What should a junior mining company’s investor fact sheet include?

Why a fact sheet counts as disclosure

CSA Staff Notice 43-309 says information on issuer websites is captured by the definition of “written disclosure” in NI 43-101, and it names fact sheets among the website material where staff often see non-compliance. A May 2026 MLT Aikins article takes the same view of fact sheets and other promotional material posted online.

The consequences are practical. When staff find a material deficiency, the notice says they ask the issuer to amend or remove the disclosure and file a clarifying or retracting news release. They may also place the issuer on the default list, and may consider a cease trade order if it does not comply.

A replacement for NI 43-101 was proposed in June 2025. It is not final: the BCSC page showed no adopted replacement when we checked on November 6, 2026.

Structure

Most sheets run one page or two. The front carries the company name, tickers, issue date, one sentence on the project, a few highlights, the capital table and a locator map. The back, if there is one, carries project detail, key results, catalysts and the cautionary language.

Anything that takes a paragraph to explain belongs in the deck.

Capital table

List issued and outstanding shares, options, warrants and the fully diluted total, then cash and any debt. If you show market capitalization, state the price and date behind it. Give the whole table one as-of date and reconcile it to your latest filing before release. A financing or a warrant exercise makes the table wrong the day it closes, so this is usually the first panel to go stale.

Locator map

One map is enough: the region, the property outline, the nearest town or road, a scale bar and a north arrow. Form 43-101F1 requires maps in technical reports to be dated and to carry a legend, an author or source, a bar or grid scale and a north arrow. That list is written for technical reports, and it also makes a sensible minimum for a fact sheet.

If you show a neighbour, label it as a neighbour and keep it visually apart from your own ground. Geological content on the map goes to your QP with the rest of the sheet.

Results and resources

A resource needs its category, effective date and key assumptions such as cut-off grade. Drill results need true-width information and any higher-grade interval inside a longer one: in the notice’s sample, 38% of the 70 presentations with drilling results gave no true-width information.

Be careful with economics. The notice warns that economic projections in a fact sheet may trigger the filing of a technical report, and 56% of the 34 presentations with PEA-level results lacked the required cautionary statements.

Catalysts

List what is planned and roughly when: a drill program, an assay batch, a study, a permit application. Write plans as plans, and say what they depend on, including funding. A catalyst line is forward-looking, so have counsel read it. The notice reviewed forward-looking information against Part 4A of NI 51-102 and found 54% of presentations left out the required material factors and assumptions. Take a passed catalyst off the sheet.

QP name and cautionary language

The notice is direct: the QP’s name and relationship to the issuer are required for all documents containing scientific or technical disclosure, including investor relations materials. On that point the sample showed 58% non-compliance. Name the person, their designation and their relationship to the company on the sheet.

Then add the cautionary language the content calls for: forward-looking statements, plus any statement required for a PEA, a historical estimate or an exploration target. Some detail can be met by citing the title and date of a previously filed document. Set it at a size people can read, and leave the wording to counsel. The notice also flags terms such as “production ready” and “spectacular and exceptional results”, so write the highlights in numbers.

Keeping it dated

National Policy 51-201 tells companies to date material information when it is posted or modified and to move outdated information to an archive. For a fact sheet, that means an issue date in the header and the file name, one person who owns the file, and a clear rule for reissuing it. Reissue after a financing, new results, a resource update, or a change in your property interest or QP. Then replace the PDF on your website and archive the old one, so a forwarded link doesn’t lead to last year’s numbers.

Who does what

An Exploration Sites fact sheet starts at $1,200 before tax. To keep one current alongside your maps and deck, the Explorer Desk retainer starts at $1,900 a month for 10 hours.

We design and draw. We are not a Qualified Person: your QP reviews and approves the technical content before release. We do not prepare NI 43-101 reports and we do not solicit investors. This guide is general information, so take your own legal advice on what your sheet must say.