National Instrument 43-101 and Definition Standards


Developed in the aftermath of the Bre-X scandal, the National Instrument 43-101 (NI 43-101) is a set of rules for reporting information about mineral properties on Canadian stock exchanges. Any information about a project owned or explored by a company that will report these results on the TSX or TSX Venture has to abide by these rules, whether it is a domestic or international development or mine.

The NI 43-101 stipulates and codifies the form and content of a compliant report (i.e.; a report that complies with the Reporting Standard).

Prescribed disclosure within the National Instrument relates to;

  • All disclosure of scientific or technical information, including disclosure of a mineral resource or mineral reserve, concerning a mineral project on a property material to the issuer must be based upon information prepared by or under the supervision of a qualified person
  • What the National Instrument is to be used for, such as which types of mineral properties must be covered by a compliant report
  • Prescribes the terminology to be used to describe various features, both geologically and financially, within the report
  • Stipulates the type of information to be discussed and the technical data which must be portrayed, for various levels of reporting
  • Prescribes a list of approved Competent Persons, and the definition of Groups and Associations which may qualify to certify such a person as “Qualified”
  • Prescribes that a Qualified Person vouches for the accuracy and completeness of the contained information and the manner in which it is presented
  • Provides guidance on reporting Historical mineral resource estimates

Proscribed disclosure within the National Instrument precludes a company from reporting;

  • Quantity, grade, or metal or mineral content of a deposit that has not been categorized as an inferred mineral resource, an indicated mineral resource, a measured mineral resource, a probable mineral reserve or a proven mineral reserve
  • Results of an economic analysis that includes inferred mineral resources
  • Allows for the potential grade, quantity and metal or mineral content of an exploration property, provided that a qualifying statement is made as to this being conceptual in nature
  • The term preliminary feasibility study, pre-feasibility study or feasibility study when referring to a study unless the study satisfies the criteria set out in the National Instrument