Critical Minerals Reporting: How JORC and NI 43-101 Are Adapting for Lithium and Rare Earths

The global reporting codes for mineral resources and reserves were designed around base and precious metals, and they are now being stretched to accommodate the specifics of critical minerals. Two developments matter.

First, the CRIRSCO International Reporting Template was updated in November 2024. CRIRSCO is the umbrella body for national reporting codes including JORC, NI 43-101, PERC, SAMREC and others. Changes to the template tend to propagate into the national codes over the following years.

Second, JORC Code 2012, the Australian code, has been under formal review, with consultation running in 2024. The review is looking at several issues that affect critical minerals projects: treatment of by-products, reporting of processing recovery, and how ESG disclosures interact with technical reporting.

NI 43-101 was last substantively amended in 2011. The Canadian Securities Administrators published a consultation in April 2022 that flagged several areas for modernisation.

For lithium specifically, brine resources have different reporting nuances to hard rock, and the treatment of pumping tests, evaporation losses, and process recovery varies between codes. Rare earth element projects need to disclose individual REO grades, not just total rare earth oxide.

Competent persons working on critical minerals projects should read the current code alongside any applicable stock exchange guidance.