National Instrument 43-101 (NI 43-101)

The NI 43-101 is a standard for mineral reserve and resource estimation. It’s named after the National Instrument 43-101 (NI 43-101), a regulation set by the Canadian Securities Administrators (CSA) for standards of disclosure for mineral projects within Canada. It was introduced in 2000 and is utilized throughout the world, particularly for projects listed on Canadian stock exchanges.

Under the guidelines of NI 43-101, the public disclosure of scientific and technical information about mineral projects must be made by, or under the supervision of, a “Qualified Person”. The Qualified Person (QP) must have relevant experience and be in good standing with a recognized professional association.

A 43-101 report typically includes:

      1. Property description and location
      2. Ownership
      3. Geology and mineralization
      4. Exploration
      5. Drilling
      6. Sample preparation, analyses, and security
      7. Data verification
      8. Mineral processing and metallurgical testing
      9. Mineral resource and mineral reserve estimates
      10. Mining methods
      11. Recovery methods
      12. Project infrastructure
      13. Market studies and contracts
      14. Environmental studies, permitting, and social or community impact
      15. Capital and operating costs
      16. Economic analysis

The implementation of NI 43-101 and its requirements for a comprehensive, professionally vetted report (43-101 report) have significantly improved the transparency and trustworthiness of reporting on mineral projects. The purpose of these requirements is to protect investors and the integrity of the capital markets by improving the reliability of mining disclosure.