CSA Provides Guidance On Investor Presentations And Website Disclosure For Mining Issuers

While investor presentations and other forms of investor relations materials provided on company websites are an effective tool for communication, mining issuers should remain alert that such materials are captured by the definition of "written disclosure" and the associated disclosure rules in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). A review of such investor presentations and other website disclosure was the subject of the recent Canadian Securities Administrators ("CSA") Staff Notice 43-309 – Review of Website Investor Presentations by Mining Issuers (the "Staff Notice") issued on April 9, 2015.

Overall, the CSA found that there is substantial room for improvement for mining issuers to comply with disclosure requirements. Of the 130 investor presentations reviewed, only 18% were found to be substantially compliant with NI 43-101, while 57% had issues of minor non-compliance and 25% suffered from major non-compliance