NI 43-101 is ONLY for Canadian reporting companies. No exceptions. Industry Guide 7 is only for US companies. No exceptions.
NI 43-101 is not what most people think it is, and it is not what most companies who use the term illegally pretend it is. it does not outline the work to be performed on a property. Instead, it details how the results of the work are to be reported to Canadian regulators and the public - thus the first rule of NI 43-101 is that is must be filed and reviewed by Canadian regulators. In fact, the exploration work performed by a Canadian company on a property and a US company on a property will be exactly the same. The reason is the work performed is required under professional industry standards. Not NI 43-101.
If a property has a JV between a US issuer and a Canadian issuer, the exploration work performed on the property is just done once. Industry Guide 7 details how the US Company reports that work in the US, and NI 43-101 details how the Canadian company reports the work in Canada. Same work, different reports.
CGFI as a US company is legally prohibited from using NI 43-101, and because they cannot file and have the report reviewed by Canadian regulators, cannot meet the most basic of requirements under NI 43-101. It is completely bogus.
And I have numerous SEC comment letters slapping down US companies who claim NI 43-101. It is very common these days, and the US companies are forced to retract their claims.
AI
