A 43-101 is required if they expect to get financing from a source such as a bank- sort of like an appraisal, something standard and official that a bank can use to justify the loan. A Goldcorp or Barrick doesn't necessarily need a 43-101 since they can make the calculations themselves in house. Large companies will partner with or buy out explorers based solely on drill results. In fact, if they like the deposit they are better off buying out a company cheaply before the 43-101 gooses the sp. I think Kinross bought out Aurelian without a 43-101 if I remember correctly.

KXL needs a 43-101 if they are going to go it alone. They need a 43-101 to get a loan, alternatively they need a 43-101 to get the stock price up if they are going to finance through dilution. I doubt either one of these will happen, since I think the amount of money required to reach production will be more than they can easily raise, despite the shallow nature of the deposits. They don't need a 43-101 if they are going to partner with a major who can provide financing. Personally, I'd like to see Kodiak partner with a major on say the Golden Mile, so they could use their remaining funds to prove up other resources.