NI 43-101 Technical Reports: What Triggers One and What a QP Must Inspect

National Instrument 43-101 is the Canadian Securities Administrators' standard for disclosure of scientific and technical information about mineral projects. Despite being Canadian, it has become the de facto global standard for any issuer raising capital on the TSX, TSXV, or CSE, which captures a significant portion of the world's exploration and mining companies.

A NI 43-101 technical report is triggered by events like a first-time disclosure of mineral resources or reserves, a material change in those estimates, the publication of a preliminary economic assessment, a pre-feasibility or feasibility study, or a decision to proceed with development. The report must be authored by one or more Qualified Persons (QPs), engineers or geoscientists with at least five years' relevant experience and good standing in a recognised professional body.

The current personal inspection requirement is what catches operators out. The QP must have completed a current personal inspection of the property, and the report must describe what they observed. Limited exceptions exist (early-stage exploration, seasonal access), but in practice, expect every QP to put boots on site.

Audit-ready chain of custody documentation, sample logs, and inspection records are essential. Auditors will trace findings back to source.