In this conversation, Rene sits down with Mark Burnett (AMC Consultants) to explore the psychology behind mining industry decision-making, reporting codes, and self-regulation. They discuss reporting codes (thanks to Mark for the South African/SAMREC insights this episode), cognitive dissonance, fraud in mining, ethics, resource classification, overregulation, competent persons, and why the industry keeps repeating the same mistakes. This is a deep dive into mineral resource reporting, geological uncertainty, investor behaviour, and the human factors behind technical and regulatory frameworks. Topics include: • JORC Code, SAMREC Code and CRIRSCO reporting standards • Self-regulation in mining • Cognitive dissonance and rationalisation traps • Fraud, ethics, and decision-making in geology • Mineral resource classification and uncertainty • Competent Persons and reporting responsibilities • Overregulation, market reporting, and investor psychology If you work in mining, geology, resource estimation, or technical reporting, this discussion will give you a fresh perspective on the industry’s biggest structural (pun intended) and psychological challenges. Timestamps 01:35 Meet Mark Burnett 05:20 Why Smart People Stop Reading 09:26 History, Context & Better Decisions 13:05 Why Mining Keeps Repeating Mistakes 20:09 Fraud, Bias & the Rationalisation Trap 30:54 Should Psychology Be Mandatory? 41:56 Overregulation Is Killing Judgment 53:12 Classification, Uncertainty & False Precision 1:09:05 Fraud, Human Nature & Final Thoughts References: 00:10:15 – The Thirties: 1930–1940 in Great Britain by Malcolm Muggeridge (Hamish Hamilton, GB, 1940); 00:19:09 – The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron by Bethany McLean and Peter Elkind (Penguin Publishing Group, 2013); 00:19:27 – JORC 1972 report; 00:25:31 – The Big Score: Robert Friedland, INCO, and the Voisey’s Bay Hustle by Jacquie McNish (Doubleday Canada, 1998); 00:26:13 – Rae Commission reports, Australian Securities Markets and Their Regulation; 00:42:39 – The Junior Officers’ Reading Club: Killing Time and Fighting Wars by Patrick Hennessey (Pengiun Books Limited, 2009); 00:42:56 – “Lotophages” Figurative Meaning: A person who lives a life of lazy pleasure, apathy, and luxury, ignoring practical worries or responsibilities. 00:43:16 – Mark Burnett, “Mineral Resource Classification: A View” (Geobulletin, March 2026); 00:53:43 – Parker HM and Dohm C (2014), Evolution of Mineral Resource Classification from 1980 to 2014 and Current Best Practice, Finex 2014 Julius Wernher Lecture. Measured is RSC’s podcast series, with RSC Managing Director and Principal Consultant René Sterk conversing with a range of industry personalities. Expect a range of talking points, many with a technical theme, but also some of our industry friends sharing anecdotes about their career in the mineral exploration and mining sector and thoughts on some of the issues the industry faces. Please enjoy, and don't forget to follow RSC on all our social media platforms! YouTube: @rscyoutube LinkedIn: https://www.linkedin.com/company/rsc-mme-ltd Instagram: rsc_gram TikTok: rsc_tiktok #measuredpodcast