OSC Finds "Unacceptable" Level Of Compliance With Mining Disclosure

The Ontario Securities Commission today published a report setting out Staff's findings in respect of a recent compliance review of technical reports filed by mining issuers. The notice provides a summary of the review's results and guidance on complying with disclosure requirements. 

Based on a sample of 50 technical reports selected to comprise a representative sample of issuers, the OSC found that 80% had some form of non-compliance with the requirements with Form 43-101F1 and 40% had at least one major non-compliance concern. Identified concerns included disclosure deficiencies with respect to (i) mineral resource estimates; (ii) environmental studies, permitting and social or community impact; (iii) capital and operating costs; (iv) economic analysis; and (v) interpretation and conclusions.