National Instrument 43-101: Considerations For Private Issuers

The requirement to comply with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) is widely known by Canadian public companies with interests in mineral projects. However, private (non-reporting) issuers with an interest in a mineral project on a property material to the private issuer are often not aware that they are also subject to NI 43-101 and must navigate their own compliance challenges. This article focuses on the specific issues that apply to private issuers when considering technical disclosure and compliance with NI 43-101.

How does NI 43-101 Apply?

NI 43-101 defines "disclosure" to mean (emphasis added):

"any oral statement or written disclosure made by or on behalf of an issuer and intended to be, or reasonably likely to be, made available to the public in a jurisdiction of Canada, whether or not filed under securities legislation, but does not include written disclosure that is made available to the public