Sustainability

&ResponsibleSourcing

Report

2025

#BeyondTheBar

LBMA

TableofContents

01

02CEOReport7

03

FastTrackingRefinerTransparency13

04

Chairman,sIntroduction5

LBMA:OurImpact11

StrategicEngagementandPolicyLeadership15

05Refiners,PerformanceandProgrammeEnforcementin202419

06

SupportingASMProgress25

07CountryofOriginDatafor202327

Coverimage:Aerialviewofrecultivatedlandscapeaftermining,WesternBohemia,CzechRepublic,EuropeanUnion.

5

PaulFisher

-Chairman,LBMA

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT2025

Thetransitiontoamore

responsiblemodelofsourcingisnotachallengetobetackledbyanyoneorganisationalone.

Itrequirescollaborationofthefullecosystem,acrossbordersandsectors,andawillingnesstomakedifficultchoices.

Chairman’s

Introduction

Iamoptimisticbecauseprogressisalreadyunderway,guidedbytheprioritiesinour2024-2026Sustainability&ResponsibleSourcingStrategy.Emergingtechnologiesareallowingforgreatertransparencyinsupplychains.

Industry-widecertificationschemesareraisingstandardsandincreasingpressureonbadactors.Andthereisa

generationalshift–anewwaveofleadershipandpurpose-drivenprofessionalswhowillcarrythisworkforwardwithurgency,integrityandtransparency.

Itismyprivilegetointroducethisyear’sSustainabilityandResponsibleSourcingReport.

AsIpreparetostepdownfrommyroleasChairman,IfindmyselfreflectingnotonlyonthemilestonesthatLBMAhasachieved,butmoreimportantly,ontheresponsibilityweallbearasstewardsofafiniteandpreciousresource.Goldhasbeenprizedbyhumansocietiesforsome5,000yearsandwasoneofthefirstmetalstobeusedasmoneyandasastoreofvalue.Yetitsextractionandusemustnevercomeattheexpenseoftheplanetorthedignityof

CALLFORCOLLABORATION

MydeparturefromLBMAmarkstheendofachapterformepersonally,butitisfarfromtheendofthisjourney.Thetransitiontoamoreresponsiblemodelofsourcingisnotachallengetobetackledbyanyoneorganisationalone.Itrequirescollaborationofthefullecosystem,acrossbordersandsectors,andawillingnesstomakedifficultchoices.Butthepayoff–environmentalresilience,socialequity,andlong-termviability–iswortheveryeffort.

AsIpreparetopassthebaton,Iurgemycolleagues,industrypeers,andstakeholderstocontinuedemandingmore.Thefutureofpreciousmetalsmustnotbebuiltonextractionalone,butonafoundationofrespect,fortheEarth,forourfellowhumans,andforthegenerationswhofollowus.

Letthisbethelegacyweallworktowards.

PaulFisher

LBMAChairman

thecommunitieswhereitoccurs.Itiscleartomethatthefutureofourindustrymustbeguidedbyasteadfastcommitmenttoresponsibleandsustainablesourcingifitistocontinuetohaveasociallicencetooperate.

Overthepastdecade,therehasbeenincreasingawarenessofthesocial,environmental,andethicalriskstiedtomineralsupplychains.Fromdeforestationandwatercontaminationtohumanrightsabuses,theimpactofpoorsourcingpracticesisnolongeradistantorabstractissue.Itisurgent,visible,andunacceptable.Consumers,

investors,andregulatorsalikearedemandingtransparency,accountability,andtangibleprogress.Thedays

whenreputationalriskcouldbemanagedwithapolishedstatementareover.Today,meaningfulactionisnotjustexpected,itisrequired.

Thisreportmarksaninflectionpoint.Itdetailsnotonlywheretheindustrystands,butwhereitmustgo.It

setsoutanambitiontoembedsustainabilityandethicsatthecoreofsourcingstrategies,ensuringthatthe

metalstoberefined,traded,andusedareextractedinwaysthatrespectpeople,ecosystems,andlong-term

economicdevelopment.Itisacommitmenttopartnershipsthatprioritisetraceability,toinnovationthatreducesenvironmentalharm,andtoagovernancemodelthatensuresavoiceforthosemostaffectedbyourdecisions.

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT20257

WeacceIeratedtransparency

requirementsforRefiners,a

testamenttotheindustry,s

recognitionofourcommitmenttotransparencygIobaIIy,goingbeyondcompIiancetoraisethebarforaII

marketparticipants.

