National Instrument 43-101 (NI 43-101) is a rule developed by the Canadian Securities Administrators (CSA) and administered by the provincial securities commissions that govern how issuers disclose scientific and technical information about their mineral projects to the public. It covers oral statements as well as written documents and websites. It requires that all disclosure be based on advice by a "qualified person" and in some circumstances that the person be independent of the issuer and the property.
A qualified person (QP) as defined in NI 43-101 as an individual who:
a) is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these;
b) has experience relevant to the subject matter of the mineral project and the technical report; and
c) is a member in good standing of a professional association. NI 43-101, together with its Companion Policy 43-101CP and Form 43-101F1 Technical Report can be downloaded from the Canadian Council of Professional Geoscientists website.
NOTE: Members are reminded that NI 43-101 is currently under revision. Many organizations, including APGO, have submitted comments and suggestions for consideration.
The definitions of resources and reserves approved by the Canadian Institute of Mining, Metallurgy and Petrolum and adopted by NI 43-101 are available from the Standards and Guidelines section of the CIM website.
Frequently Asked Questions (FAQ's) on NI 43-101, originally released October 19, 2001 and updated January 24, 2003 to include a clarification on the status of Ontario Geoscientists, can be downloaded below:
CSA Staff Notice 43-303, FAQs, revised February 8, 2002 (pdf size: 10 kb)
CSA FAQs, NI-43-101 revised January 24, 2003 (pdf size: 213 kb)
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