Mine reconciliation provides the analytical link between the geological model, the mine plan, and operational performance, enabling operations to understand and manage the causes of variance. For iron ore producers, where reconciliation practices are already well established, the next opportunity lies in strengthening integration and feedback across the value chain to further enhance predictability, accountability, and value delivery. This paper builds on the Universal Reconciliation framework first presented by Hargreaves and Morley (2014), applying it as a maturity-based diagnostic framework to evaluate reconciliation performance in iron ore operations. It focuses on how mature sites can refine established systems by embedding reconciliation more deeply within planning, operational and governance processes. The approach emphasises multidisciplinary collaboration, process mapping, and the application of a reconciliation code of practice to ensure consistency, transparency, and continuous improvement. A diagnostic Reconciliation Maturity Model is presented as a lens for assessing how effectively existing reconciliation systems close the loop between model, plan and reality. The framework highlights how well-defined reconciliation relationships, mapped data and material flows, and structured feedback loops can be used to benchmark current capability and identify areas for optimisation. By integrating model, plan and reality within a maturity framework, mine reconciliation evolves from a compliance exercise into a strategic tool for operational assurance, one that enables iron ore producers to measure system effectiveness, anticipate risk, and drive continual value improvement across the mining value chain.