CEO

RuthCrowell

-CEO,LBMA

Report

Initiativehasgatheredpacethis

year,andLBMA’seffortstosupportlegitimateASM

participationinthelegalmarketisbearingfruit.Thiscanbeseeninthegrowinglevelofengagementbetween

ASMactorsandGDLRefiners.YoucanreadmoreaboutourworkwiththesecommunitiesinChapter6.

Since2018,therehasbeenasteadyandsignificant

increaseinourGDLRefinerssourcingresponsibleASMgold,risingby51%from26tonnesin2018to44tonnesin2023.LBMA’son-the-groundengagementinPeru.

PhilippinesandGhanahavepavedthewayforincreasedsupplyofASMgoldintothemarket,withPeruvian

ASMgoldexportsincreasingfrom2.6tonsto19.8tonsfrom2020-23,whilePhilippinessaw8tonssourcedbytheBangkoSentralngPilipinas(BSP),thecountry’s

centralbankthatoperatesanASMpurchasing

programme.WhileinGhana,currentlyAfrica’sbiggestgoldproducer,severalGDLRefinershaveeither

securedorareintheprocessofconcludingagreementsandduediligenceprocesseswithASMsuppliers.

RESPONSIBLESOURCINGPROGRAMME:BUILDINGTRUST

Thesourcingofpreciousmetalssitsatacomplex

intersectionofenvironmentalstewardship,human

LEADINGWITHINTEGRITY:FASTTRACKINGDIGITALTRANSPARENCY

WeIivedourvaIuesthisyearmorethanever;transparencyhasbeenthenameofthegamefor2025atLBMA.We

acceIeratedtransparencyrequirementsforRefiners,movingimpIementationfrom2027to2026,withstrongsupportfromLBMA-accreditedRefinersandothergoIdsuppIychainstakehoIders.

rights,andeconomicdevelopment.LBMAiswell

positionedandgovernedtohelpnavigatethat

complexityandintroduceindependentoversight.Our

ResponsibleSourcingProgramme,abenchmarkfortheindustry,continuestoevolve.Ithasbeenwelcomedbytheglobalpreciousmetalsindustryandisrecognised

asaguideforbuildingtrustandtransparencyacross

acomplexsupplychain.TheProgrammeisshaped

bymarketexpectationsanddemands,rigorous

ThisacceIerationisatestamenttotheindustry,srecognitionofourcommitmenttotransparencygIobaIIy,going

beyondcompIiancetoraisethebarformarketparticipants.AsthegIobaIdemandforcriticaIresourcescontinuestogrow,sotoodoestheurgencyfortransparent,ethicaI,andsustainabIepracticesacrosstheentiresuppIychain.AttheheartofourmissionisacommitmentnotonIytomaintainhighstandardsbuttodrivemeaningfuIchange.

TheGBIdatabaseisnotjustatechnoIogicaIupgrade,it,sthefoundationforamoretransparent,accountabIe,andresiIientpreciousmetaIsmarket一andI,minspiredbythepossibiIitiesasitcomestoIife.

stakeholderengagement,andtheprincipleof

continuousimprovement,andiscloselyalignedwiththeOECDandEUguidelines.

Responsiblysourcedpreciousmetalsrepresentapowerfulopportunitytoupliftcommunitieswhileimprovingtheoverallintegrityoftheglobalsupplychain.OurArtisanalandSmall-scaleMining(ASM)

ThisyearmarksasignificantmiIestoneforLBMAandourGoIdBarIntegrity(GBI)database一itisnowIive.A

soIutioncentraItoLBMA,sResponsibIeSourcinginfrastructure,theroIIoutoftheGBIdatabasehasbeenmetwithremarkabIeengagement:98%ofRefinershaveaIreadyonboardedtothepIatform,andwewiIIachieve100%bytheendof2025.ThereisafurthertransparencycommitmenttomorefrequentCountryofOriginreporting,with

voIuntarymonthIyreportingstartingin2026.TheGBIdatabaseisnotjustatechnoIogicaIupgrade,it,sthe

foundationforamoretransparent,accountabIe,andresiIientpreciousmetaIsmarket一andI,minspiredbythepossibiIitiesasitcomestoIife.

