QUALIFICATIONS AND BACKGROUND
of Trevor R. Ellis

BIOGRAPHICAL SKETCH

Mr. Ellis specializes in market value appraisal (market valuation) of mineral properties, mines and quarries. He is the international leader of standards and best practice development for this specialty. His numerous professional papers on minerals and petroleum property valuation (appraisal), and associated standards, guidelines, and regulations, are highly regarded internationally. He is a frequently invited speaker nationally and internationally on minerals and petroleum industry valuation standards, and other minerals industry topics.

His 35 years of professional experience includes grass roots exploration, reserve delineation and estimation, market studies, investment and acquisition analysis, bid determination, mine planning and feasibility studies, remediation evaluation, mine valuation and damage estimates. Since 1995, Mr. Ellis has focused his work on market value appraisal issues, tending to select the more challenging assignments. He is commonly called upon to conduct expert valuation research for litigation cases.

Mr. Ellis is the Chairman and founder of the Extractive Industries Expert Group of the International Valuation Standards Council (IVSC). In 2001 the Expert Group provided a comprehensive submission to the International Accounting Standards Board on minerals and petroleum industry valuation issues. The Extractive Industries valuation standards developed by the Expert Group were first published in the Seventh Edition 2005 of the International Valuation Standards (view announcement, pdf). Under the leadership of Mr. Ellis, the Expert Group has since drafted an extractive industries Technical Paper of best practice guidelines to supplement the valuation standards. This is expected to be published by the IVSC in 2008.

Mr. Ellis holds a MS Degree in Mineral Economics from the Colorado School of Mines (1978) and BS Degree in Geology from The University of Melbourne (1970). He has completed graduate level Business Administration studies at The University of Nebraska and The University of Melbourne. Additional studies have concentrated on valuation of mineral properties, geostatistics, and mining cost estimation. He is a past President (2000-2002) of the American Institute of Minerals Appraisers (AIMA) with which he is a Certified Minerals Appraiser, a Fellow of The Australasian Institute of Mining & Metallurgy (AusIMM) with which he is a Chartered Professional Geologist, and he is a Certified Professional Geologist with The American Institute of Professional Geologists (AIPG).

Under Ellis International Services, Mr. Ellis has been an independent consultant since 1983. In addition to the minerals experience shown below, he has extensive professional experience in environmental matters, decision analysis, data management, computer programming and systems management. He has worked on a dozen superfund and many other environmental remediation projects.

During the past decade, Mr. Ellis has specialized in the market value appraisal (valuation) of mineral properties as a Certified Minerals Appraiser, and a Certified General Appraiser (Colorado). He has taken numerous appraisal courses from major U.S. appraisal societies (below). He is frequently called upon to provide expert witness testimony.

Mr. Ellis been actively involved in the evolution of the American Institute of Minerals Appraisers, having held the posts of Treasurer, Vice President, and President. He drafted the Institute's Code of Ethics, which is binding on its members. In 1999, he was its leader on national and international standards development issues for valuation of minerals and oil and gas properties and businesses. He continues to assist its Standards and Education Committees.

Mr. Ellis has also been actively involved in the Society for Mining, Metallurgy, and Exploration (SME). He organized and chaired the three valuation sessions for its 2000 Annual Meeting in Salt Lake City, and since then has organized and chaired many more valuation sessions for SME Annual Meetings.

EDUCATION

Master of Science in Mineral Economics
Colorado School of Mines 1978 (gpa 4.0/4.0)

Bachelor of Science in Geology
University of Melbourne 1970

Graduate level Business Administration Studies
University of Melbourne 1 year
University of Nebraska 1 year

Continuing Education Courses
Geology
Geostatistics
Mine cost estimation
Computer applications
Appraisal/valuation courses since 1998:

SME Due Diligence and Valuation of Industrial Minerals
ASFMRA A-34 Advanced Resource Appraisal
ASFMRA A-30 Advanced Rural Appraisal
ASFMRA A-29 Highest and Best Use
ASFMRA A-25 Eminent Domain
ASFMRA A-20 Principles of Rural Appraisal
ASFMRA A-12 Part II Uniform Standards of Professional Appraisal Practice
ASFMRA A-12 Part I Code of Ethics
ASFMRA A-10 Fundamentals of Rural Appraisal
ASFMRA Income Approach/Discounting and Leases
ASFMRA Yellow Book Seminar
ASA ALL215 Appraisal Report Writing
ASA RP202 Introduction to Income Capitalization
AI Uniform Appraisal Standards for Federal Land Acquisitions
AI and ASFMRA USPAP Updates
AI The Road Less Traveled: Special Purpose Properties
CAPE Minerals Appraisal Symposium

