An NI 43-101 technical report is a formal study that a Canadian mining company files on SEDAR+ when it discloses scientific or technical facts about a material mineral project. National Instrument 43-101 is the rulebook from the Canadian Securities Administrators (CSA). Read the qualified person, data verification, dates and budget sections first.
What is an NI 43-101 technical report?
NI stands for National Instrument. The CSA is the group of Canadian provincial securities regulators that writes these rules. SEDAR+ is the official system where Canadian issuers file their documents. A technical report is the detailed write-up behind a claim a company makes about its project. If a junior miner says it hit gold in a drill hole, or that a deposit holds a certain number of ounces, a 43-101 report should back that up.
The report follows a fixed layout set out in Form 43-101F1. That helps you. Once you learn the layout, you can read any Canadian mining report the same way. Read the official rules directly at securities-administrators.ca, where the CSA publishes its instruments.
The instrument also says who may write the report. A qualified person (QP) is a professional geologist or engineer who meets set experience and membership rules. The QP signs the report and takes responsibility for its content.
How to read an NI 43-101 technical report, section by section
Do not start on page one and read straight through. Start with the parts that tell you who wrote the report, when they looked at the rocks, and whether anyone checked the numbers. Then move to the money.
Qualified person and independence
Find the QP certificate, usually near the back. Check three things: the QP’s professional designation, their experience with this style of deposit, and their independence statement. Independence means the QP has no material interest in the company or the property. The instrument sets out tests for this. A QP who owns a meaningful block of shares, or who gets paid a large fee tied to the outcome, may not be independent. The report should say so plainly.
The date of the property visit
The report states the date the QP last personally inspected the property. A visit from years ago tells you little about the current site, the access roads or how the drill core is stored. Ask whether the visit happened after the main drilling. If it did not, the report should explain why the QP trusts the earlier work.
Data verification
This is the section most traders skip. It explains how the QP checked the company’s sampling, assay results and drill logs. Look for the names of the labs, mentions of check samples sent to a second lab, and any note that the QP re-sampled core on site. Vague wording like ‘the data was reviewed and found reasonable’ says almost nothing. Specific checks show real work.
Effective date versus filing date
The effective date is the cut-off for the information in the report. The filing date is when the report reached SEDAR+. A gap of a few months is normal. A large gap is a warning, especially when the company has drilled, raised money or changed its plan since the effective date. Check for newer drill results and financings before you rely on the numbers.
Historical estimates
Many properties were studied decades ago by earlier owners. Those older numbers often show up in the history section. Under NI 43-101, a historical estimate is not a current resource, and the report should say so. If a big historical ounce count appears in a headline with no current estimate beside it, treat the headline with caution.
Interpretation and conclusions, and recommendations as a preview of the next raise
The Interpretation and Conclusions section tells you what the QP thinks the results mean. The Recommendations section lists the next work program and its cost, often split into phases. This is your preview of the next financing. Add up the phase one budget. Then compare it with the cash the company reported in its latest financial statements. If the budget is much bigger than the cash, the company will probably need to raise money soon. Learn the mechanics in our cash runway calculation guide.
Financing usually follows the report quickly. A bought deal (an underwriter buys the whole issue up front) or a private placement (shares sold directly to selected investors) are common routes. Read the budget as a clue about dilution, which means new shares that cut the value of existing ones.
Red flag checklist for a 43-101 report
- The QP is not independent, or the independence statement is missing.
- The last site visit was years before the effective date, with no explanation.
- The data verification section is one vague paragraph with no lab names or check samples.
- A historical estimate appears as if it were current.
- The effective date is old, and the company has drilled or raised money since then.
- The recommended budget is far above the cash on hand.
- The press release talks about mine economics, but the report only covers early exploration. Check the study level in our PEA vs PFS vs feasibility study guide.
- The release mentions mineral reserves, but the report does not include a study advanced enough to support them.
What each section can tell you
| Section | What to check | Red flag |
|---|---|---|
| Qualified person | Designation, relevant experience, independence statement | No independence statement or a QP with a material stake |
| Date of property visit | Visit after most of the drilling | Visit years old with no explanation |
| Data verification | Named labs, check samples, QP site work | One vague paragraph |
| Effective vs filing date | Gap of a few months at most | Old effective date after new drilling or financing |
| Historical estimates | Clear label that they are not current | Old ounce counts presented as current |
| Recommendations | Phase one budget against reported cash | Budget far above cash, so a raise is likely |
Does a compliant report mean the project is good?
A compliant report tells you the work followed the rules. It does not tell you the project will make money. Mining estimates are built from limited drilling. The numbers can change with more drilling, new metal prices or new cost estimates. Read an estimate for what it is. Our guide to inferred vs indicated resources explains how confidence levels differ.
Here is a hypothetical example. A company reports an inferred estimate built from 30 drill holes. Six months later, new drilling cuts the grade in half. The original report was compliant the whole time, and the stock still fell. You read a 43-101 report as a set of questions, not a set of answers. Check how to read the drill data itself in our drill results guide.
How do you find the report on SEDAR+?
SEDAR+ is the official search tool for Canadian company filings. Here is a simple path:
- Go to sedarplus.ca and search the company name or ticker.
- Open the issuer’s filing list and filter for technical reports.
- Check the filing date and the effective date inside the report.
- Look for newer reports or financing documents filed after that date.
Canadian junior miners also trade on the TSXV and CSE. Our Canadian small caps hub covers how those exchanges fit into the filing picture.
How does NI 43-101 compare with JORC and S-K 1300?
The JORC Code is the Australasian standard for public mining reports. S-K 1300 is the SEC rule for US-registered mining companies. All three aim for honest, supported disclosure. They use different forms and wording. A JORC Competent Person and a 43-101 QP do similar work, but the rules that govern them differ. Do not assume the same number means the same thing under each regime.
Frequently asked questions
Is an NI 43-101 technical report the same as a feasibility study?
No. A feasibility study is one type of study. An NI 43-101 technical report can cover early exploration results, a preliminary economic assessment or a full feasibility study. Check the study level before you trust the economics.
Do I need a geology degree to read one?
No. You do not need to judge the geology to spot weak disclosure. Focus on the QP, the dates, the independence statement, the data checks and the budget. Compare two reports on the same type of project to learn the pattern.
How often do junior miners file new technical reports?
A new report usually follows a new estimate or a major study. Check the filing history on SEDAR+ instead of guessing.
Where can I ask questions about a filing?
Ask in a community that focuses on filings and education. Nobody there should tell you what to buy.
Want a place to practise reading filings? The free Fockets Trading community is where members ask questions about reports, dilution and risk. Bring your own questions. Set your own risk limits.
Disclaimer: This post is for education only. It is not financial advice, and it is not a recommendation to buy, sell or hold any security. Fockets Trading does not publish price targets. Verify every fact in a filing yourself on SEDAR+ and do your own research before you trade.
