ON JUNE 26, 2024, AN EXPANDED MEETING OF THE PONEN EXECUTIVE COMMITTEE WAS HELD AT WHICH A NUMBER OF IMPORTANT DECISIONS WERE MADE

The main changes are as follows.
1. The abolition of the list of self-certified competent persons from July 1. This was provided for by the QMR regulation of June 1, 2023. During the year, the reports of the competent persons were accepted by the PONEN for reading. As you know, reading is widespread in foreign professional organizations. The conclusion of the PONEN reader is an independent verification of the report for compliance with the KAZRC Code and is recognized by the Committee of Geology of the Republic of Kazakhstan. Starting from July 1, 2024, PONEN accepts reports from Competent PONEN Member Persons only if QMR is accredited. More information about QMR accreditation can be found on the PONEN website, as well as by reading the QMR accreditation regulations (https://admin.ponen.kz/uploads/files/documents/Regulation_on_the_Accreditation_of_QMR.pdf). The definition of "Self-certification" has been added to the QMR accreditation regulation. The reasons why competent persons involved in the preparation of reports according to the KAZRC standard need to be accredited by QMR are set out in the Memorandum on the preparation of KAZRC Reports.

2. Starting from July 1, 2024, PONEN will accept reports from competent persons - members of foreign RpoS for verification only if they have accreditation similar to QMR. To date, accreditation programs for specialists involved in the preparation of reports on mineral resources and mineral reserves exist in most RpoS. Some of them do not yet apply the requirements for the mandatory availability of such accreditation when preparing reports on JORC and other standards, however, the gradual tightening of qualification requirements for competent persons issuing reports is a global trend. This trend has arisen due to a large flow of low-quality reports misleading investors and other stakeholders. The list of professional organizations and relevant accreditations recognized by the PONEN for the purpose of checking KAZRC reports is given in Appendix 1 to the regulation on checking KAZRC reports.

3. To sign reports on the 1.1-TPI form, a competent person does not need to have QMR accreditation. The PONEN Executive Committee came to this decision considering the requirements for QMR accreditation excessive for specialists involved in reporting on extracted Mineral resources and mineral reserves, as well as reserves in the terminology of the GKZ. Since the concept of a Competent Person allows for a narrow experience in performing a certain type of work for 5 years, which in particular is the preparation of reports on forms 5-GR, 8-GR, 1.1-TPI, the executive committee considered it sufficient that a competent person should inform about the availability of such experience in the form of a statement. A sample of such an application was developed by the members of the executive committee and attached as Appendix 5 to the updated version of the QMR accreditation regulation. PONEN recommends that such a statement be attached to the 1.1. TPI reporting as confirmation of the appropriate experience of a Competent Person. PONEN also warns that such a statement applies only to 1.1.-TPI reports and does not apply to other types of reports of competent persons.

4. QMR accreditation is not required for signing KAZRC reports on the assessment of mineral resources and mineral reserves for most types of OPI (common minerals), with the exception of certain types of OPI specified in Annex 6 to the QMR accreditation regulation. To make such a decision, an OPI commission was formed from industry representatives with extensive experience in evaluating OPI deposits: Valery V. Rusnak, Dmitry V. Dergachev, Ramil Sansyzbaevich Samekov, Boris A. Pyatkov, Galina A. Baymakhanova, Batyrkhan Sultanovich Agambayev. As a result of the discussion, the commission formed a list of types of OPI requiring QMR accreditation for competent persons signing reports on the assessment of mineral resources and mineral reserves.