Describe the classification of mineral reserves. IAS 2024, 5 Marks

Measured Reserves
- High confidence in geological certainty and economic viability.
- Fully quantified and studied for potential extraction.
Indicated Reserves
- Moderate confidence in resource estimation.
- Feasibility studies needed to confirm extraction potential.
Inferred Reserves
- Limited geological information.
- Low confidence in size and economic feasibility.
Proven and Probable Reserves
- Proven: Verified reserves with detailed geological and engineering data.
- Probable: Reserves with a reasonable likelihood of economic extraction but require further testing.
Non-Economic (Sub-Economic) Resources
- May become economically viable with advancements in technology or changes in market demand.