National Instrument 43-101 (NI 43-101) is a Canadian securities disclosure rule that governs how issuers disclose scientific and technical information about mineral projects to the public in Canada. 

It was developed by the Canadian Securities Administrators (CSA), an umbrella organization of Canada’s provincial and territorial securities regulators.

NI 43-101 is currently undergoing a modernization process. In June 2025, the CSA published, for public consultation, a proposed repeal and replacement of NI 43-101 and Form 43-101F1, along with a proposed rescission and replacement of Companion Policy 43-101CP. The public comment period lasted until October 10, 2025. Until any final changes are adopted and come into force, issuers must continue to follow the current NI 43-101 requirements.

The cornerstone: CIM’s role in NI 43-101

Following major mining disclosure scandals in the late 1990s, Canadian securities regulators moved to strengthen how scientific and technical information about mineral projects is disclosed to the public. The result was NI 43-101: a legal disclosure framework designed to improve the accuracy and integrity of mineral project disclosure.

The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) played an important technical role by developing the terminology used within the framework. The CIM Definition Standards for Mineral Resources and Mineral Reserves provide common terminology for classifying Mineral Resources and Mineral Reserves. NI 43-101 incorporates those CIM definitions by reference, meaning that when issuers disclose Mineral Resources and Mineral Reserves under the Instrument, they must use the CIM-defined categories and terminology.

This relationship is central to Canada’s mineral disclosure system. Securities regulators oversee the legal requirements, while CIM’s definitions and practice guidance support the technical excellence identified in CIM’s Strategic Plan.

Why does NI 43-101 matter?

NI 43-101 was introduced to strengthen mineral project disclosure and help restore investor confidence in Canadian mining markets.

• Protecting Investors: It establishes disclosure requirements intended to reduce misleading, unsupported, or exaggerated claims about mineral projects.
• Promoting Consistency: It requires issuers to use prescribed mineral resource and mineral reserve terminology and establishes content requirements for technical reports prepared under Form 43-101F1.
• Professional Accountability: It requires applicable scientific and technical disclosure to be based upon information prepared by or under the supervision of a Qualified Person, or approved by a Qualified Person, as required under the Instrument.

Core pillars of the framework

1. The role of the Qualified Person (QP)

Under the current NI 43-101 definition, a Qualified Person (QP) is an engineer or geosciscientist with the required education, at least five years of professional experience, experience relevant to the subject matter of the mineral project and technical report, and good standing with a professional association that meets the Instrument’s requirements. Whether an individual qualifies depends on both their credentials and the relevance of their experience to the work for which they are accepting responsibility.

Under the current Instrument, an issuer’s disclosure of scientific or technical information concerning a mineral project on a property material to the issuer must be based upon information prepared by or under the supervision of a Qualified Person, or approved by a Qualified Person. This requirement can apply to disclosure in news releases, corporate presentations and website content, not just technical reports.

2. CIM Definition Standards

NI 43-101 incorporates the CIM Definition Standards on Mineral Resources and Mineral Reserves, by reference, for key mineral resource and mineral reserve terminology. Under the CIM Definition Standards, Mineral Resources and Mineral Reserves are classified using defined categories that reflect different levels of geological knowledge and confidence and, for Mineral Reserves, confidence in the application of the Modifying Factors.

• Mineral Resources: Subdivided into Inferred, Indicated, and Measured, reflecting increasing levels of geological knowledge and confidence.
• Mineral Reserves: Classified as Probable or Proven. A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource, as applicable, after the relevant Modifying Factors have been considered. These factors may include mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental considerations.

3. Technical Report (Form 43-101F1)

A Technical Report is prepared and signed off by one or more QPs. It is a summary of material scientific and technical information concerning mineral exploration, development and production activities on a mineral project that is material to an issuer.

Access official resources and guidance

CIM develops the Definition Standards incorporated by reference into NI 43-101 and publishes practice guidance for mining professionals and practitioners.

• CIM Definition Standards: Review the mineral resource and mineral reserve definitions incorporated by reference into NI 43-101.
• Leading Practice Guidelines: Access specialized committee guidelines for commodity pricings, diamonds, ESG, mineral processing and mineral exploration guidelines.
• Industry Insights: Read CIM Magazine articles on technical advancements and best practices in mining and mineral resources.