The workshop instructors are qualified, seasoned technical, financial and non-technical experts. In the morning of Monday, May 19 will be two workshops that start at 8:30 AM, registration at 8:15 AM. They will end at 11:45 AM, followed by lunch.
- Using Dynamic Discounted Cash Flow & Real Options to Assess the Value and Risk of Mining Investments
- Reviews and Audits of Exploration and Mining Projects for Risk Assessments and Opportunities
In the Afternoon of Monday, May 19 will be two workshops that start at 1 PM, after lunch. Registration at 11:45 AM, with lunch. These workshops will end at 4:30 PM. Descriptions of each of the four workshops and the instructors and bios are shown below (scroll down).
3. Proposed Changes to NI 43-101 and How That Will Affect Preparation and Disclosure of Mining Studies
4. Life Cycle Risks & Opportunities in Mining Environmental Management: Keeping the End in Mind
Registered workshop delegates are welcome to attend the Monday reception, all others must register in advance to attend. Registration for the reception on Monday, May 19 will start at 5:30 PM. It will end at 8 PM. All must register in advance to attend the workshops and conference. Space is limited*. Registered conference delegates are welcome to attend the Tuesday, May 20 and Wednesday, May 21 receptions.
Below are descriptions of the four CTMF 2025 workshops, and bios of the instructors:
Morning Monday, May 19, 2025
1. Using Dynamic Discounted Cash Flow & Real Options to Assess the Value and Risk of Mining Investments:
Instructors: Michael Samis, Ph.D., P.Eng., Principal and Founder, SCM Decisions; Vikram Jayaraman, Senior Vice President - Advisory and Operations, DRA Global and Lachlan Hughson, Founder, 4-D Resources Advisory LLC
Investment decision-making and risk management in the mining industry are becoming increasingly complex because of: (i) Increased technical uncertainty due to the difficulty of finding new deposits and the decline in deposit quality, (ii) Greater financial uncertainty linked to metal and energy prices, (iii) The flexibility to actively manage project investment, and (iv) Financing and taxation structures that complicate the distribution of value and risk. This complexity increases the difficulty of analyzing many mining investments in a manner that considers each investment’s unique structure and risk characteristics. Unfortunately, the static cash flow models often used to support investment decisions have difficulty recognizing the contrasting characteristics of many mining investments.
Advances in finance theory and risk management allow mining professionals to improve their financial and risk analysis with dynamic cash flow models. These models improve investment analysis by dynamically describing uncertainty, recognizing unusual project features and flexibility, and assessing the value and risk-transfer effects of complex financing and taxation structures. The instructor during this workshop will illustrate key concepts with a series of case studies involving: (i) How exploration creates value, (ii) The hidden value benefit of long-life copper projects over multiple price cycles. (iii) The variation in value and risk exposure as a copper-gold project's revenue metal mix and cost characteristics change, (iv) How alternative finance can distribute value and risk in a surprising manner, (v) The impact of jurisdiction and development stage of each asset on the risk profile of an M&A transaction. Reflecting on years of advisory work, the instructor will discuss and guide the workshop participants about how financial and technical uncertainty, project structure, and financing structures influence the value and risk of mining investments.
Outline
8:30 AM to 9:00 AM Static vs dynamic cash flow models. Valuation fundamentals.
Introductory comments. Strategic capital management. Integrated valuation and risk modelling. Why move from a static to a dynamic cash flow model. Rethinking project structure, project uncertainty, and DCF vs RO valuation methods. Measuring and communicating risk.
9:00 AM to 9:30 AM Modelling financial market uncertainty.
Price forecasts vs. price uncertainty models. Metal price uncertainty models – precious metals, base metals, energy. Estimating model parameters with econometrics.
9:30 AM to 9:45 AM Refresh break
9:45 AM to 10:15 AM Non-linear cash flows. RO vs DCF Value. Long-life copper assets.
Non-linear cash flows and non-equity stakeholders – financing and taxes. DCF versus RO risk adjustments and why they matter. Example: A long-life copper asset.
10:15AM to 10:45AM Value-of-Information - Exploration and pilot studies.
