Voluntary Compliance with the New Mining Property Disclosure Rules Prior to Completion of EDGAR Reprogramming

May 7, 2019

When the Commission adopted new rules to modernize the property disclosure requirements for mining registrants in October 2018, it adopted a two-year transition period to provide ample time for registrants to prepare to comply with the updated mining disclosure requirements codified in new Subpart 1300 of Regulation S-K. A mining registrant is not required to comply with the new rules until its first fiscal year beginning on or after January 1, 2021. The Commission stated that a registrant could elect to comply early with the new mining property disclosure rules on a voluntary basis, subject to the Commission’s completion of the necessary EDGAR reprogramming changes, and so long as a registrant abides by all of subpart 1300’s requirements.

Although EDGAR reprogramming changes are still being completed, a registrant may immediately elect to voluntarily comply with the new mining property disclosure rules as long as it satisfies all of Subpart 1300’s provisions and existing EDGAR requirements. If required to file a technical report summary, the registrant should file it as an additional exhibit under Item 601(b)(99) of Regulation S-K or Exhibit No. 15 of Form 20-F. Any maps, diagrams or other graphic material included in the technical report summary must meet EDGAR’s technical specification requirements.

Once the Commission has finalized the EDGAR reprogramming made necessary by the new rules, we will publish another notice. At that time, registrants electing early compliance with the new rules will be able to file the technical report summary as an exhibit under Item 601(b)(96) of Regulation S-K, as designated in those rules.

Registrants not electing early compliance should continue looking to Guide 7 for their mining property disclosures until they are required to comply with the rules in Subpart 1300.