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ARTICLE · 15 JULY 2014

National Instrument 43-101: Part 2 - What Issuers Need To Know About Terminology

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Terms and phrases used in mining disclosures are technical, and industry jargon can be used inconsistently.

CanadaFinance and Banking
Gregory Hogan
Gregory Hogan
Alexander Pizale
Alexander Pizale
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This is the second instalment in our periodic series on National Instrument 43-101.

Terms and phrases used in mining disclosures are technical, and industry jargon can be used inconsistently. However, when used correctly, specialized terms can encapsulate the complexity and specificity of technical and geological concepts. Applied with lack of care or worse, abused, that same language will obscure meaning and possibly mislead, which could result in undesirable scrutiny from the regulators.

NI 43-101 mandates the use of some terms, restricts the use of other terms and uses terms that will determine the disclosure that is necessary. In addition, regulators have recently focused on some terms that are not explicitly dealt with in NI 43-101, but that in their view are being used incorrectly. Finally, there are some terms used in NI 43-101 that can be the source of confusion, the use of which should be with caution. Certain of these terms are described below.

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