Definition
National Instrument 43-101 (NI 43-101) is the national instrument for the Standards of Disclosure for Mineral Projects owned or explored by companies that report these results on Canadian stock exchanges. The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) is a professional code of practice that sets the minimum standards for public reporting of minerals exploration results, mineral resources and ore reserves. The JORC/NI-43101 report, which stands for the Joint Ore Reserves Committee, is a standardized format used in the mining industry to report mineral resource and ore reserve estimates. The JORC Code is produced by the Australasian Joint Ore Reserves Committee (‘the JORC Committee’). The JORC Committee was established in 1971 and sponsored by the Australian mining industry and its professional organizations ((1) NI 43-101 & JORC Technical Report Format and Structure in Exploration and Mining. | LinkedIn, n.d.).
Key differences (JORC or NI 43-101 – K-MINE, 2024)
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).
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.
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.
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 (JORC or NI 43-101 – K-MINE, 2024).
Reports from businesses operating abroad that adhere to both requirements are not unusual, particularly if they are looking for international 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 (JORC or NI 43-101 – K-MINE, 2024).
Reference
(1) NI 43-101 & JORC Technical Report Format and Structure in Exploration and Mining. | LinkedIn. (n.d.). Retrieved May 14, 2025, from https://www.linkedin.com/pulse/ni-43-101-jorc-technical-report-format-structure-mining-ghoneim–fqlrf/
JORC or NI 43-101—K-MINE. (2024, January 4). https://k-mine.com/articles/jorc-or-ni-43-101/
