For decades, the United States was an outlier in the global mining industry. While Canada had NI 43-101 and Australia had the JORC Code — both internationally recognized standards requiring independent expert sign-off on mining disclosures — the US relied on a framework called Industry Guide 7 that dated back to 1982 and was widely regarded as outdated, inconsistent with international practices, and confusing for investors trying to compare American mining companies with their global peers.
That changed in 2021 when the US Securities and Exchange Commission (SEC) formally replaced Industry Guide 7 with a new standard: Subpart 1300 of Regulation S-K, universally known as S-K 1300. The new rules brought the US into alignment with international reporting standards for the first time in nearly four decades.
The Short Answer
SEC S-K 1300 is the US mandatory disclosure standard for mining companies listed on American exchanges. Effective January 1, 2021, it replaced the outdated Industry Guide 7 and brought US mining reporting in line with international standards, requiring independent expert sign-off and allowing companies to disclose mineral resources — not just reserves — for the first time.
What Was Industry Guide 7 and Why Did It Need Replacing?
Industry Guide 7 — formally called the Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations — was introduced in 1982. At the time, it was a reasonable attempt at standardizing mining disclosures. But the global mining industry changed dramatically over the following decades, and Guide 7 failed to keep pace.
The most significant problem was that Industry Guide 7 only allowed companies to disclose mineral reserves — the portion of a deposit that has been demonstrated to be economically mineable through detailed engineering work. It prohibited the disclosure of mineral resources, which is the broader category that includes earlier-stage estimates of what might be in the ground.
This put US-listed mining companies at a disadvantage compared to their Canadian and Australian counterparts. A company listed on the TSX could tell investors about its Inferred, Indicated, and Measured resources — giving a full picture of the project’s potential. A company listed only on the NYSE had to report just its proven and probable reserves, which often represented only a fraction of the total known mineralization. The result was an incomplete and often misleading picture for investors.
Guide 7 was also entirely dependent on in-house methodologies — there was no requirement for independent expert review, no standardized terminology, and no alignment with the globally accepted CRIRSCO framework that underpins NI 43-101, JORC, and the world’s other major mining codes.
What S-K 1300 Changed
The SEC adopted S-K 1300 on October 31, 2018, with mandatory compliance for all applicable companies from their first fiscal year beginning on or after January 1, 2021. The key changes were sweeping:
- Mineral resources can now be disclosed — for the first time, US-listed companies can report Inferred, Indicated, and Measured resources, not just proven and probable reserves. This was the single most significant change and brought the US into line with Canada and Australia.
- Independent expert required — all technical disclosures must be based on information prepared by a Qualified Person (QP), using the same concept as NI 43-101. The QP must be a mining, geoscience, or related professional with relevant experience and professional credentials.
- Technical Report Summary required — for material properties, companies must file a Technical Report Summary as an exhibit to their SEC filings. This is a comprehensive disclosure document covering geology, exploration data, resource and reserve estimates, mining and processing methods, and economic analysis.
- Standardized terminology — S-K 1300 adopts the CRIRSCO-aligned definitions for resources and reserves, eliminating the inconsistencies of the old Guide 7 approach and making US disclosures directly comparable with Canadian and Australian ones.
- Broader scope — the rules apply to all forms of mining operations including royalty companies, not just direct operators.
Who Must Comply With S-K 1300?
S-K 1300 applies to all SEC-reporting companies — meaning companies listed on US exchanges like the NYSE and NASDAQ — for which mining operations are material to their business or financial condition. This includes domestic US companies and foreign private issuers that file on Form 20-F.
There is one important exception: Canadian companies that are dual-listed in the US and file annual reports on Form 40-F under the Multijurisdictional Disclosure System (MJDS) are exempt from S-K 1300. These companies continue to file under Canadian regulatory requirements — which means NI 43-101 — which the SEC accepts as equivalent. This is why you will often see Canadian-listed companies with a TSX and NYSE or NYSE American dual listing filing NI 43-101 technical reports rather than S-K 1300 Technical Report Summaries.