Managing technical risk to create value and reduce risk. Value-Of-Information framework. Example: Exploration strategy and the value potential of AI. Example: Risk management benefits of pilot studies and staging
10:45 AM to 11:00 AM Refresh break
11:00 AM to 11:30 AM Mergers and Acquisitions. Enhanced Risk and Sensitivity Analyses. Improved Board Governance
Introducing how the M&A process can be significantly enhanced using dynamic financial modeling. Example: The $17 billion Cabot/Cimarex merger analysis.
11:30 AM to 12 Noon Financing Corporate mining portfolios. Summary.
Why project finance is needed. Project financing methods. Example: Changes in equity risk from debt and alternative finance. Country risk. Corporate portfolios. Example: The risk effects of M&A at an international gold producer. Workshop summary.
Michael Samis, Ph.D., P.Eng., Principal and Founder, SCM Decisions
Mike is a leading Integrated Valuation and Risk Modelling practitioner in the natural resource industries with over 30 years of mining experience. He has extensive professional experience valuing mining projects with complex forms of flexibility and risk. His assignments have ranged from exploration stage to late-stage capital investments and included project financing and contingent taxes analysis. Previously, Mike was an Associate Partner and Senior Manager at EY for 11 years. During that time, he valued complex financial securities such as employee stock options, contingent contracts, and financial derivatives in addition to his consulting work in the mining industry. Before this, he worked for AMEC as the Technical Director of Mineral Economics. He assists mining clients in aligning capital allocation decisions with business strategy through SCM Decisions.
Vikram Jayaraman, Senior Vice President - Advisory and Operations, DRA Global
Vikram Jayaraman is a seasoned professional in the mining and metallurgical engineering industry, known for his expertise in project development, operational management, and technical advisory services. As the Senior Vice President of Operations and Advisory at DRA Global, Vikram plays a pivotal role in leading project execution and sponsoring high-value studies for clients worldwide, leveraging a deep understanding of metallurgical processes, mine financing and application of latest innovations to project to improve value of projects. With a career spanning over two decades, Vikram has built a robust reputation for driving project optimization and feasibility studies, delivering tailored solutions that enhance operational efficiency and project economics. His strategic oversight ensures that DRA’s projects not only meet objectives of mining companies but also advance sustainable practices across all stages of the project lifecycle. Vikram’s leadership style emphasizes collaborative problem-solving, fostering strong relationships with clients to navigate complex challenges in the global mining landscape. Before joining DRA Global, Vikram held influential positions at top mining and engineering firms, where he successfully managed multifaceted teams and honed his skills in both operational, capital origination and advisory capacities. His background includes a diverse array of projects across North America, Africa, and the Asia-Pacific region, where he has consistently demonstrated an ability to translate complex technical insights into practical, actionable project strategies. Vikram holds advanced degrees in Metallurgical Engineering from McGill University and an MBA from Rotman School of Management at U of Toronto in Finance, and maintains active engagement in professional networks, continually sharing insights and contributing to industry dialogues on project finance, sustainable development, and the future of mining.
Lachlan Hughson, Founder, 4-D Resources Advisory LLC
Lachlan Hughson, the founder of 4-D Resources Advisory LLC, has over 30 years’ experience in M&A/corporate finance as an investment banker and energy industry executive. It was his realization that static, 2-D Excel models often facilitate sub-optimal or value-destructive decisions, which led him to embrace dynamic financial modeling and build an advisory firm to help facilitate its broad application across the finance function. With $30+ billion of mergers, acquisitions and divestitures undertaken, supported through $15+ billion of debt, high yield and equity financings, Lachlan has developed an insightful, commercial framework to successfully build companies using dynamic financial modeling and its unique insights. He primarily works with Boards, executives, and investors to help them drive value-accretion through making better strategic and financial decisions using this approach. Lachlan’s professional experience reflects increasingly senior roles at Lehman Brothers, Bear Stearns, Standard Bank and Macquarie Capital, in their respective energy and natural resources investment banking groups, and as an energy industry executive at Antero Resources Corporation. He holds an MSc degree, with Distinction, from Imperial College London and an MBA degree from the Kellogg School of Management, Northwestern University.
Below is a workshop from CTMF 2023 about Managing Construction Risks & Mitigating Consequences on Mining Projects led by Christopher Ryan, Partner of A&O Shearman, Jesse Sherrett, Partner of A&O Shearman with Cynthia Urda Kassis, Partner of A&O Shearman.
