right to all minerals. Same land may be subject to multiple exploration licences for different minerals. 10
Exploration Duration Measures the ability of a holder to retain exploration rights through a minimum exploration period. Absolute right to keep exploration rights by performing work. Short duration licence (e.g., 2 years) with discretionary renewal. 10
Right to Mine Measures the ability of the explorationist to acquire mining rights (as well as environmental permits). Explorationist awarded mining rights when discovery of resources; EIA process subject to clear timelines, objective tests and court appeals. Applicant will be considered as to its appropriateness to undertake mining; EIA process lacking timelines, standards and right of appeal. 15
Tenure Certainty Measures the ability to fully extract resources from a mine and the right of access. All surface rights included in 25 year mining lease that is renewable on application. Surface rights not included on mining lease of 10 years with discretionary renewal and ability to unilaterally revoke. 15
Economic Certainty Measures the discretion of government to interfere with economics operationally and on an exit strategy. Fixed royalty rates; general corporations tax; no consent on sale; stabilization guarantees. Government interest to be negotiated on grant of mining rights; consent needed for sale. 15
Regulatory Certainty Measures the stability of the regulatory framework. Regular changes to the mining legislation to constantly modernise its administration. No changes for decades to archaic legislation. 10
Other Factors Measures all other aspects of the regulatory framework both positive and negative. No obligation to operate any differently than a general corporate participant within the country; well-drafted legislation and regulations. Obligations to list on local stock exchange, provide preferential rights for offtake, build local processing facilities, etc.; poor legal drafting. 15
Regulatory Risk Rating Measures the risk that an investor or operator will lose the economic benefits of a mineral discovery, based purely on the mining regulation, with 100 being zero risk.  100