Glossary
Plain-English definitions for the terms that show up in Commodity Ape.
The standard unit for gold and silver grade. One g/t is one gram of metal per metric tonne of rock. For scale, one troy ounce is about 31.1 grams.
A drill result reported as grade over width, such as 6.05 g/t gold over 8.0 metres. Read both numbers. A short high-grade intercept and a long low-grade one are very different things.
A higher-grade core inside a wider intercept. In 13.5 m at 2.84 g/t including 4.9 m at 7.70 g/t, the second interval sits within the first.
Drill holes rarely cross a vein at right angles, so the length of core can overstate the real thickness of the mineralization. Good releases say which one they are quoting.
The Canadian national instrument governing public disclosure of scientific and technical information about mineral projects. It requires a Qualified Person to stand behind the numbers.
An estimate of tonnes and grade in the ground, ranked by confidence as inferred, indicated or measured. A resource is not a reserve, and it does not prove the rock can be mined profitably.
An early, scoping-level study of a project's potential economics. It can include inferred resources and is not a feasibility study.
A financing in which underwriters commit to buy an entire share offering at a fixed price and resell it. It is fast and usually priced at a discount to the market. It still dilutes existing holders.
Shares sold directly to selected investors rather than the public, often bundled with warrants.
The right to buy a share at a set price before an expiry date. Warrants create future dilution when they are exercised.
A Canadian financing structure in which a company passes eligible exploration expenses to investors as tax deductions. Flow-through shares are often priced at a premium for that reason.
When a company issues new shares, each existing share represents a smaller slice of the company.
The Canadian exchange for early-stage companies, where most junior miners and many small energy names list. The TSX-V Composite is its benchmark index. The Canadian Securities Exchange (CSE) is a separate venue that also hosts many juniors.
Slang for a claim package with no real geological case behind it, only a press release.
A Canadian share buyback program approved by the exchange, letting a company repurchase up to a set number of its own shares over twelve months.
The discount of Western Canadian Select heavy crude to WTI. It widens when pipeline capacity is tight and narrows when it loosens.
The two natural gas benchmarks Commodity Ape tracks. AECO is the Alberta price hub. Henry Hub in Louisiana is the U.S. benchmark.
Steam-assisted gravity drainage, an oil sands method that uses pairs of horizontal wells and steam to mobilize bitumen.
Barrels of oil equivalent per day, a way to combine oil, liquids and gas production into one number. Producers commonly convert six thousand cubic feet of gas to one barrel.
Uranium oxide concentrate, often called yellowcake. The uranium spot price is quoted in U.S. dollars per pound of U3O8.
Educational only, not investment advice.