Morning Monday, May 19, 2025
2. Reviews and Audits of Exploration and Mining Projects for Risk Assessments and Opportunities:
Instructors: Abani R. Samal, Ph.D. RM-SME, Principal, GeoGlobal LLC; Peter Christensen, RM-SME, Principal Consultant, RESPEC
Financing an exploration and mining project requires an assessment of the risks and opportunities through reviews and audits of all aspects of the project. Such reviews and audits can happen at any stage of the project.
This workshop will discuss different aspects of such reviews and audits and may include discussion with its participants to rethink a variety risk factors the instructors have encountered over the years while conducting such reviews and audits including, as examples, topics such as: elasticity of payback periods, rethinking operational parameters to improve project NPV, etc. The topics may also include the level of assurance required at different stages of the project to identify the risk factors and ways to address them.
Abani R. Samal, Ph.D., RM-SME, Principal, GeoGlobal LLC
Dr. Abani R. Samal holds Ph.D. from SIU Carbondale, DIC & M.Sc. from Imperial College, London and an M Tech (Mineral Exploration) degree from IIT (ISM) Dhanbad, India. He has been in the mining industry since 1996. Currently, he is the principal and owner of GeoGlobal, LLC. Dr. Samal provides consulting services to exploration and mining companies, government agencies, and major financial institutions worldwide. Mineral deposit evaluation, applied geostatistics, and mine-mill reconciliation are his technical specializations. He provides strategic advice to governmental agencies for the development of mineral resources. He offers professional development programs to industry professionals and academic researchers worldwide. Major professional societies including SME, AIG, CIM, and MEAI have hosted his professional development programs. Dr. Samal is a Registered Member (RM-SME) and a Fellow of SME. Dr Samal is an active member of various major committees of SME. He serves on the editorial boards of two international journals: Mining, Metallurgy & Exploration Journal (MMEX) and Natural Resources Research Journal (NARR), and Mining Engineering Journal (MEJ).
Peter Christensen RM-SME, Principal Consultant, RESPEC
Peter Christensen is a highly experienced mining engineer with extensive international mining experience both in open-cut and underground mining. He has lived and worked in Australia and the US and has held the statutory responsibility of senior site executive in Queensland. He has held senior positions with major mining companies, mining contractors, and service providers; these roles included engineering manager, operations manager, safety manager, and project manager. Mr. Christensen has experience in managing feasibility studies, new mine development, mining method and equipment selection, mine planning, cost estimation, and reserves estimation.
He has conducted due diligence on surface and underground mining assets in the US, Canada, Colombia, Australia, New Zealand, Thailand, Germany, the Czech Republic, Finland, and South Africa. Mr. Christensen has conducted economic and financial evaluations of mining operations; conducted operational and health, safety, and environmental (HSE) audits; provided litigation support; and undertaken reviews of mining practices, cost structures, and operating performance. His experience includes working with a broad spectrum of commodities, including salt, potash, trona, gypsum, lithium, coal, oil sands, oil shale, base and precious metals, mineral sands, limestone, aggregates, and clays. Peter has also developed and implemented safety management systems. Mr. Christensen is a Registered Member of the Society for Mining, Metallurgy, & Exploration (RM-SME) and has served as a member of the Resources and Reserves Committee of the SME since 2014, and currently serves as the president of the Denver Coal Club.
Afternoon Monday, May 19, 2025
3. Proposed Changes to NI 43-101 and How That Will Affect Preparation and Disclosure of Mining Studies:
Instructors: Greg Gosson, Ph.D., P.Geo., Technical Director, Geology & Compliance, Minerals & Metals Consulting, Wood Canada Limited; Stella Searston, RM SME, MAIG, FAusIMM, Principal Geologist, Mine Technical Services
National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects was last updated on June 30th, 2011. Over the past 14 years, there have been minor “housekeeping” edits to the rule and companion policy. More significantly, there have been changes to how Canadian provincial securities commission mining staff interpret and regulate mining technical disclosure standards. Some of these changes have been communicated through Canadian Securities Administrators (CSA) staff notices, Canadian provincial securities commission staff notices, workshops and short courses presentations by CSA mining staff.
