Explainer

NI 43-101 Checklist for Speculators

NI 43-101 is the Canadian instrument that governs public disclosure of scientific and technical information on mineral projects. A Qualified Person must stand behind the numbers. A mineral resource is not a mineral reserve.

Key Facts

Standard: NI 43-101 (Canada). Requires a Qualified Person sign-off. Categories rise in confidence from Inferred to Indicated to Measured. Resource is not the same as Reserve. Study levels rise from PEA to PFS to FS.

What to verify

1. Is the Qualified Person independent of the company? 2. Are the numbers taken from the technical report or only the press release? 3. What cut-off grade was used? 4. What percentage of the resource is inferred? 5. Does the release distinguish resource from reserve?

Common stretches

Large inferred resources presented as near-term ounces. PEA economics that only work at elevated metal prices. Press-release highlights that omit the full interval or fail to state true width.

TL;DR

NI 43-101 requires a Qualified Person. Resource is not reserve. Inferred is the lowest confidence category. Always check the technical report, not just the headline.

Commodity Ape is information and commentary, not investment advice. Junior resource stocks are high risk and can lose most or all of their value. Do your own work.