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Reporting Standards Under NI 43-101: Rules, Policies, and Guidance - Adjusting to a Changing Mining Industry 

Level: Intermediate 

Facilitator: Greg Gosson, Wood Canada Limited  

National Instrument 43-101  Standards of Disclosure for Mineral Projects was last updated June 30th, 2011.  Since then, there have been minor “housekeeping” edits to the rule and companion policy.  More significantly, there has been interpretive guidance communicated through Canadian Securities Administrators (CSA) staff notices, Canadian provincial securities commission staff notices, workshops and short courses presentations by CSA mining staff. Guidance on compliance can also be gleaned through public mining companies’ news releases retracting or clarifying certain disclosure under NI 43-101 standards.  

 In April 2022, the CSA published a consultation paper on NI 43-101 posing 38 main questions, and several additional sub-questions requesting feedback from mining industry stakeholders. The comment letters received provide an interesting snapshot of industry perceptions.

Parallel to this:

• The United States Securities and Exchange Commission implemented their new mining disclosure standards: Subpart 229.1300 – Disclosure by Registrants Engaged in Mining Operations which became mandatory on January 1st, 2021

• The Committee for Mineral Reserves International Reporting Standards updated their International Reporting Template for public reporting of Exploration Targets, Exploration Results, Mineral Resources and Mineral Reserves (June 2024),

• The Joint Ore Reserves Committee (JORC) published their long awaited JORC Code 2024 edition for public comment, and

• CIM committees have been updating and creating practice guidance for the mining industry. 

This two-day short course will walk course participants through the NI 43-101 rule, Companion Policy 43-101CP, and Form 43-101F1 Technical Report, and will discuss the interpretive guidance on Canadian standards of mining technical disclosure in the content of the changes that have been occurring in international mining reporting standards.  We will provide our opinion on how this may impact current mining industry practice standards.

Short Course Objectives:  

Provide course participants with an overview of the rules in NI 43-101, guidance in the Companion Policy and CSA staff notices, and content requirements of Technical Reports and how they compare to current trends in updating international reporting standards.

Target Audience:  

• Officers and directors of public mining companies.  

• Technical staff at mine operations.  

• Qualified persons preparing mining technical disclosure for public mining companies.  

• Investor relations personnel.  

• Mining analysts.   

About the instructor:  

Greg Gosson, Ph.D., P,Geo., Technical Director, Geology & Compliance, Wood Canada Limited. 40+ years in mining industry in exploration, mine operations, and senior company management. Member of: CIM Mineral Resource and Mineral Reserve Committee; PDAC Securities Committee; SME Mineral Resources and Reserves Committee, and Former Co-Chair and member of mining advisory committee to Canadian Securities Administrators on NI 43-101.

Nikki Agyei, P.Eng., Principal Engineer and Study Manager, Wood Canada Limited. Geostatistician, study manager on consulting engineering projects in wide range of mineral properties under NI 43-101, S-K 1300, and other international reporting standards.

Stella Searston, RM SME, F.AusIMM, AIG; Principal Geologist, Mine Technical Services Ltd. Member of: CIM Mineral Resource and Reserve Committee; SME Resources/Reserves Committee. Technical reviews, audits, and specialist studies including due diligence and governance/compliance appraisals. Prepared technical aspects of listing and filing documents, independent expert and competent person reports for various exchanges, including AIM, HKEx, ASX, JSE as well as Canadian exchanges. Part of peer review of major mining studies (PEA, PFS, FS) Prepared/reviewed/compiled over 500 NI 43-101 technical reports, and over 30 reports under S-K 1300.