In April 2022, the CSA published a consultation paper on NI 43-101 posing 38 main questions, and several additional sub-questions requesting feedback from mining industry stakeholders. The comments received were to assist the CSA in determining ways to modernize and enhance the current NI 43-101 requirements. In February 2025 the British Columbia Securities Commission published a draft of the proposed changes to the NI 43-101 rule, Companion Policy, and Form 43-101F1 Technical Report. The final proposed changes to NI 43-101 will be published for a 90 day public comment period, likely in March or April 2025. Depending on amount and type of public response, the final rule changes will become effective several months later.
Parallel to this, Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) committees have been updating and creating practice guidance for the mining industry and have updated the CIM Definition Standards that includes definitions incorporated by reference into NI 43-101. This half-day workshop will walk course participants through the proposed NI 43-101 rule, Companion Policy 43-101CP, and Form 43-101F1 Technical Report changes, and provide the presenter’s opinion on how this may impact the preparation and disclosure of mining studies that public companies use to raise finance and keep their investors informed about their plans for mineral property development.
Greg Gosson, Ph.D., P.Geo., Technical Director, Geology & Compliance, Minerals & Metals Consulting, Wood Canada Limited
Greg has worked 40 plus years in the mining industry in North America, Southeast Asia, and Africa. He was the Chief Mining Advisory at BC Securities Commission, for 5 years and lead the project to revise NI 43-101 in 2005. Greg has been with Wood Canada Limited for 19 years as their Technical Director, Geology & Compliance for their Metals & Minerals Group. He is a current member of the CIM Committee on Mineral Resources and Reserves and Best Practices, a member of the SME Resources/ Reserves Committee, a member of the CIM – CSA Working Committee on NI 43-101. He was co-chair and member of the CSA Mining Technical Advisory and Monitoring Committee on NI 43-101.
Greg Gosson
- 40 plus years in mining industry
- 18 years as Technical Director, Geology & Compliance with Wood Canada Limited
- 5 years as Chief Mining Advisory at BC Securities Commission: Involved in drafting legislation on Civil Liability under securities law, and NI 51-102 Continuous Disclosure Obligations
- Member of the PDAC Securities Committee
- Member of the CIM Committee on Mineral Resources and Reserves and Best Practices
- Member of the SME Resources/Reserves Committee;
- Member of the CIM – CSA Working Committee on NI 43-101
- Former chair and member of the Mining Technical Advisory and Monitoring Committee on NI 43-101: industry advisory group to the Canadian securities regulators
Stella Searston, RM SME, MAIG, FAusIMM, Principal Geologist, Mine Technical Services
Stella is a Principal Geologist with Mine Technical Services with over 35 years’ experience in the mining industry, including technical reviews, audits, and specialist studies such as due diligence and governance/compliance appraisals. Stella has prepared technical content in listing and filing documents, independent expert and competent person reports for various stock exchanges, including TSX, TSX-V, NYSE, AIM, HKEx, and ASX. She has participated in and peer reviewed major mining studies (PEA, PFS, FS). Stella has prepared, reviewed, and compiled over 500 NI 43-101 technical reports about 30 reports under S-K 1300. She is a member of the SME Resources/Reserves Committee and is a member of CIM Committee on Mineral Resources and Reserves.
Stella Searston
- 35 plus years in mining industry
- Current Principal Geologist with MTS
- Fellow of the AusIMM, Member of the AIG, Registered Member of the SME
- Member of the SME Resources/Reserves Committee; Member of CIM Committee on Mineral Resources and Reserves
- Involved in technical reviews, audits, and specialist studies such as due diligence and governance/compliance appraisals
- Prepared technical aspects of listing and filing documents, independent expert and competent person reports for various exchanges, including AIM, HKEx, ASX, JSE as well as Canadian exchanges.
- Participated in and peer reviewed major mining studies (PEA, PFS, FS)
- Preparation, review and compilation of NI 43-101 technical reports, with more than 500 such reports completed to date; majority for major mining companies and major studies; about 30 reports under S-K1300.
Afternoon Monday, May 19, 2025
4. Life Cycle Risks & Opportunities in Mining Environmental Management: Keeping the End in Mind:
Instructors: Lisa Kirk, Ph.D., P.G., Principal Biogeochemist and Manager, Enviromin, a Division of RESPEC & Affiliate Professor of Chemical and Biological Engineering, Montana State University; Mario Bianchin, Ph.D., P.Geo., Director of Mine Water Management, Energy & Mining, RESPEC; Jordan Anderson, RM-SME, Engineering Manager, RESPEC
We all know that cash flow varies significantly through the life cycle of a mining project - from its discovery through exploration, project analysis and right sizing to its end at closure. Thinking about exploration and mining before making a go/no go decision requires alot of work and time (equals money spent) in the early exploration, mine design, permitting and construction phases of mining. These stages come at a cost to the future profitability of any mining operation.
