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Read a mining announcement like a geologist
Plain-English guides to everything DrillScore checks - gram-metres, true widths, JORC Table 1, metal equivalents, the Appendix 5B, raisings and what moves gold and copper stocks.
Getting started
Getting startedHow to read an ASX drilling announcement: a 10-step checklistThe master checklist: ten questions that turn a headline into an informed read.10 min readGetting startedMineral Resources vs Ore Reserves: Inferred to Proved, and what EV per ounce hidesInferred, Indicated, Measured, Probable, Proved: what each means and why ounces aren't all equal.8 min read
Drill results
Drill resultsGram-metres explained: how to judge a gold drill hitWidth times grade: the one number that lets you compare any two gold drill hits.7 min readDrill resultsWhat is a good drill intercept? Grade, width, depth and contextGrade, width, depth and location: the four things that decide whether a drill hit matters.8 min readDrill resultsTrue width vs down-hole width: why drill intervals can overstate thicknessA 30m interval can be a 15m-thick zone. How the drilling angle changes what a hit is worth.7 min readDrill resultsSmearing and the nugget effect: when one rich metre carries the holeHow a single high-grade sample can make a long, ordinary interval look impressive.8 min read
Disclosure & JORC
Disclosure & JORCJORC Table 1 explained: what every ASX drilling announcement must discloseThe checklist at the back of every drilling announcement, and the parts worth actually reading.9 min readDisclosure & JORCCherry-picking and balanced reporting: are you seeing all the holes?The best hole makes the headline. How to find out what the other holes said.7 min readDisclosure & JORCVisual estimates in drilling announcements: what "visible sulphides" really tell you"15% sulphides" is not a grade. Why core photos and visual logs come before the real numbers.7 min readDisclosure & JORCMetal equivalents explained: AuEq and CuEq, and how assumptions inflate gradesOne grade for several metals. How prices and recoveries can quietly lift a CuEq or AuEq number.8 min read
Money & dilution
Money & dilutionAppendix 5B explained: reading an explorer's quarterly cash flow reportThe four-page cash report every ASX explorer lodges each quarter, and the one line to read first.9 min readMoney & dilutionCash runway and capital raisings: why great drill hits often meet a placementExplorers spend cash and issue shares. How runway, discounts and options shape what you own.9 min readMoney & dilutionHow to read a quarterly activities report: producers vs explorersProducers report ounces and costs, explorers report metres and cash. What to check in each.8 min read
Markets & prices
Markets & pricesWhat moves gold stocks: the A$ gold price, yields, the US dollar and operating leverageWhy ASX gold miners move more than gold, and why the Aussie dollar matters as much as the US price.8 min readMarkets & pricesWhat moves copper stocks: demand, supply, LME vs COMEX and deposit sizeElectrification, Chinese demand, falling ore grades and why explorers trade on deposit scale.8 min readMarkets & pricesHow share prices react to drill results: halts, day-1 pops and the XGDWhy a great hit can fall by Friday, and how to separate company news from sector mood.8 min read