Firms dealing with international investors in their mining projects must demonstrate how viable they are economically in terms of technical information. In that case, there are three main reporting mechanisms applied by the global mining industry, which include JORC, NI 43-101, and SAMREC. JORC is used as the Australasian code for public reporting in terms of mineral exploration and reserves.
National Instrument 43-101 is the regulated document used in Canada for disclosure of scientific and technical information. SAMREC is the code utilized as the reporting standard on Johannesburg Stock Exchange. As explained by Cuchierato et al. (2025), such codes have been formulated to increase transparency among investors by providing risk profiles in easy-to-understand ways.
In this case, the codes discussed have been developed based on the CRIRSCO template, with NI 43-101 being the most detailed and prescriptive. Being the requirement of the Canadian securities regulations, NI 43-101 stipulates strict requirements in respect of specific format and data accuracy that is verified by the “Qualified Person” with strict legal definition. If a company expects to raise money from institutions on the North American market, then it should comply with the requirements of NI 43-101 because its rigidity guarantees the best regulatory protection.
Contrary to that, JORC is a principle-based code where rigid and mandatory rules are substituted by the expert evaluation performed by a “Competent Person.” Thus, JORC requires the CP to make sure that his or her report is clear, relevant and competent without using specific templates. If a company uses JORC in the process of interaction with the potential investors from Australia or Asia, then it can benefit from its flexibility while describing the minerals in question.
SAMREC serves a uniquely tailored function in the African context. While it mirrors JORC’s reliance on a Competent Person, SAMREC places stronger emphasis on modifying factors specific to South Africa’s socioeconomic landscape. Investors looking at African projects expect SAMREC reports to rigorously detail environmental, social, and governance (ESG) impacts alongside local legislative requirements. Consequently, SAMREC is the practical choice for attracting capital from investors whose risk models prioritize community relations and regional regulatory compliance.
The practical difference for mining executives lies in aligning the chosen code with their target capital market. Presenting an NI 43-101 report to an Australian investor might cause friction due to unfamiliar legal formats, just as a JORC report might fail the strict filing requirements of Canadian financiers. Furthermore, qualification criteria for a QP versus a CP differ regarding professional affiliations, meaning companies must carefully select independent evaluators based on the intended audience (Cuchierato et al., 2025).
To conclude, even though the goals of JORC, NI 43-101, and SAMREC in terms of eliminating fraud and providing transparency are similar, the way in which these codes of practice have been implemented are vastly different from one another. The NI 43-101 Code offers a set of strict and legally binding standards, whereas JORC allows flexibility and expert guidance. In addition, SAMREC takes into consideration the regional socio-economic context. Hence, mining companies should be selective regarding choosing the right code.
References
Cuchierato, G., Chieregati, A. C., Castilho, Y. F. P., & Prado, G. C. (2025). A practical review of the evolution of international reporting standards for mineral resources and mineral reserves. REM – International Engineering Journal, 78. https://doi.org/10.1590/0370-44672024780037
