Reporting Resources in Investor Presentations: What You Can and Can't Say

I once reviewed an investor deck for a Jakarta-listed mining company that included a resource figure on slide 4 with no classification, no CP name, no effective date, and a footnote that said “internal estimate.” The company’s in-house lawyer had approved it. The CP had not seen it. The IUP holder was presenting it at a conference the next day.

That slide was a compliance failure waiting to become a regulatory action. And it’s more common than you’d think. The rules for reporting resources in investor presentations are specific, and they exist for a reason: investors make decisions based on these numbers, and the standard ensures they can trust what they read.

The core rule: public disclosure triggers the standard

Both JORC 2012 and KCMI 2017 apply to “public reports” — defined as reports prepared for the purpose of informing investors or potential investors. This includes:

• Investor presentations (roadshow decks, conference slides, webinars)
• Annual reports and quarterly reports
• ASX/TSX/IDX announcements
• Company websites
• Press releases
• Social media posts by the company (yes, a tweet with a resource figure is a public report)

Internal company reports, technical studies not intended for public release, and academic papers are NOT public reports under the standard. But the moment you take an internal estimate and put it on a slide for investors, the full reporting framework applies.

What every resource disclosure must include

Under JORC 2012 Clause 19 and KCMI 2017 equivalent, a public report of mineral resources must include:

1. Classification breakdown: Tonnage and grade for each category (Measured, Indicated, Inferred) reported separately. You cannot report a combined Measured + Indicated + Inferred figure without the breakdown.

2. Competent Person statement: Name, qualifications, professional organization membership, and consent. The CP must consent in writing to the inclusion of their work in the report in the form and context in which it appears.

3. Effective date: The date of the most recent data supporting the resource estimate. Without this, investors can’t tell if the number is current or three years old.

4. Material assumptions and modifying factors: For reserves, the key assumptions (commodity price, recovery, dilution, mining method) must be disclosed.

5. JORC Table 1 reference: The report must state that the Table 1 checklist is available and where it can be found. The JORC Table 1 checklist for Indonesian geologists covers what each section requires.

What you CANNOT say on slides

These are the compliance failures I see most often in Indonesian company presentations:

1. “Global resource: 5 Moz Au”

No classification breakdown. An investor reading this has no idea how much is Measured vs Inferred. This is a JORC/KCMI violation. Fix: “Measured: 0.8 Moz, Indicated: 1.5 Moz, Inferred: 2.7 Moz (Total: 5.0 Moz).”

2. “Resource expected to increase with ongoing drilling”

You cannot forecast resource growth in a public report. The resource is what it is on the effective date. Speculation about future increases is an inducement to invest, which is regulated. Fix: Remove. If you want to communicate exploration potential, describe the target as an “exploration target” with a tonnage-grade range and explicit uncertainty language.

3. “High-grade zone: 8 g/t Au”

Reporting a grade without tonnage is misleading. An 8 g/t zone of 50,000 tonnes is a different story from an 8 g/t zone of 2 million tonnes. Fix: Report tonnage and grade together, with classification.

4. No CP consent on the slide

The CP must consent to the form and context. “Form” means the presentation format. “Context” means the surrounding information. A CP who signed off on a technical report has NOT consented to their numbers appearing in a roadshow deck unless they specifically consent to that deck. Fix: Get written CP consent for each presentation. Include the CP name and qualification on the slide or in an appendix.

5. Mixed standards without clarification

“The resource is JORC-compliant and KCMI-compliant.” If the report was prepared under one standard and mapped to the other, say so. The mapping is not automatic — JORC and KCMI differ in CP requirements and disclosure language. Fix: “Reported under JORC 2012. KCMI 2017 equivalent sections are included in the technical report.”

What triggers a material change report

A “material change” is any change that a reasonable investor would consider important in making an investment decision. Under ASX listing rules (and IDX equivalents), material changes must be disclosed promptly.

For resource estimates, material changes include:

Indonesian context: KCMI 2017 requires that any publicly disclosed resource or reserve estimate be updated when new material data is available. The regulation doesn’t specify a timeline, but the expectation is “in a timely manner.” For active projects, this means annually at minimum. For projects with active drilling, quarterly updates are good practice.

The investor presentation checklist

Before a presentation goes to investors:

• Every resource figure has classification breakdown (Measured/Indicated/Inferred separately)
• CP name, qualification, and consent are on the slide or in a clearly referenced appendix
• Effective date is stated
• No forecasted resource growth (use “exploration target” if needed)
• No grade-only figures (always tonnage + grade + classification)
• Commodity price assumptions stated for reserves
• Table 1 reference included or available
• If dual-listed (ASX + IDX), both standards are addressed
• Legal review confirmed the deck is a “public report” and applied the standard
• No resource figures on social media that aren’t in the formal disclosure

Common regulatory consequences

I’ve seen the following happen to Indonesian companies that got this wrong:

1. IDX trading halt: The exchange halts trading until the company clarifies the resource figure and provides proper disclosure. Typically lasts 2-5 days. Investor confidence drops.

2. OJK warning letter: The Otoritas Jasa Keuangan issues a formal warning. Repeated violations lead to fines and public censure.

3. ASX price query: For dual-listed companies, the ASX issues a “price query” asking the company to confirm or deny the information. If the resource figure is unsupported, the company must issue a correction.

4. CP deregistration: If a CPI (Competent Person Indonesia) signs off on a non-compliant report, PERHAPI or IAGI can suspend or revoke their registration. This ends their ability to sign resource reports.

5. Shareholder litigation: If investors bought shares based on a non-compliant resource figure that was later revised down, class action lawyers get interested. This is more common in Australia (class action regime is mature) but is increasingly a risk in Indonesia.

How Orebit GeoSuite helps

The reporting workflow in Orebit Resource (Phase 03) generates disclosure-ready outputs:

• Resource statement table: Tonnage and grade by classification, formatted to JORC/KCMI presentation standards. Copy-paste ready for slides.
• CP consent template: Pre-drafted consent language referencing the report title, date, and scope. The CP signs and dates.
• Table 1 auto-population: Sections 1-3 of Table 1 are filled from the estimation parameters (drillhole data, estimation method, classification criteria). No manual transcription.
• Effective date stamping: The report automatically records the data cutoff date and the estimation date. Both are required for disclosure.
• Audit trail: Every parameter used in the estimate is logged. If a regulator asks “why did you use this top-cut?”, the answer is in the log.

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Bottom line

Investor presentations are public reports. The same rules that govern a technical report govern a slide deck. If your presentation doesn’t have classification breakdowns, CP consent, and an effective date, it’s non-compliant — and the consequences range from embarrassing to litigious. Build the disclosure discipline into the workflow, not into the night before the roadshow.

Reviewing a presentation before it goes to investors? Email hello@orebit.id. I’ll flag the compliance issues in 30 minutes.