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Canadian Securities Regulatory Standards for Mineral Projects
Mining and mineral exploration companies in Canada must follow specific rules for public disclosure which are 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. The disclosure must be based on information provided by a "qualified person". NI 43-101 requires a company to file a technical report at certain times on properties material to the company, 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 defined by CIM when disclosing mineral resources and mineral reserves.
NI 43-101 was developed by the Canadian Securities Administrators (CSA) and came into force on February 1, 2001, was amended on December 30, 2005, and the most recent revision is from June 30, 2011. As a “National Instrument”, the law has been passed in each provincial and territorial legislature across Canada. NI 43-101 is a rule that governs how companies disclose scientific and technical information about mineral projects to the public in Canada. The disclosure standards apply to oral statements as well as written documents and websites. NI 43-101 does not apply to disclosure concerning petroleum, natural gas, bituminous sands or shales, groundwater, or coal bed methane.
Published by: Canadian Securities Administrators (CSA)
Published on: June 24, 2011
TSX Company Manual - Appendix B - Disclosure Standards for Companies Engaged in Mineral Exploration, Development & Production
The purpose of the standards is to set out the requirements of the Toronto Stock Exchange when a company provides information to investors, regulators and/or the media regarding its properties, whether such information is contained in a news release, a continuous disclosure document such as an annual report, or other form of communication, including, but not limited to, printed investor relations material and electronic publications, such as websites.
Form 43-101F1
Effective June 30, 2011
Form NI 43-101F1, the technical report form, provides the headings to be used and content required when completing a technical report to be filed in accordance with NI 43-101. The objective of the technical report is to provide a summary of scientific and technical information concerning mineral exploration, development, and production activities on a mineral property that is material to the company.
Companion Policy 43-101CP
Effective June 30, 2011
The Companion Policy, Companion Policy 43-101CP, is guidance and not law. It sets out the views of the CSA as to the manner in which the CSA interprets and applies certain provisions of NI 43-101 and Form 43-101F1. The Companion Policy references the CIM Best Practice Guidelines for Mineral Exploration, and for Mineral Resources and Mineral Reserves, which should be followed by the qualified person.
Mining Technical Advisory and Monitoring Committee
MTAMC provides advice to the CSA on technical issues relating to NI 43-101 disclosure requirements for the mining industry. The committee also serves as a forum for continuing communication between the CSA and the mining industry. The committee mandate was was initially prepared in February 8, 2001 and updated by CSA on March 7, 2018.