REGISTRATIONS AND CERTIFICATIONS

Certified Minerals Appraiser, #1994-1, AIMA, (American Institute of Minerals Appraisers)
Certified General Appraiser, #CG40024373, Colorado
Certified Professional Geologist, #6740, AIPG (American Institute of Professional Geologists)
Professional Geologist, #PG-3447, Wyoming
Registered Professional Geologist, #1522, Kentucky
Certified Professional Geologist, #337, Alaska
Corporate Member (Fellow) #100170 - The Australasian Institute of Mining and Metallurgy
Chartered Professional Geologist #495 - The Australasian Institute of Mining and Metallurgy

PROFESSIONAL MEMBERSHIPS

American Institute of Minerals Appraisers - CMA#1994-1
President 2000-2002
Vice President 1998-2000
Treasurer 1995-1997
Standards development committee 1999, 2002-
Education committee 2003-
Drafted the Institute's Code of Ethics
Received Letter of Appreciation, 2005

The American Institute of Professional Geologists - CPG#6740
Outstanding Service Award, Colorado Section, 1995, 2000
Advisory Board, Colorado section, 2000, 2002
International Affairs Committee member 1996-1998
International session coordinator and Chair, 1995 Annual Convention

American Society of Farm Managers and Rural Appraisers (Candidate Member)*

The Australasian Institute of Mining and Metallurgy #100170
Fellow
Chartered Professional Geologist

Canadian Institute of Mining, Metallurgy and Petroleum

Colorado Mining Association

Colorado School of Mines Alumni Association

Denver Coal Club

Denver Region Exploration Geologist Society

International Association for Energy Economics

VP of Denver Chapter, 1995-2000

International Valuation Standards Committee
Chairman of the Extractive Industries Expert Group, 2001-Present

Prospectors and Developers Association of Canada

Society for Mining, Metallurgy, and Exploration #919950
Organizer and Chair of Valuation sessions, 2000, 2001 and 2004, 2005 Annual Meetings

*Candidate Member - completed all required education for accreditation, but testing and review incomplete.

PROFESSIONAL AWARDS AND RECOGNITIONS

American Institute of Minerals Appraisers
Letter of Appreciation, 2005

The American Institute of Professional Geologists
Outstanding Service Award, Colorado Section, 1995, 2000

Council of Mining and Metallurgical Institutions' Congress 2002, Cairns, Australia, May 2002
The invited U.S. speaker on standards and ethics. View Abstract

International Valuation Standards Committee, 2001-Present
Founder and Chairman, Extractive Industries Expert Group (see above).

Mackay School of Mines, Department of Geological Sciences, University of Nevada, Reno
Don Yardley Lecturer, February 16, 2001. View Abstract

Valuation Symposium at the Mining Millennium 2000 conference, CIM and PDAC, Toronto, Canada, March 2000
The invited U.S. speaker. Presented a paper on mineral property valuation standards. View Abstract

Round Table Group (the largest international think tank of academic experts)
Adjunct faculty member.

South African Institute of Mining and Metallurgy's Valuation Code Colloquium, Randburg, South Africa, March 2002
The invited U.S. speaker. Presented a paper on mineral property valuation standards. View Absract

United Nations Economic Commission for Europe - Meetings of Experts on Harmonization of Energy Reserves and Resources Terminology, Geneva, Switzerland, November 2004 and November 2005.
Represented the International Valuation Standards Committee.
2004, presented a paper titled, "Securing Investments through Appropriate Financial Reporting." View slide presentation 270kB pdf file
(Please note that some information in this presentation specifically about IASB IFRS restrictions on asset value reporting for the extractive industries is no longer valid. For an updated article by Mr. Ellis, click here.)
2005, presented a paper titled, "Resource Codification, Valuation Standards, and Sustainable Development." View slide presentation 270kB pdf file

VALMIN 2001, AusIMM-MICA, Sydney, Australia, October 2001
The invited U.S. speaker. Presented a paper on mineral property valuation standards. View Abstract

Valuation 2000, Las Vegas, Nevada, July 2000 - an international appraisal convention sponsored by ASA, AI and ASFMRA, with almost 3,000 registrants.
Excellence Award for 3rd Best Professional Paper and Presentation. View Abstract