Short answer
National Instrument 43-101 is the Canadian Securities Administrators rule that governs how mining issuers disclose information about mineral projects. It requires that all scientific and technical information be supported by a written technical report, prepared by or under the supervision of a Qualified Person, and filed publicly on SEDAR+ when triggered by a material disclosure.
What NI 43-101 covers
NI 43-101 governs every form of public technical and scientific disclosure by a Canadian-listed mining issuer — news releases, websites, presentations, prospectuses, MD&A. The rule was introduced after the Bre-X scandal of the 1990s and is now the global benchmark for hard-rock mineral disclosure.
The core requirement is that any disclosure of a mineral resource, mineral reserve, or exploration result must be supported by a technical report written by a Qualified Person and filed on SEDAR+.
The technical report
A 43-101 technical report follows a prescribed table of contents: property description and location, accessibility and infrastructure, history, geological setting, deposit type, exploration, drilling, sample preparation and security, data verification, mineral processing and metallurgical testing, mineral resource estimate, mineral reserve estimate (if applicable), mining methods, recovery methods, project infrastructure, market studies, environmental studies and permitting, capital and operating costs, economic analysis, adjacent properties, interpretation and conclusions, recommendations, and references.
Filing is triggered by certain disclosures — for example, the first time a mineral resource or reserve estimate is publicly disclosed, the first time a preliminary economic assessment is filed, or when there is a material change in a previously filed estimate.
Qualified Persons
A Qualified Person (QP) is an engineer or geoscientist with at least five years of relevant experience and membership in good standing of a recognised professional association. The QP signs the report, takes professional responsibility for its content, and is named in associated news releases.
Where the QP is independent of the issuer, the report is generally more credible. Many resource and reserve estimates are required by exchange listing rules to be supported by independent QP sign-off.
What investors should look for
Start with the effective date and the QP. Then go to the resource and reserve tables: check the gold price assumption, the cut-off grade, and the split between measured, indicated, inferred (resources) and proven, probable (reserves). Read the QP's recommendations and the risks section — these are the things the QP would not sign off on without flagging.
Resource and reserve estimates are point-in-time. Cross-check against the company's most recent production numbers and any drilling done since the report's effective date.
Related questions
Where are NI 43-101 technical reports filed?
All NI 43-101 technical reports for Canadian-listed issuers are filed publicly on SEDAR+ at sedarplus.ca. Reports are also typically available on the issuer's own website.
When does a company have to file a new technical report?
A new technical report is generally required when there is a material change in mineral resources, mineral reserves, or project economics — for example, a new resource estimate, a new study (PEA, PFS, FS), or a material expansion of the project.
Is NI 43-101 the same as JORC?
No, but they are aligned. JORC is the Australasian equivalent of NI 43-101. Both rules adopt the CRIRSCO international reporting template and use the same resource categories (measured, indicated, inferred) and reserve categories (proven, probable).