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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.

CSA to Revise NI 43-101

The BC Securities Commission is leading the Canadian Securities Administrator's (CSA) project to revise and update National Instrument 43-101 Standards of Disclosure for Mineral Projects. Learn more about the project.

BCSC streamlines short-form prospectus offering 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.

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.

Mineral Exploration Roundup 2009

The BCSC, in conjunction with AME BC,New window sponsored and presented a free half-day workshop on NI 43-101, as part of the Mineral Exploration Roundup 2009 mining conference held in Vancouver January 26-29, 2009. As a result of requests from the public, we have posted the presentation given at the workshop here.

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 New window

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.

Canadian Institute of Mining and Metallurgy (CIM) Resources

National Instrument 43-101 and its Companion Policy reference four CIM documents. CIM has also published a best practice guideline for estimating diamond resources and reserves. These documents are available on the CIM website, but for your convenience the links below give you direct access:

Reporting of Coal Resources and Coal Reserves

A qualified person estimating mineral resources or mineral reserves for coal may follow the guidelines of Paper 88-21 of the Geological Survey of Canada: A Standardized Coal Resource/Reserve Reporting System for Canada,New window as amended ("Paper 88-21"). 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.

Inquiries about Scientific and Technical Issues

Contact Corporate Finance staff with expertise in scientific and technical issues related to mining and mineral exploration companies.
Last Updated: 9/4/2009