When considering a project and its profit profile, or making projections during active production, one must account for costs of environmental management of mine pits and underground workings, waste rock, and tailings to comply with land and water regulations. One of the most expensive aspects of mine closure is water management and treatment, during operations and at the end of mine life, especially when extended (perpetual) water treatment is needed.
From the inception of any mine project, integration of best management practices and innovation in facility design and management - incorporating best possible cash flow and cost management - can reduce social license challenges, minimize environmental management costs, and improve lifecycle project returns.
During this workshop, we will explore opportunities to improve mine environmental/ water management and reduce life cycle cost, using case studies.
Dr. Lisa Kirk, Ph.D., P.G., Principal Biogeochemist and Manager, Enviromin, RESPEC and Affiliate Professor of Chemical and Biological Engineering, Montana State University
Dr. Lisa Kirk, is Manager of Enviromin, a division of RESPEC, which specializes in the microbial and environmental geochemistry of mined materials and mine-affected water. Dr. Kirk’s expertise lies in the aqueous and biogeochemistry of mined materials and their evaluation throughout the mine life cycle. She is a registered Professional Geologist and is qualified to certify environmental assessments under the 43-101 standard for mineral project disclosure. Dr. Kirk has more than 40 years of experience in mining environmental geochemistry, beginning with the U.S. Geological Survey and continuing with various consulting groups until she formed Enviromin, Inc. in 2004. She currently serves as an Affiliate Professor in the MSU Department of Chemical and Biological Engineering. Enviromin has successfully completed a number of innovative waste and water management projects for mining companies throughout North America.
Dr. Mario Bianchin, Ph.D., P. Geo., Director of Mine Water Management, Energy & Mining, RESPEC
Dr. Bianchin, Director of Mine Water Management at RESPEC, is a seasoned hydrogeochemist with over 35 years of environmental engineering experience. Specializing in due diligence studies, water treatment, AMD evaluations, and mineral waste facility analyses, he excels in leading multidisciplinary teams. Mario has led numerous projects, from FEED design to closure scopes, emphasizing flexible mine water management plans and progressive reclamation strategies. His expertise extends to in-situ and tank-based treatment for oxyanions and metals removal. With advanced degrees in hydrogeology, Mario drives innovative approaches to water management in the mining industry.
Jordan Anderson, RE-SME, Engineering Manager, RESPEC
Jordan Anderson is a Mine Engineering Manager at RESPEC and is a seasoned mining engineer with extensive operational and consulting experience across the Americas. Specializing in mine studies from preliminary economic assessments through feasibility studies, he provides expertise in mine planning, risk assessment, and life cycle management. With a strong background in surface mining operations, Jordan has contributed to a wide range of projects, focusing on optimizing mine designs and schedules while integrating environmental and economic considerations. He has worked closely with multidisciplinary teams to develop sustainable solutions that support responsible mining practices. As a registered member of SME and an instructor at the University of Nevada, Reno, Jordan is committed to advancing technical excellence and knowledge sharing within the mining industry. His work includes evaluating project feasibility, assessing risks, and guiding strategic decision-making to ensure long-term project viability.
Register now. All registered workshop delegates are included on the registration list for the Monday May 19 welcome reception. Those wanting to only attend the receptions are able to register to attend separately at the registration site. You do not have to attend the conference to register for a workshop or reception.
SME's Current Trends in Mining Finance Conference (CTMF 2025)
Navigating Risks of an Uncertain and New Reality
Connecting Mining, Finance and Engineering Executives TM
Monday, May 19 - Wednesday, May 20, 2025
All must register in advance to attend the workshop, conference and receptions. Learn about updates of the agenda here. *Space is limited. The organizers may close registration before the event. Organizers may have registered conference delegates be present in second and or third board rooms with live audio video feed from, to main room or other board rooms and or to attend in other rooms to view the proceedings via live audio/ visual feed. More rooms near the main event rooms are places to relax, network, meet one on one for quiet shared conversations or work.