Reporting, Disclosure and
National Instrument 43-101
Examples
MNTC 409 - Mineral Economics
Doug Macaulay
Learning Outcomes
Completing this module will help you with
achieving the following Learning Outcome(s)
for this week:
• Recognize how principles of estimation of
MRMR and feasibility assessment interact
with disclosure requirements under NI 43-
101 in practical examples [CLO 5]
This material is copyrighted and is for the sole use of students registered in MNTC 409. This material shall not be distributed or disseminated to anyone other than students registered in MNTC 409.
Failure to abide by these conditions is a breach of copyright, and may also constitute a breach of academic integrity under the Queen’s University Senate’s Academic Integrity Policy Statement.
Examples
1. Anglo American plc
2. Barrick Gold Corp.
3. New Gold Inc.
4. Alamos Gold Inc.
5. Avalon Advanced Materials Inc.
This material is copyrighted and is for the sole use of students registered in MNTC 409. This material shall not be distributed or disseminated to anyone other than students registered in MNTC 409.
Failure to abide by these conditions is a breach of copyright, and may also constitute a breach of academic integrity under the Queen’s University Senate’s Academic Integrity Policy Statement.
Concepts/themes
• Estimation of Mineral Resources and Mineral Reserves (MRMR)
• Parameters used in estimation of MRMR
• Feasibility assessment stages (PEA/PFS/FS) and process
• Reporting of MRMR
• National Instrument 43-101
Anglo American plc Barrick Gold Corp. New Gold Inc. Alamos Gold Inc. Avalon Advanced
Materials Inc.
Estimation of MRMR
Parameters used in
estimating MRMR
Feasibility assessment
stages and process
Reporting of MRMR
National Instrument
43-101
1. Anglo American plc
• Finding MRMR information on a company website
• 2016-2017 Reserves and Resources Reconciliation
• Reconciliation categories
→ Insert ‘1. ANGLO AMERICAN plc’
from 8.7 browser recording here →
2. Barrick Gold Corp.
• 2016-2017 Gold Reserves and Resources Reconciliation
• Pascua-Lama Project related disclosure
• Recalculation of reserves
→ Insert ‘2. BARRICK GOLD CORP.’
from 8.7 browser recording here →
3. New Gold Inc.
• Acquisition of Rainy River Resources Ltd.
• New Gold feasibility study
• Rainy River Project NI 43-101 Technical Report
→ Insert ‘3. NEW GOLD INC.’ from
8.7 browser recording here →
Press Release
re. acquisition -
31May2013
Acquisition
agreement
Feasibility Study, Feasibility Study,
MRMR estimate MRMR – 16Jan2014
– 23May2013
Rainy River Resources New Gold Inc.
4. Alamos Gold Inc.
• Acquisition of Richmont Mines
• 2017 Reserves and Resources
→ Insert ‘4. ALAMOS GOLD INC.’ from
8.7 browser recording here →
Technical Press Corp.
reports release present’n
Acquisition
Nov2017
Annual PEA Annual
MRMR MRMR
updates update
Richmont Mines Alamos Gold Inc.
5. Avalon Advanced Materials Inc.
• Finding public disclosure by an issuer on System for Electronic
Document Analysis and Retrieval (SEDAR)
• Technical Report Disclosing the Results of the Feasibility Study on
the Nechalacho Rare Earth Elements Project
→ Insert ‘5. AVALON ADVANCED MATERIALS INC.’
From 8.7 browser recording here →
Summary
• Concepts are discrete, but in practice are inter-related
• Review Examples Worksheet solution
• Optional – explore examples further for points from
concepts not covered in this module
• Optional – explore your company’s activities and disclosure
This material is copyrighted and is for the sole use of students registered in MNTC 409. This material shall not be distributed or disseminated to anyone other than students registered in MNTC 409.
Failure to abide by these conditions is a breach of copyright, and may also constitute a breach of academic integrity under the Queen’s University Senate’s Academic Integrity Policy Statement.
