The British Columbia Securities Commission (BCSC) regulates more than 65 per cent of the reporting mining issuers in Canada. 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 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 must 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 and Companion Policy 43-101CP.
- Technical Report Form 43-101F1: Describes the contents required in your technical reports
- CSA Staff Notice 43-307 Mining Technical Reports - Preliminary Economic Assessments
- CSA Staff Notice 43-309 Review of Website Investor Presentations by Mining Issuers
- CSA Staff Notice 43-311 Review of Mineral Resource Estimates in Technical Reports
Read more about your mining disclosure requirements in this PowerPoint presentation.
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 May 10, 2014
- CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019
- Mineral Exploration Best Practices Guidelines, adopted by CIM Council on November 23, 2018
Additional guidance can also be found in CIM’s Library on Mineral Resource and Mineral Reserve Estimation Best Practices specific to a variety of commodities including coal, industrial minerals, lateritic deposits, lithium brines, placer deposits, potash, rock hosted diamonds, and uranium.
Prospectus Pre-filing Reviews for Mining Issuers
BC Notice 2009/09 provides mining companies with the opportunity to have their scientific and technical disclosure reviewed for compliance with NI 43-101 in advance of filing a short form prospectus. The criteria for eligibility are summarized in the Notice (BC Notice 2009/09 Pre-Filing Review of Mining Technical Disclosure for Short Form Offerings)
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 report(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 eServices. 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 our Corporate Finance staff who have expertise in scientific and technical issues related to mining and mineral exploration companies.
|Christopher Collins, Chief Mining Adviser||CCollins@bcsc.bc.ca|
|Darin Wasylik, Senior Geologist||DWasylik@bcsc.bc.ca|
|Victoria Yehl, Senior Geologist||VYehl@bcsc.bc.ca|
Areas of Expertise
- Provide scientific and technical advice to other professional staff and management in Corporate Finance division on issues related to mineral exploration, development and mining companies
- Review continuous disclosure, prospectus, technical reports and other filings for compliance with NI 43-101. Proactively work with and make presentations to issuers and mining professionals to ensure they are aware of and to assist them in understanding and complying with the requirements of NI 43-101
- Work cooperatively with Canadian stock exchanges on the application, interpretation and enforcement of NI 43-101
- Participate in the CSA Mining Technical Advisory and Monitoring Committee which is a forum for continuing communication between the mineral industry and the CSA
- Through the CSA Corporate Finance Committee Mining Group, Corporate Finance staff liaise with the other securities commissions to ensure consistent and uniform application of the rules for scientific and technical disclosure on mineral projects
If a resource issuer fails to file a technical report triggered under NI 43-101, Standards of Disclosure for Mineral Products, the issuer may:
- not be able to use exemptions available under securities legislation
- appear on the Reporting Issuers in Default List
- be Cease Traded without notice
- not be able to complete any prospectus financing until it files the required report.
The issuer may also face other remedial enforcement actions.