The Qualified Person Under S-K 1300
The Qualified Person concept under S-K 1300 is essentially the same as under NI 43-101. The QP must be a mining, geoscience, or related professional with a minimum of five years of relevant experience in the commodity, type of deposit, and stage of development being reported on. They must also hold a professional registration or certification from a recognized self-regulatory organization that enforces a professional code of ethics and has disciplinary authority.
For US-listed companies not subject to Canadian rules, the QP sign-off is a new and significant layer of investor protection that simply did not exist under Industry Guide 7. It means that the numbers in a company’s SEC filings now carry professional accountability in a way that was previously absent from the US regulatory framework.
S-K 1300 and the International Landscape
One of the stated goals of S-K 1300 was to place US registrants on a level playing field with Canadian and other international mining companies subject to CRIRSCO-based codes. By adopting the same resource and reserve classification framework, the same requirement for QP sign-off, and the same disclosure principles, the SEC has — in practice — brought the US mining disclosure framework into alignment with NI 43-101 and JORC.
This matters for global investors because it means a company’s resource estimate disclosed under S-K 1300, NI 43-101, or JORC should now use the same definitions and classification criteria — making meaningful comparisons across jurisdictions significantly more straightforward than they were under the old Guide 7 regime.
Where to Find S-K 1300 Filings
Technical Report Summaries and all other S-K 1300 related disclosures are filed with the SEC and are publicly available at no cost through EDGAR — the Electronic Data Gathering, Analysis and Retrieval system at sec.gov/edgar. For mining companies filing annual reports (Form 10-K) or registration statements, Technical Report Summaries appear as exhibits to those filings. Mining Markets Report covers EDGAR in a separate explainer for investors who want to know how to use the system.
What S-K 1300 Does NOT Guarantee
S-K 1300 compliance means technical information has been prepared to a recognized standard by an accountable expert. It does not mean the project is economically viable, that it will become a producing mine, or that it represents a sound investment. Always do your own research.
Key Takeaways for Investors
- S-K 1300 replaced the outdated Industry Guide 7 as the US mining disclosure standard, effective January 1, 2021
- For the first time, US-listed companies can now disclose mineral resources — not just reserves
- All technical disclosures require a Qualified Person sign-off — an independently credentialed expert
- The standard aligns the US with international CRIRSCO-based frameworks including NI 43-101 and JORC
- Canadian companies dual-listed in the US using Form 40-F are exempt and file under NI 43-101 instead
- Technical Report Summaries are publicly available through EDGAR at sec.gov/edgar
- S-K 1300 compliance does not guarantee a project is viable or a good investment
SOURCES
1. SEC — Modernization of Property Disclosures for Mining Registrants: https://www.sec.gov/resources-small-businesses/small-business-compliance-guides/modernization-property-disclosures-mining-registrants-small-entity-compliance-guide
2. Norton Rose Fulbright — SEC Adopts New Rules for Mining Disclosures: https://www.nortonrosefulbright.com/en/knowledge/publications/73ff7193/sec-adopts-new-rules-for-mining-disclosures
3. Hogan Lovells — SEC Overhauls Mining Property Disclosure Regime: https://www.hoganlovells.com/~/media/hogan-lovells/pdf/2019/2019_01_23_sec_overhauls_mining_property_disclosure_regime.pdf
4. Dorsey — Understanding the SEC’s New Mining Disclosure Rules: https://www.dorsey.com/newsresources/publications/client-alerts/2019/02/new-mining-disclosure-rules-2019
5. WSP — Compliance Considerations for S-K 1300: https://www.wsp.com/en-us/insights/compilance-considerations-for-sk-1300
6. SEC EDGAR filing system: https://www.sec.gov/cgi-bin/browse-edgar
DISCLAIMER
This article is an educational explainer based on publicly available SEC regulatory documents, legal commentary, and published industry sources. Information was current as of May 2026. SEC regulations can change — readers should consult sec.gov for the most current S-K 1300 requirements.
Mining Markets Report has not received compensation from any company, regulatory body, or organization in connection with this article.
The information provided is for informational and educational purposes only and does not constitute financial, investment, legal, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified professional before making any investment decision.
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