The Securities Commission has granted an exemption to a filer from the requirement to file technical reports for each mineral property material to the filer upon becoming a reporting issuer. This decision is based on National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), specifically subsections 4.1(1) and 9.1(1).
The filer, a corporation with a head office in Toronto, Ontario, is not currently a reporting issuer and is not in default of securities legislation. The filer holds stream and royalty interests in several material mineral properties through subsidiaries. These interests are in the Northparkes copper-gold mine, Cerro Lindo mine, a PGM mine, and the Fosterville mine.
The exemption was sought because the filer is not the owner or operator of these properties, and the scientific and technical information material to the filer has already been disclosed by the respective operators or owners, who are either reporting issuers in Canada or listed on specified exchanges. These operators have disclosed mineral resources and reserves in accordance with recognized reporting standards such as the JORC Code and SAMREC Code.
The filer will become a reporting issuer following the filing and receipt of a final prospectus in connection with a proposed initial public offering (IPO). The filer has represented that it will disclose the source of scientific and technical information for the material properties in any document filed under NI 43-101.
The principal regulator concluded that the exemption meets the test set out in the legislation and granted the exemption sought.