An NI 43-101 report is the closest thing mining has to a passport. Alongside the JORC Code, it defines how a company may publicly describe what's in the ground, and for anyone doing mining due diligence in Africa, these codes are the first filter between assets and stories.
What the codes certify
NI 43-101 (Canadian) and JORC (Australasian) both require a qualified, personally liable professional, the qualified person or competent person, to stand behind every resource statement, and both classify confidence identically: inferred, indicated and measured resources; probable and proven reserves. The words are legally meaningful. "JORC-compliant resource" is a specific claim with a named competent person behind it, "JORC-style" or "in line with JORC guidelines" is not the same thing, and reading that distinction is a core diligence skill.
JORC vs NI 43-101: which matters?
Functionally they are siblings, different exchanges, same discipline. What matters to an African asset buyer is not which code, but whether ANY code-compliant statement exists. Compliant beats guideline-style; guideline-style beats certified assays alone; certified assays beat claims. That hierarchy is the spine of honest asset grading.
NI 43-101 vs JORC, the two codes at a glance
Both are CRIRSCO-aligned, so resource categories map across
| NI 43-101 | JORC | |
|---|---|---|
| Origin | Canada, 2001 | Australasia, 1989 (rev. 2012) |
| Custodian | CIM / Canadian regulators (CSA) | JORC Committee (AusIMM, AIG, MCA) |
| Enforced by | Securities law, any public disclosure | Stock-exchange listing rules (ASX/NZX) |
| Resource categories | Inferred · Indicated · Measured | Inferred · Indicated · Measured |
| Sign-off | Qualified Person (QP) | Competent Person (CP) |
STRATUM Intelligence
The study ladder
Resources say what's there; studies say what it's worth to build. Scoping study → pre-feasibility → feasibility, each narrowing cost and revenue uncertainty. A mining feasibility study in Africa carries extra weight on infrastructure, power and logistics, the line items that decide whether good geology becomes a viable mine.
Valuation closes the loop
Mineral asset valuation standards (VALMIN, SAMVAL, CIMVAL) translate technical confidence into defensible numbers. A valuation without a code-compliant resource behind it is an opinion with a spreadsheet.
How STRATUM applies this
STRATUM grades every tracked asset by exactly this evidence hierarchy, compliant statements above guideline-style reporting, certified assays above claims, so buyers see the proof level before anything else, and operators are never asked to surrender identity to demonstrate quality.
Frequently Asked Questions
What is an NI 43-101 report?
A Canadian-standard technical report in which a qualified person certifies a project's geology, resources and data quality, required for public disclosure on Canadian exchanges and trusted globally.
What is the difference between JORC and NI 43-101?
Jurisdiction and format, JORC serves Australasian markets, NI 43-101 Canadian ones. Both impose the same discipline: a named, liable professional and standardized confidence categories.
What do inferred, indicated and measured mean?
Rising levels of geological confidence. Inferred is an early estimate; indicated supports preliminary economics; measured supports mine planning and reserves.
What is a competent person?
A qualified, experienced professional (geologist or engineer) who takes personal legal responsibility for a resource statement under JORC. The NI 43-101 equivalent is a qualified person.
STRATUM Intelligence
STRATUM structures diligence-grade material on African mining, energy and infrastructure assets into verified, identity-gated intelligence. Editorial is de-identified, the evidence is real, the operators are protected.