Specific disclosure requirements for mining and oil and gas companies
In addition to standard ongoing disclosure requirements, companies that are engaged in mineral projects or oil and gas activities are subject to additional continuous disclosure requirements.
Disclosure included in a prospectus about a mineral project must be supported by a technical report when required by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For example, a company must ensure that all disclosure of scientific or technical information concerning a mineral project on a property material to the company is based on information prepared by or under the supervision of a qualified person.
When a company discloses technical information about a mineral project on a property material to the company, it may also be required to file a technical report to support that information. These details are outlined in Form 43-101F1 Technical Report.
Issuers in the mining sector must also provide disclosure about mineral projects that support the disclosure in their NI 43-101 technical reports. Issuers are asked to enhance the disclosure in the prospectus when:
- there are inconsistencies between the disclosure in the prospectus and the recommended work plan in the technical report
- there is insufficient disclosure in the prospectus to support the disclosure in the technical report
For more information, please refer to Companion Policy 43-101CP Standards of Disclosure for Mineral Projects.
Oil and gas projects
Companies engaged in oil and gas activities must comply with the disclosure requirements in National Instrument 51-101 Standards of Disclosure for Oil & Gas Activities (NI 51-101). The requirements under NI 51-101, and its related forms, supplement continuous disclosure requirements in securities legislation that apply to all reporting issuers. The requirements under NI 51-101 are designed in part to assist capital market participants in making investment decisions and recommendations related to oil and gas issuers. For more information, please refer to Companion Policy 51-101CP Standards of Disclosure for Oil and Gas Activities.
- CSA Notice CSA Notice of Changes to Companion Policy 43-101CP Standards of Disclosure for Mineral Projects
- CSA Staff Notice 43-309 Review of Website Investor Presentations by Mining Issuers
- OSC Staff Notice 51-722 Report on a Review of Mining Issuers’ Management’s Discussion and Analysis and Guidance
- OSC Staff Notice 43-705 Report on Staff’s Review of Technical Reports by Ontario Mining Issuers
- OSC Staff Notice 51-720 Issuer Guide for Companies Operating in Emerging Markets
- CSA Staff Notice 43-307 Mining Technical Reports – Preliminary Economic Assessments
- OSC Staff Notice 43-704 Mineral Brine Projects and National Instrument 43-101 Standards of Disclosure for Minerals Projects
- CSA Staff Notice 51-356 Problematic Promotional Activities by Issuers
- OSC Staff Notice 43-706 Pre-filing Review of Mining Technical Disclosure
- CSA Staff Notice 43-311 Review of Mineral Resource Estimates in Technical Reports