JORC or NI 43-101

When it comes to mining project reporting, both the NI 43-101 and JORC codes are recognized as international standards for transparency, reliability, and accuracy in mineral resource reporting. But how do you choose which one is right for your project, and what’s the difference between them?

Understanding the Basics

NI 43-101: This standard is a requirement for public disclosure in Canada. It was developed to ensure mining companies provide accurate technical reports to the public and investors. The NI 43-101 guidelines require that a Qualified Person (QP) verify all geological, engineering, and financial data included in the report.

JORC: Originating in Australia, the Joint Ore Reserves Committee (JORC) Code serves a similar purpose to NI 43-101 but is primarily used in Australasia. Like NI 43-101, the JORC Code requires the estimation of mineral resources and reserves to be done by a Competent Person (CP), ensuring that all reports are both accurate and reliable.

Key Differences

1.Geographical Focus:

• NI 43-101 is mandatory for companies listed on Canadian stock exchanges or operating in Canada.
• JORC is widely used by companies in Australia, New Zealand, and some other regions, primarily for those listed on the Australian Securities Exchange (ASX).

2.Reporting Terminology:
While both standards focus on the classification of mineral resources and reserves, the terminology differs slightly. For instance, NI 43-101 breaks down resource categories more granularly than JORC, though both aim to provide clarity on resource estimates.

3.Qualified vs. Competent Person:
In NI 43-101, the term Qualified Person (QP) refers to an individual who meets specific criteria, such as relevant education and years of experience. Similarly, JORC uses the term Competent Person (CP), who must also have sufficient qualifications and be recognized by a professional organization. The differences in qualifications can vary slightly depending on the code used.

4.Regulatory Bodies:
NI 43-101 is regulated by the Canadian Securities Administrators (CSA), while JORC is overseen by the Australasian Joint Ore Reserves Committee, with different enforcement approaches.

Which One to Choose?
Choosing between JORC and NI 43-101 depends largely on your project’s location and where your company is publicly listed. If you’re operating or planning to list in Canada, you must adhere to NI 43-101. On the other hand, if your project is in Australia or listed on the ASX, JORC compliance is necessary.

For companies working internationally, it’s not uncommon to see reports complying with both standards, especially if they are seeking global investment.

Why Both Matter
Regardless of which code you choose, both NI 43-101 and JORC ensure that your mineral resource estimates are reported with transparency, consistency, and accountability. These reports are crucial for making informed decisions, attracting investors, and mitigating risks in mining projects. Following these standards is not just a regulatory necessity—it’s a best practice that establishes credibility and ensures project success.