All technical reports must be prepared in accordance with the
new Form. However, the CSA will continue to accept those technical
reports prepared in accordance with the previous version of Form
43-101F1 and filed prior to June 30 as "current"
technical reports. Whenever in the future an issuer is required to
file an updated technical report, it will at that time be required
to file in accordance with the new Form.
Management's Discussion & Analysis
A minor change relates to MD&A, requiring issuers with
producing mines or mines under development to not only identify
milestones such as mine expansion plans, productivity improvements,
plans to develop a new deposit, or production decisions, but also
to state whether the milestones are based on a technical report
filed under NI 43-101.
Short-Form Prospectus Trigger
The previously proposed version of NI 43-101 had left open the
possibility of changes to the technical report filing requirement
in connection with the filing of a preliminary short form
prospectus. The new version of NI 43-101 introduces a change to
relax the technical report trigger for short form prospectus
transactions. Under the final amendments, a technical report is
required to be filed in connection with a preliminary short form
prospectus where the preliminary prospectus discloses for the first
time mineral resources, mineral reserves or the results of a
preliminary economic assessment that constitute a material change
in relation to the issuer or a change in the foregoing if such
change itself constitutes a material change.
Foreign Code Reporting
We had highlighted that, under the proposed changes to NI 43-101
published in 2010, it had been proposed that issuers would be able
to report in accordance with acceptable foreign codes without
reconciliation. However, this proposal was not ultimately adopted
into the final version of NI 43-101, which was amended to include a
minor change from the previous version of the Instrument to require
a reconciliation "of any material differences" between
the mineral resource and mineral reserve categories used and the
categories under the CIM Definition Standards.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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