Mineral Project Disclosure Standards—an Assessment of Recent Canadian Experience

Abstract

In the aftermath of the Bre-X scandal, Canadian securities regulators introduced a new regime for mineral project disclosure. National Instrument 43–101, Standards of Disclosure for Mineral Projects (‘NI 43–101’), was implemented in February2001. NI 43–101 substantially changed Canadian requirements for the public reporting and disclosure of mineral exploration, resource and reserve information. In its first year, NI 43–101 has triggered a number of applications for regulatory relief and prompted the issuance of new interpretive guidance from the Canadian regulators. This article provides an overview of NI 43–101 and the approach taken by the Canadian regulators in its interpretation and application to date.