The SME Valuation Standards continue to evolve as the SME Valuation Standards Committee (the Committee) collaborates with international organizations and stakeholders to work toward harmonization of standards. In 2012, the International Mineral Valuation Committee (IMVAL) was established by a consortium of organizations from North America, Europe, Asia, Africa, and Oceana specifically to work toward global valuation standards harmonization. Today, the SME is one of three (3) US representatives to IMVAL along with the International Institute of Mineral Appraisers (IIMA) and the Mining and Metallurgical Society of America (MMSA).
The publication of the First Edition of the SME Valuation Standards, in 2016, was the first time SME had published a set of standards for the valuation of mineral assets. The content of the standards and guidelines in this Third Edition (2025) has been updated for consistency with the International Mineral Property Valuation Standards Template, Fourth Edition (IMVAL Template), published April 2021 as well as the International Valuation Standards (IVS) 2025. Additional changes were applied to eliminate contradictions to the Uniform Standards of Professional Appraisal Practice (USPAP) 2024.
Companies working in the minerals industry sector operate in one of the most internationalized sectors of the global economy. Large and small companies work around the world in the exploration, development and extraction of mineral resources. It is common for such companies to be listed on the stock exchanges of two or more countries, and to arrange multinational financing for their projects. To conduct such complex international business efficiently, uniform internationally recognized valuation standards and definitions are necessary. This international environment is the reason for adoption of this guidance for the valuation of the unique assets of the minerals industry and the Committee's continued participation in the IMVAL harmonization project.
Comments should be sent to:
Zack Smith, MAI, AI-GRS, CMA
Chair, SME Valuation Standards Committee
Society for Mining, Metallurgy & Exploration
12999 East Adams Aircraft Circle
Englewood, CO 80112
T: (607)643-5541
E: zsmith@withum.com