What is an NI 43-101 report?

National Instrument 43-101 ("Standards of Disclosure for Mineral Projects") is the Canadian securities rule governing how listed companies disclose technical information about mineral properties. It was strengthened after the Bre-X fraud of the 1990s, and its core requirement is that scientific and technical disclosure be based on work supervised by a Qualified Person.

A "43-101 Technical Report" is the detailed document — filed on SEDAR+ — that supports a resource estimate, economic study, or material exploration result. It standardises definitions (resource categories, cut-off grades, metallurgy) so investors can compare projects.

It is a disclosure standard, not a guarantee of economics: a compliant report can still describe a marginal project. Australia's equivalent is the JORC Code and South Africa's is SAMREC; the three are broadly aligned, which is why global mining investors treat a "43-101 / JORC-compliant" resource as a baseline of credibility.