The NI 43-101 is like having the "Good Housekeeping Seal of Approval" for mining!
The NI 43-101 Requirements
NI 43-101 reports have a number of core requirements designed to protect investors. The most basic requirement is a "qualified person" that must vouch for the report. But other requirements include standardized feasibility studies and sample preparation and analysis. And finally, the technical report itself and any data referenced from it must be used in proper ways.
According to industry guidelines, a "qualified person" is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, relevant experience to the subject matter, and a member in good standing of a professional association. The "qualified person" must sign-off on the report and is ultimately liable for any errors or omissions.
Feasibility studies must also be conducted that analyze the viability of a mineral project that has advanced to a stage where the mining method or pit configuration has been established and an effective method of mineral processing has been determined. These studies include a financial analysis, as well as economic, social and other relevant factors.