Radical changes to the code that governs how mineral deposits can be reported to investors would not have protected backers of gold miner Regis Resources from a shock Indigenous heritage ruling that derailed a $1 billion project in NSW, an industry meeting in Perth has been told.

The Regis example was raised on Monday as mining industry figures listened to the rationale behind proposed changes to the JORC code (which has its origins in the early publications of the Joint Ore Reserve Committee). The code dictates how companies describe the size and quality of their discoveries and mineral deposits.