Letters of Recognition of OERN and NAEN

Purpose of the section and structure of the materials

The section «Letters of Recognition of OERN and NAEN» was created as follows single point of access to primary sources, These are commonly requested in the preparation of public reporting on reserves and resources, as well as in verifying the applicability of the national code to the requirements of international practice.

Materials are grouped by source and application task:

• CRIRSCO and joint documents - confirm Russia's place in the CRIRSCO system and CRIRSCO-compatibility of the NAEN Code approaches.
• Regulators and exchange standards (e.g. FCA, CSA, ESMA) - show how resource/reserve disclosure requirements are interpreted in different jurisdictions.
• Professional associations and initiatives (PERC, JORC, SAMREC/SAMVAL, SME, etc.) - reflect the mutual recognition and professional outline of competent persons.

CRIRSCO and international recognition of the NAEN Code

CRIRSCO (Committee for Mineral Reserves International Reporting Standards) is an international system of principles and definitions for public reporting of resources and reserves. Inclusion of the national system in the CRIRSCO framework means comparability of terms, classification logic and disclosure quality requirements.

Documents from the CRIRSCO block on this page are used when needed:

• confirm the recognition of the NAEN Code as a CRIRSCO-compliant approach (in the logic of the CRIRSCO family of codes);
• substantiate the applicability of the Russian Code in an international context (including in investor materials);
• show the relationship «code ↔ competent persons ↔ professional organization» as a basis for trust in disclosure.

Capital markets regulators and exchange standards

Letters and guidance from regulators (e.g. FCA, CSA, ESMA) are of particular value. These are the sources that are most often requested by lawyers and financial advisors in listing, transactions and preparation of issuer's public documents.

Typically, these materials close three questions:

• what code/approach is acceptable to disclose resources and reserves;
• signatory technical materials (requirements for competent persons);
• what conditions are mandatory (independence, disclosure of conflicts of interest, structure of the technical report).

Pan-European and international initiatives

In international practice, recognition works not only through CRIRSCO, but also through professional “bridges” - initiatives and associations (e.g. PERC), as well as through mutual lists of recognized professional organizations (in the logic of JORC, SAMREC/SAMVAL, etc.).

These documents are useful when you need to confirm:

• participation in the pan-European/international reporting loop;
• mutual recognition of professional requirements for competent persons;
• comparability of approaches for cross-jurisdictional projects and transactions.

Competent persons and the role of OERN

It is not just “what code” that is critical to capital markets, but also the who has professional responsibility for the disclosure of resources and reserves.

Recognition documents usually emphasize basic criteria:

• the competent person must have relevant experience, education and proven practice;
• The competent person acts within a professional organization with ethical and disciplinary procedures (RPO loop);
• requirements of independence and disclosure of potential conflicts of interest are complied with when preparing reports.

To check the status and profile of a specialist, use Roster of OERN experts.

How to use letters of recognition in your work

1) Select a document for the task

• Listing / prospectus / public disclosure - first regulatory and exchange documents, then CRIRSCO-context validation.
• M&A / due diligence / project financing - CRIRSCO + regulatory materials + confirmation of competent persons status.
• Internal Reporting Policies - CRIRSCO + selected jurisdiction + reference to the NAEN Code.

2) Refer to the original source correctly

Recommended reference format (for documents and appendices): Issuing authority → name of document → date → number/version (if any) → page/paragraph (if citing) → link to PDF.

3) Do not substitute a letter for the jurisdiction's requirements

Letters and press releases are an evidentiary basis for recognition and comparability. But they do not replace a particular jurisdiction's requirements for the form of the technical report, independence and disclosure structure.

Answers to Frequently Asked Questions

What is the practical meaning of NRO and RPO statuses?

NRO - institutional point of national accountability in the CRIRSCO system. RPO - professional circuit through which the responsibility of competent persons is ensured (ethics, discipline, membership requirements).

Can these documents be attached to prospectuses, technical reports and investment memos?

Yes. In practice, they are used as appendices or references in the Regulatory Framework, Reporting Methodology, Competent Persons, Applicable Code/Standard sections.

Is this list exhaustive?

No. The section contains key and most requested documents. The list may be supplemented as new official sources and updates become available.

What if you need a document that is not in the collection?

Submit a request via the contact details on the website - specify the task (listing/transaction/audit), jurisdiction and type of confirmation required. This will expedite the selection of the correct primary source.