OSC Issues Guidance to Assist Small Mining Issuers with MD&A Disclosure Requirements

TORONTO – The Ontario Securities Commission (OSC) today published OSC Staff Notice 51-722 Report on a Review of Mining Industry Issuers MD&A and Guidance, which provides guidance to assist small mining issuers in complying with the Management’s Discussion and Analysis (MD&A) requirements in National Instrument 51-102 Continuous Disclosure Obligations. 

The guidance was developed in response to an OSC review of over 100 mining issuers with a market capitalization of less than $100 million and is designed as a tool to help small mining issuers navigate regulatory requirements.

“Small mining issuers contribute to Ontario’s economic growth, but face limited funding and resources, which can make it difficult to meet regulatory obligations,” said Howard I. Wetston, Q.C., Chair and CEO of the OSC.  “The OSC is assisting small mining issuers with tailored guidance to help them better communicate with investors by providing clear, transparent, and relevant information about financial condition and future prospects.”

The OSC encourages issuers and their advisers to refer to the guidance and examples in this Notice as they prepare their annual and interim filings.

OSC Staff Notice 51-722 can be found on the OSC’s website at www.osc.ca.

Quick Facts

• OSC reviewed a sample of 100 Ontario mining issuers with a market capitalization of less than $100 million.
• OSC oversees approximately 449 Ontario mining reporting issuers.
• These issuers have a combined market capitalization of $90.21 billion, representing 11 per cent of Ontario’s overall market capitalization.
• There are 374 Ontario mining issuers with a market capitalization of less than $100 million.

Relevant OSC SME Institute presentations:

• How to write an effective MD&A
• Mineral Disclosure Best Practices

Other Related Resources: Information for Small and Medium Enterprises web page

• Five tips to help junior mining companies comply with securities law

The OSC is the regulatory body responsible for overseeing Ontario’s capital markets. The OSC administers and enforces Ontario’s securities and commodity futures laws. Its mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.

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