CEOREPORT9

NEWCHAIRANDINDEPENDENTGOVERNANCE

Asanindependentleaderwithinthesector,LBMAfacilitatescollaborationacrossitsMembers(banks,traders,Refiners),civilsociety,governmentsand

otherindustryplayerstodriveopennessand

transparency.Werecognisethattransparency

andgoodgovernancestartsathome.Aspartofa

regularBoardrotation,thisyearLBMAisappointinganewIndependentNon-ExecutiveDirector(MartinFraenkel,formerLMENED)andChair(former

centralbanker,HeadofBankingatBIS,PeterZoellner).

Theseappointmentsreinforcetheindependence

andintegrityofourgovernance,enabling

decision-makingthatisrobust,transparent,and

reflectiveofadiverserangeofperspectives,coretomaintainingglobaltrustinLBMAstandards.A

centralpartoftheseroleswillbetocontinueto

strengthengovernance,ensuringthatweapplythesameprinciplesoftransparencyandcontinuous

improvementtoourownprocessesasweexpect

ofothers.Thiscommitmenttoself-assessment

andenhancementunderscoresourdedicationto

maintainingthehigheststandards.I’dliketoextendmythankstoDrPaulFisher,OBEfortherolehe

hasplayedinstrengtheningLBMA’sstrategy,governanceandreputation,andhisthoughtfulstewardshipwillbegreatlymissed.

LBMA’sindependentgovernanceremainscentraltoourcredibilityandimpact.Thisstructureenablesustoreflectadiversityofperspectivesinourworkandholdourselvestothehigheststandardsof

accountability.Thisindependenceisessentialin

buildingthetrustthatunderpinsourGoodDelivery

List,theResponsibleSourcingProgrammeandLBMArecognitionbyregulators,investors,andconsumers.

Equallyvitalisourcommitmenttotransparency.ThisreportoutlinesnotonlytheprogressourMembershavemade,butalsothechallengeswecontinuetoface—fromverificationinhigh-riskjurisdictions

anddatacollectionlimitations,totheneedforbroadercooperationacrossglobalmarkets.Wepublishtheseinsightsopenlybecausewebelievetransparencydrivesimprovement.Itinvitesscrutiny,fostersdialogue,andbuildsconfidenceintheintegrityofoursystems.

Thepathtowardstrulysustainableandresponsiblesourcingisnotashortone,norisitfreeof

complexity.Butitisapathwewalkwithclarityofpurposeandgrowingmomentum.Aswelookahead,andaswedevelopthetenthiterationoftheResponsibleGoldGuidance,wewillcontinuetogobeyondthebar,refineourstandards,andsupportinnovationthatreinforcesbothethicalandenvironmentalperformance.

LBMAwasestablishedtomeettheneedsofpreciousmetalstradersbymaintainingintegrityandtrustintheLocoLondonMarket.Assuch,weplayacentralroleinadvancingandpromotingindustrystandards,developedincollaborationwiththeindustry,relyingonvoluntaryadoption,consentandcooperation.

Iinviteallstakeholders–miners,refiners,investors,civilsociety,andpolicymakers–toengagewiththisReportandwithourworkmorebroadly.Together,wecanhelpmakethesourcingofpreciousmetalsa

forceforgood,deliveringvaluenotonlyformarkets,butforpeopleandtheplanet.

ByRuthCrowell

LBMACEO

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT2025

LBMA’sindependentgovernancestructureenablesustoreflectadiversityofperspectivesin

ourworkandholdourselvestothehigheststandardsofaccountability.

LBMA:OurImpact

LBMAistransparentinitscommitmenttomaintainingthehighestdue

Oceania

Gold&Silver2Total2

diligencestandardsforsourcingpreciousmetalmaterialandiscontinuallypushingforadvancementsinresponsiblesourcing.

Americas

Gold&Silver6Silver2Total8

LOCOLONDON

LBMAistheindependentpreciousmetalsauthorityin

London.Weadvancestandardsandpromotegoodtradingpracticesforrefiners,traders,banksandothersoperatingintheglobalpreciousmetalsindustry.

LBMAwasestablishedtomeettheneedsofpreciousmetalstradersbymaintainingintegrityandtrustintheLocoLondonMarket.Itplaysacentralroleinadvancingandpromoting

industrystandards,whichitdevelopsincollaborationwiththeindustry,relyingonvoluntaryadoption,consentandcooperation.

LBMA’sapproachisbuiltonpartnershipsandcollaboration.Itdoesnotimposetop-downdirectivesbutinsteadworks

closelywiththeindustry,includingrefinersandinternationalorganisations,toguidetheindustrytowardbetterpractices.

LBMAaccreditssupplybyassessingtherobustness

andveracityofthird-partyassurancesfromrefiners.Our

authorityisfocusedonensuringtheintegrityofthemarketthroughtheGoodDeliveryList.

