The Geothermal Code
The Canadian Geothermal Code for Public Reporting
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The Canadian Geothermal Energy Association (CanGEA) presented the “Canadian Geothermal Code for Public Reporting” in 2010. The Code provides a minimum set of requirements
for the public reportingof exploration results, geothermal resources and geothermal reserves. It provides a basis for transparency, consistency and confidence in the public reporting of geothermal information.
Download: Canadian Geothermal Code for Public Reporting (pdf)
For a complete overview on the Canadian Geothermal Code for Public Reporting see an overview document prepared by CanGEA and its [link to] Geothermal Reporting Code Committee.
Objective and Scope
The Code, published in was prepared by the Canadian Geothermal Code Committee and published 2010, with the primary objectives to:
- Provide a reporting basis that is satisfactory to investors, shareholders and capital markets, such as the Canadian Securities Exchanges, in a similar manner that existing Canadian instruments provide for the reporting of Mineral and Petroleum Resources (National Instruments 43-101 and 51-101, respectively).
- Be applicable to geothermal plays in both Canada and internationally since the Canadian Securities Markets are utilized for the exploration and development of both national and international geothermal plays for companies based in Canada and in other jurisdictions.
The Canadian Geothermal Code for Public Reporting is a required minimum standard for public reporting. Companies are encouraged to provide information in their public reports, as comprehensive as possible.
The Canadian Geothermal Code for Public Reporting is on an industry self-regulation basis. It is anticipated that all CanGEA member companies involved in the public reporting of geothermal information on Canadian Securities Exchanges will move towards compliance.
CanGEA members involved in the financial community, including geothermal investors, financial advisers and financial institutions will also benefit from standardized and transparent reporting of geothermal assets.
The Code is not yet endorsed by the Canadian Securities Exchanges or any other regulator involved in Canadian Securities regulation, and the use of the Code by a company does not imply acceptance by regulators on the content of a report written under the Code.
Public reporting may include, but is not limited to, company annual reports, quarterly reports, information on company websites, technical and conference reports, updates for shareholders, stockbrokers and/or investment analysts.
Qualified Persons
To be Code-compliant reports must be created by a “Qualified Person”, as defined under the Canadian Geothermal Code for Public Reporting. Further details see: "Qualified Person & Registrar”
