Canada: Final Amendments To National Instrument 43-101 "Standards of Disclosure For Mineral Projects" – In Force June 30, 2011

The Canadian Securities Administrators (CSA) have announced amendments to National Instrument 43-101 (NI 43-101), the related companion policy and technical report form. The amendments to NI 43-101 were initially released for comment in April 2010. Following extensive consultation with industry stakeholders, the final amendments to NI 43-101 were released in March 2011. Subject to obtaining necessary ministerial approvals, the amendments will come into force on June 30, 2011.

The amended rules maintain the core principles of NI 43-101, including:

(i) a prescriptive technical reporting format triggered on filing prescribed disclosure documents;

(ii) reliance on individual qualified persons for technical disclosure; and

(iii) prescriptive guidelines that regulate key mining industry disclosure. The amendments are designed, in large part, to give issuers greater flexibility within the existing NI 43-101 framework.

The CSA has stated that one of their goals is to reduce compliance costs for issuers without compromising the investor protection inherent in NI 43-101's rigorous reporting standards.

The amendments will affect all reporting issuers who operate in the mining industry, and will have an impact on disclosure at each level of property development from exploration, through to development and producing properties.

Some of the key amendments are discussed below:

A. Changes to the Technical Report Trigger when filing a Short Form Prospectus

  • The obligation to file a technical report when filing a short form prospectus has been limited to situations where the short form prospectus discloses for the first time mineral resources, mineral reserves, or the results of a preliminary economic assessment that constitutes a material change for the issuer or a change in this information, if the change constitutes a material change for the issuer. This will greatly streamline the short form offering process for most issuers.

B. Changes Relevant to Producing Issuers

  • A producing issuer (i.e. one having gross revenues, derived from mining operations, of (i) at least $30 million for its most recently completed financial year, and (ii) at least $90 million in the aggregate for its three most recently completed financial years) will no longer have to include an economic analysis in a technical report covering a property that is already in production (unless a material expansion of current production is contemplated).
  • A producing issuer already listed on a "specified exchange" (the Australian Stock Exchange, the Johannesburg Stock Exchange, the London Stock Exchange Main Market, the Nasdaq Stock Market, the New York Stock Exchange, or the Hong Kong Stock Exchange) will not need to have an independent qualified person prepare technical reports for filing upon first becoming a reporting issuer in Canada.

C. Changes Relevant to Development Properties

  • Disclosure of a preliminary economic assessment on a development property (i.e. an economic study, other than a pre-feasibility study or a feasibility study, that analyzes the potential viability of mineral resources) will be permitted after the disclosure of reserves.
  • The currently prescribed form of technical report will be amended to make it less prescriptive and more adaptable for advanced development properties and producing properties, giving the qualified person more discretion regarding the amount of information and level of detail required based on the qualified person's assessment of the relevance and significance of the information in the overall context and stage of development of the property.
  • A production decision on a development property, whether or not based on a pre-feasibility study or a feasibility study, will not, in and of itself, trigger an obligation to file a technical report (but would require specific MD&A disclosure).

D. Changes Relevant to Exploration Properties

  • There will be greater scope to report historical resource estimates prepared prior to the issuer having acquired an interest in the property (only historical resource estimates prepared prior to 2001 are currently permitted).
  • There will be greater latitude, in the case of a property acquisition, to disclose scientific and technical information on a newly-acquired (or soon to be acquired) property supported by a current technical report previously filed by another issuer provided that the acquiring issuer prepares and files its own technical report within six months of making the disclosure.

E. Changes to Technical Reports

  • There is no obligation to file updated qualification certificates and consents for the filing of a disclosure document containing scientific and technical information supported by a previously filed technical report that remains current.
  • Greater scope for qualified persons to rely on and disclaim responsibility for certain information provided by the issuer and certain pricing and valuation information provided by experts who are not qualified persons.
  • A revised definition of "qualified person" and "professional association" that replaces prescriptive lists with objective qualification criteria.
  • A flexible approach to reporting resources and reserves based on a wider range of international classification codes.

F. Other Key Amendments

  • An exemption for royalty holders and other holders of a passive interest in a mineral property from the requirement to prepare a technical report if the information concerning the project is publicly available, and was prepared by an issuer that is subject to NI 43-101 or a producing issuer listed on a specified exchange.
  • Prohibits disclosure of the gross contained metal or mineral value of a deposit and restricts disclosure of a metal or mineral equivalent grade for a multiple commodity deposit unless the grade of each metal or mineral used to establish the metal or mineral equivalent grade is also disclosed.

The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.