Mining and mineral exploration companies in Canada must follow specific guidelines for disclosure, designed to improve the accuracy and integrity of the information they provide. National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) governs a company's public disclosure of scientific and technical information about its mineral projects.
National Instrument 43-101 Standards of Disclosure for Mineral Projects
This instrument governs disclosure, including oral statements, written documents and websites. The disclosure must be based on information provided by a "qualified person" (as defined in NI 43-101). NI 43-101 requires a company to file a technical report at certain times, prepared in a prescribed format. In some circumstances, the qualified person is to be independent of the company and the property. A company is required to use specified terminology when disclosing resources and reserves.
- National Instrument 43-101 Standards of Disclosure for Mineral Projects
- Companion Policy to NI 43-101 Standards of Disclosure for Mineral Projects: Guidance and interpretation to help you apply the requirements of National Instrument 43-101.
- Technical Report NI 43-101F1: Describes the contents required in your technical reports.
- CSA Staff Notice 43-307 Mining Technical Reports - Preliminary Economic Assessments
- CSA Staff Notice 43-308 Professional Associations under NI 43-101 Standards of Disclosure for Mineral Projects (Revised)
2012 Mining Report
The BCSC recently published its first Mining Report . The purpose of this report is to summarize the findings of our mining technical disclosure reviews and to provide guidance and discussion on topical NI 43-101 issues that may be of interest to mining issuers.
Industry Standards and Best Practices
Canadian Institute of Mining and Metallurgy (CIM) Resources
These documents are available on the CIM website. For your convenience, we have provided links:
- CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by CIM Council on November 27, 2010
- CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines , adopted by CIM Council on November 23, 2003
- Mineral Exploration Best Practices Guidelines , adopted by CIM Council on August 20, 2000
- CIM Guidelines for Reporting of Diamond Exploration Results , adopted by CIM in March 2003
- CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines Rock Hosted Diamonds , adopted by CIM May 4, 2008
Geological Survey of Canada
A qualified person estimating mineral resources or mineral reserves for coal may follow these guidelines:
- Paper 88-21 of the Geological Survey of Canada: A Standardized Coal Resource/Reserve Reporting System for Canada,
However, for all disclosure of mineral resources or mineral reserves for coal, issuers are required by section 2.2 of the Instrument to use the equivalent mineral resource or mineral reserve categories set out in the CIM Definition Standards and not the categories set out in Paper 88-21. The CSA believes it is not reasonable to apply Paper 88-21 to foreign coal properties.
National Instrument 43-101 Presentations
To help facilitate the transition to the new mining disclosure rules, staff have conducted several public presentations on the changes from the previous rules, which we made effective June 30, 2011.
|January 20, 2012||NI 43-101: What You Need to Know About the New Mining Rules||Mineral Exploration Roundup|
|October 6, 2011||NI 43-101 Drawing a New Line in the Sand: Regulatory Expectations under the New Mining Rules||Continuing Legal Education Society of British Columbia, Vancouver|
|May 21, 2011||National Instrument 43-101: What Has Changed||CIM Conference and Exhibition, Montreal|
Prospectus Pre-filing Reviews for Mining Issuers
Beginning September 1, 2009, mining companies will have ability to apply for an advance review of their technical disclosure in order to facilitate the timely receipt of a short-form prospectus.
- News release on streamlined review process
- BC Notice 2009/09 Pre-Filing Review of Mining Technical Disclosure for Short Form Offerings
Published July 15, 2009
Investing in Mining
Are you the manager of a junior mining company? You should be prepared to answer these questions from your investors. Investing in mining: Questions to Ask
NI 43-101: Mandated Filings on SEDAR
If section 4.1 or 4.2 of NI 43-101 triggers a technical report, you are required to file the following documents in SEDAR:
- Technical reports(s)
- Certificates of Qualified Persons (see s.8.1 of NI 43-101)
- Consents of Qualified Persons (see s.8.3 of NI 43-101)
We remind filers that offering memorandums are not mandated SEDAR filings. We recommend that you file your offering memorandums and reports of exempt distribution using BCSC E-Services. Technical reports, along with the certificates and consents of qualified persons, can be filed electronically by including them in one electronic document along with the offering memorandum.
Inquiries about Scientific and Technical Issues
Contact Corporate Finance staff with expertise in scientific and technical issues related to mining and mineral exploration companies.
See our Frequently Asked Questions on Mining.