The rating system
The rating is obtained by the comparison of the undertaking with the HardFacts database. This database is expanded continually. In order to achieve a clear and unbiased comparison, five main aspects are examined:

Main Aspects	Weighting	Focuses on details such as
Geology / Technology	40%	mineral grades; ore body; reserves; mining type; expert geological assessments; drilling results and plans; infra structure; access ways;
Management	35%	experience; expertise; structure; background; personal interest
Geography	10%	which country; regulatory framework; political stability; attitudes towards mining; environmental laws
Maturity	10%	project’s history; milestones achieved; ability to raise finance; timetable for future milestones
Market Segment	5%	Mineral type; market conditions; overall market demand; pricing practices

The weighting produces an overall rating.

The rating scale
The published rating scale is as follows:

scale	explanation
B	good everage strength
B+	above everage strength
A-	well above everage strength
A	strong project
A+	very strong project

HardFacts never publishes a lower rating or reports on a company with a lower rating.

Timeliness of the rating
The rating is always dependant on the time of the investigation and comes with a time stamp. Rating updates are carried out and published at six-monthly intervals.

Two exceptions to the update schedule can be prompted by the project's management – namely if:

• exceptional circumstances in the project's development make an update necessary or

• the management disassociates itself from an update.