LBMA’SGOODDELIVERYLIST

LBMAmaintainsandadministerstheGood

Africa

Gold&Silver1Total1

DeliveryList(GDL)forgoldandsilver,which

liststhenamesoftheRefinersLBMAaccreditsasacceptableforGoodDeliveryintheLondonbullionmarket,alongsidethespecificationsoftheirbullionbars.

TheGDLiswidelyrecognisedasoneofthe

standardsusedbygovernmentsandexchangesforthequalityofgoldbarsandisusedby

governments,exchangesandinvestorsgloballytodefine,inwholeorinpart,theRefiners

whoseproductionisacceptableintheirown

LONDONVAULTDATACHART

markets.AGDLRefinermustcomplyand

TROYOUNCES(‘000S)

●GOLD

●SILVER

1200000

400000

200000

satisfyrequirementsinthreeareas–spanningduediligenceprocesses,barspecificationandresponsiblesourcingadherence–notjustonapplication,butonanongoingbasis.BreachoftheGDLRulebookmayleadtosuspensionorremovalfromtheGDL,withconsequencesfortheRefiner’sreputationandfinancialstanding.

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT202511

EuropeGold&Silver11

Gold4

Silver7

AsiaGold&Silver25

Gold15

Silver25Total65

Total22

LOCOLONDONGOLDANDSILVERMARKETLIQUIDITYFY2024

LBMALocoLondonaveragedailytradedgoldvolumes:

US$113.49bn

LBMALocoLondonaveragedailytradedsilvervolumes:

US$11.25bn

Source:LBMA

Source:LBMA,WGC

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT2025

SUSTAINABILITYANDRESPONSIBLESOURCINGOVERVIEW13

SourcingImpactataGlance

SustainabilityandResponsible

Fast-trackingtransparency

Eualignmentandcontinuousimprovement

Marketleadershipintechnology

Raisingthebarthroughglobalcollaboration

FASTTRACKINGREFINERTRANSPARENCY

LBMAcommittedtofast-trackcruciaItransparencyenhancementsforRefinersattheOECDForumonResponsibIeMineraIsinMay.OriginaIIyscheduIedfor2027》withthecommitmentfromRefinersandsupportfromothergoId

suppIychainstakehoIders》enhancedtransparencyrequirementsareexpectedtobecomepartofRefiners,compIiancereportsfromJanuary2026.

LBMA,sproposedTransparencyRoadmapincIudesdiscIosurerequirementsoutIinedinFootnote59oftheGoIdSuppIementoftheOECDDueDiIigenceGuidanceforConfIictAffectedandHigh-RiskMineraISuppIyChains.

LBMAwiIIbethefirstindustryschemetorequireRefinerstopubIicIydiscIose:

?TheidentityoftheRefinerandIocaIexporterin6redfIag,IocationsasperOECDGuidance.

?AIIWorIdGoIdCounciI(WGC)minersandminesfromwhichRefinersreceivemateriaI.?AIIIocations(countries)fromwhichminedmateriaIisreceived.

LBMAIaunchedapubIicconsuItationprocessinJune2025andwiIIpubIishthefinaIDiscIosureGuidancev3(DG3)tosupportRefinersimpIementationofthesetransparencyrequirements》byDecember2025.

But2026isnottheendofthejourney.LBMA,sTransparencyRoadmapoutIinesambitionswhichwiIIseeRefinersmovetobringadditionaItransparencytotheirsuppIychains.ThisincIudesdiscIosuresontheidentityofsuppIiers》IocationsandtotaIvoIumesofaIIminedmateriaIandidentityofaIIsuppIiersinhigh-riskIocationsasdefinedin

ResponsibIeGoIdGuidancev10(RGG10).

TransparencyBuiIdsTrust

TransparencyisanimportantantidotewithwhichtobuiIdtrust.ByunderstandinganddiscIosing6redfIag,

supportingASMprogress

suppIiersandIocaIities》RefinersprovidecIearerIineofsightofsuppIychainsfreeofOECDAnnexIIrisks.ExternaIstakehoIdersandothermarketparticipantscanhaveadditionaIcomfortthatappropriateoversightisbeingappIiedtopotentiaIIyhigherrisksuppIiers.

