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ARTICLE · 30 APRIL 2015

Miners Beware: Regulators Read Your Investor Presentations

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The CSA expects mining issuers to use the Staff Notice to strengthen their compliance with securities legislation and to improve their disclosure to investors.

CanadaEnergy and Natural Resources

On April 9, 2015, the Canadian Securities Administrators (CSA) published CSA Staff Notice 43-309 - Review of Website Investor Presentations by Mining Issuers (the Staff Notice), which summarizes the findings of a review of 130 investor presentations (the Reviewed Presentations) posted on websites of pre-production stage mining issuers. The Staff Notice reminds mining issuers that investor presentations and other information found on an issuer's website constitute "written disclosure" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) and, therefore, must comply with NI 43-101's disclosure requirements as well as the forward looking information (FLI) requirements of National Instrument 51-102 – Continuous Disclosure Obligations. The Staff Notice also suggests ways to improve compliance in designing investor presentations and websites to meet disclosure obligations.

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