Regulatory Reporting
& Technical Reviews
Helping Clients Navigate Regulatory Reporting Requirements
History and Scope of NI 43-101 and CIM
NI 43-101 was developed by the Canadian Securities Administrators (CSA) and came into force on February 1, 2001, amended on December 30, 2005, and the most recent revision is from June 30, 2011. The NI 43-101 collectively consists of NI 43-101 Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report, and Companion Policy 43-101CP. As a “National Instrument”, the law has been passed in each provincial and territorial legislature across Canada, governing how companies disclose scientific and technical information about mineral projects to the public in Canada. The disclosure standards apply to oral statements as well as written documents and websites.
The Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) provides Definition Standards on Mineral Resources and Reserves (CIM Definition Standards) through a dedicated committee. The Mineral Resource, Mineral Reserve, and mining study definitions are incorporated, by reference, into the NI 43-101. The CIM Definition Standards were initially approved by CIM Council on August 20, 2000, and after various CIM Committees compiled and published more extensive documentation on mining industry standard practices for estimating Mineral Resource and Mineral Reserves were amended in 2005. The current version of the CIM Definition Standards was adopted by CIM Council on May 10, 2014.
Additionally, the CIM also provides Best Practice Guidelines for Estimation of Mineral Resources and Mineral Reserves (MRMR Best Practice Guidelines). The most recent MRMR Best Practice Guidelines were accepted in 2019, superseding and replacing the November 23, 2003 version. At a minimum, the NI 43-101 and CIM Definition Standards must be adhered to for disclosure purposes, whereas the MRMR Best Practice Guidelines are advisements for the industry.
Understood Mineral Resources Ltd. provides mining companies with high-quality, code-compliant, and investor-friendly reports and advice in support of disclosure of Mineral Resources following the best practices, definitions, and standards. Understood will prepare the entire report for Initial Mineral Resources, and source multidisciplinary teams to fulfill the requirements of a Preliminary Economic Analysis, Preliminary Feasibility Study, and Feasibility Study.
Ensuring Accuracy, Quality, and Compliance
Our focus is on delivering detailed resource reports and independent technical audits that align with NI 43-101 and other international disclosure standards, including S-K 1300 and JORC. Our reports and audits will provide an in-depth justification of the suitability and appropriateness of quality control and quality assurance programs, drilling, sample security and analysis, geological interpretations, mineral resource estimation, resource classification, and fulfillment of “Reasonable Prospects For Eventual Economic Extraction” (RPEEE). With deep experience in regulatory compliance and resource evaluation, we help clients navigate the complexities of reporting requirements through templates with built-in advice, prepared common disclaimers, and precedence set by regulatory bodies. We also will use our networks to sort out more complex reporting, including consultations with former regulatory employees.
Why Clients Choose Understood
One of our defining strengths is our ability to provide fast, responsive turnarounds on reports without sacrificing representativeness. Unlike larger consultancies that may be constrained by administrative bottlenecks, overextended resources, or siloed work, Understood combines agility with strong understanding of the regulatory document.