LBMAcannotdothisaIone.GiventheincreasingcompIexityandinterconnectednessofthepreciousmetaIsindustry》itisimperativetoworktogetherwithotherindustryschemesandtradinghubstochaIIengethe

ACOLLECTIVEEFFORT

Everypartnership,consultationandtrainingsessionundertakenbyLBMAin2025hasreinforcedasimpletruth:

theintegrityofthepreciousmetalsmarketdependsonsharedresponsibility.Byaligningindustryschemes,

governmentsandcivil-societyactorsaroundcommonstandardsandshareddata,LBMAishelpingtobuildasystemthatisnotonlymoretransparentbutalsomoreresilient.Thisishowthebarisraised.

disreputabIeactorswhothreatentheintegrityofthegIobaImarket.

LBMAiscommittedtoparticipatinginfurtherOECD》civiIsociety》refiner&industryschemediscussionstodrivethisworkforward.CoIIectiveIy》wecanraisethebarontransparencyandshiftthefocustowhereimprovementsaremostneeded.

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT202515

StrategicEngagement

RGGBuiIdingBIocks

EUaIignmentre-appIication

EnhancingApproved

AssuranceProvider

Performance

StrengtheningVaIueChainEngagement

Strengthened

outreachand

communications

RESPONSIBLESOURCINGKEYWORKSTREAMS

ThepastyearmarkedadecisiveshiftfromdesigntodeIivery.LBMAentered2025withacIearmission:toturnpoIicyambitionintopractice,tighteningstandardsandreinforcingtrustinthepreciousmetaIsmarket.

Ourfocushasbeenexecution:increasingtransparency,streamIininginternaI

standards,strengtheningassuranceoversightandembeddinginterIocking

“BuiIdingBIocks”thatformthefoundationoftheforthcomingResponsibIeGoIdGuidancev10(RGG10),scheduIedforpubIicationin2026.

TheseBuiIdingBIocks一EUaIignmentre-appIication,assuranceprovider

performance,vaIuechainengagementandenhancedoutreach一representpracticaIandmeasurabIereforms.Eachisdesignedtocreateaprogrammethatismore

transparent,moreaccountabIeanduItimateIymoreresiIient.

Throughout2024and2025,LBMArantargetedconsuItationswithRefiners,

ApprovedAssuranceProviders,civiIsocietyorganisationsandindustrypeersto

identifyfocusareasforcontinuousimprovementandshapetheprioritiesforRGG10.ThatprocesswasreshapedinIate2024whentheEuropeanCommission,ssecondaIignmentassessmentoftheResponsibIeGoIdProgrammetotheEUConfIict

MineraIsReguIationsconfirmed11%ofSectionas6partiaIIyaIigned,,andnosectionsdeemed6notaIigned,.

LBMAchosetofast-tracktransparencyandbuiIdastrongerfoundation.The

ensuingreview,whichwaspartdiagnosticandpartreform,setinmotionafar-

reachingrecaIibrationofhowtheResponsibIeSourcingProgrammeoperatesandhowitisgoverned.

LBMAAchieves89%Alignment

LBMAreceivedtheresultsofanalignment

assessmentfortheResponsibleSourcing

ProgrammetobecomearecognisedindustryschemeundertheEUConflictMinerals

Regulation.

LBMAmadesignificantimprovementstobothRGGv.9anditsimplementation,whichwas

recognisedbytheEuropeanCommission(EC)throughincreasedalignmentscoresacrossallassessmentcategories.

Theobjectivesofthesereviewsweretoidentify

TheECconcludedthatLBMAis‘fullyaligned’

withsectionsB(alignmentwiththefive-step

framework)andC(specificresponsibilitiesof

schemes),and‘fullyaligned’with89%ofSectionA(overarchingduediligenceprinciples).The

remaining11%ofSectionAwasassessedas

‘partiallyaligned’,andnosectionsweredeemed‘notaligned’.Toachievefullalignment,100%ofSectionAmustberatedas‘fullyaligned’.

Theareaswherepartialalignmentwasidentifiedrelateto:

?Auditoroversight;and

?Duediligencewithinthesupplychain.

Currently,LBMAanticipatessubmittinganew

applicationbysummer2026.Inthemeantime,

LBMAiscommittedtodrivingprogressinseveralkeyareasaheadofreapplication.

ENHANCINGAPPROVEDASSURANCEPROVIDERPERFORMANCE

LBMA’scurrentResponsibleSourcingcertification

frameworkintegratesinternalrisk-basedduediligence,periodicreviews,dailymediascansandcomprehensiveassessmentsofannualassurancedeliverables.Theseprocesseshavebeeninplaceforseveralyears,with

continuousimprovementsmadeperiodically.

