Mine projects are complex opportunities that demand a constant assessment of uncertainty, ie risk and upside potential. This is because the value of a mine project is typically influenced by many underlying economic and physical uncertainties, such as metal/mineral prices, metal/mineral grades, costs, schedules, quantities, and environmental issues, amongst others, which are not known with much certainty at the beginning of the project. But, is uncertainty an enemy or an ally of the mine planner/analyst? To answer this question, this paper first assesses and elaborates upon the general concept of uncertainty. It then looks at the different sources of uncertainty in a mining project, such as the orebody, costs and product price uncertainties, and their effect on the final project value. Next, a generalreviewof current mine evaluation techniques highlighting their limitations when dealing with uncertainty is made. Finally, an extended evaluation and risk management framework that addresses the existing uncertainty in the (greenfield/brownfield) mine evaluation process is proposed. One important characteristic of this framework is that it uses and manages uncertainty in order to generate additional value to the project; this is done through operational and managerial flexibility, which allow mine planners to minimise/maximise project risk/upside-potential giving a more realistic estimate of the project's market value - this is shown in practical and simple examples occurring at different stages of a mine project, such as exploration and operation. Final conclusions are provided at the end.CITATION:Martinez, L and Watson, S, 2012. Uncertainty - An important source of (additional) value for mine projects, in Proceedings Project Evaluation 2012 , pp 131-140 (The Australasian Institute of Mining and Metallurgy: Melbourne).