SME's Current Trends in Mining Finance Conference (CTMF2025)
Navigating the Risks of a New and Uncertain Reality
Connecting Mining, Finance and Engineering Executives™
Monday, May 19 to Wednesday, May 21, 2025
Register to attend, meet with and get your questions answered by the four workshop instructors, who are leading, qualified technical, financial and non-technical subject matter experts. The four workshops are described below. Space is limited.* All must register in advance. Your registration to attend a workshop entitles you to attend the Monday, May 19, 2025 Welcome Reception. If you register to attend the CTMF 2025 conference, you are welcome to attend the Tuesday, May 20 and Wednesday, May 21 receptions. At each reception there will be guest speakers.
The first two workshops below will be in the morning and the other two will be in afternoon, after lunch on Monday, May 19, 2025. All four workshops will be at A&O Shearman's Conference Center at 599 Lexington Ave. There will be brief refresh, phone breaks during each of the workshops.
- Using Dynamic Discounted Cash Flow and Real Options to Assess the Value and Risk of Mining Investments: Michael Samis, Ph.D., P.Eng., SCM Decisions
- Reviews and Audits of Exploration and Mining Projects for Risk Assessments and Opportunities: Abani R. Samal, Ph.D. RM-SME, GeoGlobal LLC and Peter Christensen, PE, RM-SME, RESPEC
- Proposed Changes to NI 43-101 and How That Will Affect Preparation and Disclosure of Mining Studies: Greg Gosson, Ph.D., P.Geo., Wood Canada Limited and Stella Searston, RM SME, MAIG, FAusIMM, Mine Technical Services
- Life Cycle Risks & Opportunities in Mining Environmental Management: Keeping the End in Mind: Lisa Kirk, Ph.D., P.G., Enviromin/Respec and Mario Bianchin, P.Geo., RESPEC
Meet with senior industry executives during these workshops. Learn more about the CTMF 2025 workshops below.
These two morning workshops will start at ~8:30 AM. Registration starts at ~8:15 AM. They will end at ~11:45 AM, followed by a lunch. Attendees are welcome to the Monday, May 19 evening Welcome Reception. Registration for that starts at ~5:30 PM at A&O Shearman's Conference Center at 599 Lexington Ave.
1. Using Dynamic Discounted Cash Flow and Real Options to Assess the Value and Risk of Mining Investments: Michael Samis, Ph.D., P.Eng., SCM Decisions
2. Reviews and Audits of Exploration and Mining Projects for Risk Assessments and Opportunities: Abani R. Samal, Ph.D. RM-SME, GeoGlobal LLC and Peter Christensen, PE, RM-SME, RESPEC
These two workshops will be after lunch, starting at ~1 PM. Lunch will start at ~11:45 AM. The workshops will end ~4:30 PM. The Welcome Reception will start at ~5:30, end at 8 PM. Registered workshop attendees are welcome.
3. Proposed Changes to NI 43-101 and How That Will Affect Preparation and Disclosure of Mining Studies: Greg Gosson, Ph.D., P.Geo., Wood Canada Limited and Stella Searston, RM SME, MAIG, FAusIMM, Mine Technical Services
4. Life Cycle Risks & Opportunities in Mining Environmental Management: Keeping the End in Mind: Lisa Kirk, Ph.D., P.G., Enviromin/Respec and Mario Bianchin, P.Geo., RESPEC
Below is from a CTMF2024 workshop by Burns & McDonnell about the 'Challenges of Delivering Projects as the Mining Industry Transitions to a Decarbonized World' led by Dave McLane PE and Dan Kenny, Manager of Mining Construction.

Below are descriptions of the four workshops, and bios of the instructors.
1. Using Dynamic Discounted Cash Flow and Real Options to Assess the Value and Risk of Mining Investments:
Michael Samis, Ph.D., P.Eng., SCM Decisions
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.
Workshop outline
8:30AM to 9:00AM. 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.
9:00AM to 9:30AM. Modelling financial market uncertainty.
Price forecasts vs. price uncertainty models. Metal price uncertainty models – precious metals, base metals, energy. Estimating model parameters with econometrics.
9:30AM to 9:45AM Coffee break
9:45AM to 10:15AM. Value-of-Information. Exploration.
Managing technical risk to create value and reduce risk. Value-Of-Information framework. Example: Exploration strategy and the value potential of AI.
10:15AM to 10:45AM. 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.
10:45AM to 11:00AM Coffee break
11:00AM to 11:30AM. Flexibility and intermediate project values. Development strategy.
Introduction to flexibility. Decision tree representation of development and operational flexibility. Example: The value and risk effects of copper and gold price characteristics at a copper-gold project.
11:30AM 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.
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.
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.

2. Reviews and Audits of Exploration and Mining Projects for Risk Assessments and Opportunities:
Abani R. Samal, Ph.D. RM-SME, GeoGlobal LLC and Peter Christensen, PE, RM-SME, 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
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. P.E, RM-SME
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.

3. Proposed Changes to NI 43-101 and How That Will Affect Preparation and Disclosure of Mining Studies:
Greg Gosson, Ph.D., P.Geo., Wood Canada Limited and Stella Searston, RM SME, MAIG, FAusIMM, 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 update and enhance the current NI 43-101 requirements. In October 2023 the CSA approved a project to modernize and enhance NI 43-101 and they will publish the proposed rule changes for public comment by March 2025. 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.
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
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
Below is Michael Samis from SCM Decisions leading a CTMF 2019 workshop about the Impact of Political Risk.

4. Life Cycle Risks & Opportunities in Mining Environmental Management: Keeping the End in Mind:
Lisa Kirk, Ph.D., P.G., Enviromin/ RESPEC and Mario Bianchin, P.Geo., 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 as case studies.
Dr. Lisa Kirk, P.G.
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, P. Geo.
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.
All registered workshop delegates are included on the registration list for the Monday Welcome Reception. Those of you wanting to only attend the Welcome Reception are able to register for that separately at the registration site. You do not have to attend the conference to register for any of the workshops or receptions. We hope you can join us. Register now. You do not have to attend the conference to register to attend workshops or receptions.
The photo below is from a CTMF 2017 workshop led by Simon Moores, CEO of Benchmark Minerals about Battery Metals Supply Chains. 
SME's Current Trends in Mining Finance Conference (CTMF 2025)
Navigating the Risks of a New and Uncertain Reality
Connecting Mining, Finance and Engineering Executives TM
Monday, May 19 - Wednesday, May 21, 2025
All workshop, conference and reception attendees must register in advance. To learn more visit receptions, for hotels and updates about the agenda and schedule changes. *Space is limited. The organizers will monitor registrations and may need to close registration before the event. Registration closed early for past CTMFs. We encourage you to register early. We may require some registered conference delegates to be present in a second and or third board room with live video and audio feed to the main conference room or conference rooms and or to attend in a third board room to watch and hear via live audio/ visual feed. Additional rooms and space adjacent to the main conference room are places to relax, network, meet one on one for quiet shared conversations or work.
Below is a photo of James Steel, Chief Precious Metals analyst with HSBC, during a CTMF panel discussion about the precious metals markets with Jeff Christian, Founder & Managing Partner, CPM Group and John Baffes, Senior Economist, World Bank’s Prospects Group.