TosupporttheconsistentandmeaningfuldeliveryoftheResponsibleSourcingProgramme,LBMAcommissionedtwoindependentexpertreviewsofthecertification

processin2025.

measurestoenhancetheinternalcontrolsframeworkwithreferencetosimilarschemesandcontinue

improvingApprovedAssuranceProviders(AAP)

guidance,tools,andtraining.

Tofacilitatecontinuousimprovementseveral

opportunitiestostreamlineprocesseswereidentifiedtobeimplementedforboththecurrentandupcomingassurancecycles.

andPolicyLeadership

SUSTAINABILITYANDRESPONSIBLESOURCINGREPORT2025

SUSTAINABILITYANDRESPONSIBLESOURCINGOVERVIEW17

MetalExchange(LME)andtheResponsibleJewelleryCouncil(RJC).Throughthesedialogues,LBMAsharedmarketintelligence,alignedtrainingonassurance

practicesandworkedtowardsamorecoherentglobaldisclosureframeworkforsmeltersandrefiners.SuchengagementensuresthatRefinersoperatingacrossmultiplecommoditiesfaceconsistentexpectations,reducingduplicationwhileenhancingoverallrigour.

CivilSocietyEngagementEnsuresProgrammeResponsiveness

LBMA’sdialoguewithcivilsocietyorganisations

(CSOs)continuestosupporttheevolutionofthe

ResponsibleSourcingProgramme.Constructive

engagementprovidesvaluable,ground-levelinsightfromthoseworkingdirectlywithmining-affected

communities,ensuringthattheProgrammeremainsanchoredinreal-worldrealitiesandresponsivetoon-the-groundchallenges.

LBMAalsohostedbilateralsessionswithleading

CSOstoexchangeperspectivesonsupply-chain

challenges,ASMformalisationandthegovernanceoftheProgrammesitself.

ContinuedparticipationinNGO-ledforums,includingaworkshopattheProspectorsandDevelopersof

Canada(PDAC)Conference,co-hostedbytheUKForeignCommonwealthandDevelopmentOffice(FCDO)andResolve,aUSbasedNGO,ensuredthatLBMAremainedalignedwithemergingpolicydiscussions.

Theresponsiblesourcingeco-system isasdiverseastherisksitseeksto address.LBMAhaslongrecognisedthatprogressdependsoncoordination withpeerinitiativesandalignedassociationsthatshareacommitmenttotransparency,consistencyandgood

governance.

ApprovedAssuranceProviderToolkitBoostsQuality

Followingtheindependentreviews,weareintroducingsignificantupdatestotheApprovedAssurance

ProviderToolkit(AAPToolkit)fortheupcoming

assurancecycle.ThenewtoolkitfeaturesstandardisedtemplatesforassurancereportsandaqualitycontroltooltobesubmittedbyAAPswiththeirassurance

deliverables.

TheaimofthetoolkitistofurtheralignassuranceproceduresanddeliverableswiththeThirdPartyAssuranceGuidance(TPAG)andinternational

assuranceandqualitycontrolstandardsaswellasimprovingassurancequalityandefficiency.

ATailoredTrainingProgrammetoTackleKeyChallenges

Arobustassurancesystemdependsonindependent,well-informedAAPs.Tothatend,LBMAiscommittedtoitsAAPtrainingprogramme.InNovember,for

thefifthconsecutiveyear,AAPsinvolvedinLBMA’s

ResponsibleSourcingassuranceengagementswill

berequiredtocompletemandatorytrainingmodules,comprisinganonlinepresentationontheResponsibleSourcingProgrammeguidancedocumentsaswellascasestudysessionsthatsimulatereallifeprecious

metalssupplychainandduediligencechallenges.TheannualtrainingissupplementedbyregularAAPdropinsessions,offeringupdatesonnewtools,guidancedocuments,andkeyriskareas.

Additionally,anupdatedAAPapplicationformwill

belaunchedlaterthisyear.Thisaimstogather

informationonindividualAAPs’skillsandexperienceinresponsiblesourcing,whichwillinformfuturetrainingandqualitycontrolmeasures.

Theultimategoalisconsistency—ensuringthatassurancestandardsareuniformlyapplied.

STRENGTHENINGVALUECHAINENGAGEMENT

RaisingTheBarTogether

Transformingresponsiblesourcingacrossthe

preciousmetalsindustryisnottheworkofone

organisation–itrequirescollectivecommitmentand