The financial component of…

The financial component of the Assessment work submission needs updating. Currently, geologists are required to spend more time sorting receipts and invoices and applying dollars to specific units or categories that are much to specific. I can only imagine how labour intensive this is for your assessors.

For example, we are working on a report to disclose the results of 45,000m of drilling and upwards of $15M in expenditures. The receipts/invoices will be 10,000 pages whereas the technical, geological information is under 1000 pages. Does MINES really want to turn geologists into accountants for a month of the year? We have another report due in 2024 that will be nearly double the amount of drilling and expenses.

The financial component is more laborious than a CRA audit. I would like to see us have the ability to have a QP, PGeo or CFA/CA, sign off on the expenditures and only submit a summary of what was spent. In the case of smaller <$100k work reports, it wouldnt be a problem to submit all receipts.

There are industry standard per-metre rates for drilling. If a report claims over $500/meter then that could result in an audit. But if our costs are under $400/metre (all-in) that should pass without submitting all receipts.

MLAS needs updating to allow for spreadsheet uploads to be used for proving and assigning costs. Once we get all our financial information organized, we must then go through a very tedious web-based form that is prone to crashing or timing-out when inputting costs on each claim.

Thanks for listening

Nathan Sims, PGeo
VP Exploration
Green Technology Metals