The Canadian instrument that governs public disclosure of scientific and technical information on mineral projects. A Qualified Person must stand behind the numbers.

Is a mineral resource the same as a mineral reserve?

No. A resource is mineralization with reasonable prospects for extraction. A reserve is the economically mineable part of a measured or indicated resource.

What are the NI 43-101 resource categories?

Inferred, Indicated and Measured, in rising order of geological confidence. Inferred is the lowest.

What is the difference between a PEA, PFS and FS?

Study levels of rising detail. A PEA can include inferred resources. Reserves require at least a pre-feasibility study.

What should a speculator verify?

QP independence, whether numbers come from the technical report, cut-off grade, share of inferred resources, and whether resource and reserve are kept separate.

NI 43-101 Checklist for Speculators

Key Facts

Standard: NI 43-101 (Canada)
Requires a Qualified Person sign-off
Resource is not the same as Reserve
Categories rise from Inferred to Indicated to Measured

What to verify

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

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.

NI 43-101 Checklist for Speculators

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