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ARTICLE · 25 SEPTEMBER 2024

National Instrument 43-101: Disclosure On Exploration Targets

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There is often a desire by issuers to disclose the exploration potential before a property has a defined mineral resource estimate.

CanadaEnergy and Natural Resources
Alexander Pizale
Alexander Pizale
Gregory Hogan
Gregory Hogan
Maria Tapia
Maria Tapia
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There is often a desire by issuers to disclose the exploration potential before a property has a defined mineral resource estimate. This situation usually occurs for early-stage properties that issuers believe are highly prospective, or when issuers are looking to expand a project beyond previously identified mineral resources and/or mineral reserves. This can be used to justify the allocation of time and funds to the prospective area, or simply to market the project as an investment opportunity. It is possible to disclose such exploration potential, but only within certain strict limits.

It is well established that National Instrument 43-101 (NI 43-101) prohibits issuers from disclosing the quantity, grade, or metal or mineral content of a deposit that has not been categorized as a mineral resource or a mineral reserve. However, to balance this restriction with ensuring market participants are adequately informed, NI 43-101 allows for the disclosure in writing of

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