Good question. My guess is that the compliance burnden of NI...

Good question. My guess is that the compliance burnden of NI 43-101 (CIM) reporting plus the fact that liquidity on the TSX Venture Exchange was low by comparison to ASX, drove the move to delist.

I know that some big companies like AngloAmerican have their own internal company standard for reporting Exploration Results, Mineral Resources and Ore Reserves which requires that the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition (the JORC Code) be used as a minimum standard.

This suggests that Mineral Resources and Ore Reserves reported under JORC2012 are likely to leave less room for massaging, BUT

"the National Instrument 43-101 requires substantially more technical disclosure to the market than the equivalent JORC Code, because the JORC Code is primarily a code for reporting the status of a mineral resource, whereas the NI 43-101 is a code of securities disclosure. This distinction is based on the derivation of the two codes: the JORC Code is derived from the Joint Ore Reserves Committee, an independent mineral industry body formed from industry professional associations; The NI 43-101 is a code derived from the Canadian Securities Authorities. The JORC Code, were it equal with the NI 43-101 would be derived from the Australian Securities and Investment Commission, not the relevant industry bodies.

The technical information required in a Reserve declaration under the NI 43-101 exceeds that within the JORC Code, primarily by stipulating that certain geological parameters of the mineral reserve must be presented within a report, published in full, and presented in a particular way. Conversely, JORC Compliant technical reports are not commonly published in full upon the Australian Stock Exchange as this is not required by Australian regulatory authorities. Therefore, often a summary of the key points is published, which can often preserve commercially sensitive information, and often this could allow deleterious information to remain out of the public forum."

So there you have it. Several potential reasons for dropping the Canadian listing before the DFS as it would have required more technical disclosure. They could have wanted to avoid the cost and work that went along with this or they may not have wanted to disclose to that level for commercial secrecy reasons or the company may have wanted to hide potential pitfalls that could have come to light under NI 43-101 compliance which may not have needed to come to light under JORC2012 compliant reporting.

Here is a some information on how various imternational mineral reporting regimes relate to one another and how they came about. NI 43-101 was created after the Bre-X scandal to protect investors from unsubstantiated mineral project disclosures. I think the ASX has a lot more work to do when it comes to the disclosures of Australain mining and exploration companies. There is some shocking stuff that slips through the cracks IMO. Esh

https://www.micon-international.com...ting-differences-between-cim-jorc-and-others/