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 38 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 Past-Chairman and founder of the Extractive Industries Expert Group of the International Valuation Standards Commitee, now the International Standards Valuation 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 also drafted an extractive industries Technical Paper of best practice guidelines to supplement the valuation standards. In March 2011, the best practice guidelines were adopted by the American Institute of Minerals Appraisers.

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.

For more than a 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 USA appraisal societies (below). He is frequently called upon to provide expert consultation and testimony on mineral property valuation matters.

Mr. Ellis has had active involvement 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). In 2000, he organized and chaired three valuation sessions for the SME's Annual Meeting in Salt Lake City. Since then he has organized and chaired many more valuation sessions for SME-AIMA 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-300 Advanced Approaches to Value of Rural Appraisal 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 (USPAP)
ASFMRA A-12 Part I Code of Ethics
ASFMRA A-10 Fundamentals of Rural Appraisal
ASFMRA Income Approach/Discounting and Leases
ASFMRA Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA/Yellow Book) Courses and Seminars
ASA ALL215 Appraisal Report Writing
ASA RP202 Introduction to Income Capitalization
AI Conservation Easement Appraisal
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
Mentor Chairman 2009-Present Standards development committee 1999, 2002-
Education committee 2003-Present
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, now the International Valuation Standards Council
Chairman of the Extractive Industries Expert Group, 2001-2008

Prospectors and Developers Association of Canada

Society for Mining, Metallurgy, and Exploration #919950
Organizer and Chair of Valuation sessions, 2000, 2001, 2004, 2005, 2011 SME-AIMA Annual Meetings

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

PROFESSIONAL AWARDS AND RECOGNITIONS

AGH - University of Science and Technology, Cracow, Poland, 3 March 2008
Special speaker on mineral valuation standards. Presented a valuation case study lecture. View Abstract

American Institute of Minerals Appraisers
Letter of Appreciation, 2005

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

Chilean Commission for Mining Industry Competencies - Seminar on Valuation of Mineral Properties, Santiago, Chile, 25 October 2010
The invited North American speaker. Presented a paper titled, "Sales Comparison Valuation of Development and Operating Stage Minerals Properties." View Abstract

China Mining 2007, Beijing, China, November 2007
The invited USA valuation speaker. Presented a paper on international standards trends. View Abstract

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

International Mining Forum 2008, Szczyrk, Poland, February, 2008
The keynote speaker on economic and valuation issues. Presented two papers on valuation standards. View Abstracts

International Valuation Standards Committee, 2001-2008
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

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, November 2005, and October 2006.
Represented the International Valuation Standards Committee.
2006, presented a paper titled, "Global Standards Development and Convergence Projects." View slide presentation 31kB pdf file.
Also chaired a financial reporting breakout session.
2005, presented a paper titled, "Resource Codification, Valuation Standards, and Sustainable Development." View slide presentation 270kB pdf file.
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.)

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

Abbreviations used above:

AI - Appraisal Institute
AIMA - American Insitute of Minerals Appraisers
AIME - American Institute of Mining, Metallurgical and Petroleum Engineers
AIPG - American Insitute of Professional Geologists
ASA - American Society of Appraisers
ASFMRA - American Society of Farm Managers and Rural Appraisers
AusIMM - Australasian Institute of Mining and Metallurgy
CIM - Canadian Institute of Mining, Metallurgy and Petroleum
CMA - Colorado Mining Association
CMMI - Council of Mining and Metallurgical Institutions
IAEE - International Association of Energy Economics
IASB - International Accounting Standards Board
IVSC - International Valuation Standards Council, previously the International Valuation Standards Committee
PDAC - Prospectors and Developers Association of Canada
SAIMM - South African Institute of Mining and Metallurgy
SME - Society for Mining, Metallurgy, and Exploration